Tearsheet

State Street SPDR S&P Biotech ETF (XBI)

Market Price (7/11/2026): $158.86

State Street SPDR S&P Biotech ETF (XBI)

Market Price (7/11/2026): $158.86

Key Takeaways

XBI has returned +30.4% YTD vs +11.0% for SPY; +80.6% over the past 12 months (SPY +21.7%). details →
Priced in gold, XBI has returned -10.5% over the past 3 years, vs +90.7% in dollars — its dollar gains have lagged gold. details →
Over the past month, XBI has seen net inflows of +$967M (+9.5% of assets). details →
Only 31% of XBI's portfolio (by weight) is currently profitable, vs 98% for SPY. details →
XBI's top 10 holdings represent 13% of the fund vs 37% for SPY — a more diversified portfolio. details →

Last updated: 7/10/2026.

Price Chart

ETF Price
Price/Gold

Asset Allocation with XBI

Risk Tolerance:

ConservativeModerateAggressive

Moderate — 55% equity / 25% bonds / 20% alternatives

10Y Return (ann.)

+10.4%

Volatility

16.3%

Sharpe

0.52

YTD

+17.4%

Modeled with monthly rebalancing to target weights; 10-year figures are annualized from monthly returns. Illustrative only — past performance is not indicative of future results.

	ETF	%	1D	1W	1M	YTD
Equity	XBI	25.0%	-3.2%	-0.9%	21.0%	30.4%
Bond	BND	50.0%	-0.1%	-0.5%	0.1%	0.2%
Gold	GLD	10.0%	-0.3%	-0.3%	-3.5%	-4.9%
Commodity	DBC	2.5%	-0.2%	3.6%	-5.3%	23.1%
Real Estate	VNQ	5.0%	0.2%	-0.7%	0.5%	12.1%
Bitcoin	BTCUSD	0.0%	-0.1%	2.6%	2.4%	-27.9%
Cash	GOVT	7.5%	-0.1%	-0.5%	-0.2%	-0.4%
Conservative Portfolio		100.0%	-0.9%	-0.5%	4.8%	8.4%

	ETF	%	1D	1W	1M	YTD
Equity	XBI	55.0%	-3.2%	-0.9%	21.0%	30.4%
Bond	BND	25.0%	-0.1%	-0.5%	0.1%	0.2%
Gold	GLD	7.0%	-0.3%	-0.3%	-3.5%	-4.9%
Commodity	DBC	4.0%	-0.2%	3.6%	-5.3%	23.1%
Real Estate	VNQ	5.0%	0.2%	-0.7%	0.5%	12.1%
Bitcoin	BTCUSD	2.0%	-0.1%	2.6%	2.4%	-27.9%
Cash	GOVT	2.0%	-0.1%	-0.5%	-0.2%	-0.4%
Moderate Portfolio		100.0%	-1.8%	-0.5%	11.2%	17.4%

	ETF	%	1D	1W	1M	YTD
Equity	XBI	80.0%	-3.2%	-0.9%	21.0%	30.4%
Bond	BND	5.0%	-0.1%	-0.5%	0.1%	0.2%
Gold	GLD	3.0%	-0.3%	-0.3%	-3.5%	-4.9%
Commodity	DBC	2.2%	-0.2%	3.6%	-5.3%	23.1%
Real Estate	VNQ	4.5%	0.2%	-0.7%	0.5%	12.1%
Bitcoin	BTCUSD	5.2%	-0.1%	2.6%	2.4%	-27.9%
Cash	GOVT	0.0%	-0.1%	-0.5%	-0.2%	-0.4%
Aggressive Portfolio		100.0%	-2.6%	-0.6%	16.8%	23.8%

	ETF	%	Return	Volatility	Sharpe
Equity	XBI	25.0%	11.5%	27.0%	0.43
Bond	BND	50.0%	1.5%	5.1%	-0.23
Gold	GLD	10.0%	11.6%	15.0%	0.62
Commodity	DBC	2.5%	5.9%	17.0%	0.25
Real Estate	VNQ	5.0%	5.1%	17.5%	0.22
Bitcoin	BTCUSD	0.0%	58.3%	76.0%	0.92
Cash	GOVT	7.5%	0.4%	4.9%	-0.45
Conservative Portfolio		100.0%	5.9%	9.2%	0.37

	ETF	%	Return	Volatility	Sharpe
Equity	XBI	55.0%	11.5%	27.0%	0.43
Bond	BND	25.0%	1.5%	5.1%	-0.23
Gold	GLD	7.0%	11.6%	15.0%	0.62
Commodity	DBC	4.0%	5.9%	17.0%	0.25
Real Estate	VNQ	5.0%	5.1%	17.5%	0.22
Bitcoin	BTCUSD	2.0%	58.3%	76.0%	0.92
Cash	GOVT	2.0%	0.4%	4.9%	-0.45
Moderate Portfolio		100.0%	10.4%	16.3%	0.52

	ETF	%	Return	Volatility	Sharpe
Equity	XBI	80.0%	11.5%	27.0%	0.43
Bond	BND	5.0%	1.5%	5.1%	-0.23
Gold	GLD	3.0%	11.6%	15.0%	0.62
Commodity	DBC	2.2%	5.9%	17.0%	0.25
Real Estate	VNQ	4.5%	5.1%	17.5%	0.22
Bitcoin	BTCUSD	5.2%	58.3%	76.0%	0.92
Cash	GOVT	0.0%	0.4%	4.9%	-0.45
Aggressive Portfolio		100.0%	14.5%	22.9%	0.59

Figures are on an annualized basis, based on monthly return data for the last 10 years

	ETF	%	Inflation Shock	Covid Pandemic	2018 Correction
Equity	XBI	25.0%	-25.2%	-27.0%	-32.6%
Bond	BND	50.0%	-14.2%	-2.2%	1.3%
Gold	GLD	10.0%	-7.7%	-6.3%	5.0%
Commodity	DBC	2.5%	20.5%	-23.7%	-17.5%
Real Estate	VNQ	5.0%	-29.8%	-41.6%	-11.1%
Bitcoin	BTCUSD	0.0%	-56.0%	-33.5%	-37.4%
Cash	GOVT	7.5%	-12.4%	4.4%	1.6%
Conservative Portfolio		100.0%	-16.1%	-10.8%	-7.9%

	ETF	%	Inflation Shock	Covid Pandemic	2018 Correction
Equity	XBI	55.0%	-25.2%	-27.0%	-32.6%
Bond	BND	25.0%	-14.2%	-2.2%	1.3%
Gold	GLD	7.0%	-7.7%	-6.3%	5.0%
Commodity	DBC	4.0%	20.5%	-23.7%	-17.5%
Real Estate	VNQ	5.0%	-29.8%	-41.6%	-11.1%
Bitcoin	BTCUSD	2.0%	-56.0%	-33.5%	-37.4%
Cash	GOVT	2.0%	-12.4%	4.4%	1.6%
Moderate Portfolio		100.0%	-20.0%	-19.4%	-19.2%

