RLAY vs XBI: Correlation
Measured on weekly returns over the past three years, Relay Therapeutics, Inc. (RLAY) and SPDR S&P Biotech ETF (XBI) carry a correlation of 0.68, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RLAY and XBI?
Over the past 3 years, RLAY and XBI moved with a correlation of 0.68, which is strong. The relationship has been stable: the 1-year correlation (0.60) sits close to the 3-year figure. Over 5 years the correlation is 0.64, and the annualized covariance of weekly returns is 1338.8 %².
Few assets follow RLAY as closely as XBI, which ranks #1 of 16 tracked partners. Their recent paths diverged sharply: over the last 12 months RLAY outperformed by 356.8 percentage points (+444.0% for RLAY against +87.2% for XBI). Risk is not evenly split, since RLAY carries 2.6 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.
RLAY vs XBI: side by side
| RLAY (Relay Therapeutics, Inc.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +444.0% | +87.2% |
| 5-year return | -35.3% | +28.6% |
| Volatility (ann.) | 71.3% | 27.7% |
| Beta vs S&P 500 | 2.17 | 1.09 |
| Max drawdown (3Y) | -83.4% | -33.0% |
| Market cap | $4.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | RLAY | XBI |
|---|---|---|
| 2022 | -51.4% | -25.9% |
| 2023 | -26.3% | +7.6% |
| 2024 | -62.6% | +1.0% |
| 2025 | +105.3% | +35.9% |
| 2026 | +129.6% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RLAY and XBI good diversifiers for each other?
To a limited degree. At 0.68 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between RLAY and XBI?
The RLAY/XBI correlation stands at 0.68 on a 3-year window (1 year: 0.60, 5 years: 0.64), computed from weekly returns as of 2026-08-27.
Is XBI a good diversifier for RLAY?
To a limited degree. At 0.68 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.68 mean?
On the −1 to +1 scale, 0.68 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/rlay-vs-xbi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/rlay-vs-xbi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: RLAY correlations · XBI correlations
