SLGL vs XBIT: Correlation
How closely do Sol-Gel Technologies Ltd. (SLGL) and XBiotech Inc. (XBIT) trade together? Their weekly returns over three years give a correlation of -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SLGL and XBIT?
On 3 years of weekly data the SLGL/XBIT correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.07) runs above the 3-year figure (-0.31). The 5-year figure is -0.21, and annualized covariance runs at -2478.0 %².
Out of 12 assets tracked against SLGL, XBIT lands near the bottom at #12. The last year tells two different stories: SLGL led by 264.5 percentage points, +230.6% for SLGL against -33.9% for XBIT. One caveat on sizing: SLGL is 2.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
SLGL vs XBIT: side by side
| SLGL (Sol-Gel Technologies Ltd.) | XBIT (XBiotech Inc.) | |
|---|---|---|
| 1-year return | +230.6% | -33.9% |
| 5-year return | -25.1% | -85.8% |
| Volatility (ann.) | 130.8% | 60.9% |
| Beta vs S&P 500 | 1.42 | 1.09 |
| Max drawdown (3Y) | -86.8% | -78.6% |
| Market cap | $0.2B | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SLGL | XBIT |
|---|---|---|
| 2022 | -38.4% | -68.5% |
| 2023 | -75.8% | +14.0% |
| 2024 | -15.8% | -1.2% |
| 2025 | +353.1% | -39.5% |
| 2026 | +72.2% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SLGL and XBIT good diversifiers for each other?
Yes. With a correlation of -0.31, SLGL and XBIT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SLGL and XBIT?
The SLGL/XBIT correlation stands at -0.31 on a 3-year window (1 year: -0.07, 5 years: -0.21), computed from weekly returns as of 2026-08-27.
Is XBIT a good diversifier for SLGL?
Yes. With a correlation of -0.31, SLGL and XBIT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.31 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/slgl-vs-xbit.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/slgl-vs-xbit/)
No key needed, free to use. Full endpoint list in the API documentation.
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Hubs: SLGL correlations · XBIT correlations
