INCY vs XBI: Correlation
Measured on weekly returns over the past three years, Incyte (INCY) and SPDR S&P Biotech ETF (XBI) carry a correlation of 0.48, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INCY and XBI?
On 3 years of weekly data the INCY/XBI correlation comes out at 0.48, moderate. The link has loosened recently: the 1-year correlation (0.28) runs below the 3-year figure (0.48). The 5-year figure is 0.40, and annualized covariance runs at 438.6 %².
By 3-year correlation, XBI places #4 of the 35 assets tracked against INCY. The last year tells two different stories: XBI led by 36.6 percentage points, +50.6% for INCY against +87.2% for XBI. The rolling one-year correlation moved between 0.22 and 0.68 over the past three years, a moderate range.
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.
INCY vs XBI: side by side
| INCY (Incyte) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +50.6% | +87.2% |
| 5-year return | +68.0% | +28.6% |
| Volatility (ann.) | 33.1% | 27.7% |
| Beta vs S&P 500 | 0.45 | 1.09 |
| Max drawdown (3Y) | -33.8% | -33.0% |
| Market cap | $25.9B | – |
| P/E (trailing) | 16.3 | – |
| Dividend yield | 0.00% | – |
| Sector / category | Health Care | ETF · Thematic |
Year-by-year returns
| Year | INCY | XBI |
|---|---|---|
| 2022 | +9.4% | -25.9% |
| 2023 | -21.8% | +7.6% |
| 2024 | +10.0% | +1.0% |
| 2025 | +43.0% | +35.9% |
| 2026 | +29.3% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INCY and XBI good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between INCY and XBI?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.28 over the last year and 0.40 over 5 years.
Is XBI a good diversifier for INCY?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.48 mean?
On the −1 to +1 scale, 0.48 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/incy-vs-xbi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/incy-vs-xbi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: INCY correlations · XBI correlations
