DATA GRAPHICS | Data Byte
ETF falls in inverse correlation with 10-year Treasuries
By Stephen Hansen, Director of Biopharma Intelligence
April 29, 2024 10:36 PM UTC
The biotech sector is once again at the whims of expectations for U.S. interest rates, but this time in a negative way.
Through the first two months of the year, the SPDR S&P Biotech ETF (XBI) had broken its correlation with the benchmark 10-year Treasury note as the ETF surged more than 15% through late February. But since mid-March, the XBI has had a striking inverse correlation with the yield on the 10-year note, with Treasury yields rising nearly 21% year-to-date and the XBI finishing last week off 7% for the year…
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- Source: https://www.biocentury.com/article/652270/xbi-riding-rates-again-down-this-time-around