IBB vs TBPH: Correlation
iShares Biotechnology ETF (IBB) and Theravance Biopharma, Inc. (TBPH) show a moderate relationship: their 3-year correlation of weekly returns is 0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IBB and TBPH?
On 3 years of weekly data the IBB/TBPH correlation comes out at 0.43, moderate. The relationship has been stable: the 1-year correlation (0.47) sits close to the 3-year figure. The 5-year figure is 0.29, and annualized covariance runs at 380.3 %².
Among the 168 assets we track against IBB, TBPH ranks #136 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months IBB outperformed by 31.9 percentage points (+55.4% for IBB against +23.5% for TBPH). Risk is not evenly split, since TBPH carries 2.1 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
IBB vs TBPH: side by side
| IBB (iShares Biotechnology ETF) | TBPH (Theravance Biopharma, Inc.) | |
|---|---|---|
| 1-year return | +55.4% | +23.5% |
| 5-year return | +26.6% | +102.9% |
| Volatility (ann.) | 20.7% | 42.5% |
| Beta vs S&P 500 | 0.81 | 0.92 |
| Max drawdown (3Y) | -24.9% | -34.6% |
| Market cap | – | $0.9B |
| P/E (trailing) | – | 16.4 |
| Dividend yield | 0.22% | 0.00% |
| Expense ratio | 0.44% | – |
| Assets under management | $9.2B | – |
| Sector / category | ETF · Thematic | US Listed |
On the fund side, IBB sits in the Health category at iShares, with $9.2B under management, 235 holdings, a 0.44% expense ratio, a 0.22% trailing dividend yield.
Year-by-year returns
| Year | IBB | TBPH |
|---|---|---|
| 2022 | -13.7% | +1.5% |
| 2023 | +3.8% | +0.2% |
| 2024 | -2.4% | -16.3% |
| 2025 | +28.0% | +98.8% |
| 2026 | +27.4% | -8.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that IBB holds TBPH at a 0.06% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are IBB and TBPH good diversifiers for each other?
Reasonably. At 0.43, IBB and TBPH keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between IBB and TBPH?
The IBB/TBPH correlation stands at 0.43 on a 3-year window (1 year: 0.47, 5 years: 0.29), computed from weekly returns as of 2026-08-27.
Is TBPH a good diversifier for IBB?
Reasonably. At 0.43, IBB and TBPH keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 mean?
On the −1 to +1 scale, 0.43 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ibb-vs-tbph.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ibb-vs-tbph/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IBB correlations · TBPH correlations
