SPY vs XBIT: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and XBiotech Inc. (XBIT) carry a correlation of 0.26, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and XBIT?
On 3 years of weekly data the SPY/XBIT correlation comes out at 0.26, weak. Recent behaviour matches the longer record: 0.17 over 1 year against 0.26 over 3. The 5-year figure is 0.30, and annualized covariance runs at 228.6 %².
Among the 4755 assets we track against SPY, XBIT ranks #2688 by 3-year correlation. The last year tells two different stories: SPY led by 54.5 percentage points, +20.6% for SPY against -33.9% for XBIT. Risk is not evenly split, since XBIT carries 4.2 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.
SPY vs XBIT: side by side
| SPY (SPDR S&P 500 ETF Trust) | XBIT (XBiotech Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -33.9% |
| 5-year return | +82.4% | -85.8% |
| Volatility (ann.) | 14.5% | 60.9% |
| Beta vs S&P 500 | 1.00 | 1.09 |
| Max drawdown (3Y) | -18.8% | -78.6% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
SPY, State Street Investment Management's Large Blend fund, carries $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | XBIT |
|---|---|---|
| 2022 | -18.2% | -68.5% |
| 2023 | +26.2% | +14.0% |
| 2024 | +24.9% | -1.2% |
| 2025 | +17.7% | -39.5% |
| 2026 | +13.7% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and XBIT good diversifiers for each other?
Reasonably. At 0.26, SPY and XBIT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and XBIT?
Using weekly returns as of 2026-08-27: 0.26 over 3 years, with 0.17 over the last year and 0.30 over 5 years.
Is XBIT a good diversifier for SPY?
Reasonably. At 0.26, SPY and XBIT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.26 mean?
On the −1 to +1 scale, 0.26 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/spy-vs-xbit.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-xbit/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · XBIT correlations
