RNAC vs XBI: Correlation
How closely do Cartesian Therapeutics, Inc. (RNAC) and SPDR S&P Biotech ETF (XBI) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RNAC and XBI?
Across a 3-year window, the weekly returns of RNAC and XBI correlate at 0.38, moderate. Little has changed lately, as the 1-year reading of 0.46 lands near the 3-year figure. Stretching to 5 years gives 0.42, with an annualized covariance of 1137.3 %².
In RNAC's tracked universe of 10 assets, XBI sits right near the top at #3. Their recent paths diverged sharply: over the last 12 months XBI outperformed by 93.4 percentage points (-6.2% for RNAC against +87.2% for XBI). Risk is not evenly split, since RNAC carries 3.9 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.
RNAC vs XBI: side by side
| RNAC (Cartesian Therapeutics, Inc.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | -6.2% | +87.2% |
| 5-year return | -92.3% | +28.6% |
| Volatility (ann.) | 108.2% | 27.7% |
| Beta vs S&P 500 | 2.21 | 1.09 |
| Max drawdown (3Y) | -85.6% | -33.0% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | RNAC | XBI |
|---|---|---|
| 2022 | -65.3% | -25.9% |
| 2023 | -39.0% | +7.6% |
| 2024 | -13.4% | +1.0% |
| 2025 | -59.7% | +35.9% |
| 2026 | +38.3% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RNAC and XBI good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between RNAC and XBI?
As of 2026-08-27, the correlation of weekly returns between RNAC and XBI is 0.38 over 3 years, 0.46 over 1 year and 0.42 over 5 years.
Is XBI a good diversifier for RNAC?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 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/rnac-vs-xbi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/rnac-vs-xbi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: RNAC correlations · XBI correlations
