KRYS vs XBI: Correlation
Measured on weekly returns over the past three years, Krystal Biotech, Inc. (KRYS) and SPDR S&P Biotech ETF (XBI) carry a correlation of 0.58, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KRYS and XBI?
Over the past 3 years, KRYS and XBI moved with a correlation of 0.58, which is moderate. The relationship has been stable: the 1-year correlation (0.51) sits close to the 3-year figure. Over 5 years the correlation is 0.45, and the annualized covariance of weekly returns is 821.6 %².
XBI is one of the assets that tracks KRYS most closely: it ranks #2 out of the 18 assets we track against KRYS. Correlation aside, the last 12 months split them widely, with KRYS ahead by 54.9 points (+142.1% versus +87.2%). Note the risk asymmetry: KRYS runs 1.8 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.
KRYS vs XBI: side by side
| KRYS (Krystal Biotech, Inc.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +142.1% | +87.2% |
| 5-year return | +523.2% | +28.6% |
| Volatility (ann.) | 50.8% | 27.7% |
| Beta vs S&P 500 | 0.77 | 1.09 |
| Max drawdown (3Y) | -42.3% | -33.0% |
| Market cap | $10.6B | – |
| P/E (trailing) | 44.7 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | KRYS | XBI |
|---|---|---|
| 2022 | +13.3% | -25.9% |
| 2023 | +56.6% | +7.6% |
| 2024 | +26.3% | +1.0% |
| 2025 | +57.4% | +35.9% |
| 2026 | +45.0% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KRYS and XBI good diversifiers for each other?
Only partially. A correlation of 0.58 means KRYS and XBI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between KRYS and XBI?
The KRYS/XBI correlation stands at 0.58 on a 3-year window (1 year: 0.51, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is XBI a good diversifier for KRYS?
Only partially. A correlation of 0.58 means KRYS and XBI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.58 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
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Related comparisons
Hubs: KRYS correlations · XBI correlations
