XBI vs XERS: Correlation
Measured on weekly returns over the past three years, SPDR S&P Biotech ETF (XBI) and Xeris Biopharma Holdings, Inc. (XERS) 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 XBI and XERS?
On 3 years of weekly data the XBI/XERS correlation comes out at 0.52, moderate. The relationship has been stable: the 1-year correlation (0.47) sits close to the 3-year figure. The 5-year figure is 0.48, and annualized covariance runs at 844.8 %².
Within XBI's tracked universe of 190 assets, XERS comes in at #75 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months XBI outperformed by 79.6 percentage points (+87.2% for XBI against +7.6% for XERS). One caveat on sizing: XERS is 2.1 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.
XBI vs XERS: side by side
| XBI (SPDR S&P Biotech ETF) | XERS (Xeris Biopharma Holdings, Inc.) | |
|---|---|---|
| 1-year return | +87.2% | +7.6% |
| 5-year return | +28.6% | +212.7% |
| Volatility (ann.) | 27.7% | 58.5% |
| Beta vs S&P 500 | 1.09 | 1.29 |
| Max drawdown (3Y) | -33.0% | -47.2% |
| Market cap | – | $1.6B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Thematic | US Listed |
Year-by-year returns
| Year | XBI | XERS |
|---|---|---|
| 2022 | -25.9% | -54.6% |
| 2023 | +7.6% | +76.7% |
| 2024 | +1.0% | +44.3% |
| 2025 | +35.9% | +131.6% |
| 2026 | +38.1% | +9.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are XBI and XERS good diversifiers for each other?
To a limited degree. At 0.52 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 XERS?
As of 2026-08-27, the correlation of weekly returns between XBI and XERS is 0.52 over 3 years, 0.47 over 1 year and 0.48 over 5 years.
Is XERS a good diversifier for XBI?
To a limited degree. At 0.52 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 0.52 mean?
On the −1 to +1 scale, 0.52 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/xbi-vs-xers.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/xbi-vs-xers/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: XBI correlations · XERS correlations
