NKTX vs XBI: Correlation
How closely do Nkarta, Inc. (NKTX) and SPDR S&P Biotech ETF (XBI) trade together? Their weekly returns over three years give a correlation of 0.52, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NKTX and XBI?
Across a 3-year window, the weekly returns of NKTX and XBI correlate at 0.52, moderate. Recent behaviour matches the longer record: 0.62 over 1 year against 0.52 over 3. Stretching to 5 years gives 0.36, with an annualized covariance of 1454.9 %².
XBI is one of the assets that tracks NKTX most closely: it ranks #2 out of the 11 assets we track against NKTX. The last year tells two different stories: XBI led by 64.4 percentage points, +22.8% for NKTX against +87.2% for XBI. Note the risk asymmetry: NKTX runs 3.7 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.
NKTX vs XBI: side by side
| NKTX (Nkarta, Inc.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +22.8% | +87.2% |
| 5-year return | -91.9% | +28.6% |
| Volatility (ann.) | 101.5% | 27.7% |
| Beta vs S&P 500 | 1.78 | 1.09 |
| Max drawdown (3Y) | -91.3% | -33.0% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | NKTX | XBI |
|---|---|---|
| 2022 | -61.0% | -25.9% |
| 2023 | +10.2% | +7.6% |
| 2024 | -62.3% | +1.0% |
| 2025 | -25.7% | +35.9% |
| 2026 | +48.6% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NKTX and XBI good diversifiers for each other?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NKTX and XBI?
The NKTX/XBI correlation stands at 0.52 on a 3-year window (1 year: 0.62, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is XBI a good diversifier for NKTX?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.52 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.
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Related comparisons
Hubs: NKTX correlations · XBI correlations
