OBIO vs XBI: Correlation
How closely do Orchestra BioMed Holdings, Inc. (OBIO) and SPDR S&P Biotech ETF (XBI) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OBIO and XBI?
Across a 3-year window, the weekly returns of OBIO and XBI correlate at 0.42, moderate. Recent behaviour matches the longer record: 0.42 over 1 year against 0.42 over 3. Stretching to 5 years gives 0.24, with an annualized covariance of 922.5 %².
Among the 10 assets we track against OBIO, XBI ranks #4 by 3-year correlation. The trailing year gives XBI the advantage: +79.9% versus +87.2%, a 7.3-point spread. Note the risk asymmetry: OBIO runs 2.9 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.
OBIO vs XBI: side by side
| OBIO (Orchestra BioMed Holdings, Inc.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +79.9% | +87.2% |
| 5-year return | -47.8% | +28.6% |
| Volatility (ann.) | 79.5% | 27.7% |
| Beta vs S&P 500 | 1.75 | 1.09 |
| Max drawdown (3Y) | -78.2% | -33.0% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | OBIO | XBI |
|---|---|---|
| 2022 | -1.0% | -25.9% |
| 2023 | -8.5% | +7.6% |
| 2024 | -56.2% | +1.0% |
| 2025 | +3.8% | +35.9% |
| 2026 | +23.1% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OBIO and XBI good diversifiers for each other?
Reasonably. At 0.42, OBIO and XBI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between OBIO and XBI?
As of 2026-08-27, the correlation of weekly returns between OBIO and XBI is 0.42 over 3 years, 0.42 over 1 year and 0.24 over 5 years.
Is XBI a good diversifier for OBIO?
Reasonably. At 0.42, OBIO and XBI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 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: OBIO correlations · XBI correlations
