^NBI vs. XBI
^NBI (NASDAQ Biotechnology Index) is an index, while XBI (SPDR S&P Biotech ETF) is Health & Biotech Equities fund tracking the S&P Biotechnology Select Industry Index. Over the past 10 years, ^NBI returned 9.64%/yr vs 11.96%/yr for XBI. Their correlation of 0.92 suggests significant overlap in exposure.
Performance
^NBI vs. XBI - Performance Comparison
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Returns By Period
In the year-to-date period, ^NBI achieves a 11.04% return, which is significantly lower than XBI's 24.45% return. Over the past 10 years, ^NBI has underperformed XBI with an annualized return of 9.64%, while XBI has yielded a comparatively higher 11.96% annualized return.
^NBI
- 1D
- 0.92%
- 1M
- 7.17%
- YTD
- 11.04%
- 6M
- 8.45%
- 1Y
- 49.73%
- 3Y*
- 15.72%
- 5Y*
- 4.35%
- 10Y*
- 9.64%
XBI
- 1D
- 1.26%
- 1M
- 13.79%
- YTD
- 24.45%
- 6M
- 20.14%
- 1Y
- 82.88%
- 3Y*
- 22.41%
- 5Y*
- 1.92%
- 10Y*
- 11.96%
^NBI vs. XBI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
^NBI NASDAQ Biotechnology Index | 11.04% | 32.40% | -1.37% | 3.74% | -10.91% | -0.63% | 25.69% | 24.41% | -9.32% | 21.06% |
XBI SPDR S&P Biotech ETF | 24.45% | 35.89% | 1.01% | 7.60% | -25.87% | -20.45% | 48.33% | 32.56% | -15.28% | 43.77% |
Correlation
The correlation between ^NBI and XBI is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Feb 6, 2006 | 0.92 |
The correlation between ^NBI and XBI has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.
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Return for Risk
^NBI vs. XBI — Risk / Return Rank
^NBI
XBI
^NBI vs. XBI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NASDAQ Biotechnology Index (^NBI) and SPDR S&P Biotech ETF (XBI). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ^NBI | XBI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.67 | ||
| Sortino ratioReturn per unit of downside risk | -0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.48 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 5.91 | 8.57 | -2.66 |
| Martin ratioReturn relative to average drawdown | 18.83 | 25.32 | -6.49 |
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Drawdowns
^NBI vs. XBI - Drawdown Comparison
The maximum ^NBI drawdown since its inception was -74.70%, which is greater than XBI's maximum drawdown of -63.89%. Use the drawdown chart below to compare losses from any high point for ^NBI and XBI.
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Drawdown Indicators
| ^NBI | XBI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.70% | -63.89% | -10.81% |
Max Drawdown (1Y)Largest decline over 1 year | -8.45% | -9.72% | +1.27% |
Max Drawdown (3Y)Largest decline over 3 years | -24.08% | -32.99% | +8.91% |
Max Drawdown (5Y)Largest decline over 5 years | -38.50% | -54.71% | +16.21% |
Max Drawdown (10Y)Largest decline over 10 years | -38.50% | -63.89% | +25.39% |
Current DrawdownCurrent decline from peak | 0.00% | -12.30% | +12.30% |
Average DrawdownAverage peak-to-trough decline | -26.54% | -20.93% | -5.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.65% | 3.28% | -0.63% |
Volatility
^NBI vs. XBI - Volatility Comparison
The current volatility for NASDAQ Biotechnology Index (^NBI) is 7.01%, while SPDR S&P Biotech ETF (XBI) has a volatility of 9.94%. This indicates that ^NBI experiences smaller price fluctuations and is considered to be less risky than XBI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ^NBI | XBI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.01% | 9.94% | -2.93% |
Volatility (6M)Calculated over the trailing 6-month period | 15.72% | 21.13% | -5.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.22% | 26.48% | -6.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.01% | 32.30% | -10.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.34% | 32.00% | -8.66% |
Frequently Asked Questions
With a correlation of 0.93, ^NBI and XBI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
XBI has higher volatility (9.94%) compared to ^NBI (7.01%). In terms of maximum drawdown, ^NBI dropped -74.70% vs XBI's -63.89%.
XBI currently has the higher Sharpe Ratio (3.15 vs 2.47), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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