MRNA vs XBI: Correlation
How closely do Moderna (MRNA) and SPDR S&P Biotech ETF (XBI) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MRNA and XBI?
On 3 years of weekly data the MRNA/XBI correlation comes out at 0.42, moderate. Recent behaviour matches the longer record: 0.36 over 1 year against 0.42 over 3. The 5-year figure is 0.42, and annualized covariance runs at 1162.2 %².
Among the 38 assets we track against MRNA, XBI ranks #10 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MRNA ahead by 381.6 points (+468.8% versus +87.2%). Across three years, the rolling one-year figure varied moderately, from 0.34 to 0.65. Risk is not evenly split, since MRNA carries 3.6 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.
MRNA vs XBI: side by side
| MRNA (Moderna) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +468.8% | +87.2% |
| 5-year return | -61.5% | +28.6% |
| Volatility (ann.) | 100.7% | 27.7% |
| Beta vs S&P 500 | 0.98 | 1.09 |
| Max drawdown (3Y) | -86.6% | -33.0% |
| Market cap | $57.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | Health Care | ETF · Thematic |
Year-by-year returns
| Year | MRNA | XBI |
|---|---|---|
| 2022 | -29.3% | -25.9% |
| 2023 | -44.6% | +7.6% |
| 2024 | -58.2% | +1.0% |
| 2025 | -29.1% | +35.9% |
| 2026 | +384.1% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MRNA and XBI good diversifiers for each other?
Reasonably. At 0.42, MRNA and XBI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MRNA and XBI?
As of 2026-08-27, the correlation of weekly returns between MRNA and XBI is 0.42 over 3 years, 0.36 over 1 year and 0.42 over 5 years.
Is XBI a good diversifier for MRNA?
Reasonably. At 0.42, MRNA and XBI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 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/mrna-vs-xbi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mrna-vs-xbi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MRNA correlations · XBI correlations