	ETF	%	Inflation Shock	Covid Pandemic	2018 Correction
Equity	XBI	80.0%	-25.2%	-27.0%	-32.6%
Bond	BND	5.0%	-14.2%	-2.2%	1.3%
Gold	GLD	3.0%	-7.7%	-6.3%	5.0%
Commodity	DBC	2.2%	20.5%	-23.7%	-17.5%
Real Estate	VNQ	4.5%	-29.8%	-41.6%	-11.1%
Bitcoin	BTCUSD	5.2%	-56.0%	-33.5%	-37.4%
Cash	GOVT	0.0%	-12.4%	4.4%	1.6%
Aggressive Portfolio		100.0%	-24.9%	-26.1%	-28.7%

The table shows the return of different asset classes during market crises - specifically during the period where the S&P fell and bottomed

Learn More →

Tailored Asset Allocation
[1] Personalized 5 Level Risk Tolerance Assessment
[2] Asset Allocation for My Risk Tolerance

Learn More →

Protect Wealth
[1] Defensive Portfolios
[2] Tax-Efficient Strategies

Valuation & Yield

	Forward [4,5]	Now	Historical (CYE & TTM)
	7/31/27	7/11/26	2025	2024	2023	2022	2021
Share Price CYE		$159.03	$121.93	$89.72	$88.83	$82.56	$111.36
Dividend/Share TTM		$0.43	$0.45	$0.13	$0.02	$0.00	$0.04
Valuation [1]
P/S	7.16	8.46	6.66	7.16	7.75	4.58	18.18
P/E		66.60	40.59	36.88	83.91	70.75	91.26
P/E (Non-GAAP) [2]	47.38	57.45	41.40	33.45	82.29	55.67	67.22
P/FCF		—	—	—	—	—	—
Yields TTM
Earnings Yield	2.11%	1.50%	2.46%	2.71%	1.19%	1.41%	1.10%
Dividend Yield	0.27%	0.27%	0.37%	0.15%	0.02%	0.00%	0.04%
Total Yield (TY)	2.38%	1.77%	2.83%	2.86%	1.21%	1.41%	1.13%
Risk Premium [3]
Risk Free Rate (Rf)	4.54%	4.54%	4.18%	4.58%	3.88%	3.88%	1.52%
Risk Prem. (TY - Rf)	-2.16%	-2.77%	-1.35%	-1.72%	-2.67%	-2.47%	-0.39%
Growth Rates [6]
Sales Growth	18.3%	-2.7%	23.9%	13.7%	-11.0%	5.3%
Earnings Growth [7]

[1] P/E uses the aggregate method over profitable constituents; P/FCF aggregates net free cash flow across all constituents (negative-FCF names reduce it); P/S uses all constituents. Ratios reflect current ETF holdings at current weights. P/FCF has no Forward column (no analyst FCF estimate).
[2] P/E (Non-GAAP) uses analyst consensus net income (adjusted basis) for all periods. The standard P/E row above uses GAAP net income.
[3] The premium above the risk free rate (US 10Y) offered by the investment. Negative premiums can indicate stretched valuations.
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Highlights

YIELD

XBI's earnings yield is 1.50%, based on its 66.6x trailing P/E. With a 0.27% dividend yield, XBI is yielding 1.77% in total.

RISK

Compared to US Treasuries at 4.54%, XBI's total yield implies a -2.77% risk premium. A negative risk premium means investors earn less than risk-free Treasuries — valuations are historically stretched, though expectations of falling interest rates or fast earnings growth can justify such levels.

FORWARD EXPECTATIONS

Based on analyst estimates, XBI's forward total yield is 2.38%, implying a -2.16% risk premium assuming stable Treasury rates.

Top 20 Holdings for XBI

Total Weights
Top 5: 7.1% | Top 10: 13.3% | Top 20: 25.0%

Ticker	Holding	ETF Weight	Sales Weight	Earnings Weight	Fwd P/S	Fwd P/E	Fwd Sales Growth	Fwd Earnings Growth
Total		68.85%	100.00%	100.00%	7.2	47.4	+18.3%	+6.6%
Top 20		13.67%	9.71%	0.00%	12.5	461.3	+36.2%	+823.0%
APGE	Apogee Therapeutics	1.50%	—	—	—	—	—	—
MRNA	Moderna	1.48%	1.48%	—	11.5	—	+20.3%	—
TWST	Twist Bioscience	1.41%	1.27%	—	11.0	—	+17.0%	—
KYMR	Kymera Therapeutics	1.37%	0.07%	—	193.0	—	-49.0%	—
ORKA	Oruka Therapeutics	1.37%	—	—	—	—	—	—
VKTX	Viking Therapeutics	1.27%	—	—	—	—	—	—
ERAS	Erasca	1.26%	—	—	—	—	—	—
PRAX	Praxis Precision Medicines	1.25%	—	—	—	—	—	—
RVMD	Revolution Medicines	1.22%	—	—	—	—	—	—
CGON	CG Oncology	1.21%	0.01%	—	114.6	—	+689.4%	—
RYTM	Rhythm Pharmaceuticals	1.21%	0.44%	—	16.7	—	+81.7%	—
MIRM	Mirum Pharmaceuticals	1.20%	1.17%	—	9.5	—	+20.5%	—
NTRA	Natera	1.20%	0.96%	—	12.3	—	+18.9%	—
CYTK	Cytokinetics	1.19%	0.15%	—	37.9	—	+251.4%	—
PCVX	Vaxcyte	1.16%	—	—	—	—	—	—
ROIV	Roivant Sciences	1.16%	0.00%	—	99.5	—	+659.6%	—
COGT	Cogent Biosciences	1.15%	—	—	—	—	—	—
TVTX	Travere Therapeutics	1.13%	1.43%	—	6.1	38.1	+38.9%	+823.0%
SRRK	Scholar Rock	1.12%	—	—	—	—	—	—
RARE	Ultragenyx Pharmaceutical	1.12%	2.71%	—	3.9	—	+32.7%	—

[1] Total and Top 20 rows are weighted aggregates across constituents.
[2] Forward P/S and P/E ratios use consensus sales and earnings for the 12 months ending 7/31/27. Individual constituent FY1 and FY2 consensus figures adjusted to align with 7/31/27.
[3] Forward Sales and Non-GAAP Earnings Growth are calculated as next fiscal year (FY2) consensus growth over current fiscal year (FY1) consensus. They are not derived from the forward P/S and P/E multiples shown.

