IONS vs XBI: Correlation
Ionis Pharmaceuticals, Inc. (IONS) and SPDR S&P Biotech ETF (XBI) show a moderate relationship: their 3-year correlation of weekly returns is 0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IONS and XBI?
Over the past 3 years, IONS and XBI moved with a correlation of 0.47, which is moderate. Recent behaviour matches the longer record: 0.48 over 1 year against 0.47 over 3. Over 5 years the correlation is 0.50, and the annualized covariance of weekly returns is 577.5 %².
By 3-year correlation, XBI places #5 of the 13 assets tracked against IONS. Correlation aside, the last 12 months split them widely, with XBI ahead by 41.2 points (+46.0% versus +87.2%). One caveat on sizing: IONS is 1.6 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.
IONS vs XBI: side by side
| IONS (Ionis Pharmaceuticals, Inc.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +46.0% | +87.2% |
| 5-year return | +59.5% | +28.6% |
| Volatility (ann.) | 44.7% | 27.7% |
| Beta vs S&P 500 | 0.72 | 1.09 |
| Max drawdown (3Y) | -52.4% | -33.0% |
| Market cap | $10.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | IONS | XBI |
|---|---|---|
| 2022 | +24.1% | -25.9% |
| 2023 | +33.9% | +7.6% |
| 2024 | -30.9% | +1.0% |
| 2025 | +126.3% | +35.9% |
| 2026 | -21.1% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IONS and XBI good diversifiers for each other?
Reasonably. At 0.47, IONS and XBI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between IONS and XBI?
Using weekly returns as of 2026-08-27: 0.47 over 3 years, with 0.48 over the last year and 0.50 over 5 years.
Is XBI a good diversifier for IONS?
Reasonably. At 0.47, IONS and XBI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 mean?
On the −1 to +1 scale, 0.47 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/ions-vs-xbi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ions-vs-xbi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IONS correlations · XBI correlations
