MGTX vs XBI: Correlation
MeiraGTx Holdings plc (MGTX) and SPDR S&P Biotech ETF (XBI) show a moderate relationship: their 3-year correlation of weekly returns is 0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGTX and XBI?
Across a 3-year window, the weekly returns of MGTX and XBI correlate at 0.56, moderate. The past 12 months show a tighter link (0.68) than the 3-year average (0.56). Stretching to 5 years gives 0.54, with an annualized covariance of 1198.2 %².
XBI is one of the assets that tracks MGTX most closely: it ranks #1 out of the 20 assets we track against MGTX. Twelve-month performance is nearly a tie, at +90.1% for MGTX and +87.2% for XBI. Note the risk asymmetry: MGTX runs 2.8 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.
MGTX vs XBI: side by side
| MGTX (MeiraGTx Holdings plc) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +90.1% | +87.2% |
| 5-year return | +2.2% | +28.6% |
| Volatility (ann.) | 77.0% | 27.7% |
| Beta vs S&P 500 | 2.02 | 1.09 |
| Max drawdown (3Y) | -47.1% | -33.0% |
| Market cap | $1.4B | – |
| P/E (trailing) | 16.8 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | MGTX | XBI |
|---|---|---|
| 2022 | -72.5% | -25.9% |
| 2023 | +7.7% | +7.6% |
| 2024 | -13.2% | +1.0% |
| 2025 | +30.5% | +35.9% |
| 2026 | +77.9% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGTX and XBI good diversifiers for each other?
Only partially. A correlation of 0.56 means MGTX 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 MGTX and XBI?
As of 2026-08-27, the correlation of weekly returns between MGTX and XBI is 0.56 over 3 years, 0.68 over 1 year and 0.54 over 5 years.
Is XBI a good diversifier for MGTX?
Only partially. A correlation of 0.56 means MGTX 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 0.56 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: MGTX correlations · XBI correlations
