NBIX vs. XBI

Last updated Jun 16, 2026

NBIX (Neurocrine Biosciences, 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, NBIX returned 13.68%/yr vs 9.98%/yr for XBI. A 0.58 correlation means they provide meaningful diversification when combined.

Performance

NBIX vs. XBI - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with NBIX having a 12.47% return and XBI slightly lower at 11.87%. Over the past 10 years, NBIX has outperformed XBI with an annualized return of 13.68%, while XBI has yielded a comparatively lower 9.98% annualized return.

NBIX

• 1D: -0.16%
• 1M: 0.69%
• YTD: 12.47%
• 6M: 3.54%
• 1Y: 28.23%
• 3Y*: 17.79%
• 5Y*: 10.10%
• 10Y*: 13.68%

XBI

• 1D: 1.95%
• 1M: 4.37%
• YTD: 11.87%
• 6M: 11.41%
• 1Y: 63.76%
• 3Y*: 16.08%
• 5Y*: 0.52%
• 10Y*: 9.98%

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

NBIX vs. XBI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NBIX Neurocrine Biosciences, Inc.	12.47%	3.90%	3.60%	10.31%	40.24%	-11.14%	-10.83%	50.53%	-7.96%	100.49%
XBI SPDR S&P Biotech ETF	11.87%	35.89%	1.01%	7.60%	-25.87%	-20.45%	48.33%	32.56%	-15.28%	43.77%

Correlation

The correlation between NBIX and XBI is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Feb 6, 2006	0.58

The correlation between NBIX and XBI has been stable across timeframes, ranging from 0.51 to 0.58 - a consistent structural relationship.

Return for Risk

NBIX vs. XBI — Risk / Return Rank

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

NBIX

NBIX Risk / Return Rank: 67
NBIX Sharpe Ratio Rank: 70
NBIX Sortino Ratio Rank: 65
NBIX Omega Ratio Rank: 66
NBIX Calmar Ratio Rank: 68
NBIX Martin Ratio Rank: 68

XBI

XBI Risk / Return Rank: 86
XBI Sharpe Ratio Rank: 85
XBI Sortino Ratio Rank: 83
XBI Omega Ratio Rank: 74
XBI Calmar Ratio Rank: 94
XBI Martin Ratio Rank: 91

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.

NBIX vs. XBI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neurocrine Biosciences, Inc. (NBIX) 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.

	NBIX	XBI	Difference
Sharpe ratio: Return per unit of total volatility	0.90	2.45	-1.55
Sortino ratio: Return per unit of downside risk	1.39	3.29	-1.90
Omega ratio: Gain probability vs. loss probability	1.19	1.39	-0.20
Calmar ratio: Return relative to maximum drawdown	1.36	6.59	-5.24
Martin ratio: Return relative to average drawdown	2.98	19.47	-16.49

NBIX vs. XBI - Sharpe Ratio Comparison

The current NBIX Sharpe Ratio is 0.90, which is lower than the XBI Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of NBIX 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.

Drawdowns

NBIX vs. XBI - Drawdown Comparison

The maximum NBIX drawdown since its inception was -97.21%, which is greater than XBI's maximum drawdown of -63.89%. Use the drawdown chart below to compare losses from any high point for NBIX and XBI.

Drawdown Indicators

	NBIX	XBI	Difference
Max Drawdown Largest peak-to-trough decline	-97.21%	-63.89%	-33.32%
Max Drawdown (1Y) Largest decline over 1 year	-20.90%	-9.72%	-11.18%
Max Drawdown (3Y) Largest decline over 3 years	-42.89%	-32.99%	-9.90%
Max Drawdown (5Y) Largest decline over 5 years	-42.89%	-54.71%	+11.82%
Max Drawdown (10Y) Largest decline over 10 years	-46.39%	-63.89%	+17.50%
Current Drawdown Current decline from peak	-4.68%	-21.16%	+16.48%
Average Drawdown Average peak-to-trough decline	-43.83%	-20.93%	-22.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.50%	3.29%	+6.21%

Volatility

NBIX vs. XBI - Volatility Comparison

The current volatility for Neurocrine Biosciences, Inc. (NBIX) is 9.52%, while SPDR S&P Biotech ETF (XBI) has a volatility of 10.55%. This indicates that NBIX 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.

Volatility by Period

	NBIX	XBI	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.52%	10.55%	-1.03%
Volatility (6M) Calculated over the trailing 6-month period	23.90%	20.83%	+3.07%
Volatility (1Y) Calculated over the trailing 1-year period	31.43%	26.18%	+5.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.73%	32.22%	+0.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.14%	32.03%	+7.11%

Dividends

NBIX vs. XBI - Dividend Comparison

NBIX has not paid dividends to shareholders, while XBI's dividend yield for the trailing twelve months is around 0.32%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NBIX Neurocrine Biosciences, 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	0.32%	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 NBIX and XBI in my portfolio?

NBIX and XBI have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NBIX or XBI?

XBI has higher volatility (10.55%) compared to NBIX (9.52%). In terms of maximum drawdown, NBIX dropped -97.21% vs XBI's -63.89%.

Which has better risk-adjusted returns?

XBI currently has the higher Sharpe Ratio (2.45 vs 0.90), 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.