XBI
SPDR S&P BIOTECH ETF
SPDR S&P Biotech ETF seeks to replicate the performance of the S&P Biotechnology Select Industry Index, an equal-weighed index. The Index tracks all the US common stocks listed on the NYSE, Ame
US
EQUITY
Rules-Based
MANAGEMENT STYLE
6.8 B
ASSETS UNDER MGMT
35 bp
EXPENSES
Fund Basics
| Fund sponsor | SSGA Funds Management Inc |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Jan 31, 2006 |
| Assets (mns) | $6,793 |
| Expense ratio | 35 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Market Cap |
| Weighting | Equal |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| CRISPR THERAPEUTICS AG | 2.2 % |
| REVOLUTION MEDICINES, INC. | 2.0 % |
| EXACT SCIENCES CORP | 2.0 % |
| NATERA INC | 1.9 % |
| IONIS PHARMACEUTICALS, INC. | 1.9 % |
| MODERNA, INC. | 1.9 % |
| INSMED INC | 1.8 % |
| VERTEX PHARMACEUTICALS INC | 1.8 % |
| ABBVIE INC | 1.8 % |
| ROIVANT SCIENCES LTD. | 1.8 % |
Constituent Breakdown
| Number of holdings | 122 |
| Herfindahl-Hirschman Index | 170 |
| Wgt avg mkt cap (mns) | $28,419 |
| Large cap (>$10bn) | 39.8% |
| Mid cap ($2-10bn) | 40.6% |
| Small cap (<$2bn) | 17.0% |
| Developed mkts. | 96.8% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 87.5 % |
 |
SWITZERLAND | 2.2 % |
 |
BRITAIN | 1.8 % |
 |
IRELAND | 1.1 % |
 |
NETHERLANDS | 1.1 % |
Historical Performance
Standardized Performance (as of 09/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 11.3% | 1.4% | 17.1% | 8.1% | -2.1% | 4.9% | -- | 9.6% |
| Dividend Yield | 0.0% | 0.0% | 0.1% | 0.1% | 0.1% | 0.2% | -- | 0.3% |
| Total Returns | 11.3% | 1.5% | 17.3% | 8.2% | -2.0% | 5.0% | -- | 9.9% | Ann. Volatility | 28.8% | 27.7% | 28.1% | 28.4% | 33.0% | 33.0% | -- | 30.7% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.19 | 43% |
| MSCI EAFE | 0.83 | 25% |
| MSCI Emg Mkts | 0.49 | 10% |
Liquidity Measures
| Avg. volume (000) | 9,963 |
| ADV traded (mns) | $1,115 |
| Turnover | 16.4% |
| Avg. Bid/Ask (% of price) | 0.01% |
Technical Indicators
| Recent close | $111.91 |
| 30d moving avg. | $102.24 |
| Annualized volatility | 24.6% |
| Relative strength (RSI) | 67 |
| Short interest | 128.2% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| BBP | Virtus LifeSci Biotech Products ETF | 45.8% | +44 bp | -1.7% |
| IBB | iShares Biotechnology ETF | 42.4% | +10 bp | -0.2% |
| IBBQ | Invesco Nasdaq Biotechnology ETF | 42.0% | -16 bp | +0.1% |
| FBT | First Trust NYSE Arca Biotechnology Index Fund | 31.4% | +21 bp | +2.0% |
| SBIO | ALPS Medical Breakthroughs ETF | 30.9% | +15 bp | 0.0% |
| PBE | Invesco Biotechnology & Genome ETF | 30.8% | +23 bp | +1.7% |
| BBC | Virtus LifeSci Biotech Clinical Trials ETF | 28.9% | +44 bp | 0.0% |
| WDNA | WisdomTree BioRevolution Fund | 28.6% | +10 bp | -2.4% |
| FTXH | First Trust Nasdaq Pharmaceuticals ETF | 27.9% | +25 bp | +8.8% |
| HELX | Franklin Genomic Advancements ETF | 26.0% | +15 bp | -0.3% |
Risk and Returns: XBI vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 10/31/2025
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
AVOID
Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may be less relevant.
ALTAR Score™
XBI
-2.4%
Cat. Avg
5.7%
ALTAR Score™ Calculation
Category Overview
There are 992 funds in the US Equity category, with an average ALTAR Score™
of 5.7% and a standard deviation of
2.4%. XBI's ALTAR Score™ is approximately
3.4 standard deviations
below
the category average. This places XBI in the 1st percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
XBISELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Rules-Based US Equity ETFs |
| # of ETFs | 627 |
| Avg. Expense Ratio | 46.1 bp |
| Std. Deviation | 32.8 bp |
| XBI (35 bp) Percentile rank | 37 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| XBI | 35.0 | 1.0 | 36.0 |
| Peer Avg. | 46.1 | 15.6 | 61.7 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .