# How Biogen (BIIB) compares with the whole market and its popular alternatives

> Source: BetterThanSPY research, https://betterthanspy.com/research/biib
> Data as of November 2, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

## The short answer

- **Returns:** −1.8% a year over the past 5 years, against +11.7% for the S&P 500. $10,000 grew to $9,000 over 10 years, against $42,000 in SPY.
- **Risk:** More volatile than the S&P 500: volatility 34.8% against 17.2%; worst decline in 10 years −72.7% against −33.7%.
- **Better options:** 10 of its 21 popular alternatives earned more with less volatility over the past 5 years, including LLY, REGN and AMGN.
- **Track record:** BIIB beat the S&P 500 in 14 of 29 full calendar years, and fell less than it in 5 of 10 major crashes.

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on BIIB alone. It places BIIB (Biogen Inc.) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where BIIB stands in the market, and of the alternatives worth a closer look.

Period covered: BIIB's full trading record, from September 1991 through October 2026. All returns include reinvested dividends. Data as of November 2, 2026.

## Key findings

- **Right now:** BIIB has run far ahead of the market, rising 33.0% over the past 6 months against 5.3% for the S&P 500 and 1.4% for the Nasdaq 100. That said, it is 47.7% below its high, bear-market territory, while the S&P 500 sits 3.5% below a record.
- **Stock or market?:** BIIB's 23.4% gain over the past 3 months far outran its industry: the neurology therapeutics ETF XBI (State Street SPDR S&P Biotech ETF) rose 3.2%. The S&P 500 fell 0.5%. BIIB rose 13.2% last month as the S&P 500 fell 2.3% and the Nasdaq 100 fell 9.1%.
- **Past 1 to 3 years:** Over the past year, BIIB rose 64.4% against 11.3% for the S&P 500 and 8.3% for the Nasdaq 100.
- **Long term:** BIIB turned $10,000 into $8,980 over the past decade, against $42,000 in the S&P 500. BIIB's 10-year loss of 10.2% puts it behind 86% of the stocks worth at least $300 million with that much history. The S&P 500 returned 320%.
- **In a crash:** The Covid crash took 21.2% off BIIB, against 33.7% for the S&P 500. That was more than LLY (Eli Lilly and Company, 16.9%) but less than NVS (Novartis, 25.5%).
- **Diversification:** Against the S&P 500, BIIB has a correlation of 0.06 over 5 years, less closely than 97% of stocks worth at least $300 million. Next to an index fund it is a real diversifier. That said, over 10 years BIIB took more of the market's losses than of its gains: 35% of the S&P 500's gains in rising months and 76% of its losses in falling ones, with a beta of 0.26.
- **Better options**
  - **Nearby categories and themes:** MRK (Merck & Co., Inc., pharmaceuticals) and BBH (VanEck Biotech ETF, biotechnology) earned more than BIIB with less volatility over the past 5 years. MRK returned 14.2% a year at 24.7% volatility, against a loss of 1.8% a year at 34.8%.
  - **Whole market:** 1,703 of the 3,627 stocks and funds worth at least $500 million earned more than BIIB with less volatility over the past 5 years, among them AAPL (Apple), MSFT (Microsoft) and GOOG (Alphabet).

## How much would $10,000 in BIIB have grown?

This chart tracks a hypothetical $10,000 investment in BIIB over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of BIIB over the same span and BIIB's popular alternatives, among those that traded for the entire period.

- $10,000 invested in BIIB at the end of October 1997 would have grown to $399,429 by October 2026, more than the $135,020 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of BIIB, and GILD finished highest, at $2,337,632.

## BIIB at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout.

- BIIB is still 47.7% below its all-time high.
- BIIB's deepest decline since it began trading in 1991 was 90.0%, from October 1991 to December 1994. It took 12 months from the low to climb back to its old high.
- Over 29 full calendar years, BIIB's best was 1999, when it returned 318%, and its worst was 2002, when it lost 51.9%. It lost money in 11 of those years.

