NVX vs XBIO: Correlation
Measured on weekly returns over the past three years, NOVONIX Limited - American Depository Shares (NVX) and Xenetic Biosciences, Inc. (XBIO) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVX and XBIO?
Over the past 3 years, NVX and XBIO moved with a correlation of 0.47, which is moderate. The past 12 months show a tighter link (0.68) than the 3-year average (0.47). Over 5 years the correlation is 0.39, and the annualized covariance of weekly returns is 4086.7 %².
In NVX's tracked universe of 15 assets, XBIO sits right near the top at #3. The last year tells two different stories: XBIO led by 115.2 percentage points, -75.4% for NVX against +39.8% for XBIO.
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.
NVX vs XBIO: side by side
| NVX (NOVONIX Limited - American Depository Shares) | XBIO (Xenetic Biosciences, Inc.) | |
|---|---|---|
| 1-year return | -75.4% | +39.8% |
| 5-year return | -98.4% | -86.8% |
| Volatility (ann.) | 96.1% | 90.1% |
| Beta vs S&P 500 | 1.02 | 0.46 |
| Max drawdown (3Y) | -88.4% | -80.5% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NVX | XBIO |
|---|---|---|
| 2022 | – | -77.9% |
| 2023 | -52.7% | +21.1% |
| 2024 | -7.2% | +15.7% |
| 2025 | -43.9% | -45.6% |
| 2026 | -64.3% | +82.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVX and XBIO good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NVX and XBIO?
As of 2026-08-27, the correlation of weekly returns between NVX and XBIO is 0.47 over 3 years, 0.68 over 1 year and 0.39 over 5 years.
Is XBIO a good diversifier for NVX?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.47 mean?
A reading of 0.47 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nvx-vs-xbio.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nvx-vs-xbio/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NVX correlations · XBIO correlations
