XBI vs ZYME: Correlation
How closely do SPDR S&P Biotech ETF (XBI) and Zymeworks Inc. (ZYME) trade together? Their weekly returns over three years give a correlation of 0.59, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are XBI and ZYME?
On 3 years of weekly data the XBI/ZYME correlation comes out at 0.59, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.41 versus 0.59 over 3 years. The 5-year figure is 0.48, and annualized covariance runs at 811.3 %².
Within XBI's tracked universe of 190 assets, ZYME comes in at #32 by 3-year correlation. On 12-month performance ZYME holds a 7.1-point edge, +87.2% against +94.3%. Risk is not evenly split, since ZYME carries 1.8 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 ZYME: side by side
| XBI (SPDR S&P Biotech ETF) | ZYME (Zymeworks Inc.) | |
|---|---|---|
| 1-year return | +87.2% | +94.3% |
| 5-year return | +28.6% | -10.9% |
| Volatility (ann.) | 27.7% | 49.4% |
| Beta vs S&P 500 | 1.09 | 1.02 |
| Max drawdown (3Y) | -33.0% | -45.7% |
| Market cap | – | $2.1B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Thematic | US Listed |
Year-by-year returns
| Year | XBI | ZYME |
|---|---|---|
| 2022 | -25.9% | -52.0% |
| 2023 | +7.6% | +32.2% |
| 2024 | +1.0% | +40.9% |
| 2025 | +35.9% | +79.8% |
| 2026 | +38.1% | +10.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are XBI and ZYME good diversifiers for each other?
Only partially. A correlation of 0.59 means XBI and ZYME share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between XBI and ZYME?
As of 2026-08-27, the correlation of weekly returns between XBI and ZYME is 0.59 over 3 years, 0.41 over 1 year and 0.48 over 5 years.
Is ZYME a good diversifier for XBI?
Only partially. A correlation of 0.59 means XBI and ZYME share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.59 mean?
A reading of 0.59 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
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Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: XBI correlations · ZYME correlations
