TWST vs XBI: Correlation
Measured on weekly returns over the past three years, Twist Bioscience Corporation (TWST) and SPDR S&P Biotech ETF (XBI) carry a correlation of 0.66, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TWST and XBI?
Over the past 3 years, TWST and XBI moved with a correlation of 0.66, which is strong. The past 12 months show a weaker link (0.46) than the 3-year average (0.66). Over 5 years the correlation is 0.70, and the annualized covariance of weekly returns is 1388.4 %².
In TWST's tracked universe of 14 assets, XBI sits right near the top at #1. The last year tells two different stories: TWST led by 375.9 percentage points, +463.1% for TWST against +87.2% for XBI. Note the risk asymmetry: TWST runs 2.7 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.
TWST vs XBI: side by side
| TWST (Twist Bioscience Corporation) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +463.1% | +87.2% |
| 5-year return | +39.8% | +28.6% |
| Volatility (ann.) | 76.1% | 27.7% |
| Beta vs S&P 500 | 2.21 | 1.09 |
| Max drawdown (3Y) | -59.0% | -33.0% |
| Market cap | $9.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | TWST | XBI |
|---|---|---|
| 2022 | -69.2% | -25.9% |
| 2023 | +54.8% | +7.6% |
| 2024 | +26.1% | +1.0% |
| 2025 | -31.7% | +35.9% |
| 2026 | +382.7% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TWST and XBI good diversifiers for each other?
Only partially. A correlation of 0.66 means TWST and XBI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between TWST and XBI?
As of 2026-08-27, the correlation of weekly returns between TWST and XBI is 0.66 over 3 years, 0.46 over 1 year and 0.70 over 5 years.
Is XBI a good diversifier for TWST?
Only partially. A correlation of 0.66 means TWST and XBI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.66 mean?
A reading of 0.66 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
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Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: TWST correlations · XBI correlations
