OCUL vs XBI: Correlation
Ocular Therapeutix, Inc. (OCUL) and SPDR S&P Biotech ETF (XBI) show a strong relationship: their 3-year correlation of weekly returns is 0.61.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OCUL and XBI?
On 3 years of weekly data the OCUL/XBI correlation comes out at 0.61, strong. The link has loosened recently: the 1-year correlation (0.48) runs below the 3-year figure (0.61). The 5-year figure is 0.50, and annualized covariance runs at 1314.1 %².
In OCUL's tracked universe of 18 assets, XBI sits right near the top at #1. Correlation aside, the last 12 months split them widely, with XBI ahead by 99.4 points (-12.2% versus +87.2%). Note the risk asymmetry: OCUL runs 2.8 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.
OCUL vs XBI: side by side
| OCUL (Ocular Therapeutix, Inc.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | -12.2% | +87.2% |
| 5-year return | +0.7% | +28.6% |
| Volatility (ann.) | 77.8% | 27.7% |
| Beta vs S&P 500 | 1.80 | 1.09 |
| Max drawdown (3Y) | -61.6% | -33.0% |
| Market cap | $2.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | OCUL | XBI |
|---|---|---|
| 2022 | -59.7% | -25.9% |
| 2023 | +58.7% | +7.6% |
| 2024 | +91.5% | +1.0% |
| 2025 | +42.2% | +35.9% |
| 2026 | -10.9% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OCUL and XBI good diversifiers for each other?
Only partially. A correlation of 0.61 means OCUL and XBI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between OCUL and XBI?
As of 2026-08-27, the correlation of weekly returns between OCUL and XBI is 0.61 over 3 years, 0.48 over 1 year and 0.50 over 5 years.
Is XBI a good diversifier for OCUL?
Only partially. A correlation of 0.61 means OCUL and XBI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.61 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ocul-vs-xbi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ocul-vs-xbi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: OCUL correlations · XBI correlations
