INO vs XBI: Correlation
How closely do Inovio Pharmaceuticals, Inc. (INO) and SPDR S&P Biotech ETF (XBI) trade together? Their weekly returns over three years give a correlation of 0.41, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INO and XBI?
On 3 years of weekly data the INO/XBI correlation comes out at 0.41, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.25 versus 0.41 over 3 years. The 5-year figure is 0.49, and annualized covariance runs at 1120.4 %².
Within INO's tracked universe of 11 assets, XBI comes in at #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with XBI ahead by 136.0 points (-48.8% versus +87.2%). One caveat on sizing: INO is 3.6 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.
INO vs XBI: side by side
| INO (Inovio Pharmaceuticals, Inc.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | -48.8% | +87.2% |
| 5-year return | -98.8% | +28.6% |
| Volatility (ann.) | 99.4% | 27.7% |
| Beta vs S&P 500 | 1.55 | 1.09 |
| Max drawdown (3Y) | -95.2% | -33.0% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | INO | XBI |
|---|---|---|
| 2022 | -68.7% | -25.9% |
| 2023 | -67.3% | +7.6% |
| 2024 | -70.1% | +1.0% |
| 2025 | -4.9% | +35.9% |
| 2026 | -27.6% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INO and XBI good diversifiers for each other?
Reasonably. At 0.41, INO and XBI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between INO and XBI?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.25 over the last year and 0.49 over 5 years.
Is XBI a good diversifier for INO?
Reasonably. At 0.41, INO and XBI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ino-vs-xbi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ino-vs-xbi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: INO correlations · XBI correlations
