XBI drawdown: 13.5% below the all-time high
SPDR S&P Biotech ETF (XBI) is 13.5% below its all-time high, set Feb 8, 2021 (as of market close, Jul 24, 2026). The chart shows every day as a percentage of the highest level reached up to that point: 100% means a fresh record, everything below is a drawdown. "All-time" means since our price data begins (2006).
- Below all-time high
- −13.5%
- 86.5% of ATH
- All-time high
- $174.0
- Feb 8, 2021
- Time below the high
- 5.5 yrs
- since Feb 8, 2021
- Worst-ever drawdown
- −63.9%
- May 11, 2022
- Longest underwater
- 5.5 yrs
- between all-time highs
- Today's level first reached
- Dec 22, 2020
- 5.6 yrs ago
- Last time this deep
- Sep 8, 2020
- in a previous episode
% of all-time high since 2006#
The classic underwater chart (drawdown curve), drawn as % of the all-time high — 100% is a fresh record, everything below it is time spent underwater.
% of all-time high on the price basis — the all-time high considers the full history of XBI, including years before the visible window. Dividends are excluded on this basis (the convention headlines use).
The deepest drawdowns on record#
Every decline of 15% or more from an all-time high (price basis), deepest first.
| Peak | Trough | Depth | Peak → trough | Recovered by | Underwater |
|---|---|---|---|---|---|
| Feb 8, 2021 | May 11, 2022 | −63.9% | 15 mo | not yet | 5.5 yrs+ |
| Jul 17, 2015 | Feb 11, 2016 | −49.4% | 7 mo | Jan 22, 2018 | 2.5 yrs |
| Aug 14, 2008 | Mar 5, 2009 | −37.6% | 7 mo | Apr 14, 2011 | 2.7 yrs |
| Jun 20, 2018 | Dec 24, 2018 | −35.3% | 6 mo | May 11, 2020 | 1.9 yrs |
| Feb 27, 2014 | May 8, 2014 | −29.2% | 2 mo | Oct 28, 2014 | 8 mo |
| Jul 22, 2011 | Aug 8, 2011 | −26.7% | 17 days | Jan 27, 2012 | 6 mo |
| Dec 6, 2007 | Mar 10, 2008 | −22.7% | 3 mo | Jul 15, 2008 | 7 mo |
| Feb 27, 2006 | Aug 14, 2006 | −21.9% | 6 mo | Aug 8, 2007 | 17 mo |
Price basis (no dividends) — the convention crash histories use. With dividends reinvested, recoveries arrive years earlier; switch the basis on the chart above to see it.
Drawdown vs what came next#
One dot per month since 2006: how far XBI stood below its all-time high, and the total return over the following 1, 5 and 10 years.
Read this with survivorship bias in mind: XBI is on this chart precisely because it survived — the many stocks that fell this far and never recovered (or were delisted) aren't on anyone's chart, so past recoveries here say little about the odds ahead. Monthly windows also overlap heavily (they are not independent samples). Not investment advice.
FAQ
- How far is XBI from its all-time high?
- XBI is currently 13.5% below its all-time high, set Feb 8, 2021 (as of market close, Jul 24, 2026). Prices only, the convention headlines use; with dividends reinvested the gap is usually smaller.
- What was the biggest XBI drawdown ever?
- The deepest decline on record in our data (since 2006) took the stock 63.9% below its prior high, bottoming May 11, 2022. The table on this page lists every major episode with its peak, trough and recovery date.
Methodology & related#
Daily closing prices since 2006 (split-adjusted). "All-time" means since our price data begins — XBI may have traded earlier. For a 150-year index drawdown record see the S&P 500 drawdown page. The price basis excludes dividends; the total-return basis reinvests them; the real basis additionally deflates by CPI. See also returns by year, 150 years of returns and the rolling-returns explorer. Past performance does not predict future returns; not investment advice.