IBBQ vs XBI: Grades, Fees and Holdings Compared

Invesco Nasdaq Biotechnology ETF

IBBQANasdaq

State Street SPDR S&P Biotech ETF

XBIANYSE Arca

Overlap

42.9%by weight

Expense ratio

IBBQ −0.16pt a year

IBBQ0.19%XBI0.35%

Avg volume · 30D

XBI 244.3×the volume

IBBQ36.6KXBI8.95M

5Y return · a year

IBBQ +4.0pt

IBBQ+8.7%XBI+4.7%

IBBQ vs XBI Performance

Oct 29, 2021 – Oct 30, 2026

+51.6%IBBQ+25.8%XBI

Expense ratio: IBBQ 0.19%, better; XBI 0.35%
Fund size: IBBQ $120M; XBI $10.8B
1Y total return: IBBQ +37.1%; XBI +39.0%, better
Yield (12M): IBBQ 1.08%, better; XBI 0.35%
Holdings: IBBQ 250; XBI 164
Avg volume (30D): IBBQ 36.6K sh; XBI 8.95M sh, better
NAV per share: IBBQ $36.17; XBI $157.82
52W range

ETF.net Grade

Pillar letters and Scores for IBBQ, XBI, with each pillar’s weight
Pillar	IBBQ	XBI
Cost30% weight	A100Higher	A81
Mission25% weight	A84	A85Higher
Risk15% weight	A73Higher	C47
Tradability15% weight	C48	A99Higher
Holdings10% weight	B62	A88Higher
Durability5% weight	C42	A89Higher

Rank among Biotech & Genomics funds

How we build Categories ›

Same Category. IBBQ and XBI are both graded against the same 17 Biotech & Genomics funds, so their Grades compare head to head.

Biotech & Genomics⁠

Category · 17 funds

See all 17 ›

XBI ranks 1st and IBBQ 2nd of 17 funds in the Biotech & Genomics Category.

Rank 1AXBIState Street SPDR S&P Biotech ETFScore 80
Rank 2AIBBQInvesco Nasdaq Biotechnology ETFScore 77
Rank 3AIBBiShares Biotechnology ETFScore 75

Our read on each fund

ETF.net Research

IBBQAInvesco Nasdaq Biotechnology ETF

XBIAState Street SPDR S&P Biotech ETF

In short

IBBQ The broad Nasdaq biotech benchmark, bought cheap. IBBQ tracks the whole listed biotech and pharma field, roughly 300 names, for 0.19% a year, well under half the typical fee in its category.

XBI Biotech's great leveler. Its index weights roughly 160 US biotechs near-equally, so a clinical-stage minnow carries about as much as a megacap. Live since 2006 and one of the most heavily traded funds in the sector.

Stated mandate

IBBQ The Fund tracks the Nasdaq Biotechnology Index and normally invests at least 90% of its assets in index constituents. The index covers Nasdaq-listed companies classified as biotechnology or pharmaceutical companies.

XBI The fund seeks to track, before fees and expenses, the total return performance of the S&P Biotechnology Select Industry Index.

Why people hold it

IBBQ At 0.19% a year, the lowest fee among its closest biotech rivals and less than half the category median.
Holds roughly 300 Nasdaq-listed biotech and pharma companies, so one failed trial or one blockbuster is a slice of the fund, not the whole story.invesco.com
Rules first: normally at least 90% of assets sit in Nasdaq Biotechnology Index constituents. No manager guessing which pipeline pays off.invesco.com
Stands in the top quartile of the biotech and genomics funds we grade, keeping company with far larger rivals like XBI and IBB.

XBI Modified equal weighting spreads exposure across roughly 160 biotechs instead of a handful of giants, so small drug developers actually move the fund.ssga.com
0.35% a year sits below the typical fee in its biotech peer group, which is unusual for a specialist sleeve this narrow.
Among the most heavily traded funds in biotech and multi-billion-dollar in size, so getting in and out is rarely the hard part.
A 2006 launch from State Street's SPDR line, meaning it has traded through several biotech booms and busts rather than one hot cycle. Pays quarterly.

Worth knowing

IBBQ Thinly traded next to the category's giants, so bid-ask spreads can widen. Limit orders matter more here than in a heavily traded fund.
One sector, and a jumpy one: biotech and pharma prices move on trial data and regulatory decisions, a rougher ride than a broad-market fund.invesco.com
Launched in 2021, so a shorter live record and a smaller asset base than the category's long-standing funds.