- Type: Stock, Healthcare (Drug Manufacturers - General)
- Trading since: September 17, 1991
- Market value: $37B
- Volatility (5 years): 34.8%; Sharpe ratio: 0.11
- Worst decline ever: −90.0%, from October 16, 1991 to December 16, 1994; back at its high by December 26, 1995

| Period | BIIB total return |
| --- | --- |
| 1 month | +13.2% |
| 3 months | +23.4% |
| 6 months | +33.0% |
| year to date | +40.0% |
| 1 year | +64.4% |
| 3 years | +3.0% |
| 5 years | −8.6% |
| 10 years | −10.2% |

## BIIB against the whole market

Where BIIB ranks among every stock and fund, and what across the market has done better.

### How does BIIB rank among all stocks?

This section ranks BIIB on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history.

- BIIB's 10-year return ranks in the bottom 14% of the 2,186 stocks worth at least $300 million with 10 years of history.
- BIIB's 1-year return ranks in the top 11% of the 3,272 stocks worth at least $300 million with 1 year of history.

| Measure | BIIB | Rank |
| --- | --- | --- |
| 1-year return | +64.4% | 361 of 3,272 (top 12%) |
| 3-year return | +3.0% | 2,266 of 2,999 (top 76%) |
| 5-year return | −8.6% | 1,864 of 2,886 (top 65%) |
| 10-year return | −10.2% | 1,875 of 2,186 (top 86%) |
| Volatility, 5 years | 34.8% | 1,116 of 2,886 (top 39%) |
| Sharpe ratio, 5 years | 0.11 | 2,097 of 2,886 (top 73%) |
| Worst decline, past 10 years | −72.7% | 1,381 of 2,183 (top 64%) |

### What has beaten BIIB on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer).

- 774 stocks and 929 ETFs worth at least $500 million sit in the green region: each earned more than BIIB over the past 5 years with smaller price swings. That is 47% of the 3,627 screened.
- Among those with at least half BIIB's swings, CAH has the best return for its risk: 41.9% a year at 24.8% volatility, 29% less than BIIB's 34.8%, and a Sharpe ratio (return above cash per unit of volatility) of 1.54 against 0.11 for BIIB. HWM earned the most, 47.8% a year, while still swinging less than BIIB (33.0% against 34.8%).
- Among BIIB's popular alternatives, LLY, GILD and NVS are in the region. LLY earned 41.9% a year against a loss of 1.8% a year for BIIB, at 33.0% volatility, 5% less than BIIB's 34.8%.

### Is there a better investment than BIIB?

The table below lists investments that beat BIIB over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes.

- Among BIIB's popular alternatives, LLY, REGN and AMGN earned more than BIIB with less volatility over the past 5 years. LLY returned 41.9% a year at 33.0% volatility, against a loss of 1.8% a year at 34.8%.
- Looking beyond its popular alternatives, MRK (pharmaceuticals) and BBH (biotechnology) earned more than BIIB with less volatility over the past 5 years. MRK returned 14.2% a year at 24.7% volatility, against a loss of 1.8% a year at 34.8%.
- Across the whole market, 1,703 of the 3,627 stocks and funds worth at least $500 million earned more than BIIB with less volatility over the past 5 years, among them AAPL, MSFT and GOOG.