Performance for XBI Top Holdings

Ticker	Holding	Weight	Mkt Price 7/10	1D Rtn	1M Rtn	YTD Rtn	1Y Rtn	3Y Rtn	5Y Rtn	10Y Rtn
XBI	State Street SPDR S&P Biotech ETF	100.00%	159.03	-3.2%	23.4%	30.4%	80.6%	90.7%	19.5%	178.2%
APGE	Apogee Therapeutics	1.50%	133.65	0.1%	61.6%	77.1%	246.5%
MRNA	Moderna	1.48%	68.27	-10.8%	48.4%	131.5%	99.2%	-44.1%	-70.7%
TWST	Twist Bioscience	1.41%	90.64	-3.2%	33.7%	185.7%	135.6%	336.4%	-29.4%
KYMR	Kymera Therapeutics	1.37%	119.35	0.3%	52.6%	53.4%	164.0%	429.7%	126.2%
ORKA	Oruka Therapeutics	1.37%	86.79	-1.7%	35.5%	186.3%	516.8%	556.0%	265.4%	-76.3%
VKTX	Viking Therapeutics	1.27%	38.86	-5.5%	40.0%	10.5%	24.2%	142.9%	529.8%	2,889.2%
ERAS	Erasca	1.26%	18.53	-3.4%	38.6%	398.1%	1,119.1%	573.8%
PRAX	Praxis Precision Medicines	1.25%	324.99	-2.4%	35.0%	10.3%	546.1%	1,566.6%	11.0%
RVMD	Revolution Medicines	1.22%	186.88	-2.2%	29.6%	134.6%	385.4%	591.4%	470.3%
CGON	CG Oncology	1.21%	75.24	2.6%	37.0%	81.2%	177.5%
RYTM	Rhythm Pharmaceuticals	1.21%	108.40	-6.1%	26.5%	1.3%	21.7%	571.2%	445.3%
MIRM	Mirum Pharmaceuticals	1.20%	122.13	-4.4%	29.9%	54.6%	130.4%	359.0%	647.0%
NTRA	Natera	1.20%	269.95	-4.2%	24.7%	17.8%	65.2%	450.9%	123.2%	2,025.6%
CYTK	Cytokinetics	1.19%	84.87	-1.4%	26.5%	33.6%	131.9%	141.6%	333.2%	756.4%
PCVX	Vaxcyte	1.16%	58.21	-2.7%	28.2%	26.2%	60.6%	24.9%	159.8%
ROIV	Roivant Sciences	1.16%	35.97	-2.3%	26.6%	65.8%	210.9%	224.3%	263.3%
COGT	Cogent Biosciences	1.15%	38.87	-4.0%	23.9%	9.4%	258.2%	213.0%	464.2%
TVTX	Travere Therapeutics	1.13%	56.59	-3.2%	21.1%	48.1%	241.9%	272.1%	281.3%	204.7%
SRRK	Scholar Rock	1.12%	56.71	-2.1%	28.6%	28.7%	48.8%	659.2%	90.2%
RARE	Ultragenyx Pharmaceutical	1.12%	33.82	-2.3%	47.2%	47.0%	9.0%	-22.5%	-63.0%	-37.8%

Guidance Updates for XBI Top Holdings

	Ticker	Company	Earnings Date	Guidance Metric	Midpoint Value	% Change	Guidance Change
TWST_5042026	TWST	Twist Bioscience	5/4/2026	Q3 2026 Revenue	114.50 Mil	6.5%	Higher NewNew Guidance Higher than Prior Actual of 107.50 Mil for Q2 2026

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
XBI Return	-20%	-26%	8%	1%	36%	35%	17%
Peers Return	33%	-5%	32%	13%	33%	44%	258%
S&P 500 Return	27%	-19%	24%	23%	16%	10%	101%
Monthly Win Rates [3]
XBI Win Rate	33%	50%	50%	50%	67%	100%
Peers Win Rate	63%	48%	58%	57%	67%	66%
S&P 500 Win Rate	75%	42%	67%	75%	67%	57%
Max Drawdowns [4]
XBI Max Drawdown	-37%	-46%	-30%	-20%	-26%	-10%
Peers Max Drawdown	-18%	-35%	-16%	-18%	-27%	-15%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: SMH, SOXX, IBB, ITA, XOP.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/10/2026 (YTD)

Sharpe Ratios Compared

One measure of reward vs. risk is a Sharpe ratio. A higher ratio indicates better risk-adjusted returns. Most funds have Sharpe ratios < 1.0.

Ticker	1Y	3Y	5Y
XBI	2.42	0.78	0.15
Equity Top Results (3Y)
NUSC	2.47	2.47	2.47
IALT	2.09	2.09	2.09
SPMO	1.67	1.65	0.98
VLUE	2.90	1.45	0.74
SMH	2.40	1.41	0.98

Results as of 6302026.

Event	XBI	S&P 500
2025 US Tariff Shock
% Loss	-24.6%	-18.8%
% Gain to Breakeven	32.6%	23.1%
Time to Breakeven	147 days	79 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-22.9%	-9.5%
% Gain to Breakeven	29.7%	10.5%
Time to Breakeven	47 days	24 days
2023 SVB Regional Banking Crisis
% Loss	-14.5%	-6.7%
% Gain to Breakeven	17.0%	7.1%
Time to Breakeven	48 days	31 days
2022 Inflation Shock & Fed Tightening
% Loss	-45.6%	-24.5%
% Gain to Breakeven	83.8%	32.4%
Time to Breakeven	1290 days	427 days
2020 COVID-19 Crash
% Loss	-32.9%	-33.7%
% Gain to Breakeven	49.1%	50.9%
Time to Breakeven	53 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-31.1%	-19.2%
% Gain to Breakeven	45.0%	23.8%
Time to Breakeven	351 days	105 days

Compare to SMH, SOXX, IBB, ITA, XOP

In The Past

State Street SPDR S&P Biotech ETF's stock fell -24.6% during the 2025 US Tariff Shock. Such a loss loss requires a 32.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Event	XBI	S&P 500
2025 US Tariff Shock
% Loss	-24.6%	-18.8%
% Gain to Breakeven	32.6%	23.1%
Time to Breakeven	147 days	79 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-22.9%	-9.5%
% Gain to Breakeven	29.7%	10.5%
Time to Breakeven	47 days	24 days
2022 Inflation Shock & Fed Tightening
% Loss	-45.6%	-24.5%
% Gain to Breakeven	83.8%	32.4%
Time to Breakeven	1290 days	427 days
2020 COVID-19 Crash
% Loss	-32.9%	-33.7%
% Gain to Breakeven	49.1%	50.9%
Time to Breakeven	53 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-31.1%	-19.2%
% Gain to Breakeven	45.0%	23.8%
Time to Breakeven	351 days	105 days
2016-2017 Trump Reflation Bond Selloff
% Loss	-21.4%	-3.7%
% Gain to Breakeven	27.2%	3.9%
Time to Breakeven	11 days	6 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-42.3%	-12.2%
% Gain to Breakeven	73.2%	13.9%
Time to Breakeven	497 days	62 days
2011 US Debt Ceiling Crisis & European Contagion
% Loss	-26.7%	-17.9%
% Gain to Breakeven	36.5%	21.8%
Time to Breakeven	172 days	123 days
2008-2009 Global Financial Crisis
% Loss	-29.1%	-53.4%
% Gain to Breakeven	41.0%	114.4%
Time to Breakeven	371 days	1085 days

Compare to SMH, SOXX, IBB, ITA, XOP

In The Past

State Street SPDR S&P Biotech ETF's stock fell -24.6% during the 2025 US Tariff Shock. Such a loss loss requires a 32.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

XBI Dip Buy History

XBI had 33 events since 2/6/2006 where the dip threshold of -5.0% within 60 days was triggered

31% median peak return within 1 year of dip event
315 days is the median time to peak return after a dip event
-15% median max drawdown within 1 year of dip event

