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IBBQ vs XBI: which is really different?

IBBQ and XBI hold 43% of their weight in the same names, and XBI returned +45.0% over the year. Invesco Nasdaq Biotechnology ETF and State Street(R) SPDR(R) S&P(R) Biotech ETF.

IBBQ costs 0.16 points a year less; their one-year returns differ by 7.8 points; XBI is far larger, $9.9bn against $108m.

IBBQXBI
Expense ratio0.19%0.35%
Net assets, as of Oct 8, 2026$108m$9.9bn
Total return, 1 year+37.2%+45.0%
What it tracksBiotechBiotech
Holdings in common43%
S&P 500, total return, 1 year+17.3%
Against the S&P 500, 1 yearahead by 20.0 ptsahead by 27.7 pts
Below its all-time high5.3%, high on Aug 19, 202611.1%, high on Feb 8, 2021

Holdings in common uses holdings dated Oct 8, 2026.

39.8%
IBBQ in the S&P 500
12.7%
XBI in the S&P 500
+37.2%
IBBQ total return, 1 year
+45.0%
XBI total return, 1 year
IBBQ · 1 year to Oct 9, 202660% of its weight is outside the S&P 500
60% of its weight is outside the S&P 50040% of IBBQ's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Oct 8, 2026.40%60%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 99% · top ten 46% of the fund · 255 holdings as published by its issuer for Oct 8, 2026 · Nasdaq-100: 33% in60% of its weight is outside the S&P 50040% of IBBQ's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Oct 8, 2026.40%60%in the S&P 500outside the S&P 500active share 99% · Nasdaq-100: 33% in

40% of IBBQ's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Oct 8, 2026.

XBI · 1 year to Oct 9, 202687% of its weight is outside the S&P 500
87% of its weight is outside the S&P 50013% of XBI's weight is in S&P 500 companies and 87% is outside the index. Holdings as of Oct 8, 2026.13%87%inof its weight outside the S&P 500active share 98% · top ten 17% of the fund · 165 holdings as published by its issuer for Oct 8, 2026 · Nasdaq-100: 9% in87% of its weight is outside the S&P 50013% of XBI's weight is in S&P 500 companies and 87% is outside the index. Holdings as of Oct 8, 2026.13%87%inof its weight outside the S&P 500active share 98% · Nasdaq-100: 9% in

13% of XBI's weight is in S&P 500 companies and 87% is outside the index. Holdings as of Oct 8, 2026.

ETFIQ Off-Index Score · IBBQ scores higherHow much of it is not the index it is sold as an alternative to?
0.1, the lowest in this set92.3, the highest

A percentile among the 391 thematic ETFs with a holdings filing. All thematic ETFs ranked by it → How it is computed →

What they hold in common

By the books each fund has filed, IBBQ and XBI hold 43% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated Oct 8, 2026.

half

43% in common

Positions both hold, largest shared weight first
Holding IBBQ XBI
Moderna Inc 5.39% 2.20%
Amgen Inc 7.94% 1.58%
Biogen Inc 2.21% 1.57%
United Therapeutics Corp 1.57% 1.59%
Gilead Sciences Inc 8.42% 1.53%
Vertex Pharmaceuticals Inc 7.74% 1.47%
Regeneron Pharmaceuticals Inc 5.12% 1.39%
Revolution Medicines Inc 2.76% 1.37%
Incyte Corp 1.57% 1.36%
Alnylam Pharmaceuticals Inc 2.06% 1.32%
Roivant Sciences Ltd 1.69% 1.24%
Insmed Inc 1.50% 1.18%
Only in IBBQ
Illumina Inc 2.74%
Royalty Pharma PLC 1.72%
Argenx SE 1.52%
Guardant Health Inc 1.52%
Viatris Inc 1.37%
Medpace Holdings Inc 1.15%
Jazz Pharmaceuticals PLC 0.99%
Ascendis Pharma A/S 0.94%
Only in XBI
NATERA INC 1.79%
ABBVIE INC 1.65%
TG THERAPEUTICS INC 1.48%
DIANTHUS THERAPEUTICS INC 1.17%
VIKING THERAPEUTICS INC 0.98%
CAREDX INC 0.84%
CELCUITY INC 0.83%
HYPERLIQUID STRATEGIES 0.69%

43% of the two portfolios are the same securities at the same weight.

