SGHT vs XBI: Correlation
How closely do Sight Sciences, Inc. (SGHT) and SPDR S&P Biotech ETF (XBI) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SGHT and XBI?
Across a 3-year window, the weekly returns of SGHT and XBI correlate at 0.39, moderate. Recent behaviour matches the longer record: 0.33 over 1 year against 0.39 over 3. Stretching to 5 years gives 0.39, with an annualized covariance of 1027.3 %².
Within SGHT's tracked universe of 10 assets, XBI comes in at #5 by 3-year correlation. Over the last 12 months SGHT came out ahead by 11.6 percentage points (+98.8% against +87.2%). Risk is not evenly split, since SGHT carries 3.5 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.
SGHT vs XBI: side by side
| SGHT (Sight Sciences, Inc.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +98.8% | +87.2% |
| 5-year return | -73.7% | +28.6% |
| Volatility (ann.) | 96.0% | 27.7% |
| Beta vs S&P 500 | 2.34 | 1.09 |
| Max drawdown (3Y) | -81.1% | -33.0% |
| Market cap | $0.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | SGHT | XBI |
|---|---|---|
| 2022 | -30.5% | -25.9% |
| 2023 | -57.7% | +7.6% |
| 2024 | -29.5% | +1.0% |
| 2025 | +117.9% | +35.9% |
| 2026 | +6.1% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SGHT and XBI good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SGHT and XBI?
Using weekly returns as of 2026-08-27: 0.39 over 3 years, with 0.33 over the last year and 0.39 over 5 years.
Is XBI a good diversifier for SGHT?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 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/sght-vs-xbi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/sght-vs-xbi/)
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Related comparisons
Hubs: SGHT correlations · XBI correlations