60 Day Dip			XBI Subsequent Performance
Date	XBI	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			27%	31%	-15%	315
3242026	-5%	-5%	33%	37%	-1%	107
11152024	-8%	6%	24%	24%	-24%	362
10092024	-5%	2%	9%	11%	-28%	365
4182024	-6%	3%	-7%	25%	-16%	204
8042023	-5%	9%	16%	27%	-21%	207
3102023	-7%	-3%	27%	36%	-15%	354
10032022	-5%	-5%	-13%	15%	-12%	122
11182021	-5%	5%	-34%	0%	-49%	0
9202021	-6%	2%	-36%	4%	-51%	44
3232021	-8%	6%	-33%	1%	-41%	36
2272020	-6%	-5%	69%	99%	-25%	347
9032019	-5%	2%	39%	53%	-16%	321
5132019	-5%	3%	27%	30%	-18%	364
9142018	-5%	5%	-13%	1%	-32%	6
4022018	-5%	-4%	10%	21%	-22%	79
5302017	-5%	2%	40%	44%	0%	244
12122016	-6%	6%	34%	46%	-3%	297
10252016	-8%	-1%	42%	51%	-9%	345
6272016	-6%	-3%	56%	62%	0%	361
8202015	-8%	-4%	-14%	10%	-37%	28
4072014	-8%	1%	72%	80%	-9%	346
12112013	-6%	5%	53%	56%	-1%	363
10232012	-5%	3%	43%	51%	-7%	344
11252011	-5%	-4%	47%	61%	0%	301
8022011	-7%	-6%	29%	38%	-18%	360
5242010	-6%	-2%	38%	41%	-6%	339
10192009	-6%	12%	17%	20%	-10%	155
3022009	-5%	-17%	36%	36%	-2%	365
10032008	-5%	-11%	-11%	0%	-25%	0
1242008	-7%	-12%	-7%	24%	-20%	203
7272007	-6%	-3%	30%	32%	-5%	361
1252007	-5%	3%	17%	31%	-3%	315
5032006	-6%	4%	16%	16%	-9%	364

[1] Dip event defined as first instance dip threshold is triggered within a 60-day time period.
[2] Analysis for period from 1/1/2005 to 7/10/2026

XBI had 21 events since 2/6/2006 where the dip threshold of -10% within 90 days was triggered

35% median peak return within 1 year of dip event
321 days is the median time to peak return after a dip event
-18% median max drawdown within 1 year of dip event

90 Day Dip			XBI Subsequent Performance
Date	XBI	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			26%	35%	-18%	321
2252025	-10%	2%	40%	49%	-21%	331
12302024	-12%	6%	41%	41%	-22%	359
9182023	-12%	9%	33%	35%	-16%	162
3232023	-11%	0%	26%	40%	-13%	341
12132022	-10%	-2%	3%	11%	-23%	51
11262021	-10%	6%	-32%	1%	-46%	27
10182021	-10%	6%	-34%	10%	-49%	16
5042021	-14%	14%	-41%	7%	-43%	52
3122020	-13%	-18%	107%	146%	-7%	333
8122019	-11%	1%	33%	46%	-20%	343
10102018	-11%	2%	-10%	10%	-23%	177
9252015	-12%	-9%	1%	8%	-32%	63
8242015	-12%	-9%	-7%	16%	-33%	24
7072014	-10%	8%	67%	73%	-11%	350
5202014	-14%	3%	90%	93%	-0%	303
11152012	-12%	1%	50%	62%	0%	321
8082011	-16%	-15%	57%	69%	0%	354
7062010	-11%	-6%	48%	50%	0%	329
10072008	-11%	-28%	-3%	8%	-18%	345
2202008	-10%	-13%	-3%	30%	-16%	176
6162006	-10%	0%	19%	23%	-4%	340

[1] Dip event defined as first instance dip threshold is triggered within a 90-day time period.
[2] Analysis for period from 1/1/2005 to 7/10/2026

XBI had 7 events since 2/6/2006 where the dip threshold of -20% within 180 days was triggered

47% median peak return within 1 year of dip event
296 days is the median time to peak return after a dip event
-6.7% median max drawdown within 1 year of dip event

180 Day Dip			XBI Subsequent Performance
Date	XBI	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			44%	47%	-7%	296
4012025	-21%	1%	65%	69%	-11%	296
10122023	-23%	10%	44%	50%	-7%	138
10062021	-21%	14%	-32%	10%	-49%	28
3162020	-23%	-17%	122%	164%	0%	329
12212018	-21%	-6%	49%	47%	-0%	364
1082016	-23%	-8%	8%	14%	-24%	258
3022009	-22%	-46%	36%	36%	-2%	365

[1] Dip event defined as first instance dip threshold is triggered within a 180-day time period.
[2] Analysis for period from 1/1/2005 to 7/10/2026

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Current Dip Buy Opportunities Across ETFs

ETFs currently down 5% or more from trailing 6M peaks.

