SLN vs XBI: Correlation
Silence Therapeutics Plc - American Depository Share (SLN) and SPDR S&P Biotech ETF (XBI) show a moderate relationship: their 3-year correlation of weekly returns is 0.48.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SLN and XBI?
Across a 3-year window, the weekly returns of SLN and XBI correlate at 0.48, moderate. The relationship has been stable: the 1-year correlation (0.56) sits close to the 3-year figure. Stretching to 5 years gives 0.36, with an annualized covariance of 1133.8 %².
XBI is one of the assets that tracks SLN most closely: it ranks #2 out of the 10 assets we track against SLN. The last year tells two different stories: SLN led by 71.5 percentage points, +158.7% for SLN against +87.2% for XBI. Risk is not evenly split, since SLN carries 3.1 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.
SLN vs XBI: side by side
| SLN (Silence Therapeutics Plc - American Depository Share) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +158.7% | +87.2% |
| 5-year return | -42.5% | +28.6% |
| Volatility (ann.) | 86.0% | 27.7% |
| Beta vs S&P 500 | 1.27 | 1.09 |
| Max drawdown (3Y) | -91.7% | -33.0% |
| Market cap | $0.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | SLN | XBI |
|---|---|---|
| 2022 | -36.2% | -25.9% |
| 2023 | +13.9% | +7.6% |
| 2024 | -60.4% | +1.0% |
| 2025 | -11.6% | +35.9% |
| 2026 | +121.2% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SLN and XBI good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SLN and XBI?
The SLN/XBI correlation stands at 0.48 on a 3-year window (1 year: 0.56, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is XBI a good diversifier for SLN?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 mean?
On the −1 to +1 scale, 0.48 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/sln-vs-xbi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/sln-vs-xbi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SLN correlations · XBI correlations
