SPRY vs XBI: Correlation
Measured on weekly returns over the past three years, ARS Pharmaceuticals, Inc. (SPRY) and SPDR S&P Biotech ETF (XBI) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPRY and XBI?
On 3 years of weekly data the SPRY/XBI correlation comes out at 0.41, moderate. The relationship has been stable: the 1-year correlation (0.32) sits close to the 3-year figure. The 5-year figure is 0.38, and annualized covariance runs at 777.2 %².
Among the 11 assets we track against SPRY, XBI ranks #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with XBI ahead by 142.3 points (-55.1% versus +87.2%). Note the risk asymmetry: SPRY runs 2.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
SPRY vs XBI: side by side
| SPRY (ARS Pharmaceuticals, Inc.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | -55.1% | +87.2% |
| 5-year return | -73.8% | +28.6% |
| Volatility (ann.) | 68.4% | 27.7% |
| Beta vs S&P 500 | 1.73 | 1.09 |
| Max drawdown (3Y) | -72.0% | -33.0% |
| Market cap | $0.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | SPRY | XBI |
|---|---|---|
| 2022 | +28.1% | -25.9% |
| 2023 | -35.8% | +7.6% |
| 2024 | +92.5% | +1.0% |
| 2025 | +10.4% | +35.9% |
| 2026 | -48.2% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPRY and XBI good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPRY and XBI?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.32 over the last year and 0.38 over 5 years.
Is XBI a good diversifier for SPRY?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 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.
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Related comparisons
Hubs: SPRY correlations · XBI correlations