Ticker	Name	Dip %	Mkt Price	Price Date	Peak Price	Peak Date	# Days
AKRE	Akre Focus ETF	-16.4%	55.14	7102026	65.92	1112026	180
SCHC	Schwab International Small-Cap Equity ETF	-6.3%	48.30	7102026	51.54	3012026	131
IEMG	iShares Core MSCI Emerging Markets ETF	-5.4%	81.32	7102026	86.00	6222026	18
EEM	iShares MSCI Emerging Markets ETF	-6.1%	66.90	7102026	71.21	6222026	18
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	-5.1%	35.38	7102026	37.30	6222026	18
EWY	iShares MSCI South Korea ETF	-16.3%	183.52	7102026	219.20	6212026	19
EWZ	iShares MSCI Brazil ETF	-13.9%	35.93	7102026	41.73	4142026	87
FXI	iShares China Large-Cap ETF	-17.9%	33.48	7102026	40.78	1292026	162
ILF	iShares Latin America 40 ETF	-9.4%	34.51	7102026	38.10	4142026	87
KWEB	KraneShares CSI China Internet ETF	-30.0%	26.38	7102026	37.66	1122026	179
MTUM	iShares MSCI USA Momentum Factor ETF	-6.8%	321.77	7102026	345.22	6222026	18
URA	Global X Uranium ETF	-30.5%	42.97	7102026	61.81	1282026	163
BOTZ	Global X Funds Global X Robotics & Artificial Intelligence ETF	-11.3%	36.91	7102026	41.63	5132026	58
ROBO	ROBO Global Robotics & Automation Index ETF	-8.2%	82.96	7102026	90.34	6022026	38
LIT	Global X Lithium & Battery Tech ETF	-21.1%	72.32	7102026	91.62	5112026	60
ICLN	iShares Global Clean Energy ETF	-18.9%	19.25	7102026	23.75	6022026	38
ARKQ	ARK Autonomous Technology & Robotics ETF	-13.8%	123.99	7102026	143.82	5282026	43
ARKX	ARK Space & Defense Innovation ETF	-15.1%	32.05	7102026	37.74	5282026	43
NASA	Tema Space Innovators ETF	-37.5%	26.18	7102026	41.89	5272026	44
AGIX	KraneShares Artificial Intelligence ETF	-8.0%	45.44	7102026	49.40	6012026	39
GDE	WisdomTree Efficient Gold Plus Equity Strategy Fund	-10.6%	62.91	7102026	70.39	5112026	60
RAAX	VanEck Real Assets ETF	-7.6%	39.47	7102026	42.70	5112026	60
VGT	Vanguard Information Technology ETF	-6.0%	118.08	7102026	125.62	6022026	38
XLK	State Street Technology Select Sector SPDR ETF	-6.3%	185.78	7102026	198.21	6022026	38
XLE	State Street Energy Select Sector SPDR ETF	-12.0%	55.08	7102026	62.56	3292026	103
XLC	State Street Communication Services Select Sector SPDR ETF	-6.7%	111.64	7102026	119.70	2012026	159
XLY	State Street Consumer Discretionary Select Sector SPDR ETF	-5.7%	117.24	7102026	124.27	1122026	179
XLP	State Street Consumer Staples Select Sector SPDR ETF	-6.0%	84.12	7102026	89.51	3012026	131
IYM	iShares U.S. Basic Materials ETF	-5.7%	178.24	7102026	189.08	3022026	130
FXN	First Trust Energy AlphaDEX Fund	-11.0%	20.62	7102026	23.18	3292026	103
SMH	VanEck Semiconductor ETF	-8.7%	611.03	7102026	668.91	6222026	18
SOXX	iShares Semiconductor ETF	-11.2%	581.34	7102026	655.01	6222026	18
XOP	State Street SPDR S&P Oil & Gas Exploration & Production ETF	-15.7%	158.57	7102026	188.18	3292026	103
IGV	iShares Expanded Tech-Software Sector ETF	-14.2%	92.41	7102026	107.70	6012026	39
MISL	First Trust Indxx Aerospace & Defense ETF	-12.6%	44.53	7102026	50.98	1192026	172
RING	iShares MSCI Global Gold Miners ETF	-34.7%	64.89	7102026	99.42	3012026	131
SOXQ	Invesco PHLX Semiconductor ETF	-11.3%	102.06	7102026	115.11	6222026	18
BWX	State Street SPDR Bloomberg International Treasury Bond ETF	-5.7%	21.59	7102026	22.90	2162026	144
IGOV	iShares International Treasury Bond ETF	-5.0%	40.84	7102026	42.99	3012026	131
TLT	iShares 20+ Year Treasury Bond ETF	-5.6%	84.47	7102026	89.48	3012026	131
SPTL	State Street SPDR Portfolio Long Term Treasury ETF	-5.2%	25.69	7102026	27.09	3012026	131
EDV	Vanguard World Funds Extended Duration ETF	-7.7%	62.25	7102026	67.42	3012026	131
PDBC	Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	-13.1%	16.44	7102026	18.91	5122026	59
DBC	Invesco DB Commodity Index Tracking Fund	-13.2%	27.52	7102026	31.69	5122026	59
COMT	iShares GSCI Commodity Dynamic Roll Strategy ETF	-14.1%	31.37	7102026	36.53	5192026	52
GSG	iShares GSCI Commodity	-5.8%	30.01	7102026	31.85	3182026	114
BCI	abrdn Bloomberg All Commodity Strategy K-1 Free ETF	-11.3%	22.99	7102026	25.91	5122026	59
FTGC	First Trust Global Tactical Commodity Strategy Fund	-8.2%	28.02	7102026	30.53	5122026	59
HGER	Harbor Commodity All-Weather Strategy ETF	-8.7%	30.57	7102026	33.47	5122026	59
GLD	SPDR Gold Trust	-24.0%	377.01	7102026	495.90	1292026	162
IAU	iShares Gold Trust	-23.9%	77.26	7102026	101.57	1292026	162
GLDM	SPDR Gold MiniShares Trust	-23.9%	81.29	7102026	106.77	1292026	162
SGOL	ETFS Physical Swiss Gold Shares	-13.1%	44.66	7102026	51.41	1292026	162
BAR	Direxion Daily Gold Bull 3X Shares	-16.6%	44.34	7102026	53.16	1292026	162
SLV	iShares Silver Trust	-48.9%	53.95	7102026	105.60	1282026	163
SIVR	ETFS Physical Silver Shares Trust ETF	-24.8%	83.39	7102026	110.87	1282026	163
PPLT	ETFS Physical Platinum Shares	-41.4%	14.77	7102026	25.23	1252026	166
CPER	United States Copper Index Fund ETV	-13.9%	33.33	7102026	38.71	1292026	162
PALL	ETFS Physical Palladium Shares	-38.0%	23.07	7102026	37.18	1282026	163
USO	United States Oil Fund LP	-28.9%	108.70	7102026	152.96	5192026	52
UNG	United States Natural Gas Fund LP	-37.3%	10.60	7102026	16.90	2012026	159
BNO	United States Brent Oil Fund LP ETV	-7.1%	55.85	7102026	60.13	5042026	67
IBIT	iShares Bitcoin Trust ETF	-34.7%	36.23	7102026	55.44	1142026	177
FBTC	Fidelity Wise Origin Bitcoin Fund	-34.7%	55.62	7102026	85.12	1142026	177
GBTC	Grayscale Bitcoin Trust ETF	-19.0%	61.84	7102026	76.31	1142026	177
ETHA	iShares Ethereum Trust ETF	-47.1%	13.53	7102026	25.59	1142026	177

ETF Fund Flows

Largest fund inflows and outflows across ETFs, with the asset-allocation rotation they imply.

Net fund flows · as of 2026-07-09

Asset allocation rotation · Past week

Equity ETFs drew the largest net inflows (+$8.2B), followed by Bond (+$6.2B), with every major asset class in net inflows.
Within the mix, money rotated into Industry Subsector (+$5.6B) and out of US Nasdaq Growth (−$8.3B).
Relative to fund size, PSC drew the largest inflow (+15.8% of AUM) and ASHR the largest outflow (−16.6%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	SOXX	iShares Semiconductor ETF	Equity Industry Subsector	+$4.44B	+9.5%
2	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$3.7B	+0.4%
3	IWM	iShares Russell 2000 ETF	Equity US Small Cap Core	+$2.12B	+2.6%
4	DRAM	Roundhill Memory ETF	Other	+$1.66B	+7.0%
5	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$1.23B	+0.8%
6	EFV	iShares MSCI EAFE Value ETF	Equity International Developed Broad	+$1.22B	+4.7%
7	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$1.15B	+1.2%
8	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	+$1.08B	+3.1%
9	TLT	iShares 20+ Year Treasury Bond ETF	Bond Long Treasury	+$856M	+2.0%
10	SMH	VanEck Semiconductor ETF	Equity Industry Subsector	+$739M	+1.0%

#	Ticker	Name	Type	Net flow	% of AUM
1	PSC	Principal U.S. Small-Cap Multi-Factor ETF	Other	+$427M	+15.8%
2	IXC	iShares Global Energy ETF	Other	+$231M	+11.0%
3	DFGP	Dimensional - Global Core Plus Fixed Income ETF	Other	+$305M	+10.4%
4	USCL	iShares Climate Conscious & Transition MSCI USA ETF	Other	+$264M	+9.9%
5	IHE	iShares U.S. Pharmaceuticals ETF	Other	+$127M	+9.8%
6	SOXX	iShares Semiconductor ETF	Equity Industry Subsector	+$4.44B	+9.5%
7	USCA	Xtrackers MSCI USA Climate Action Equity ETF	Other	+$265M	+8.3%
8	ACYN	FT Vest Laddered Autocallable Barrier & Income ETF	Other	+$82M	+7.9%
9	DRAM	Roundhill Memory ETF	Other	+$1.66B	+7.0%
10	EWL	iShares MSCI Switzerland ETF	Other	+$141M	+7.0%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	-$8.76B	-1.8%
2	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	-$2.55B	-0.3%
3	HYG	iShares iBoxx $ High Yield Corporate Bond ETF	Bond High Yield Corporate	-$781M	-4.6%
4	DIA	State Street SPDR Dow Jones Industrial Average ETF Trust	Equity US Large Concentrated	-$455M	-1.0%
5	XLC	State Street Communication Services Select Sector SPDR ETF	Equity Broad Sector	-$433M	-1.9%
6	SCZ	iShares MSCI EAFE Small-Cap ETF	Equity International Small Cap	-$433M	-3.1%
7	FXI	iShares China Large-Cap ETF	Equity Emerging Markets	-$372M	-8.3%
8	EFA	iShares MSCI EAFE ETF	Equity International Developed Broad	-$312M	-0.4%
9	AVDV	Avantis International Small Cap Value ETF	Other	-$270M	-1.4%
10	AIA	iShares Asia 50 ETF	Other	-$252M	-5.3%

