Quarterly aggregate of stock reactions to clinical-readout events — TOPLINE and INTERIM data only (excludes regulatory submissions, AdComs, PDUFAs, approvals, FDA alignment, trial initiations, and earnings). All phases P1 → P3 included. For each catalyst with status=happened and a known event_date, we measure the +3-trading-day return from the prior close. Success rate = % of events with positive +3D return; Avg return = mean +3D return that quarter. Sample size per quarter varies — shown on hover.

Aggregate of post-earnings stock returns across all biotech companies in the universe. Success rate = % of companies with positive return over the selected window after earnings. Avg return = mean return across all reporting companies that bucket. Window is in trading days; pre-price is the close on the trading day strictly before the earnings date (avoids same-day BMO/AMC ambiguity).

Percent of biotechs trading below the per-share price of their most recent equity raise. Universe = every ticker in companies that has ever priced a PIPE, public offering, or IPO. Deal prices are split-adjusted. Type filter narrows to most-recent-of-that-type per ticker. Click a point to see which biotechs were underwater on that date.

A volume-based breadth indicator that measures the cumulative difference between advancing and declining volume in the biotech sector. Calculated using 19-day and 39-day exponential moving averages of net volume (up volume minus down volume). Rising values indicate strong buying pressure and positive momentum, while falling values suggest distribution and weakening breadth. Extreme readings can signal potential market turning points.

CBOE Volatility Index — measures 30-day expected volatility of the S&P 500, derived from options prices.

CBOE Nasdaq 100 Volatility Index — measures 30-day expected volatility of the Nasdaq 100, derived from options prices.

Annualized standard deviation of XBI daily log returns over a trailing 30-day window.

Rolling pairwise correlation of daily log returns across all XBI biotech holdings. High correlation = macro / systematic risk dominates. High dispersion = idiosyncratic / stock picker's market.

Rolling pairwise correlation of daily log returns across S&P sector ETFs. Provides a broad market baseline for comparison against biotech-specific correlation.

Cross-sectional standard deviation of daily returns, smoothed over 20 days. High dispersion = idiosyncratic alpha opportunities (stock picker's market).

Average rolling R-squared of each XBI constituent vs the XBI index over a 60-day window. Measures how much of each stock's movement is explained by the index.