Performance, window by window

Total returnvs the S&P 500vs the Nasdaq-100
WindowIBBQXBIIBBQXBIIBBQXBI
3 months+5.3%−3.3%+1.9 pts−6.7 pts+1.7 pts−7.0 pts
6 months+20.0%+18.9%+4.9 pts+3.8 pts−3.2 pts−4.3 pts
1 year+37.2%+45.0%+20.0 pts+27.7 pts+13.6 pts+21.4 pts
3 years+79.7%+114.6%−6.1 pts+28.8 pts−27.6 pts+7.3 pts
Since launch
IBBQ Jun 2021 · XBI Feb 2006
+42.7%+890.7%−54.8 pts+92.2 pts−84.7 pts−1,164.7 pts

Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

IBBQ
Invesco Nasdaq Biotechnology ETF · Holds 255 stocks in biotech, 40% of its weight in S&P 500 companies
XBI
State Street(R) SPDR(R) S&P(R) Biotech ETF · Holds 165 stocks in biotech, 13% of its weight in S&P 500 companies
Issuer Invesco State Street
Theme Biotech Biotech
In the S&P 500 39.8% 12.7%
Active share vs the S&P 500 99.0% 98.4%
In the Nasdaq-100 32.8% 8.5%
Holdings 255 165
Top ten, share of the fund 46.1% 16.9%
Expense ratio 0.19% 0.35%
Fee for the differing part 0.19% 0.36%
Total return, 1 year +37.2% +45.0%
vs the S&P 500 +20.0 pts +27.7 pts
vs the Nasdaq-100 +13.6 pts +21.4 pts
Below its high −5.3% −11.1%
Net assets, as of Oct 8, 2026 $108m $9.9bn

As of Oct 9, 2026. Source: ETFIQ.

IBBQ in plain words

By weight, 40% of IBBQ's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 99%. The top ten holdings are 46% of the fund across 255 positions, as published by its issuer for Oct 8, 2026. Over the year to Oct 9, 2026 the fund returned +37.2% with distributions reinvested against +17.3% for the S&P 500, so a holder was ahead by 20.0 pts. It sits 5.3% below its all-time high of Aug 19, 2026.

XBI in plain words

By weight, 13% of XBI's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 98%. The top ten holdings are 17% of the fund across 165 positions, as published by its issuer for Oct 8, 2026. Over the year to Oct 9, 2026 the fund returned +45.0% with distributions reinvested against +17.3% for the S&P 500, so a holder was ahead by 27.7 pts. It sits 11.1% below its all-time high of Feb 8, 2021.

Questions people ask

Do IBBQ and XBI hold the same stocks?
By their latest filings, 43% of their books are the same securities at the same weight, which is a meaningful overlap. Overlap is the sum of the smaller weight of every security they share.
Which is more different from the S&P 500, IBBQ or XBI?
IBBQ has 40% of its weight in S&P 500 names and XBI has 13%, so IBBQ differs more from the index.
Which is cheaper, IBBQ or XBI?
IBBQ charges 0.19% a year and XBI charges 0.35%, so IBBQ is cheaper. Fees come from each fund's prospectus.
Other comparisons
IBBQ vs IBBIBBQ vs PBPHIBBQ vs PBEIBBQ vs BBCXBI vs BBCXBI vs BBHXBI vs BBPXBI vs FBT
IBBQ on its own →XBI on its own →How every figure is computed →Standards and sources →
Where these figures came from
IBBQ filings on SEC EDGAR ↗IBBQ prospectus with the expense ratio (SEC) ↗Invesco page for IBBQ ↗XBI filings on SEC EDGAR ↗XBI prospectus with the expense ratio (SEC) ↗State Street website ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

It is a position in a set, not a rating, and neither end of it is a recommendation.

Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed.

Every figure is an ETFIQ calculation with distributions reinvested.

Cite this page

ETFIQ, IBBQ against XBI, data as of Oct 9, 2026. https://etfiq.com/compare/themes/ibbq-vs-xbi

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.