IBB vs XNCR: Correlation
Measured on weekly returns over the past three years, iShares Biotechnology ETF (IBB) and Xencor, Inc. (XNCR) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IBB and XNCR?
Over the past 3 years, IBB and XNCR moved with a correlation of 0.60, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.47 versus 0.60 over 3 years. Over 5 years the correlation is 0.57, and the annualized covariance of weekly returns is 762.0 %².
Within IBB's tracked universe of 168 assets, XNCR comes in at #36 by 3-year correlation. The last year tells two different stories: XNCR led by 204.7 percentage points, +55.4% for IBB against +260.1% for XNCR. Note the risk asymmetry: XNCR runs 2.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 XNCR: side by side
| IBB (iShares Biotechnology ETF) | XNCR (Xencor, Inc.) | |
|---|---|---|
| 1-year return | +55.4% | +260.1% |
| 5-year return | +26.6% | -14.8% |
| Volatility (ann.) | 20.7% | 60.9% |
| Beta vs S&P 500 | 0.81 | 1.37 |
| Max drawdown (3Y) | -24.9% | -73.9% |
| Market cap | – | $2.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.22% | 0.00% |
| Expense ratio | 0.44% | – |
| Assets under management | $9.2B | – |
| Sector / category | ETF · Thematic | US Listed |
IBB is a Health fund from iShares: $9.2B under management, 235 holdings, a 0.44% expense ratio, a 0.22% trailing dividend yield.
Year-by-year returns
| Year | IBB | XNCR |
|---|---|---|
| 2022 | -13.7% | -35.1% |
| 2023 | +3.8% | -18.5% |
| 2024 | -2.4% | +8.2% |
| 2025 | +28.0% | -33.4% |
| 2026 | +27.4% | +88.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
XNCR represents 0.14% of IBB's portfolio, so part of any move in IBB is XNCR itself, and the correlation between them is partly mechanical.
Are IBB and XNCR good diversifiers for each other?
To a limited degree. At 0.60 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between IBB and XNCR?
Using weekly returns as of 2026-08-27: 0.60 over 3 years, with 0.47 over the last year and 0.57 over 5 years.
Is XNCR a good diversifier for IBB?
To a limited degree. At 0.60 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.60 mean?
On the −1 to +1 scale, 0.60 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.
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Related comparisons
Hubs: IBB correlations · XNCR correlations