#	Ticker	Name	Type	Net flow	% of AUM
1	ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	Equity Emerging Markets	-$232M	-16.6%
2	JSMD	Janus Henderson Small/Mid Cap Growth Alpha ETF	Other	-$135M	-12.3%
3	DTCR	Global X - Data Center & Digital Infrastructure ETF	Other	-$225M	-10.1%
4	FXI	iShares China Large-Cap ETF	Equity Emerging Markets	-$372M	-8.3%
5	KBE	State Street SPDR S&P Bank ETF	Other	-$120M	-7.7%
6	QLTA	iShares Aaa - A Rated Corporate Bond ETF	Other	-$104M	-7.6%
7	ITB	iShares U.S. Home Construction ETF	Other	-$187M	-7.2%
8	EWA	iShares MSCI Australia ETF	Other	-$96M	-6.8%
9	IYM	iShares U.S. Basic Materials ETF	Equity Broad Sector	-$73M	-6.0%
10	SPGM	State Street SPDR Portfolio MSCI Global Stock Market ETF	Other	-$98M	-5.4%

Asset allocation rotation · Past month

Equity ETFs drew the largest net inflows (+$66.4B), followed by Bond (+$29.3B), while Commodity (−$3.5B) and Crypto (−$3.0B) saw the largest outflows.
Within the mix, money rotated into US Large Cap Core (+$12.6B) and out of Gold (−$3.7B).
Relative to fund size, ARKQ drew the largest inflow (+57.3% of AUM) and FXN the largest outflow (−68.9%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	+$56.47B	+6.5%
2	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$15.25B	+10.1%
3	DRAM	Roundhill Memory ETF	Other	+$8.81B	+38.2%
4	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	+$6.73B	+20.8%
5	SOXX	iShares Semiconductor ETF	Equity Industry Subsector	+$6.26B	+14.3%
6	AVLV	Avantis U.S. Large Cap Value ETF	Other	+$3.75B	+22.7%
7	VTI	Vanguard Total Stock Market ETF	Equity US Total Market	+$3.63B	+0.5%
8	QQQM	Invesco NASDAQ 100 ETF	Equity US Nasdaq Growth	+$3.61B	+3.7%
9	VXUS	Vanguard Total International Stock ETF	Equity International Broad	+$3.56B	+2.3%
10	RSP	Invesco S&P 500 Equal Weight ETF	Equity Factor Smart Beta	+$3.25B	+3.5%

#	Ticker	Name	Type	Net flow	% of AUM
1	ARKQ	ARK Autonomous Technology & Robotics ETF	Equity Thematic	+$1.23B	+57.3% ⚠
2	FXL	First Trust Technology AlphaDEX Fund	Other	+$929M	+53.1%
3	SNXX	Tradr 2X Long SNDK Daily ETF	Other	+$2.09B	+52.2%
4	USO	United States Oil Fund LP	Commodity Energy	+$1.0B	+51.2%
5	DRAM	Roundhill Memory ETF	Other	+$8.81B	+38.2%
6	IHE	iShares U.S. Pharmaceuticals ETF	Other	+$329M	+31.1%
7	QTEC	First Trust NASDAQ-100-Technology Sector Index Fund	Other	+$1.09B	+27.5%
8	FLKR	Franklin FTSE South Korea ETF	Other	+$333M	+27.0%
9	IYZ	iShares U.S. Telecommunications ETF	Other	+$292M	+24.7%
10	AVLV	Avantis U.S. Large Cap Value ETF	Other	+$3.75B	+22.7%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	-$53.22B	-5.4%
2	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	-$6.26B	-0.8%
3	VLUE	iShares MSCI USA Value Factor ETF	Equity Factor Smart Beta	-$4.5B	-40.9%
4	IAU	iShares Gold Trust	Commodity Gold	-$2.03B	-3.3%
5	IBIT	iShares Bitcoin Trust ETF	Crypto	-$2.0B	-4.3%
6	GLD	SPDR Gold Shares	Commodity Gold	-$1.38B	-1.0%
7	VO	Vanguard Mid-Cap ETF	Equity US Mid Cap Core	-$1.06B	-1.0%
8	NASA	Tema Space Innovators ETF	Equity Thematic	-$872M	-53.8%
9	FXI	iShares China Large-Cap ETF	Equity Emerging Markets	-$846M	-18.2%
10	BIL	State Street SPDR Bloomberg 1-3 Month T-Bill ETF	Cash	-$842M	-1.8%

#	Ticker	Name	Type	Net flow	% of AUM
1	FXN	First Trust Energy AlphaDEX Fund	Equity Broad Sector	-$787M	-68.9%
2	NASA	Tema Space Innovators ETF	Equity Thematic	-$872M	-53.8%
3	VLUE	iShares MSCI USA Value Factor ETF	Equity Factor Smart Beta	-$4.5B	-40.9%
4	EEMA	iShares MSCI Emerging Markets Asia ETF	Other	-$407M	-33.8%
5	ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	Equity Emerging Markets	-$470M	-27.9%
6	FXI	iShares China Large-Cap ETF	Equity Emerging Markets	-$846M	-18.2%
7	RPV	Invesco S&P 500 Pure Value ETF	Other	-$289M	-17.3%
8	QLTA	iShares Aaa - A Rated Corporate Bond ETF	Other	-$242M	-15.5%
9	CHAT	Roundhill Generative AI & Technology ETF	Other	-$318M	-15.4%
10	KWEB	KraneShares CSI China Internet ETF	Equity Emerging Markets	-$637M	-12.3%

Asset allocation rotation · Past 3 months

Equity ETFs drew the largest net inflows (+$209.9B), followed by Bond (+$73.3B), while Commodity (−$9.0B) and Crypto (−$5.8B) saw the largest outflows.
Within the mix, money rotated into US Large Cap Core (+$91.6B) and out of Gold (−$8.0B).
Relative to fund size, DRAM drew the largest inflow (+211.0% of AUM) and FXN the largest outflow (−59.5%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	+$62.6B	+7.6%
2	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	+$22.71B	+3.0%
3	DRAM	Roundhill Memory ETF	Other	+$21.9B	+211.0%
4	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$16.29B	+11.4%
5	VTI	Vanguard Total Stock Market ETF	Equity US Total Market	+$13.22B	+2.1%
6	QQQM	Invesco NASDAQ 100 ETF	Equity US Nasdaq Growth	+$12.72B	+13.7%
7	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$11.86B	+13.0%
8	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	+$11.28B	+2.4%
9	SOXX	iShares Semiconductor ETF	Equity Industry Subsector	+$10.64B	+29.6%
10	BND	Vanguard Total Bond Market ETF	Bond US Aggregate Core	+$9.47B	+6.1%