The 15 strongest of 1,703 investments that beat BIIB over the past 5 years, out of 3,627 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with BIIB | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| BIIB: Biogen Inc. (this page) |  | −1.8% | 34.8% | 0.11 | −72.7% | −10.2% |  |  |
| [LLY](https://betterthanspy.com/research/lly): Eli Lilly and Company | Pharmaceuticals | +41.9% | 33.0% | 1.23 | −34.5% | +2,172% | 0.31 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| USFR: WisdomTree Floating Rate Treasury Fund | Treasury Bonds | +4.0% | 0.4% | 9.82 | −0.8% | +28.9% | -0.03 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [PSX](https://betterthanspy.com/research/psx): Phillips 66 | Oil Refining | +33.6% | 32.9% | 1.05 | −64.2% | +410% | 0.01 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| FLRT: Pacer Aristotle Pacific Floating Rate High Income ETF | Bank Loans | +6.0% | 2.3% | 2.54 | −20.9% | +58.7% | -0.14 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [GLD](https://betterthanspy.com/research/gld): SPDR Gold Shares | Gold | +16.7% | 19.1% | 0.91 | −28.3% | +193% | -0.03 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| SAIC: Science Applications International Corporation | Business Services | +12.5% | 30.7% | 0.54 | −45.9% | +163% | -0.07 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| FLOT: iShares Floating Rate Bond ETF | Floating Rate Bonds | +4.5% | 1.8% | 2.50 | −13.5% | +35.9% | -0.06 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| EXLS: ExlService Holdings, Inc. | IT Services | +10.4% | 32.6% | 0.47 | −51.3% | +377% | -0.08 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VTIP](https://betterthanspy.com/research/vtip): Vanguard Short-Term Inflation-Protected Securities ETF | Inflation-Protected Bonds | +2.7% | 2.9% | 0.96 | −6.3% | +33.3% | -0.14 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [REGN](https://betterthanspy.com/research/regn): Regeneron Pharmaceuticals, Inc. | Antibody Therapeutics | +8.7% | 31.6% | 0.42 | −59.7% | +182% | 0.42 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| VGSH: Vanguard Short-Term Treasury ETF | Short-Term Treasuries | +2.1% | 2.0% | 1.04 | −5.6% | +19.6% | 0.02 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [WELL](https://betterthanspy.com/research/well): Welltower Inc. | Healthcare REITs | +26.9% | 23.9% | 1.12 | −63.3% | +408% | 0.06 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [VCSH](https://betterthanspy.com/research/vcsh): Vanguard Short-Term Corporate Bond ETF | Short-Term Corporate Bonds | +2.5% | 2.9% | 0.86 | −12.9% | +29.9% | 0.07 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| JAAA: Janus Henderson AAA CLO ETF | AAA CLO Debt | +5.1% | 1.7% | 3.00 | −2.6% | — | -0.02 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| NEAR: iShares Short Duration Bond Active ETF | Short-Term Bonds | +4.0% | 1.4% | 2.77 | −9.6% | +32.5% | 0.02 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |

## BIIB against its popular alternatives

The investments people most often weigh against BIIB, compared period by period and year by year.

### How do BIIB's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings.

- Ten of the 21 popular alternatives, led by LLY, GILD and VRTX, were both more rewarding and calmer than BIIB over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, BIIB returned -1.8% a year, less than the S&P 500's 11.7%, with higher volatility (34.8% against 17.2%).

### Has BIIB consistently beaten its popular alternatives?

This section compares BIIB with the investments people most often weigh against it, checking each one over eight periods from one month to ten years.

