XBI
State Street 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
8.0 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) | $7,978 |
| 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 +
| EXACT SCIENCES CORP | 2.9 % |
| REVOLUTION MEDICINES, INC. | 2.5 % |
| AVIDITY BIOSCIENCES INC | 2.4 % |
| INSMED INC | 2.2 % |
| REGENERON PHARMACEUTICALS | 2.2 % |
| NATERA INC | 2.2 % |
| BRIDGEBIO PHARMA, INC. | 2.1 % |
| MADRIGAL PHARMACEUTICALS, INC. | 2.0 % |
| BIOGEN IDEC INC | 2.0 % |
| AMGEN INC | 1.9 % |
Constituent Breakdown
| Number of holdings | 120 |
| Herfindahl-Hirschman Index | 137 |
| Wgt avg mkt cap (mns) | $23,254 |
| Large cap (>$10bn) | 35.7% |
| Mid cap ($2-10bn) | 43.3% |
| Small cap (<$2bn) | 14.8% |
| Developed mkts. | 93.7% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 89.8 % |
 |
BRITAIN | 1.9 % |
 |
SWITZERLAND | 1.5 % |
 |
IRELAND | 1.0 % |
Historical Performance
Standardized Performance (as of 10/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 25.2% | 16.2% | 30.5% | 11.1% | 0.0% | 5.4% | -- | 10.3% |
| Dividend Yield | 0.0% | 0.0% | 0.1% | 0.1% | 0.1% | 0.2% | -- | 0.3% |
| Total Returns | 25.2% | 16.2% | 30.6% | 11.2% | 0.1% | 5.5% | -- | 10.5% | Ann. Volatility | 28.0% | 28.0% | 27.6% | 27.8% | 32.9% | 32.9% | -- | 30.6% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.27 | 42% |
| MSCI EAFE | 0.79 | 21% |
| MSCI Emg Mkts | 0.45 | 8% |
Liquidity Measures
| Avg. volume (000) | 11,258 |
| ADV traded (mns) | $1,387 |
| Turnover | 17.4% |
| Avg. Bid/Ask (% of price) | 0.01% |
Technical Indicators
| 30d moving avg. (EMA) | $110.23 |
| Relative strength (RSI) | 67 |
| MACD/Signal | 2.53/2.47 |
| Bollinger Bands (Upper/Lower) | $116.90/$107.47 |
| Short interest (% of AUM) | 119.1% |
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. XBI |
Expenses vs. XBI |
ALTAR Score™ vs. XBI |
|---|---|---|---|---|
| BBP | Virtus LifeSci Biotech Products ETF | 45.6% | +44 bp | -1.5% |
| IBB | iShares Biotechnology ETF | 43.2% | +10 bp | -0.1% |
| IBBQ | Invesco Nasdaq Biotechnology ETF | 42.3% | -16 bp | +0.3% |
| PBE | Invesco Biotechnology & Genome ETF | 32.9% | +23 bp | +1.5% |
| FBT | First Trust NYSE Arca Biotechnology Index Fund | 32.8% | +21 bp | +2.8% |
| SBIO | ALPS Medical Breakthroughs ETF | 31.0% | +15 bp | 0.0% |
| FTXH | First Trust Nasdaq Pharmaceuticals ETF | 28.7% | +25 bp | +8.0% |
| WDNA | WisdomTree BioRevolution Fund | 28.1% | +10 bp | -2.2% |
| BBC | Virtus LifeSci Biotech Clinical Trials ETF | 28.0% | +44 bp | 0.0% |
| HELX | Franklin Genomic Advancements ETF | 27.0% | +15 bp | -0.4% |
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 11/30/2025
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
-2.0%
Cat. Avg
5.6%
ALTAR Score™ Calculation
Category Overview
There are 1011 funds in the US Equity category, with an average ALTAR Score™
of 5.6% and a standard deviation of
2.3%. XBI's ALTAR Score™ is approximately
3.3 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