#	Ticker	Name	Type	Net flow	% of AUM
1	DRAM	Roundhill Memory ETF	Other	+$21.9B	+211.0%
2	NASA	Tema Space Innovators ETF	Equity Thematic	+$1.98B	+149.1%
3	XOVR	ERShares Private-Public Crossover ETF	Equity Thematic	+$1.34B	+104.5%
4	ARKQ	ARK Autonomous Technology & Robotics ETF	Equity Thematic	+$1.3B	+59.7% ⚠
5	SNXX	Tradr 2X Long SNDK Daily ETF	Other	+$1.45B	+59.6% ⚠
6	FXL	First Trust Technology AlphaDEX Fund	Other	+$920M	+58.1%
7	USO	United States Oil Fund LP	Commodity Energy	+$926M	+48.6%
8	TSPA	T. Rowe Price U.S. Equity Research ETF	Other	+$1.52B	+47.6%
9	KLMN		Other	+$917M	+41.0%
10	AVLV	Avantis U.S. Large Cap Value ETF	Other	+$4.98B	+39.4%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	-$11.28B	-1.2%
2	QUAL	iShares MSCI USA Quality Factor ETF	Equity Factor Smart Beta	-$6.6B	-13.6%
3	GLD	SPDR Gold Shares	Commodity Gold	-$6.54B	-4.4%
4	BIL	State Street SPDR Bloomberg 1-3 Month T-Bill ETF	Cash	-$4.33B	-9.3%
5	VLUE	iShares MSCI USA Value Factor ETF	Equity Factor Smart Beta	-$4.23B	-33.7%
6	EFV	iShares MSCI EAFE Value ETF	Equity International Developed Broad	-$4.14B	-14.0%
7	IBIT	iShares Bitcoin Trust ETF	Crypto	-$3.27B	-5.6%
8	DIA	State Street SPDR Dow Jones Industrial Average ETF Trust	Equity US Large Concentrated	-$2.52B	-5.7%
9	IAGG	iShares Core International Aggregate Bond ETF	Bond International	-$2.4B	-18.4%
10	THRO	iShares U.S. Thematic Rotation Active ETF	Equity Thematic	-$2.3B	-29.3%

#	Ticker	Name	Type	Net flow	% of AUM
1	FXN	First Trust Energy AlphaDEX Fund	Equity Broad Sector	-$701M	-59.5%
2	SH	ProShares - Short S&P500	Other	-$446M	-42.9%
3	EEMA	iShares MSCI Emerging Markets Asia ETF	Other	-$486M	-37.5%
4	VLUE	iShares MSCI USA Value Factor ETF	Equity Factor Smart Beta	-$4.23B	-33.7%
5	THRO	iShares U.S. Thematic Rotation Active ETF	Equity Thematic	-$2.3B	-29.3%
6	AKRE	Akre Focus ETF	Equity US Large Growth	-$1.44B	-23.9%
7	QLTA	iShares Aaa - A Rated Corporate Bond ETF	Other	-$328M	-21.8%
8	IAI	iShares U.S. Broker-Dealers & Securities Exchanges ETF	Equity Industry Subsector	-$302M	-21.2%
9	FXI	iShares China Large-Cap ETF	Equity Emerging Markets	-$1.18B	-20.7%
10	IDU	iShares U.S. Utilities ETF	Other	-$271M	-19.0%

Largest ETF fund flows across ~2562 funds (min AUM $100M). Net creations/redemptions; leveraged & inverse ETFs excluded. A ⚠ marks a day excluded as a suspected data error.

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About XBI

Holdings Count: 157
Expense Ratio: 0.35%
Inception Date: 2006-01-31

State Street SPDR S&P Biotech ETF
SPDR Series Trust - State Street SPDR S&P Biotech ETF is an exchange traded fund launched by State Street Global Advisors, Inc. The fund is managed by SSGA Funds Management, Inc. It invests in public equity markets of the United States. It invests in stocks of companies operating across health care, pharmaceuticals, biotechnology and life sciences sectors. The fund invests in growth and value stocks of companies across diversified market capitalization. It seeks to track the performance of the S&P Biotechnology Select Industry Index, by using representative sampling technique. SPDR Series Trust - State Street SPDR S&P Biotech ETF was formed on January 31, 2006 and is domiciled in the United States.
Asset Class: Equity | ETF Website

	Title	Date
0	DASHBOARDS
1	XBI Ignored The Market's Downturn	06/27/2026

	Title
0	ARTICLES

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
RXT	Rackspace Technology	1.3	22.2%	450.0%
EQPT	EquipmentShare.com	3.9	16.6%	-42.7%
TRAX	First Tracks Biotherapeutics	1.3	11.9%	94.8%
XFOR	X4 Pharmaceuticals	0.6	11.4%	10.3%
METCB	Ramaco Resources	0.5	10.8%	-26.8%
WDFC	WD-40	3.6	10.6%	35.9%
CCC	CCC Intelligent Solutions	3.5	10.0%	-25.5%
REZI	Resideo Technologies	5.1	9.3%	-3.4%
FMCC	Federal Home Loan Mortgage	19.1	7.6%	-41.6%
WHR	Whirlpool	2.4	7.6%	-42.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
KYTX	Kyverna Therapeutics	0.5	-13.5%	-9.7%
OPTU	Optimum Communications	0.5	-13.0%	-35.2%
RGNX	Regenxbio	0.7	-10.9%	-3.1%
MRNA	Moderna	27.0	-10.8%	131.5%
PRME	Prime Medicine	0.7	-10.6%	8.9%
INBX	Inhibrx Biosciences	1.4	-10.4%	17.7%
OPEN	Opendoor Technologies	4.6	-10.1%	-18.3%
FRMI	Fermi	4.2	-10.0%	-17.6%
ULCC	Frontier	1.6	-9.9%	47.3%
IONS	Ionis Pharmaceuticals	9.6	-9.4%	-26.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
CRNX	Crinetics Pharmaceuticals	8.7	97.9%	79.5%
TRAX	First Tracks Biotherapeutics	1.3	87.8%	94.8%
ALIT	Alight	10.3	37.6%	-49.7%
PENG	Penguin Solutions	4.1	27.5%	300.6%
BAND	Bandwidth	2.4	22.5%	388.5%
RPD	Rapid7	0.7	20.2%	-26.5%
HPE	Hewlett Packard Enterprise	64.8	17.7%	104.0%
ANET	Arista Networks	235.1	16.9%	42.7%
FTK	Flotek Industries	0.9	15.2%	48.3%
META	Meta Platforms	1,695.8	14.8%	1.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
IONS	Ionis Pharmaceuticals	9.6	-28.8%	-26.4%
ABTC	American Bitcoin	6.2	-27.2%	-76.0%
AIAI	AIAI	0.7	-25.4%	-30.0%
FCEL	FuelCell Energy	1.1	-25.2%	187.7%
AVAV	AeroVironment	7.2	-24.3%	-40.2%
SOLS	Solstice Advanced Materials	9.7	-23.6%	26.4%
FBYD	Falcons Beyond Global	0.7	-23.4%	-1.9%
MIDD	Middleby	6.4	-22.5%	-8.7%
AVEX	AEVEX	0.8	-20.4%	-38.9%
SPIR	Spire Global	0.5	-20.3%	96.0%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
CRNX	Crinetics Pharmaceuticals	8.7	139.0%	79.5%
BLZE	Backblaze	1.0	138.5%	277.7%
TRAX	First Tracks Biotherapeutics	1.3	126.9%	94.8%
RGNX	Regenxbio	0.7	120.0%	-3.1%
DFTX	Definium Therapeutics, Inc.	5.1	105.1%	248.4%
MBX	MBX Biosciences	2.8	104.4%	93.6%
MNPR	Monopar Therapeutics	0.9	75.8%	63.2%
SLS	SELLAS Life Sciences	2.2	66.1%	238.5%
WNC	Wabash National	0.5	63.7%	52.8%
TENX	Tenax Therapeutics	0.8	63.6%	44.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
HTZ	Hertz Global	0.6	-61.2%	-60.1%
ABTC	American Bitcoin	6.2	-52.1%	-76.0%
FAC	Factorial Energy	1.0	-41.8%	121.0%
LUNR	Intuitive Machines	1.9	-41.2%	-0.6%
NVTS	Navitas Semiconductor	3.1	-41.1%	88.7%
RDW	Redwire	2.0	-35.4%	33.9%
BLDP	Ballard Power Systems	0.9	-35.0%	21.3%
HYLN	Hyliion	0.7	-34.9%	124.5%
AMPX	Amprius Technologies	1.6	-33.8%	46.1%
AA	Alcoa	12.9	-32.8%	-8.1%

