MLYS vs XBI: Correlation
Measured on weekly returns over the past three years, Mineralys Therapeutics, Inc. (MLYS) and SPDR S&P Biotech ETF (XBI) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MLYS and XBI?
On 3 years of weekly data the MLYS/XBI correlation comes out at 0.47, moderate. Little has changed lately, as the 1-year reading of 0.43 lands near the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 1246.4 %².
Within MLYS's tracked universe of 14 assets, XBI comes in at #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months XBI outperformed by 16.2 percentage points (+71.0% for MLYS against +87.2% for XBI). Note the risk asymmetry: MLYS runs 3.4 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.
MLYS vs XBI: side by side
| MLYS (Mineralys Therapeutics, Inc.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +71.0% | +87.2% |
| 5-year return | n/a | +28.6% |
| Volatility (ann.) | 95.4% | 27.7% |
| Beta vs S&P 500 | 1.54 | 1.09 |
| Max drawdown (3Y) | -54.0% | -33.0% |
| Market cap | $2.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | MLYS | XBI |
|---|---|---|
| 2022 | – | -25.9% |
| 2023 | – | +7.6% |
| 2024 | +43.1% | +1.0% |
| 2025 | +194.8% | +35.9% |
| 2026 | -28.3% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MLYS and XBI good diversifiers for each other?
Reasonably. At 0.47, MLYS and XBI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MLYS and XBI?
The MLYS/XBI correlation stands at 0.47 on a 3-year window (1 year: 0.43, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is XBI a good diversifier for MLYS?
Reasonably. At 0.47, MLYS and XBI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 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/mlys-vs-xbi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mlys-vs-xbi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MLYS correlations · XBI correlations
