KOD vs XBI: Correlation
How closely do Kodiak Sciences Inc (KOD) and SPDR S&P Biotech ETF (XBI) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KOD and XBI?
Across a 3-year window, the weekly returns of KOD and XBI correlate at 0.48, moderate. The past 12 months show a weaker link (0.22) than the 3-year average (0.48). Stretching to 5 years gives 0.44, with an annualized covariance of 1633.0 %².
Within KOD's tracked universe of 12 assets, XBI comes in at #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with KOD ahead by 231.6 points (+318.8% versus +87.2%). Risk is not evenly split, since KOD carries 4.5 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.
KOD vs XBI: side by side
| KOD (Kodiak Sciences Inc) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +318.8% | +87.2% |
| 5-year return | -59.3% | +28.6% |
| Volatility (ann.) | 123.8% | 27.7% |
| Beta vs S&P 500 | 2.99 | 1.09 |
| Max drawdown (3Y) | -81.1% | -33.0% |
| Market cap | $2.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | KOD | XBI |
|---|---|---|
| 2022 | -91.6% | -25.9% |
| 2023 | -57.5% | +7.6% |
| 2024 | +227.3% | +1.0% |
| 2025 | +181.0% | +35.9% |
| 2026 | +39.9% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KOD and XBI good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between KOD and XBI?
As of 2026-08-27, the correlation of weekly returns between KOD and XBI is 0.48 over 3 years, 0.22 over 1 year and 0.44 over 5 years.
Is XBI a good diversifier for KOD?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 mean?
A reading of 0.48 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/kod-vs-xbi.json
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Related comparisons
Hubs: KOD correlations · XBI correlations
