NGNE vs XBI: Correlation
How closely do Neurogene Inc. (NGNE) and SPDR S&P Biotech ETF (XBI) trade together? Their weekly returns over three years give a correlation of 0.45, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NGNE and XBI?
Across a 3-year window, the weekly returns of NGNE and XBI correlate at 0.45, moderate. Recent behaviour matches the longer record: 0.44 over 1 year against 0.45 over 3. Stretching to 5 years gives 0.42, with an annualized covariance of 1277.0 %².
By 3-year correlation, XBI places #5 of the 15 assets tracked against NGNE. Over the last 12 months NGNE came out ahead by 5.0 percentage points (+92.2% against +87.2%). One caveat on sizing: NGNE is 3.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
NGNE vs XBI: side by side
| NGNE (Neurogene Inc.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +92.2% | +87.2% |
| 5-year return | -76.7% | +28.6% |
| Volatility (ann.) | 102.1% | 27.7% |
| Beta vs S&P 500 | 2.68 | 1.09 |
| Max drawdown (3Y) | -89.7% | -33.0% |
| Market cap | $0.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | NGNE | XBI |
|---|---|---|
| 2022 | -89.4% | -25.9% |
| 2023 | +90.4% | +7.6% |
| 2024 | +18.0% | +1.0% |
| 2025 | -9.9% | +35.9% |
| 2026 | +83.8% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NGNE and XBI good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NGNE and XBI?
As of 2026-08-27, the correlation of weekly returns between NGNE and XBI is 0.45 over 3 years, 0.44 over 1 year and 0.42 over 5 years.
Is XBI a good diversifier for NGNE?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: NGNE correlations · XBI correlations
