XBI vs ZURA: Correlation
How closely do SPDR S&P Biotech ETF (XBI) and Zura Bio Limited - Class A (ZURA) trade together? Their weekly returns over three years give a correlation of 0.41, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are XBI and ZURA?
On 3 years of weekly data the XBI/ZURA correlation comes out at 0.41, moderate. The relationship has been stable: the 1-year correlation (0.46) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 1125.0 %².
Within XBI's tracked universe of 190 assets, ZURA comes in at #163 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ZURA outperformed by 83.6 percentage points (+87.2% for XBI against +170.8% for ZURA). Risk is not evenly split, since ZURA carries 3.6 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 ZURA: side by side
| XBI (SPDR S&P Biotech ETF) | ZURA (Zura Bio Limited - Class A) | |
|---|---|---|
| 1-year return | +87.2% | +170.8% |
| 5-year return | +28.6% | n/a |
| Volatility (ann.) | 27.7% | 100.1% |
| Beta vs S&P 500 | 1.09 | 1.00 |
| Max drawdown (3Y) | -33.0% | -85.8% |
| Market cap | – | $0.6B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Thematic | US Listed |
Year-by-year returns
| Year | XBI | ZURA |
|---|---|---|
| 2022 | -25.9% | – |
| 2023 | +7.6% | – |
| 2024 | +1.0% | -46.5% |
| 2025 | +35.9% | +109.6% |
| 2026 | +38.1% | +11.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are XBI and ZURA good diversifiers for each other?
Reasonably. At 0.41, XBI and ZURA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between XBI and ZURA?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.46 over the last year and n/a over 5 years.
Is ZURA a good diversifier for XBI?
Reasonably. At 0.41, XBI and ZURA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 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-zura.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/xbi-vs-zura/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: XBI correlations · ZURA correlations
