XBI’s worst drop since 2006 was 64%
SPDR S&P Biotech ETF (XBI) fell 64% from Feb 2021 to May 2022. It has not closed above that Feb 2021 peak since, 5.7 years later. Over the same years the S&P 500 fell as much as 55%.
That drop ranks 48th deepest among the 203 ETFs PortfolioAutopsy tracks.
Drawdown from the last high, 2006 to now
How XBI held up in each crash
| Crash | Years | XBI | S&P 500 |
|---|---|---|---|
| Dot-com bust | 2000–02 | not trading yet | −47.5% |
| Financial crisis | 2007–09 | −37.6% | −55.2% |
| COVID crash | 2020 | −32.9% | −33.7% |
| 2022 rate shock | 2022 | −45.6% | −24.5% |
Each number is the deepest fall from a high inside that window, using daily prices with dividends reinvested.
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What was XBI’s maximum drawdown?
XBI’s deepest fall since 2006 was 63.9%, from its high on February 8, 2021 to its low on May 11, 2022. The figure uses daily prices with dividends reinvested.
How long did XBI take to recover?
It has not recovered yet. As of October 13, 2026 it sits 15.0% below that Feb 2021 high.
Was XBI riskier than the S&P 500?
Over the same years, XBI’s worst drop was 63.9% against 55.2% for the S&P 500 (SPY), and its worst 12 months were −53.7% against −47.4%.
Compare with
Daily adjusted closes from Yahoo Finance, February 7, 2006 through October 13, 2026, dividends reinvested. Historical facts, not a forecast and not investment advice.