XBI Equal weighting leans hard on smaller, clinical-stage names where a single trial readout moves a stock, so swings run deeper than cap-weighted rivals like IBB.ssga.com nasdaqomx.com
Not the cheapest ticket on the shelf: Invesco's IBBQ charges 0.19% against XBI's 0.35%.
One US industry only, drawn from the biotechnology segment of the S&P Total Market Index, so it can drift a long way from the broad market either direction.ssga.com

Full IBBQ profile⁠

Full XBI profile⁠

IBBQ vs XBI Holdings

How IBBQ and XBI differ

Overlap by weight

42.9%

Shared holdings make up 83.9% of XBI and 73.7% of IBBQ.

Level by level

Holdings118 in both42.9%
Countryby domicile97.3%
Sector2 Sectors99.3%
Asset classEquity100%

Sector

Sector weights in IBBQ and XBI, widest gap first
Sector	More in IBBQMore in XBI	IBBQ	XBI
Health Care	IBBQ +0.7 points	100.0%	99.3%
Financials	XBI +0.7 points	0.0%	0.7%

Country, concentration and asset class

Country by domicile

Country weights in IBBQ and XBI, widest gap first
Country	More in IBBQMore in XBI	IBBQ	XBI
United States	XBI +1.5 points	95.2%	96.7%
Switzerland	XBI +1.0 points	0.4%	1.4%
France	IBBQ +0.9 points	0.9%	0.0%
United Kingdom	IBBQ +0.7 points	2.0%	1.3%
Canada	IBBQ +0.5 points	0.5%	0.0%
Other countries (8)	IBBQ +0.5 points	1.1%	0.6%

Concentration

Weight in the 10 largest Holdings

IBBQ47.2%
XBI18.0%

Securities held

IBBQ248
XBI163

Asset class

IBBQ: Equity
XBI: Equity

Holdings

Only in IBBQ130
In both118
Only in XBI45

Only in IBBQ

130 securities, 26.3% of IBBQ by weight

Illumina Inc2.79%
Royalty Pharma PLC1.87%
Guardant Health Inc1.58%
Argenx SE1.55%
Viatris Inc1.40%
Medpace Holdings Inc1.20%
Ascendis Pharma A/S0.99%
Tempus AI Inc0.87%
Jazz Pharmaceuticals PLC0.86%
BeOne Medicines Ltd0.85%
BioNTech SE0.66%
Caris Life Sciences Inc0.65%
10X Genomics Inc0.63%
Sanofi SA0.59%
Axsome Therapeutics Inc0.48%
Amneal Pharmaceuticals Inc0.47%
Ligand Pharmaceuticals Inc0.41%
Genmab A/S0.35%
Definium Therapeutics Inc0.32%
Abivax SA0.32%
Kiniksa Pharmaceuticals International Plc0.30%
Adaptive Biotechnologies Corp0.29%
AbCellera Biologics Inc0.27%
Edgewise Therapeutics Inc0.27%
Indivior Pharmaceuticals Inc0.26%
Xenon Pharmaceuticals Inc0.23%
Amylyx Pharmaceuticals Inc0.23%
Tarsus Pharmaceuticals Inc0.22%
Enliven Therapeutics Inc0.21%
MBX Biosciences Inc0.17%
Newamsterdam Pharma Co NV0.16%
Supernus Pharmaceuticals Inc0.15%
Pharvaris NV0.15%
Aurinia Pharmaceuticals Inc0.15%
Harmony Biosciences Holdings Inc0.14%
Fortrea Holdings Inc0.14%
Septerna Inc0.14%
Legend Biotech Corp0.13%
Zymeworks Inc0.13%
Trevi Therapeutics Inc0.13%
Xeris Biopharma Holdings Inc0.12%
Structure Therapeutics Inc0.11%
Maze Therapeutics Inc0.11%
Personalis Inc0.11%
ANI Pharmaceuticals Inc0.11%
Alvotech SA0.11%
Compass Pathways Plc0.10%
UroGen Pharma Ltd0.10%
Ocular Therapeutix Inc0.10%
Eton Pharmaceuticals Inc0.10%

Only in XBI

45 securities, 16.1% of XBI by weight

Natera Inc1.89%
AbbVie Inc1.66%
Tg Therapeutics Inc1.52%
Dianthus Therapeutics Inc1.11%
Caredx Inc0.92%
Viking Therapeutics Inc0.90%
Celcuity Inc0.81%
Hyperliquid Strategies0.72%
Viridian Therapeutics Inc0.60%
Biohaven Ltd0.59%
Sellas Life Sciences Group I0.56%
Palvella Therapeutics Inc0.53%
Celldex Therapeutics Inc0.47%
Arcus Biosciences Inc0.37%
Nektar Therapeutics0.37%
Immunome Inc0.35%
Jade Biosciences Inc0.24%
Verastem Inc0.21%
Hemab Therapeutics Holdings0.20%
Myriad Genetics Inc0.18%
Immix Biopharma Inc0.16%
Kailera Therapeutics Inc0.16%
Damora Therapeutics Inc0.15%
Achieve Life Sciences Inc0.15%
Capricor Therapeutics Inc0.11%
Emergent Biosolutions Inc0.11%
Climb Bio Inc0.11%
Avalo Therapeutics Inc0.11%
Shattuck Labs Inc0.10%
Monopar Therapeutics Inc0.10%
Aktis Oncology Inc0.08%
Ocugen Inc0.08%
Mimedx Group Inc0.07%
Ovid Therapeutics Inc0.07%
Contra Metsera Inc0.07%
Assembly Biosciences Inc0.06%
Crescent Biopharma Inc0.05%
Faeth Therapeutics Inc0.04%
Compass Therapeutics Inc0.04%
Bridgebio Oncology Therapeut0.02%
Contra Akero Therapeut0.01%
Contra Inhibrx Inc<0.01%
Contra Mirati Therapeu<0.01%
Contra Verve Therapeut<0.01%
Contra Blueprint Medic<0.01%

