XBI(XBI)
AI Look-Through Summary
AI GeneratedThe XBI ETF maintains a substantial asset base of $7.4 billion, reflecting significant investor interest in its specific niche within the broader market landscape. The fund's composition is heavily skewed toward the healthcare sector, which accounts for 36.7% of total portfolio weightings. This concentration suggests that the vehicle serves as a targeted exposure to biotechnology and pharmaceutical innovation rather than providing broad-based diversification across all industries. Within this dominant sector allocation, top holdings such as Alkermes, Arrowhead Pharmaceuticals, and CytoDyn represent notable positions, indicating a strategic focus on companies with advanced therapeutic profiles or specialized drug pipelines.
The distribution of capital among the largest constituents reveals a pattern where no single entity commands overwhelming dominance; instead, weightings hover tightly between 1.4% and 1.7%. This relative uniformity implies that while individual stocks like Regeneron Pharmaceuticals (RVMD) and Transcyte Therapeutics (TVTX) hold significant influence due to their high valuations or market relevance, the fund structure mitigates extreme idiosyncratic risk associated with any one name. The absence of traditional sector labels for several top holdings further underscores a thematic approach likely centered on small-cap biotech firms that may operate across multiple research verticals rather than fitting neatly into standard industry classifications.
Quantitatively, the combination of high healthcare exposure and concentrated ownership in specialized medical technologies points to an asset class characterized by elevated volatility potential alongside opportunities for outsized growth. The fund's design appears tailored for investors seeking aggressive participation in emerging drug development stages and clinical trial outcomes, where success rates can vary dramatically from quarter to quarter. By aggregating capital into a pool dominated by these high-growth, often pre-revenue or early-stage entities, the ETF functions as a leveraged bet on future medical breakthroughs rather than established cash flows. The specific geographic tilt cannot be determined solely from the provided data points, but the heavy reliance on US-based biotech innovation suggests the primary value driver remains domestic regulatory environments and research ecosystems.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-20 01:32:33.047306+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 85/100The investment theme implied by the XBI ticker is small-cap biotechnology, yet an examination of the top holdings reveals a significant concentration of companies operating within the broader healthcare sector rather than strictly in the biotech space. While several names like Alkermes and Arrowhead Pharmaceuticals align with a pharmaceutical or biotech narrative, others such as Rhythm Pharmaceuticals and Takeda Pharmaceutical lack explicit classification tags in the provided data but are known for large-scale pharma operations that often diverge from pure-play small-cap innovation. This suggests the fund may be capturing the general healthcare recovery trend through mid-to-large cap entities disguised under sector labels, potentially diluting the intended focus on micro-cap biotech innovators despite the thematic branding associated with its ticker symbol.
Sector coherence appears mixed given that Healthcare accounts for only 36.5% of assets while holding fifty-one positions, indicating a wide dispersion beyond this single theme. The top-ten concentration stands at 15.3%, which is relatively low and suggests the fund avoids heavy reliance on any single mega-cap stock to stabilize returns; however, the lack of specific sector tags for many top holdings obscures whether these are truly differentiated small caps or larger diversified firms. Consequently, while the portfolio exhibits broad exposure within healthcare rather than a tight cluster around emerging biotech therapies, it remains distinct from a total market index due to its heavy weighting in this specific industry vertical and its exclusion of other major sectors entirely.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-23 15:02:14.164028+00
🏢 Sector Analysis
AI GeneratedThe XBI ETF demonstrates a pronounced sector concentration within Healthcare, which accounts for 36.7% of its total assets through 51 distinct holdings. This heavy weighting suggests an investment thesis heavily anchored in the biotechnology and pharmaceutical sectors rather than a broad-based healthcare exposure that might include established medical device or hospital operators. The presence of multiple top-five constituents such as RVMD, TVTX, TGTX, ALKS, and ARWR indicates a deliberate tilt toward mid-to-small-cap companies often characterized by high growth potential but also significant operational volatility. These specific names frequently operate in specialized therapeutic areas with limited product pipelines, implying the fund targets firms at various stages of clinical development or commercialization rather than large-cap incumbents with diversified revenue streams.