- Five of the 21 popular alternatives, led by LLY, AMGN and GILD, outperformed BIIB in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- LLY, GILD and NVS earned more for the risk they took than BIIB (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
- NVS outperformed BIIB over all three long-term periods but in only one of the five short-term ones, so BIIB has had the better of it lately.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of BIIB | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| BIIB: Biogen Inc. (this page) | +64.4% | +3.0% | −8.6% | −10.2% |  |  | 0.11 |
| [LLY](https://betterthanspy.com/research/lly): Eli Lilly and Company | +58.4% | +148% | +475% | +2,172% | 3/5 short-term, 3/3 long-term | consistent | 1.23 |
| [AMGN](https://betterthanspy.com/research/amgn): Amgen Inc. | +61.4% | +91.0% | +154% | +352% | 3/5 short-term, 3/3 long-term | consistent | 0.88 |
| [GILD](https://betterthanspy.com/research/gild): Gilead Sciences, Inc. | +43.0% | +130% | +209% | +235% | 3/5 short-term, 3/3 long-term | consistent | 1.03 |
| [REGN](https://betterthanspy.com/research/regn): Regeneron Pharmaceuticals, Inc. | +50.4% | +18.5% | +51.9% | +182% | 3/5 short-term, 3/3 long-term | consistent | 0.42 |
| ILMN: Illumina, Inc. | +88.8% | +108% | −44.1% | +71.9% | 3/5 short-term, 2/3 long-term | consistent | -0.01 |
| [TMO](https://betterthanspy.com/research/tmo): Thermo Fisher Scientific Inc. | +21.3% | +54.0% | +8.8% | +382% | 1/5 short-term, 3/3 long-term |  | 0.20 |
| [NVS](https://betterthanspy.com/research/nvs): Novartis AG | +32.9% | +86.1% | +134% | +265% | 1/5 short-term, 3/3 long-term |  | 0.93 |
| [IQV](https://betterthanspy.com/research/iqv): IQVIA Holdings Inc. | +20.8% | +35.7% | +0.2% | +257% | 1/5 short-term, 3/3 long-term |  | 0.17 |
| [SNY](https://betterthanspy.com/research/sny): Sanofi | −5.4% | +10.8% | +7.1% | +70.2% | 1/5 short-term, 3/3 long-term |  | 0.18 |
| PTCT: PTC Therapeutics, Inc. | −10.4% | +237% | +52.8% | +874% | 0/5 short-term, 3/3 long-term |  | 0.43 |
| [VRTX](https://betterthanspy.com/research/vrtx): Vertex Pharmaceuticals Incorporated | +29.8% | +46.9% | +205% | +609% | 0/5 short-term, 3/3 long-term |  | 0.92 |
| NBIX: Neurocrine Biosciences, Inc. | +2.4% | +28.2% | +52.1% | +242% | 0/5 short-term, 3/3 long-term |  | 0.42 |
| [BMY](https://betterthanspy.com/research/bmy): Bristol-Myers Squibb Company | +43.0% | +42.0% | +32.2% | +77.9% | 0/5 short-term, 3/3 long-term |  | 0.35 |
| ALNY: Alnylam Pharmaceuticals, Inc. | −63.6% | −2.2% | −5.8% | +339% | 0/5 short-term, 2/3 long-term |  | 0.23 |
| [DHR](https://betterthanspy.com/research/dhr): Danaher Corporation | +7.3% | +20.3% | −15.7% | +253% | 0/5 short-term, 2/3 long-term |  | 0.03 |
| IONS: Ionis Pharmaceuticals, Inc. | −44.0% | −5.7% | +25.1% | +52.7% | 0/5 short-term, 2/3 long-term |  | 0.32 |
| ACAD: Acadia Pharmaceuticals Inc. | −8.5% | −11.0% | +6.7% | −7.0% | 0/5 short-term, 2/3 long-term |  | 0.30 |
| PRAX: Praxis Precision Medicines, Inc. | +50.6% | +1,709% | −15.8% | — | 0/5 short-term, 1/3 long-term |  | 0.56 |
| BMRN: BioMarin Pharmaceutical Inc. | +8.7% | −27.9% | −30.9% | −29.0% | 0/5 short-term, 0/3 long-term |  | -0.06 |
| SRPT: Sarepta Therapeutics, Inc. | −25.1% | −76.4% | −77.5% | −51.0% | 0/5 short-term, 0/3 long-term |  | -0.05 |
| DNLI: Denali Therapeutics Inc. | +22.8% | −3.7% | −63.1% | — | 0/5 short-term, 0/3 long-term |  | -0.02 |

### How did BIIB do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where BIIB ranked among its popular alternatives each year.

- BIIB finished ahead of the S&P 500 in 14 of its 29 full calendar years, and behind it in each of the last three.
- Among its popular alternatives, IQV came out ahead of BIIB most often, in ten of the 12 years both traded.
- Ranked against its popular alternatives each year, BIIB finished in the top quarter in six of 29 years and in the bottom quarter in five. In 2025, it ranked 10 of 22.

| Year | BIIB | SPY |
| --- | --- | --- |
| 2025 | +15.1% | +17.7% |
| 2024 | −40.9% | +24.9% |
| 2023 | −6.6% | +26.2% |
| 2022 | +15.4% | −18.2% |
| 2021 | −2.0% | +28.7% |
| 2020 | −17.5% | +18.3% |
| 2019 | −1.4% | +31.2% |
| 2018 | −5.5% | −4.6% |
| 2017 | +12.3% | +21.7% |
| 2016 | −7.4% | +12.0% |

## Risk and diversification

How BIIB has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

### What were BIIB's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high.

- In all four of BIIB's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: BIIB fell 76.2% from March 2015 to April 2025, while the S&P 500 rose 196%.
- The slowest recovery came after BIIB fell 62.6% from December 2000 to March 2003; it did not regain that peak until October 2007, five years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −90.0% | October 16, 1991 | December 16, 1994 | December 26, 1995 | — |  |
| −76.2% | March 20, 2015 | April 10, 2025 | not yet | +196% | 2022 bear market |
| −66.5% | March 6, 2000 | April 24, 2000 | September 27, 2000 | +2.1% | dot-com bust |
| −62.6% | December 18, 2000 | March 11, 2003 | October 15, 2007 | −37.6% | dot-com bust |
| −61.9% | October 7, 1997 | September 1, 1998 | December 18, 1998 | +2.9% |  |

### How did BIIB do in stock market crashes?

This section measures how far BIIB, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000.

