IMUX vs XBI: Correlation
Immunic, Inc. (IMUX) and SPDR S&P Biotech ETF (XBI) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IMUX and XBI?
On 3 years of weekly data the IMUX/XBI correlation comes out at 0.45, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.11 versus 0.45 over 3 years. The 5-year figure is 0.31, and annualized covariance runs at 941.5 %².
XBI is one of the assets that tracks IMUX most closely: it ranks #1 out of the 13 assets we track against IMUX. Their 12-month results are close: +90.6% for IMUX against +87.2% for XBI. One caveat on sizing: IMUX is 2.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
IMUX vs XBI: side by side
| IMUX (Immunic, Inc.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +90.6% | +87.2% |
| 5-year return | -83.6% | +28.6% |
| Volatility (ann.) | 76.2% | 27.7% |
| Beta vs S&P 500 | 1.04 | 1.09 |
| Max drawdown (3Y) | -73.8% | -33.0% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | IMUX | XBI |
|---|---|---|
| 2022 | -85.4% | -25.9% |
| 2023 | +7.1% | +7.6% |
| 2024 | -33.3% | +1.0% |
| 2025 | -46.6% | +35.9% |
| 2026 | +205.2% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IMUX and XBI good diversifiers for each other?
Reasonably. At 0.45, IMUX and XBI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between IMUX and XBI?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.11 over the last year and 0.31 over 5 years.
Is XBI a good diversifier for IMUX?
Reasonably. At 0.45, IMUX and XBI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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/imux-vs-xbi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/imux-vs-xbi/)
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Related comparisons
Hubs: IMUX correlations · XBI correlations
