USA vs XBIT: Correlation
How closely do Liberty All-Star Equity Fund (USA) and XBiotech Inc. (XBIT) trade together? Their weekly returns over three years give a correlation of 0.32, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are USA and XBIT?
On 3 years of weekly data the USA/XBIT correlation comes out at 0.32, moderate. The relationship has been stable: the 1-year correlation (0.36) sits close to the 3-year figure. The 5-year figure is 0.33, and annualized covariance runs at 293.4 %².
XBIT is close to the least connected end of USA's tracked universe, ranking #27 of 31. Correlation aside, the last 12 months split them widely, with USA ahead by 35.5 points (+1.6% versus -33.9%). Note the risk asymmetry: XBIT runs 4.0 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.
USA vs XBIT: side by side
| USA (Liberty All-Star Equity Fund) | XBIT (XBiotech Inc.) | |
|---|---|---|
| 1-year return | +1.6% | -33.9% |
| 5-year return | +18.1% | -85.8% |
| Volatility (ann.) | 15.2% | 60.9% |
| Beta vs S&P 500 | 0.89 | 1.09 |
| Max drawdown (3Y) | -17.7% | -78.6% |
| Market cap | – | $0.1B |
| P/E (trailing) | 10.7 | – |
| Dividend yield | 11.19% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | USA | XBIT |
|---|---|---|
| 2022 | -25.2% | -68.5% |
| 2023 | +23.2% | +14.0% |
| 2024 | +20.8% | -1.2% |
| 2025 | +0.1% | -39.5% |
| 2026 | +3.7% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are USA and XBIT good diversifiers for each other?
Reasonably. At 0.32, USA and XBIT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between USA and XBIT?
As of 2026-08-27, the correlation of weekly returns between USA and XBIT is 0.32 over 3 years, 0.36 over 1 year and 0.33 over 5 years.
Is XBIT a good diversifier for USA?
Reasonably. At 0.32, USA and XBIT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.32 mean?
A reading of 0.32 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
$ curl https://www.pairbook.io/api/v1/pairs/usa-vs-xbit.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/usa-vs-xbit/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: USA correlations · XBIT correlations
