IOVA vs XBI: Correlation
Measured on weekly returns over the past three years, Iovance Biotherapeutics, Inc. (IOVA) and SPDR S&P Biotech ETF (XBI) carry a correlation of 0.51, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IOVA and XBI?
Over the past 3 years, IOVA and XBI moved with a correlation of 0.51, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.27 versus 0.51 over 3 years. Over 5 years the correlation is 0.50, and the annualized covariance of weekly returns is 1456.6 %².
XBI is one of the assets that tracks IOVA most closely: it ranks #1 out of the 14 assets we track against IOVA. Their recent paths diverged sharply: over the last 12 months IOVA outperformed by 154.1 percentage points (+241.3% for IOVA against +87.2% for XBI). Risk is not evenly split, since IOVA carries 3.7 times the volatility of the other side.
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.
IOVA vs XBI: side by side
| IOVA (Iovance Biotherapeutics, Inc.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +241.3% | +87.2% |
| 5-year return | -64.9% | +28.6% |
| Volatility (ann.) | 103.2% | 27.7% |
| Beta vs S&P 500 | 1.90 | 1.09 |
| Max drawdown (3Y) | -90.5% | -33.0% |
| Market cap | $3.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | IOVA | XBI |
|---|---|---|
| 2022 | -66.5% | -25.9% |
| 2023 | +27.2% | +7.6% |
| 2024 | -9.0% | +1.0% |
| 2025 | -63.1% | +35.9% |
| 2026 | +202.6% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IOVA and XBI good diversifiers for each other?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between IOVA and XBI?
The IOVA/XBI correlation stands at 0.51 on a 3-year window (1 year: 0.27, 5 years: 0.50), computed from weekly returns as of 2026-08-27.
Is XBI a good diversifier for IOVA?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.51 mean?
On the −1 to +1 scale, 0.51 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/iova-vs-xbi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/iova-vs-xbi/)
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Related comparisons
Hubs: IOVA correlations · XBI correlations
