XBI vs ZVRA: Correlation
Measured on weekly returns over the past three years, SPDR S&P Biotech ETF (XBI) and Zevra Therapeutics, Inc. (ZVRA) carry a correlation of 0.45, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are XBI and ZVRA?
On 3 years of weekly data the XBI/ZVRA correlation comes out at 0.45, moderate. The relationship has been stable: the 1-year correlation (0.48) sits close to the 3-year figure. The 5-year figure is 0.42, and annualized covariance runs at 762.3 %².
By 3-year correlation, ZVRA places #132 of the 190 assets tracked against XBI. Correlation aside, the last 12 months split them widely, with XBI ahead by 60.6 points (+87.2% versus +26.6%). Note the risk asymmetry: ZVRA runs 2.2 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.
XBI vs ZVRA: side by side
| XBI (SPDR S&P Biotech ETF) | ZVRA (Zevra Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | +87.2% | +26.6% |
| 5-year return | +28.6% | +33.0% |
| Volatility (ann.) | 27.7% | 61.3% |
| Beta vs S&P 500 | 1.09 | 0.96 |
| Max drawdown (3Y) | -33.0% | -43.5% |
| Market cap | – | $0.7B |
| P/E (trailing) | – | 12.6 |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Thematic | US Listed |
Year-by-year returns
| Year | XBI | ZVRA |
|---|---|---|
| 2022 | -25.9% | -47.3% |
| 2023 | +7.6% | +42.7% |
| 2024 | +1.0% | +27.3% |
| 2025 | +35.9% | +7.4% |
| 2026 | +38.1% | +32.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are XBI and ZVRA good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between XBI and ZVRA?
As of 2026-08-27, the correlation of weekly returns between XBI and ZVRA is 0.45 over 3 years, 0.48 over 1 year and 0.42 over 5 years.
Is ZVRA a good diversifier for XBI?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.45 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.
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Related comparisons
Hubs: XBI correlations · ZVRA correlations
