MNKD vs XBI: Correlation
How closely do MannKind Corporation (MNKD) and SPDR S&P Biotech ETF (XBI) trade together? Their weekly returns over three years give a correlation of 0.44, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MNKD and XBI?
On 3 years of weekly data the MNKD/XBI correlation comes out at 0.44, moderate. The relationship has been stable: the 1-year correlation (0.43) sits close to the 3-year figure. The 5-year figure is 0.46, and annualized covariance runs at 707.8 %².
Few assets follow MNKD as closely as XBI, which ranks #3 of 12 tracked partners. The last year tells two different stories: XBI led by 97.4 percentage points, -10.2% for MNKD against +87.2% for XBI. Risk is not evenly split, since MNKD carries 2.1 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.
MNKD vs XBI: side by side
| MNKD (MannKind Corporation) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | -10.2% | +87.2% |
| 5-year return | -13.8% | +28.6% |
| Volatility (ann.) | 57.7% | 27.7% |
| Beta vs S&P 500 | 1.17 | 1.09 |
| Max drawdown (3Y) | -69.4% | -33.0% |
| Market cap | $1.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | MNKD | XBI |
|---|---|---|
| 2022 | +20.6% | -25.9% |
| 2023 | -30.9% | +7.6% |
| 2024 | +76.6% | +1.0% |
| 2025 | -11.8% | +35.9% |
| 2026 | -28.4% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MNKD and XBI good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MNKD and XBI?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.43 over the last year and 0.46 over 5 years.
Is XBI a good diversifier for MNKD?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 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: MNKD correlations · XBI correlations
