XBI vs XNCR: Correlation
How closely do SPDR S&P Biotech ETF (XBI) and Xencor, Inc. (XNCR) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are XBI and XNCR?
Across a 3-year window, the weekly returns of XBI and XNCR correlate at 0.63, strong. The link has loosened recently: the 1-year correlation (0.48) runs below the 3-year figure (0.63). Stretching to 5 years gives 0.60, with an annualized covariance of 1060.4 %².
By 3-year correlation, XNCR places #21 of the 190 assets tracked against XBI. The last year tells two different stories: XNCR led by 172.9 percentage points, +87.2% for XBI against +260.1% for XNCR. Risk is not evenly split, since XNCR carries 2.2 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 XNCR: side by side
| XBI (SPDR S&P Biotech ETF) | XNCR (Xencor, Inc.) | |
|---|---|---|
| 1-year return | +87.2% | +260.1% |
| 5-year return | +28.6% | -14.8% |
| Volatility (ann.) | 27.7% | 60.9% |
| Beta vs S&P 500 | 1.09 | 1.37 |
| Max drawdown (3Y) | -33.0% | -73.9% |
| Market cap | – | $2.1B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Thematic | US Listed |
Year-by-year returns
| Year | XBI | XNCR |
|---|---|---|
| 2022 | -25.9% | -35.1% |
| 2023 | +7.6% | -18.5% |
| 2024 | +1.0% | +8.2% |
| 2025 | +35.9% | -33.4% |
| 2026 | +38.1% | +88.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are XBI and XNCR good diversifiers for each other?
To a limited degree. At 0.63 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 XNCR?
Using weekly returns as of 2026-08-27: 0.63 over 3 years, with 0.48 over the last year and 0.60 over 5 years.
Is XNCR a good diversifier for XBI?
To a limited degree. At 0.63 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 0.63 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/xbi-vs-xncr.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/xbi-vs-xncr/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: XBI correlations · XNCR correlations
