^NBI vs. ^GSPC

Last updated Apr 2, 2026

Compare and contrast key facts about NASDAQ Biotechnology Index (^NBI) and S&P 500 Index (^GSPC).

Performance

^NBI vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NASDAQ Biotechnology Index (^NBI) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

^NBI vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^NBI NASDAQ Biotechnology Index	2.93%	32.40%	-1.37%	3.74%	-10.91%	-0.63%	25.69%	24.41%	-9.32%	21.06%
^GSPC S&P 500 Index	-3.95%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Returns By Period

In the year-to-date period, ^NBI achieves a 2.93% return, which is significantly higher than ^GSPC's -3.95% return. Over the past 10 years, ^NBI has underperformed ^GSPC with an annualized return of 7.67%, while ^GSPC has yielded a comparatively higher 12.24% annualized return.

^NBI

• 1D: 0.60%
• 1M: -2.29%
• YTD: 2.93%
• 6M: 17.31%
• 1Y: 42.14%
• 3Y*: 12.50%
• 5Y*: 4.28%
• 10Y*: 7.67%

^GSPC

• 1D: 0.72%
• 1M: -4.45%
• YTD: -3.95%
• 6M: -2.02%
• 1Y: 16.73%
• 3Y*: 16.96%
• 5Y*: 10.34%
• 10Y*: 12.24%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

^NBI vs. ^GSPC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

^NBI

^NBI Risk / Return Rank: 92
^NBI Sharpe Ratio Rank: 91
^NBI Sortino Ratio Rank: 92
^NBI Omega Ratio Rank: 90
^NBI Calmar Ratio Rank: 94
^NBI Martin Ratio Rank: 92

^GSPC

^GSPC Risk / Return Rank: 67
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 64
^GSPC Omega Ratio Rank: 69
^GSPC Calmar Ratio Rank: 60
^GSPC Martin Ratio Rank: 77

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

^NBI vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NASDAQ Biotechnology Index (^NBI) and S&P 500 Index (^GSPC). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	^NBI	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	1.80	0.92	+0.88
Sortino ratio Return per unit of downside risk	2.43	1.41	+1.02
Omega ratio Gain probability vs. loss probability	1.31	1.21	+0.10
Calmar ratio Return relative to maximum drawdown	3.39	1.41	+1.97
Martin ratio Return relative to average drawdown	12.88	6.61	+6.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^NBI vs. ^GSPC - Sharpe Ratio Comparison

The current ^NBI Sharpe Ratio is 1.80, which is higher than the ^GSPC Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of ^NBI and ^GSPC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	^NBI	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	0.92	+0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.61	-0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	0.68	-0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.46	-0.06

Correlation

The correlation between ^NBI and ^GSPC is 0.65, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Drawdowns

^NBI vs. ^GSPC - Drawdown Comparison

The maximum ^NBI drawdown since its inception was -74.70%, which is greater than ^GSPC's maximum drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for ^NBI and ^GSPC.

Drawdown Indicators

	^NBI	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-74.70%	-56.78%	-17.92%
Max Drawdown (1Y) Largest decline over 1 year	-11.34%	-12.14%	+0.80%
Max Drawdown (5Y) Largest decline over 5 years	-38.50%	-25.43%	-13.07%
Max Drawdown (10Y) Largest decline over 10 years	-38.50%	-33.92%	-4.58%
Current Drawdown Current decline from peak	-3.09%	-5.78%	+2.69%
Average Drawdown Average peak-to-trough decline	-26.73%	-10.75%	-15.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	2.60%	+0.38%

Volatility

^NBI vs. ^GSPC - Volatility Comparison

NASDAQ Biotechnology Index (^NBI) has a higher volatility of 8.35% compared to S&P 500 Index (^GSPC) at 5.37%. This indicates that ^NBI's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^NBI	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.35%	5.37%	+2.98%
Volatility (6M) Calculated over the trailing 6-month period	14.42%	9.55%	+4.87%
Volatility (1Y) Calculated over the trailing 1-year period	23.69%	18.33%	+5.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.89%	16.90%	+4.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.57%	18.05%	+5.52%