The top-10 concentration metric of 15.5% reveals a portfolio structure that is relatively dispersed compared to many concentrated equity strategies, yet the sheer dominance of the Healthcare sector creates inherent cross-sectional risk. Because nearly all exposures fall within one macroeconomic and regulatory regime, the fund's performance will be inextricably linked to broader industry-specific catalysts such as FDA approval cycles, pricing negotiations, or patent expirations. This lack of diversification across other economic sectors means that adverse events specific to drug development or healthcare policy could impact a substantial portion of the portfolio simultaneously. Consequently, while the allocation may offer amplified returns during periods of strong biotech sentiment, it also exposes investors to heightened idiosyncratic risks inherent in unproven asset classes and regulatory uncertainty without the cushioning effect of other economic drivers.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-20 17:51:29.354828+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share XBI's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of XBI's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| VHTVHT | $19B | — | 129 | 95.0% |
| VFMOVFMO | $1B | — | 72 | 57.5% |
| VTWOVTWO | $15B | — | 41 | 45.4% |
| VBKVBK | $40B | — | 41 | 45.1% |
| VXFVXF | $84B | — | 28 | 34.7% |
95% of XBI's portfolio by weight is also held by VHT, which commands 3× more assets under management. When VHT receives inflows, it mechanically buys these shared stocks — dragging XBI's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofXBI's weight.
Overlap computed from constituent-level holdings data across 5 ETFs. Price co-movement with driver ETFs is structural, not coincidental. Not investment advice.
ETF Look-Through Dashboard
Replaces $249/yr MorningstarPeer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Weighted metrics calculated based on 25% of fund assets with available data.
Herfindahl-Hirschman Concentration Index
Morningstar-Style Box
Sector & Cap Explorer
ETF Fundamental Radar
Caution: 46% of fund weight scores below 4 — indicating weak profitability or deteriorating fundamentals.
Piotroski F-Score (Operational Health)
Score 0-9: Measures Profitability, Leverage, and Efficiency
Computed by rolling up individual stock Piotroski F-Scores, Altman Z-Scores, and Beneish M-Scores weighted by each constituent's allocation. Data that Vanguard and BlackRock don't surface.
Earnings vs. Price Decomposition
ProprietaryXBI is up 55.7% over the last 12 months. The underlying weighted earnings growth of its constituents is -6.6%. The remaining +62.3% of performance is driven by multiple expansion (P/E inflation) — prices rose faster than earnings grew.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 93% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of XBI's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of XBI's analyzed weight, 46% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 54% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 27% of fund weight with available data. Not investment advice.
Passive Crowding Score
MODERATEHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
XBI has a Passive Crowding Score of 32/100. On average, 9.6% of the market capitalization of XBI's underlying holdings is structurally locked in passive ETF vehicles. This indicates moderate passive ownership density. Index rebalances and ETF creation/redemption activity can amplify short-term volatility in the underlying holdings.
Passive $ = Σ(ETF AUM × holding weight) across all 11 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.
