IMTX vs XBI: Correlation
How closely do Immatics N.V. (IMTX) and SPDR S&P Biotech ETF (XBI) trade together? Their weekly returns over three years give a correlation of 0.57, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IMTX and XBI?
Across a 3-year window, the weekly returns of IMTX and XBI correlate at 0.57, moderate. Recent behaviour matches the longer record: 0.52 over 1 year against 0.57 over 3. Stretching to 5 years gives 0.52, with an annualized covariance of 918.1 %².
Few assets follow IMTX as closely as XBI, which ranks #1 of 12 tracked partners. The trailing year gives XBI the advantage: +73.3% versus +87.2%, a 13.9-point spread. Note the risk asymmetry: IMTX runs 2.1 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.
IMTX vs XBI: side by side
| IMTX (Immatics N.V.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +73.3% | +87.2% |
| 5-year return | -25.9% | +28.6% |
| Volatility (ann.) | 57.9% | 27.7% |
| Beta vs S&P 500 | 1.62 | 1.09 |
| Max drawdown (3Y) | -74.1% | -33.0% |
| Market cap | $1.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | IMTX | XBI |
|---|---|---|
| 2022 | -35.2% | -25.9% |
| 2023 | +20.9% | +7.6% |
| 2024 | -32.5% | +1.0% |
| 2025 | +47.7% | +35.9% |
| 2026 | -10.9% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IMTX and XBI good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IMTX and XBI?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.52 over the last year and 0.52 over 5 years.
Is XBI a good diversifier for IMTX?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 mean?
On the −1 to +1 scale, 0.57 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: IMTX correlations · XBI correlations
