ROIV vs XBI: Correlation
Measured on weekly returns over the past three years, Roivant Sciences Ltd. (ROIV) and SPDR S&P Biotech ETF (XBI) carry a correlation of 0.57, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ROIV and XBI?
On 3 years of weekly data the ROIV/XBI correlation comes out at 0.57, moderate. Little has changed lately, as the 1-year reading of 0.48 lands near the 3-year figure. The 5-year figure is 0.44, and annualized covariance runs at 566.0 %².
XBI is one of the assets that tracks ROIV most closely: it ranks #1 out of the 12 assets we track against ROIV. Correlation aside, the last 12 months split them widely, with ROIV ahead by 126.2 points (+213.4% versus +87.2%).
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.
ROIV vs XBI: side by side
| ROIV (Roivant Sciences Ltd.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +213.4% | +87.2% |
| 5-year return | +278.1% | +28.6% |
| Volatility (ann.) | 36.0% | 27.7% |
| Beta vs S&P 500 | 0.91 | 1.09 |
| Max drawdown (3Y) | -36.5% | -33.0% |
| Market cap | $27.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | ROIV | XBI |
|---|---|---|
| 2022 | -20.7% | -25.9% |
| 2023 | +40.6% | +7.6% |
| 2024 | +5.3% | +1.0% |
| 2025 | +83.4% | +35.9% |
| 2026 | +73.2% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ROIV and XBI good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ROIV and XBI?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.48 over the last year and 0.44 over 5 years.
Is XBI a good diversifier for ROIV?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 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/roiv-vs-xbi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/roiv-vs-xbi/)
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Related comparisons
Hubs: ROIV correlations · XBI correlations