Under the Hood — Top 15 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | RVMD | REVOLUTION MEDICINES INC | 1.79% | — | — |
| 2 | TVTX | TRAVERE THERAPEUTICS INC | 1.75% | — | — |
| 3 | TGTX | TG THERAPEUTICS INC | 1.62% | 11.5x | 4/9 |
| 4 | ALKS | ALKERMES PLC Healthcare | 1.54% | 20.8x | 5/9 |
| 5 | ARWR | ARROWHEAD PHARMACEUTICALS IN Healthcare | 1.51% | 36.6x | 5/9 |
| 6 | TWST | TWIST BIOSCIENCE CORP | 1.45% | — | 5/9 |
| 7 | CELC | CELCUITY INC Healthcare | 1.43% | — | — |
| 8 | CYTK | CYTOKINETICS INC Healthcare | 1.42% | — | — |
| 9 | NBIX | NEUROCRINE BIOSCIENCES INC | 1.39% | 27.6x | 4/9 |
| 10 | KRYS | KRYSTAL BIOTECH INC | 1.38% | 36.0x | 7/9 |
| 11 | MDGL | MADRIGAL PHARMACEUTICALS INC | 1.38% | — | — |
| 12 | EXEL | EXELIXIS INC | 1.38% | 15.1x | 7/9 |
| 13 | PRAX | PRAXIS PRECISION MEDICINES I | 1.37% | — | — |
| 14 | SRRK | SCHOLAR ROCK HOLDING CORP | 1.28% | — | — |
| 15 | APGE | APOGEE THERAPEUTICS INC Healthcare | 1.28% | — | — |
Historical Holdings Snapshots
Browse how XBI’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
15 holdings · 22.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | RVMD | 1.79% | 981,670 | — |
| 2 | TVTX | 1.75% | 3,304,362 | — |
| 3 | TGTX | 1.62% | 3,485,679 | — |
| 4 | ALKS | 1.54% | 3,520,987 | — |
| 5 | ARWR | 1.51% | 1,682,875 | — |
| 6 | TWST | 1.45% | 2,086,682 | — |
| 7 | CELC | 1.43% | 844,619 | — |
| 8 | CYTK | 1.42% | 1,536,699 | — |
| 9 | NBIX | 1.39% | 754,748 | — |
| 10 | KRYS | 1.38% | 383,472 | — |
| 11 | MDGL | 1.38% | 226,597 | — |
| 12 | EXEL | 1.38% | 2,342,030 | — |
| 13 | PRAX | 1.37% | 329,332 | — |
| 14 | SRRK | 1.28% | 2,264,539 | — |
| 15 | APGE | 1.28% | 1,309,295 | — |
2026-05-23
15 holdings · 22.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | RVMD | 1.79% | 981,670 | — |
| 2 | TVTX | 1.75% | 3,304,362 | — |
| 3 | TGTX | 1.62% | 3,485,679 | — |
| 4 | ALKS | 1.54% | 3,520,987 | — |
| 5 | ARWR | 1.51% | 1,682,875 | — |
| 6 | TWST | 1.45% | 2,086,682 | — |
| 7 | CELC | 1.43% | 844,619 | — |
| 8 | CYTK | 1.42% | 1,536,699 | — |
| 9 | NBIX | 1.39% | 754,748 | — |
| 10 | KRYS | 1.38% | 383,472 | — |
| 11 | MDGL | 1.38% | 226,597 | — |
| 12 | EXEL | 1.38% | 2,342,030 | — |
| 13 | PRAX | 1.37% | 329,332 | — |
| 14 | SRRK | 1.28% | 2,264,539 | — |
| 15 | APGE | 1.28% | 1,309,295 | — |
2026-05-22
15 holdings · 21.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | RVMD | 1.76% | 964,300 | — |
| 2 | TVTX | 1.72% | 3,245,862 | — |
| 3 | TGTX | 1.65% | 3,423,939 | — |
| 4 | ALKS | 1.55% | 3,458,617 | — |
| 5 | ARWR | 1.55% | 1,653,085 | — |
| 6 | CYTK | 1.44% | 1,509,474 | — |
| 7 | CELC | 1.42% | 829,679 | — |
| 8 | EXEL | 1.40% | 2,300,540 | — |
| 9 | NBIX | 1.39% | 741,383 | — |
| 10 | MDGL | 1.39% | 222,592 | — |
| 11 | KRYS | 1.38% | 376,677 | — |
| 12 | TWST | 1.34% | 2,049,737 | — |
| 13 | PRAX | 1.32% | 323,482 | — |
| 14 | SRRK | 1.31% | 2,224,444 | — |
| 15 | ROIV | 1.28% | 3,247,321 | — |
