UPST vs. XBI

Last updated Aug 4, 2026

UPST (Upstart Holdings, 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 5 years, UPST returned -25.47%/yr vs 3.50%/yr for XBI. Their 0.49 correlation means their historical movements had little consistent relationship.

Performance

UPST vs. XBI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Upstart Holdings, Inc. (UPST) 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, UPST achieves a -32.70% return, which is significantly lower than XBI's 20.93% return.

UPST

• 1D: 7.25%
• 1M: -15.38%
• 6M: -25.85%
• YTD: -32.70%
• 1Y: -62.85%
• 3Y*: -21.45%
• 5Y*: -25.47%
• 10Y*: —
• ALL TIME*: 2.23%

XBI

• 1D: 0.20%
• 1M: -8.20%
• 6M: 15.79%
• YTD: 20.93%
• 1Y: 72.21%
• 3Y*: 22.21%
• 5Y*: 3.50%
• 10Y*: 8.82%
• ALL TIME*: 11.58%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
UPST Upstart Holdings, Inc.	$101.27M	$108.87M	$136.27M
XBI SPDR S&P Biotech ETF	$1.15B	$1.32B	$1.30B

UPST vs. XBI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
UPST Upstart Holdings, Inc.	-32.70%	-28.98%	50.69%	209.08%	-91.26%	271.29%	56.73%
XBI SPDR S&P Biotech ETF	20.93%	35.89%	1.01%	7.60%	-25.87%	-20.45%	-3.67%

Correlation

The correlation between UPST and XBI is 0.33, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.33
Correlation (3Y) Balances recent behavior with more history.	0.47
Correlation (5Y) Shows whether the relationship held over a longer period.	0.50
Correlation (All Time) Calculated using the full available price history since Dec 16, 2020	0.49

The correlation between UPST and XBI shifts across timeframes, from 0.33 (1 year) to 0.50 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

UPST vs. XBI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UPST

UPST Risk / Return Rank: 9
UPST Sharpe Ratio Rank: 6
UPST Sortino Ratio Rank: 7
UPST Omega Ratio Rank: 9
UPST Calmar Ratio Rank: 8
UPST Martin Ratio Rank: 15

XBI

XBI Risk / Return Rank: 93
XBI Sharpe Ratio Rank: 94
XBI Sortino Ratio Rank: 93
XBI Omega Ratio Rank: 90
XBI Calmar Ratio Rank: 97
XBI Martin Ratio Rank: 94

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UPST vs. XBI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Upstart Holdings, Inc. (UPST) 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.

	UPST	XBI	Difference
Sharpe ratio: Return per unit of total volatility	-0.91	2.69	-3.60
Sortino ratio: Return per unit of downside risk	-1.40	3.49	-4.89
Omega ratio: Gain probability vs. loss probability	0.84	1.42	-0.58
Calmar ratio: Return relative to maximum drawdown	-0.89	6.90	-7.80
Martin ratio: Return relative to average drawdown	-1.20	19.18	-20.37

UPST vs. XBI - Sharpe Ratio Comparison

The current UPST Sharpe Ratio is -0.91, which is lower than the XBI Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of UPST 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

UPST vs. XBI - Drawdown Comparison

The maximum UPST drawdown since its inception was -96.90%, which is greater than XBI's maximum drawdown of -63.89%. Use the drawdown chart below to compare losses from any high point for UPST and XBI.

Drawdown Indicators

	UPST	XBI	Difference
Max Drawdown Largest peak-to-trough decline	-96.90%	-63.89%	-33.01%
Max Drawdown (1Y) Largest decline over 1 year	-70.76%	-10.51%	-60.25%
Max Drawdown (3Y) Largest decline over 3 years	-72.72%	-32.99%	-39.73%
Max Drawdown (5Y) Largest decline over 5 years	-96.90%	-54.00%	-42.90%
Max Drawdown (10Y) Largest decline over 10 years	—	-63.89%	—
Current Drawdown Current decline from peak	-92.45%	-14.77%	-77.68%
Average Drawdown Average peak-to-trough decline	-76.56%	-20.87%	-55.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	52.48%	3.78%	+48.70%

Volatility

UPST vs. XBI - Volatility Comparison

Upstart Holdings, Inc. (UPST) has a higher volatility of 14.25% compared to SPDR S&P Biotech ETF (XBI) at 7.77%. This indicates that UPST'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

	UPST	XBI	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.25%	7.77%	+6.48%
Volatility (6M) Calculated over the trailing 6-month period	49.16%	21.43%	+27.73%
Volatility (1Y) Calculated over the trailing 1-year period	69.74%	27.01%	+42.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	103.57%	32.33%	+71.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	112.88%	31.94%	+80.94%

Dividends

UPST vs. XBI - Dividend Comparison

UPST has not paid dividends to shareholders, while XBI's dividend yield for the trailing twelve months is around 0.39%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UPST Upstart Holdings, 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	0.39%	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 UPST and XBI in my portfolio?

UPST and XBI have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UPST or XBI?

UPST has higher volatility (14.25%) compared to XBI (7.77%). In terms of maximum drawdown, UPST dropped -96.90% vs XBI's -63.89%.

Which has better risk-adjusted returns?

XBI currently has the higher Sharpe Ratio (2.69 vs -0.91), 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.