HRTX vs. XBI

Last updated Jun 4, 2026

HRTX (Heron Therapeutics, Inc.) is a stock, 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, HRTX returned -31.62%/yr vs 8.53%/yr for XBI. At a 0.37 correlation, their price movements are largely independent.

Performance

HRTX vs. XBI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Heron Therapeutics, Inc. (HRTX) and SPDR S&P Biotech ETF (XBI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HRTX achieves a -65.63% return, which is significantly lower than XBI's 6.48% return. Over the past 10 years, HRTX has underperformed XBI with an annualized return of -31.62%, while XBI has yielded a comparatively higher 8.53% annualized return.

HRTX

• 1D: -0.71%
• 1M: -63.38%
• YTD: -65.63%
• 6M: -64.82%
• 1Y: -77.66%
• 3Y*: -26.39%
• 5Y*: -49.46%
• 10Y*: -31.62%

XBI

• 1D: 1.62%
• 1M: -2.75%
• YTD: 6.48%
• 6M: 6.92%
• 1Y: 58.25%
• 3Y*: 14.73%
• 5Y*: 0.59%
• 10Y*: 8.53%

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

HRTX vs. XBI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HRTX Heron Therapeutics, Inc.	-65.63%	-15.03%	-10.00%	-32.00%	-72.62%	-56.86%	-9.94%	-9.41%	43.31%	38.17%
XBI SPDR S&P Biotech ETF	6.48%	35.89%	1.01%	7.60%	-25.87%	-20.45%	48.33%	32.56%	-15.28%	43.77%

Correlation

The correlation between HRTX and XBI is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Feb 7, 2006	0.37

The correlation between HRTX and XBI shifts across timeframes, from 0.37 (all time) to 0.56 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

HRTX vs. XBI — Risk / Return Rank

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

HRTX

HRTX Risk / Return Rank: 3
HRTX Sharpe Ratio Rank: 5
HRTX Sortino Ratio Rank: 5
HRTX Omega Ratio Rank: 3
HRTX Calmar Ratio Rank: 2
HRTX Martin Ratio Rank: 2

XBI

XBI Risk / Return Rank: 74
XBI Sharpe Ratio Rank: 68
XBI Sortino Ratio Rank: 67
XBI Omega Ratio Rank: 60
XBI Calmar Ratio Rank: 91
XBI Martin Ratio Rank: 85

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.

HRTX vs. XBI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Heron Therapeutics, Inc. (HRTX) 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.

	HRTX	XBI	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	2.30	-3.27
Sortino ratio: Return per unit of downside risk	-1.63	3.16	-4.79
Omega ratio: Gain probability vs. loss probability	0.74	1.38	-0.63
Calmar ratio: Return relative to maximum drawdown	-0.97	6.02	-7.00
Martin ratio: Return relative to average drawdown	-1.76	18.30	-20.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HRTX vs. XBI - Sharpe Ratio Comparison

The current HRTX Sharpe Ratio is -0.97, which is lower than the XBI Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of HRTX and XBI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HRTX	XBI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.97	2.30	-3.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.55	0.02	-0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.42	0.27	-0.68
Sharpe Ratio (All Time) Calculated using the full available price history	-0.21	0.36	-0.57

Drawdowns

HRTX vs. XBI - Drawdown Comparison

The maximum HRTX drawdown since its inception was -99.96%, which is greater than XBI's maximum drawdown of -63.89%. Use the drawdown chart below to compare losses from any high point for HRTX and XBI.

Drawdown Indicators

	HRTX	XBI	Difference
Max Drawdown Largest peak-to-trough decline	-99.96%	-63.89%	-36.07%
Max Drawdown (1Y) Largest decline over 1 year	-79.96%	-9.72%	-70.24%
Max Drawdown (3Y) Largest decline over 3 years	-88.42%	-32.99%	-55.43%
Max Drawdown (5Y) Largest decline over 5 years	-97.31%	-54.71%	-42.60%
Max Drawdown (10Y) Largest decline over 10 years	-98.94%	-63.89%	-35.05%
Current Drawdown Current decline from peak	-99.96%	-24.96%	-75.00%
Average Drawdown Average peak-to-trough decline	-81.66%	-20.93%	-60.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.18%	3.19%	+40.99%

Volatility

HRTX vs. XBI - Volatility Comparison

Heron Therapeutics, Inc. (HRTX) has a higher volatility of 64.87% compared to SPDR S&P Biotech ETF (XBI) at 9.26%. This indicates that HRTX's price experiences larger fluctuations and is considered to be riskier than XBI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HRTX	XBI	Difference
Volatility (1M) Calculated over the trailing 1-month period	64.87%	9.26%	+55.61%
Volatility (6M) Calculated over the trailing 6-month period	79.46%	20.18%	+59.28%
Volatility (1Y) Calculated over the trailing 1-year period	80.29%	25.50%	+54.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.98%	32.18%	+58.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	76.16%	32.00%	+44.16%

Dividends

HRTX vs. XBI - Dividend Comparison

HRTX has not paid dividends to shareholders, while XBI's dividend yield for the trailing twelve months is around 0.34%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HRTX Heron Therapeutics, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XBI SPDR S&P Biotech ETF	0.34%	0.37%	0.15%	0.02%	0.00%	0.04%	0.20%	0.00%	0.28%	0.24%	0.26%	0.61%

Frequently Asked Questions

Can I hold both HRTX and XBI in my portfolio?

HRTX and XBI have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HRTX or XBI?

HRTX has higher volatility (64.87%) compared to XBI (9.26%). In terms of maximum drawdown, HRTX dropped -99.96% vs XBI's -63.89%.

Which has better risk-adjusted returns?

XBI currently has the higher Sharpe Ratio (2.30 vs -0.97), 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.