2026-05-21
15 holdings · 22.1% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | RVMD | 1.79% | 926,472 | — |
| 2 | TVTX | 1.73% | 3,118,364 | — |
| 3 | TGTX | 1.70% | 3,289,483 | — |
| 4 | ALKS | 1.62% | 3,322,789 | — |
| 5 | ARWR | 1.53% | 1,588,209 | — |
| 6 | CYTK | 1.46% | 1,450,184 | — |
| 7 | NBIX | 1.44% | 712,277 | — |
| 8 | MDGL | 1.44% | 213,870 | — |
| 9 | EXEL | 1.41% | 2,210,184 | — |
| 10 | KRYS | 1.39% | 361,879 | — |
| 11 | CELC | 1.37% | 797,143 | — |
| 12 | SRRK | 1.34% | 2,137,126 | — |
| 13 | PRAX | 1.31% | 310,742 | — |
| 14 | PTCT | 1.30% | 1,405,207 | — |
| 15 | TWST | 1.28% | 1,969,279 | — |
2026-05-20
15 holdings · 22.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | RVMD | 1.75% | 924,542 | — |
| 2 | TVTX | 1.75% | 3,111,859 | — |
| 3 | TGTX | 1.69% | 3,282,623 | — |
| 4 | ALKS | 1.61% | 3,315,859 | — |
| 5 | ARWR | 1.53% | 1,584,899 | — |
| 6 | NBIX | 1.46% | 710,792 | — |
| 7 | MDGL | 1.46% | 213,425 | — |
| 8 | EXEL | 1.44% | 2,205,574 | — |
| 9 | CYTK | 1.42% | 1,447,159 | — |
| 10 | KRYS | 1.38% | 361,124 | — |
| 11 | CELC | 1.37% | 795,483 | — |
| 12 | SRRK | 1.32% | 2,132,671 | — |
| 13 | PRAX | 1.30% | 310,092 | — |
| 14 | PTCT | 1.29% | 1,402,277 | — |
| 15 | TWST | 1.28% | 1,965,174 | — |
2026-05-19
15 holdings · 22.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | RVMD | 1.72% | 926,858 | — |
| 2 | TVTX | 1.69% | 3,119,665 | — |
| 3 | TGTX | 1.66% | 3,290,855 | — |
| 4 | ALKS | 1.59% | 3,324,175 | — |
| 5 | ARWR | 1.55% | 1,588,871 | — |
| 6 | NBIX | 1.44% | 712,574 | — |
| 7 | MDGL | 1.43% | 213,959 | — |
| 8 | KRYS | 1.41% | 362,030 | — |
| 9 | EXEL | 1.41% | 2,211,106 | — |
| 10 | CYTK | 1.40% | 1,450,789 | — |
| 11 | CELC | 1.40% | 797,475 | — |
| 12 | PRAX | 1.36% | 310,872 | — |
| 13 | SRRK | 1.34% | 2,138,017 | — |
| 14 | MIRM | 1.31% | 1,006,143 | — |
| 15 | PTCT | 1.28% | 1,405,793 | — |
Source: SEC filings and fund provider disclosures. Shows last 6 snapshot dates, top 15 holdings per date by weight.
Risk Profile
Sharpe = risk-adjusted return (higher is better). Computed from 1,200+ trading days with 5% risk-free rate.
Price Chart with Moving Averages
What Drove XBI Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Underwater (Drawdown from Peak)
How far below the all-time high the price has been over time. Deeper = more pain for holders.
Rolling 60-Day Beta vs S&P 500 (VOO)
How the ETF's sensitivity to market moves changes over time. β > 1 = more volatile than the market.
Yield & Income
Sector Drift Over Time
How XBI’s sector allocation has shifted across snapshots. Use the slider to travel through time.
Active Conviction Tracker
Shares bought and sold between the latest two data snapshots — reveals what the fund manager is actually doing.
Explore More
Quant metrics computed deterministically from financial statements and price data. Updated: 2026-06-02.
SecuritiesDB is for informational purposes only. Not investment advice.