Peer Comparisons

Peers to compare with:

Profile

	XBI	SMH	SOXX	IBB	ITA	XOP	Median
Name	State Stre.	VanEck Sem.	iShares Se.	iShares Bi.	iShares U..	State Stre.
Asset Class	Equity	Equity	Equity	Equity	Equity	Equity	-
AUM ($ Bil)	10.6	68.8	41.0	9.5	14.7	3.0	12.6
Expense Ratio	0.35%	0.35%	0.34%	0.44%	0.38%	0.35%	0.35%
10-D Avg Volume (Mil)	8.78	10.40	9.02	1.47	0.86	3.85	6.32
Latest Day Volume (Mil)	7.36	9.62	7.91	1.63	-	1.51	7.36
Holdings Count	157	26	30	248	49	51	50
Inception Date	1/31/2006	12/20/2011	7/10/2001	2/5/2001	5/1/2006	6/19/2006	-

Fundamentals

	XBI	SMH	SOXX	IBB	ITA	XOP	Median
Name	State Stre.	VanEck Sem.	iShares Se.	iShares Bi.	iShares U..	State Stre.
Net Asset Value	156.50	592.26	566.67	195.79	248.59	153.75	-
Premium/Discount	1.6%	3.2%	2.6%	-1.9%	-3.8%	3.1%	2.1%
Distribution Yield	0.4%	0.2%	0.3%	0.2%	0.0%	2.0%	0.2%
Sales Yield	8.1%	6.6%	6.5%	12.5%	28.5%	123.0%	10.3%
Earnings Yield	1.0%	1.9%	1.6%	2.4%	2.4%	6.4%	2.1%

Valuation

	XBI	SMH	SOXX	IBB	ITA	XOP	Median
Name	State Stre.	VanEck Sem.	iShares Se.	iShares Bi.	iShares U..	State Stre.
P/S (TTM)	12.3x	15.2x	15.5x	8.0x	3.5x	0.8x	10.1x
P/E (TTM)	96.6x	51.9x	63.7x	42.2x	41.5x	15.7x	47.0x
P/FCF (TTM)	-	57.8x	69.7x	361.0x	49.5x	24.5x	57.8x
Forward P/E	68.3x	-	-	-	32.9x	9.0x	32.9x
Forward P/S	9.6x	-	-	-	3.1x	0.7x	3.1x

Risk

	XBI	SMH	SOXX	IBB	ITA	XOP	Median
Name	State Stre.	VanEck Sem.	iShares Se.	iShares Bi.	iShares U..	State Stre.
Volatility (1Y)	26.6%	36.4%	41.7%	20.7%	22.0%	28.0%	27.3%
Volatility (3Y)	27.5%	36.1%	38.3%	20.3%	19.7%	27.9%	27.7%
Volatility (5Y)	32.3%	36.1%	37.6%	22.1%	20.2%	33.8%	33.0%
Beta (1Y)	1.04	2.26	2.45	0.81	1.02	-0.15	1.03
Beta (3Y)	1.03	1.95	2.03	0.82	0.84	0.70	0.94
Beta (5Y)	1.15	1.74	1.79	0.86	0.82	0.88	1.02
Sharpe Ratio (1Y)	2.38	2.28	2.30	1.92	1.20	0.89	2.10
Sharpe Ratio (3Y)	0.93	1.49	1.29	0.79	1.35	0.47	1.11
Sharpe Ratio (5Y)	0.25	1.06	0.93	0.26	0.91	0.52	0.71
Max Drawdown (1Y)	-9.7%	-14.9%	-15.8%	-9.6%	-15.8%	-18.7%	-15.4%
Max Drawdown (3Y)	-33.0%	-35.7%	-41.4%	-24.9%	-15.8%	-35.0%	-34.0%
Max Drawdown (5Y)	-54.6%	-45.3%	-45.8%	-39.8%	-18.7%	-35.0%	-42.6%

Returns

	XBI	SMH	SOXX	IBB	ITA	XOP	Median
Name	State Stre.	VanEck Sem.	iShares Se.	iShares Bi.	iShares U..	State Stre.
1M Return	21.0%	3.4%	3.4%	13.4%	3.7%	-3.3%	3.6%
3M Return	20.6%	42.0%	53.5%	11.6%	3.1%	-5.5%	16.1%
6M Return	25.8%	58.7%	79.0%	8.7%	5.7%	28.4%	27.1%
YTD Return	30.4%	69.7%	93.2%	13.9%	11.4%	26.1%	28.3%
1Y Return	81.6%	114.7%	139.1%	45.5%	27.1%	23.5%	63.6%
2Y Return	74.1%	128.3%	130.9%	41.7%	82.6%	14.9%	78.4%
3Y Return	92.6%	311.0%	255.3%	52.4%	109.2%	31.9%	100.9%

Short Interest

Short Interest: As Of Date	6152026
Short Interest: Shares Quantity	79.1 Mil
Short Interest: % Change Since 5312026	2.7%
Average Daily Volume	8.7 Mil
Days-to-Cover Short Interest	9.1 days

External Quote Links

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1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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State Street SPDR S&P Biotech ETF (XBI)

Market Price (7/11/2026): $158.86

State Street SPDR S&P Biotech ETF (XBI)

Market Price (7/11/2026): $158.86

Key Takeaways

Price Chart

Asset Allocation with XBI

Valuation & Yield

Top 20 Holdings for XBI

Performance for XBI Top Holdings

Guidance Updates for XBI Top Holdings

Return vs. Risk

Price Returns Compared

Sharpe Ratios Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

XBI Dip Buy History

Current Dip Buy Opportunities Across ETFs

ETF Fund Flows

Asset allocation rotation · Past week

Asset allocation rotation · Past month

Asset allocation rotation · Past 3 months

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Trade & Investment Ideas

Wealth

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About XBI

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Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

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Profile

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