IBB vs ZYME: Correlation
How closely do iShares Biotechnology ETF (IBB) and Zymeworks Inc. (ZYME) trade together? Their weekly returns over three years give a correlation of 0.53, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IBB and ZYME?
On 3 years of weekly data the IBB/ZYME correlation comes out at 0.53, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.40 versus 0.53 over 3 years. The 5-year figure is 0.41, and annualized covariance runs at 539.8 %².
By 3-year correlation, ZYME places #82 of the 168 assets tracked against IBB. Correlation aside, the last 12 months split them widely, with ZYME ahead by 38.9 points (+55.4% versus +94.3%). Note the risk asymmetry: ZYME runs 2.4 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 ZYME: side by side
| IBB (iShares Biotechnology ETF) | ZYME (Zymeworks Inc.) | |
|---|---|---|
| 1-year return | +55.4% | +94.3% |
| 5-year return | +26.6% | -10.9% |
| Volatility (ann.) | 20.7% | 49.4% |
| Beta vs S&P 500 | 0.81 | 1.02 |
| Max drawdown (3Y) | -24.9% | -45.7% |
| 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 |
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 | ZYME |
|---|---|---|
| 2022 | -13.7% | -52.0% |
| 2023 | +3.8% | +32.2% |
| 2024 | -2.4% | +40.9% |
| 2025 | +28.0% | +79.8% |
| 2026 | +27.4% | +10.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
ZYME represents 0.14% of IBB's portfolio, so part of any move in IBB is ZYME itself, and the correlation between them is partly mechanical.
Are IBB and ZYME good diversifiers for each other?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IBB and ZYME?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.40 over the last year and 0.41 over 5 years.
Is ZYME a good diversifier for IBB?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.53 mean?
On the −1 to +1 scale, 0.53 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-zyme.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ibb-vs-zyme/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IBB correlations · ZYME correlations