Weight gaps

The 100 widest of 118 Holdings in both funds.

Holding weights in IBBQ and XBI, widest gap first
Holding	More in IBBQMore in XBI	IBBQ	XBI
Gilead Sciences IncGILD	IBBQ +7.18 points	8.81%	1.63%
Amgen IncAMGN	IBBQ +6.66 points	8.35%	1.69%
Vertex Pharmaceuticals IncVRTX	IBBQ +6.24 points	7.73%	1.49%
Regeneron Pharmaceuticals IncREGN	IBBQ +3.82 points	5.27%	1.45%
Moderna IncMRNA	IBBQ +3.31 points	5.67%	2.36%
Revolution Medicines IncRVMD	IBBQ +1.29 points	2.60%	1.31%
Twist Bioscience CorpTWST	XBI +1.25 points	0.73%	1.98%
Oruka Therapeutics IncORKA	XBI +1.11 points	0.41%	1.52%
CRISPR Therapeutics AGCRSP	XBI +1.10 points	0.33%	1.43%
Spyre Therapeutics IncSYRE	XBI +1.08 points	0.55%	1.63%
GRAIL IncGRAL	XBI +1.06 points	0.45%	1.51%
PTC Therapeutics IncPTCT	XBI +1.03 points	0.34%	1.37%
Alkermes PLCALKS	XBI +0.94 points	0.49%	1.43%
Veracyte IncVCYT	XBI +0.91 points	0.27%	1.18%
Erasca IncERAS	XBI +0.89 points	0.33%	1.22%
Cogent Biosciences IncCOGT	XBI +0.86 points	0.35%	1.21%
Kodiak Sciences IncKOD	XBI +0.85 points	0.40%	1.25%
Protagonist Therapeutics IncPTGX	XBI +0.82 points	0.60%	1.42%
Halozyme Therapeutics IncHALO	XBI +0.80 points	0.95%	1.75%
Travere Therapeutics IncTVTX	XBI +0.80 points	0.30%	1.10%
Beam Therapeutics IncBEAM	XBI +0.77 points	0.19%	0.96%
Iovance Biotherapeutics IncIOVA	XBI +0.76 points	0.28%	1.04%
Ultragenyx Pharmaceutical IncRARE	XBI +0.72 points	0.11%	0.83%
Krystal Biotech IncKRYS	XBI +0.73 points	0.61%	1.34%
Praxis Precision Medicines IncPRAX	XBI +0.69 points	0.51%	1.20%
Arcutis Biotherapeutics IncARQT	XBI +0.68 points	0.26%	0.94%
Mirum Pharmaceuticals IncMIRM	XBI +0.67 points	0.36%	1.03%
Ionis Pharmaceuticals IncIONS	XBI +0.67 points	0.47%	1.14%
Cytokinetics IncCYTK	XBI +0.67 points	0.56%	1.23%
Rhythm Pharmaceuticals IncRYTM	XBI +0.66 points	0.41%	1.07%
Biogen IncBIIB	IBBQ +0.65 points	2.35%	1.70%
Relay Therapeutics IncRLAY	XBI +0.65 points	0.27%	0.92%
Tango Therapeutics IncTNGX	XBI +0.65 points	0.24%	0.89%
Kymera Therapeutics IncKYMR	XBI +0.62 points	0.65%	1.27%
Vaxcyte IncPCVX	XBI +0.62 points	0.59%	1.21%
CG oncology IncCGON	XBI +0.59 points	0.36%	0.95%
Exelixis IncEXEL	XBI +0.59 points	1.04%	1.63%
BioMarin Pharmaceutical IncBMRN	XBI +0.57 points	0.71%	1.28%
Recursion Pharmaceuticals IncRXRX	XBI +0.54 points	0.14%	0.68%
Dyne Therapeutics IncDYN	XBI +0.52 points	0.20%	0.72%
Alnylam Pharmaceuticals IncALNY	IBBQ +0.51 points	1.48%	0.97%
Arrowhead Pharmaceuticals IncARWR	XBI +0.50 points	0.55%	1.05%
Madrigal Pharmaceuticals IncMDGL	XBI +0.50 points	0.63%	1.13%
Agios Pharmaceuticals IncAGIO	XBI +0.48 points	0.14%	0.62%
Absci CorpABSI	XBI +0.45 points	0.13%	0.58%
