OABI vs XBI: Correlation
Measured on weekly returns over the past three years, OmniAb, Inc. (OABI) and SPDR S&P Biotech ETF (XBI) carry a correlation of 0.51, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OABI and XBI?
Over the past 3 years, OABI and XBI moved with a correlation of 0.51, which is moderate. The link has loosened recently: the 1-year correlation (0.40) runs below the 3-year figure (0.51). Over 5 years the correlation is 0.39, and the annualized covariance of weekly returns is 957.1 %².
XBI is one of the assets that tracks OABI most closely: it ranks #2 out of the 12 assets we track against OABI. The last year tells two different stories: OABI led by 99.1 percentage points, +186.3% for OABI against +87.2% for XBI. Risk is not evenly split, since OABI carries 2.4 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.
OABI vs XBI: side by side
| OABI (OmniAb, Inc.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +186.3% | +87.2% |
| 5-year return | -52.8% | +28.6% |
| Volatility (ann.) | 67.6% | 27.7% |
| Beta vs S&P 500 | 1.30 | 1.09 |
| Max drawdown (3Y) | -81.3% | -33.0% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | OABI | XBI |
|---|---|---|
| 2022 | -64.0% | -25.9% |
| 2023 | +71.4% | +7.6% |
| 2024 | -42.6% | +1.0% |
| 2025 | -47.7% | +35.9% |
| 2026 | +149.2% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OABI and XBI good diversifiers for each other?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between OABI and XBI?
The OABI/XBI correlation stands at 0.51 on a 3-year window (1 year: 0.40, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is XBI a good diversifier for OABI?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.51 mean?
A reading of 0.51 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
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Related comparisons
Hubs: OABI correlations · XBI correlations
