TCRX vs XBI: Correlation
Measured on weekly returns over the past three years, TScan Therapeutics, Inc. (TCRX) and SPDR S&P Biotech ETF (XBI) carry a correlation of 0.52, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TCRX and XBI?
Over the past 3 years, TCRX and XBI moved with a correlation of 0.52, which is moderate. Recent behaviour matches the longer record: 0.52 over 1 year against 0.52 over 3. Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 1192.0 %².
XBI is one of the assets that tracks TCRX most closely: it ranks #1 out of the 17 assets we track against TCRX. Their recent paths diverged sharply: over the last 12 months XBI outperformed by 147.1 percentage points (-59.9% for TCRX against +87.2% for XBI). One caveat on sizing: TCRX is 3.0 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.
TCRX vs XBI: side by side
| TCRX (TScan Therapeutics, Inc.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | -59.9% | +87.2% |
| 5-year return | -91.3% | +28.6% |
| Volatility (ann.) | 82.6% | 27.7% |
| Beta vs S&P 500 | 2.01 | 1.09 |
| Max drawdown (3Y) | -92.4% | -33.0% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | TCRX | XBI |
|---|---|---|
| 2022 | -65.6% | -25.9% |
| 2023 | +276.1% | +7.6% |
| 2024 | -47.9% | +1.0% |
| 2025 | -67.1% | +35.9% |
| 2026 | -25.0% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TCRX and XBI good diversifiers for each other?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between TCRX and XBI?
As of 2026-08-27, the correlation of weekly returns between TCRX and XBI is 0.52 over 3 years, 0.52 over 1 year and 0.32 over 5 years.
Is XBI a good diversifier for TCRX?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.52 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/tcrx-vs-xbi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/tcrx-vs-xbi/)
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Related comparisons
Hubs: TCRX correlations · XBI correlations