- Among its popular alternatives, LLY held up best, falling less than BIIB in all ten crashes they both traded through.
- BIIB fell less than the S&P 500 in five of the ten crashes it has traded through. The clearest case was the Covid crash, when BIIB fell 21.2% and the S&P 500 fell 33.7%.

| Crash | Dates | BIIB fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −59.8% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −52.7% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −0.6% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −19.4% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −24.6% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −9.3% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −21.7% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −21.2% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −22.4% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −2.5% | −3.4% |

### How closely does BIIB move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell.

- 15 of the 18 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than BIIB's 0.45, led by VRTX, GILD and PTCT.
- LLY took just -14% of the S&P 500's losses, against 76% for BIIB, while still keeping 101% of its gains.
- Over the past 10 years, BIIB captured 35% of the S&P 500's gains in rising months and 76% of its losses in falling months, with a beta of 0.26. Its share of the market's losses was larger than its share of the gains.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| BIIB: Biogen Inc. (this page) | 35.0% | 76.0% | 0.26 |
| [LLY](https://betterthanspy.com/research/lly): Eli Lilly and Company | 101% | −14.0% | 0.34 |
| [AMGN](https://betterthanspy.com/research/amgn): Amgen Inc. | 74.0% | 46.0% | 0.51 |
| [GILD](https://betterthanspy.com/research/gild): Gilead Sciences, Inc. | 52.0% | 22.0% | 0.33 |
| [REGN](https://betterthanspy.com/research/regn): Regeneron Pharmaceuticals, Inc. | 55.0% | 42.0% | 0.15 |
| ILMN: Illumina, Inc. | 120% | 192% | 1.18 |
| [TMO](https://betterthanspy.com/research/tmo): Thermo Fisher Scientific Inc. | 104% | 97.0% | 0.79 |
| [NVS](https://betterthanspy.com/research/nvs): Novartis AG | 69.0% | 49.0% | 0.47 |
| [IQV](https://betterthanspy.com/research/iqv): IQVIA Holdings Inc. | 128% | 160% | 1.29 |
| [SNY](https://betterthanspy.com/research/sny): Sanofi | 53.0% | 71.0% | 0.46 |
| PTCT: PTC Therapeutics, Inc. | 112% | 66.0% | 0.78 |
| [VRTX](https://betterthanspy.com/research/vrtx): Vertex Pharmaceuticals Incorporated | 87.0% | 36.0% | 0.43 |
| NBIX: Neurocrine Biosciences, Inc. | 69.0% | 54.0% | 0.54 |
| [BMY](https://betterthanspy.com/research/bmy): Bristol-Myers Squibb Company | 55.0% | 71.0% | 0.40 |
| ALNY: Alnylam Pharmaceuticals, Inc. | 92.0% | 78.0% | 0.70 |
| [DHR](https://betterthanspy.com/research/dhr): Danaher Corporation | 84.0% | 81.0% | 0.75 |
| IONS: Ionis Pharmaceuticals, Inc. | 71.0% | 105% | 0.71 |
| ACAD: Acadia Pharmaceuticals Inc. | 40.0% | 89.0% | 0.74 |
| BMRN: BioMarin Pharmaceutical Inc. | 20.0% | 63.0% | 0.37 |
| SRPT: Sarepta Therapeutics, Inc. | 71.0% | 188% | 0.84 |

### What diversifies BIIB?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions).

- Moving a fifth of the money in BIIB into AMLP would have cut the portfolio's volatility by 20% over the past 5 years and raised its annual return (-1.0% for BIIB alone, +3.5% for the mix).
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of BIIB over the past 5 years, with correlations of 0.12 or lower, and each still earned a positive 5-year return.
- FTLS made money in seven of the 11 calendar years in which BIIB lost money.

