Biotechnology vs the S&P 500 (XBI): is it outperforming?
Over the past month, XBI has outperformed the S&P 500 by 15.0 points. Here is where that puts it in the sector rotation — updated daily.
Where XBI sits on the rotation map
Biotechnology highlighted against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window — the methodology explains the math.
XBI vs SPY: head-to-head returns
XBI (biotechnology) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means XBI won that window.
Data as of 2026-07-13 · computed from daily adjusted closes · how we measure
The read
Biotechnology (XBI) has just turned the corner. Over the longer, time-shifted window it trailed the S&P 500 by 6.8 points, but over the past month it has moved decisively ahead of the market — a 15.0-point edge that puts it in the improving quadrant. Ranked by one-month spread, it currently stands #1 of the 115 groups Zensei tracks — inside the top tier of the market.
On the shorter tape, XBI's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. XBI's relative-strength line has dropped below its moving averages — the outperformance trend is fading. Both signals point the same direction here: the market is not rewarding this group on either horizon.
The exposure comes via SPDR S&P Biotech ETF, whose 149 tracked holdings are led by APOGEE THERAPEUTICS INC, MODERNA INC and KYMERA THERAPEUTICS INC ORDINARY SHARES. Weighted by portfolio, the fund's holdings trade at roughly 37.2× earnings and 954.1× sales. The thing to watch from here is confirmation: improving groups that hold a positive one-month spread long enough for the longer window to turn are the classic early-rotation entries — the ones that fail fall back quickly.
What's inside XBI
Top 5 of 149 tracked holdings, by portfolio weight.
Biotechnology vs the market — common questions
Is biotechnology outperforming the S&P 500?
Right now, yes: over the past month XBI has outperformed the S&P 500 by 15.0 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is XBI?
XBI is SPDR S&P Biotech ETF, the fund Zensei uses to measure the biotechnology group against the S&P 500 benchmark (SPY).
Which stocks are in XBI?
XBI's largest tracked positions are APOGEE THERAPEUTICS INC, MODERNA INC, KYMERA THERAPEUTICS INC ORDINARY SHARES, VIKING THERAPEUTICS INC, ERASCA INC — 149 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is biotechnology in right now?
As of the latest daily data, biotechnology is in the improving quadrant — behind the market over the longer window, but ahead over the past month. The quadrant rules are documented on the Zensei methodology page.
Related sectors
Track biotechnology against the whole market
Zensei Edge maps 100+ sectors and themes against the S&P 500 — with the stocks inside each one, rotation history and alerts when leadership changes hands.