XBI vs XENE: Correlation
Measured on weekly returns over the past three years, SPDR S&P Biotech ETF (XBI) and Xenon Pharmaceuticals Inc. (XENE) carry a correlation of 0.58, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are XBI and XENE?
On 3 years of weekly data the XBI/XENE correlation comes out at 0.58, moderate. The past 12 months show a weaker link (0.35) than the 3-year average (0.58). The 5-year figure is 0.35, and annualized covariance runs at 700.6 %².
Within XBI's tracked universe of 190 assets, XENE comes in at #38 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months XBI outperformed by 27.9 percentage points (+87.2% for XBI against +59.3% for XENE). Risk is not evenly split, since XENE carries 1.6 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.
XBI vs XENE: side by side
| XBI (SPDR S&P Biotech ETF) | XENE (Xenon Pharmaceuticals Inc.) | |
|---|---|---|
| 1-year return | +87.2% | +59.3% |
| 5-year return | +28.6% | +266.2% |
| Volatility (ann.) | 27.7% | 44.0% |
| Beta vs S&P 500 | 1.09 | 0.83 |
| Max drawdown (3Y) | -33.0% | -43.6% |
| Market cap | – | $6.0B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Thematic | US Listed |
Year-by-year returns
| Year | XBI | XENE |
|---|---|---|
| 2022 | -25.9% | +26.2% |
| 2023 | +7.6% | +16.8% |
| 2024 | +1.0% | -14.9% |
| 2025 | +35.9% | +14.3% |
| 2026 | +38.1% | +38.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are XBI and XENE good diversifiers for each other?
To a limited degree. At 0.58 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between XBI and XENE?
As of 2026-08-27, the correlation of weekly returns between XBI and XENE is 0.58 over 3 years, 0.35 over 1 year and 0.35 over 5 years.
Is XENE a good diversifier for XBI?
To a limited degree. At 0.58 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.58 mean?
A reading of 0.58 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/xbi-vs-xene.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/xbi-vs-xene/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: XBI correlations · XENE correlations