| Investment | Correlation with BIIB | 5Y return | Volatility | Sharpe | Rose in BIIB's 11 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.12 | +119% | 11.1% | 1.48 | 4 of 11 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.11 | +220% | 19.1% | 1.32 | 7 of 11 |
| EMLP: First Trust North American Energy Infrastructure Fund | -0.02 | +108% | 14.4% | 1.09 | 5 of 11 |
| HDV: iShares Core High Dividend ETF | 0.10 | +87.1% | 13.0% | 1.03 | 5 of 11 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.18 | +82.4% | 13.8% | 0.94 | 7 of 11 |
| FTLS: First Trust Long/Short Equity ETF | 0.03 | +58.7% | 10.5% | 0.94 | 7 of 11 |
| AMLP: Alerian MLP ETF | -0.09 | +120% | 18.9% | 0.93 | 5 of 11 |
| [XLE](https://betterthanspy.com/research/xle): State Street Energy Select Sector SPDR ETF | -0.01 | +177% | 25.6% | 0.93 | 5 of 11 |

## Common questions

### What was BIIB's worst drawdown?

BIIB's deepest decline since it began trading in 1991 was 90.0%, from October 1991 to December 1994. It took 12 months from the low to climb back to its old high.

### What were BIIB's best and worst years?

Over 29 full calendar years, BIIB's best year was 1999, when it returned 318%. Its worst was 2002, with a return of -51.9%.

### Is there a better investment than BIIB?

Among BIIB's popular alternatives, LLY, REGN and AMGN earned more than BIIB with less volatility over the past 5 years. LLY returned 41.9% a year at 33.0% volatility, against a loss of 1.8% a year at 34.8%. Looking beyond its popular alternatives, MRK (pharmaceuticals) and BBH (biotechnology) earned more than BIIB with less volatility over the past 5 years. MRK returned 14.2% a year at 24.7% volatility, against a loss of 1.8% a year at 34.8%.

### Is BIIB more volatile than the S&P 500?

Yes. BIIB's volatility over the past 5 years was 34.8%, about twice the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BIIB's return lands within 34.8% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

### What is BIIB's Sharpe ratio?

BIIB's Sharpe ratio over the past 5 years was 0.11, against 0.73 for the S&P 500, so BIIB earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

### How correlated is BIIB with the S&P 500?

Over the past 5 years, BIIB's monthly returns had a correlation of 0.06 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are close to unrelated, or move in opposite directions, so it can steady a stock portfolio. In the table, the correlation column measures each option against BIIB instead: the lower it is, the more that option would diversify a BIIB holding.

### What are the best alternatives to BIIB?

Of the 21 popular alternatives we compared, five outperformed BIIB in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: LLY, AMGN and GILD.

### Did BIIB outperform the S&P 500?

BIIB finished ahead of the S&P 500 (SPY) in 14 of 29 full calendar years. In 2025, it returned +15.1%, against +17.7% for the index.

### How did BIIB do in stock market crashes?

BIIB fell less than the S&P 500 (SPY) in five of the ten major crashes it has traded through, and further in five. The clearest case was the Covid crash, when BIIB fell 21.2% and the S&P 500 fell 33.7%.

### What diversifies BIIB?

These had a low correlation with BIIB over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.12), DXJ (correlation 0.11) and EMLP (correlation -0.02); among large stocks, CAH (correlation 0.11), MPC (correlation 0.06) and MCK (correlation -0.04). A correlation near zero means the two have moved largely independently.

## More research

- [Is LLY Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/lly)
- [Is AMGN Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/amgn)
- [Is GILD Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/gild)
- [Is REGN Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/regn)
- [Is TMO Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/tmo)
- [Is NVS Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/nvs)
- [Is IQV Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/iqv)
- [Is SNY Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/sny)
- [Is VRTX Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/vrtx)
- [Is BMY Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/bmy)
- [Is DHR Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/dhr)
- [Is SCHD Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/schd)

## Explore further

- Full page with charts: https://betterthanspy.com/research/biib
- All research pages: https://betterthanspy.com/llms.txt
- Compare the entire market against BIIB live: https://betterthanspy.com/?b=BIIB