LONA vs XBI: Correlation
Measured on weekly returns over the past three years, LeonaBio, Inc. (LONA) and SPDR S&P Biotech ETF (XBI) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LONA and XBI?
Over the past 3 years, LONA and XBI moved with a correlation of 0.38, which is moderate. The past 12 months show a weaker link (0.16) than the 3-year average (0.38). Over 5 years the correlation is 0.31, and the annualized covariance of weekly returns is 1088.3 %².
In LONA's tracked universe of 11 assets, XBI sits right near the top at #3. Over the last 12 months LONA came out ahead by 10.0 percentage points (+97.2% against +87.2%). Risk is not evenly split, since LONA carries 3.8 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.
LONA vs XBI: side by side
| LONA (LeonaBio, Inc.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +97.2% | +87.2% |
| 5-year return | -92.6% | +28.6% |
| Volatility (ann.) | 104.6% | 27.7% |
| Beta vs S&P 500 | 1.80 | 1.09 |
| Max drawdown (3Y) | -94.5% | -33.0% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | LONA | XBI |
|---|---|---|
| 2022 | -75.7% | -25.9% |
| 2023 | -23.3% | +7.6% |
| 2024 | -75.8% | +1.0% |
| 2025 | +29.0% | +35.9% |
| 2026 | +4.2% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LONA and XBI good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between LONA and XBI?
As of 2026-08-27, the correlation of weekly returns between LONA and XBI is 0.38 over 3 years, 0.16 over 1 year and 0.31 over 5 years.
Is XBI a good diversifier for LONA?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 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
$ curl https://www.pairbook.io/api/v1/pairs/lona-vs-xbi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/lona-vs-xbi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: LONA correlations · XBI correlations
