JL vs XBI: Correlation
Measured on weekly returns over the past three years, J-Long Group Limited - Class A (JL) and SPDR S&P Biotech ETF (XBI) carry a correlation of -0.14, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JL and XBI?
On 3 years of weekly data the JL/XBI correlation comes out at -0.14, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.03) than the 3-year average (-0.14). The 5-year figure is n/a, and annualized covariance runs at -2189.1 %².
Within JL's tracked universe of 58 assets, XBI comes in at #21 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months XBI outperformed by 103.6 percentage points (-16.4% for JL against +87.2% for XBI). Note the risk asymmetry: JL runs 20.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
JL vs XBI: side by side
| JL (J-Long Group Limited - Class A) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | -16.4% | +87.2% |
| 5-year return | n/a | +28.6% |
| Volatility (ann.) | 580.0% | 27.7% |
| Beta vs S&P 500 | -1.02 | 1.09 |
| Max drawdown (3Y) | -98.6% | -33.0% |
| Market cap | – | – |
| P/E (trailing) | 6.5 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | JL | XBI |
|---|---|---|
| 2022 | – | -25.9% |
| 2023 | – | +7.6% |
| 2024 | – | +1.0% |
| 2025 | +67.1% | +35.9% |
| 2026 | -20.1% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JL and XBI good diversifiers for each other?
By historical standards, yes. A correlation of -0.14 means the two rarely move for the same reasons.
FAQ
What is the correlation between JL and XBI?
Using weekly returns as of 2026-08-27: -0.14 over 3 years, with -0.03 over the last year and n/a over 5 years.
Is XBI a good diversifier for JL?
By historical standards, yes. A correlation of -0.14 means the two rarely move for the same reasons.
What does a correlation of -0.14 mean?
A reading of -0.14 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/jl-vs-xbi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/jl-vs-xbi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: JL correlations · XBI correlations
