NUVB vs XBI: Correlation
Nuvation Bio Inc. (NUVB) and SPDR S&P Biotech ETF (XBI) show a moderate relationship: their 3-year correlation of weekly returns is 0.52.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NUVB and XBI?
Across a 3-year window, the weekly returns of NUVB and XBI correlate at 0.52, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.39 versus 0.52 over 3 years. Stretching to 5 years gives 0.49, with an annualized covariance of 1266.8 %².
XBI is one of the assets that tracks NUVB most closely: it ranks #2 out of the 13 assets we track against NUVB. Correlation aside, the last 12 months split them widely, with NUVB ahead by 49.7 points (+136.9% versus +87.2%). Risk is not evenly split, since NUVB carries 3.2 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.
NUVB vs XBI: side by side
| NUVB (Nuvation Bio Inc.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +136.9% | +87.2% |
| 5-year return | -25.8% | +28.6% |
| Volatility (ann.) | 87.3% | 27.7% |
| Beta vs S&P 500 | 1.90 | 1.09 |
| Max drawdown (3Y) | -58.2% | -33.0% |
| Market cap | $2.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | NUVB | XBI |
|---|---|---|
| 2022 | -77.4% | -25.9% |
| 2023 | -21.4% | +7.6% |
| 2024 | +76.2% | +1.0% |
| 2025 | +236.8% | +35.9% |
| 2026 | -22.0% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NUVB 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 NUVB and XBI?
Using weekly returns as of 2026-08-27: 0.52 over 3 years, with 0.39 over the last year and 0.49 over 5 years.
Is XBI a good diversifier for NUVB?
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?
A reading of 0.52 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: NUVB correlations · XBI correlations