Scholar Rock Holding CorpSRRK	XBI +0.44 points	0.34%	0.78%
Roivant Sciences LtdROIV	IBBQ +0.44 points	1.73%	1.29%
Intellia Therapeutics IncNTLA	XBI +0.43 points	0.12%	0.55%
Bridgebio Pharma IncBBIO	XBI +0.43 points	0.90%	1.33%
BioCryst Pharmaceuticals IncBCRX	XBI +0.43 points	0.14%	0.57%
Sarepta Therapeutics IncSRPT	XBI +0.42 points	0.13%	0.55%
Neurocrine Biosciences IncNBIX	XBI +0.40 points	0.95%	1.35%
ImmunityBio IncIBRX	XBI +0.40 points	0.59%	0.99%
Vera Therapeutics IncVERA	XBI +0.40 points	0.14%	0.54%
Nurix Therapeutics IncNRIX	XBI +0.40 points	0.18%	0.58%
uniQure NVQURE	XBI +0.39 points	0.11%	0.50%
Denali Therapeutics IncDNLI	XBI +0.37 points	0.20%	0.57%
Disc Medicine IncIRON	XBI +0.38 points	0.20%	0.58%
Novavax IncNVAX	XBI +0.36 points	0.11%	0.47%
ADMA Biologics IncADMA	XBI +0.35 points	0.17%	0.52%
Vericel CorpVCEL	XBI +0.32 points	0.14%	0.46%
Replimune Group IncREPL	XBI +0.32 points	0.10%	0.42%
Insmed IncINSM	IBBQ +0.31 points	1.55%	1.24%
Ideaya Biosciences IncIDYA	XBI +0.31 points	0.20%	0.51%
First Tracks Biotherapeutics IncTRAX	XBI +0.28 points	0.10%	0.38%
ACADIA Pharmaceuticals IncACAD	XBI +0.27 points	0.23%	0.50%
Syndax Pharmaceuticals IncSNDX	XBI +0.27 points	0.08%	0.35%
Summit Therapeutics IncSMMT	IBBQ +0.25 points	0.82%	0.57%
Xencor IncXNCR	XBI +0.23 points	0.14%	0.37%
Stoke Therapeutics IncSTOK	XBI +0.23 points	0.11%	0.34%
Immunovant IncIMVT	XBI +0.22 points	0.39%	0.61%
Precigen IncPGEN	XBI +0.22 points	0.15%	0.37%
AnaptysBio IncANAB	XBI +0.21 points	0.09%	0.30%
Kura Oncology IncKURA	XBI +0.20 points	0.06%	0.26%
Mineralys Therapeutics IncMLYS	XBI +0.18 points	0.12%	0.30%
Incyte CorpINCY	IBBQ +0.18 points	1.51%	1.33%
Annexon IncANNX	XBI +0.18 points	0.05%	0.23%
Rigel Pharmaceuticals IncRIGL	XBI +0.18 points	0.06%	0.24%
MannKind CorpMNKD	XBI +0.17 points	0.07%	0.24%
Zenas Biopharma IncZBIO	XBI +0.17 points	0.12%	0.29%
Ardelyx IncARDX	XBI +0.17 points	0.05%	0.22%
Inhibrx Biosciences IncINBX	XBI +0.16 points	0.07%	0.23%
Vir Biotechnology IncVIR	XBI +0.16 points	0.13%	0.29%
Monte Rosa Therapeutics IncGLUE	XBI +0.16 points	0.06%	0.22%
Tyra Biosciences IncTYRA	XBI +0.16 points	0.08%	0.24%
ORIC Pharmaceuticals IncORIC	XBI +0.15 points	0.06%	0.21%
Vor BioPharma IncVOR	XBI +0.14 points	0.08%	0.22%
Candel Therapeutics IncCADL	XBI +0.14 points	0.04%	0.18%
Geron CorpGERN	XBI +0.13 points	0.04%	0.17%
Janux Therapeutics IncJANX	XBI +0.13 points	0.07%	0.20%
Corvus Pharmaceuticals IncCRVS	XBI +0.12 points	0.06%	0.18%
Prime Medicine IncPRME	XBI +0.12 points	0.06%	0.18%
Taysha Gene Therapies IncTSHA	XBI +0.12 points	0.09%	0.21%
Cullinan Therapeutics IncCGEM	XBI +0.12 points	0.06%	0.18%
Olema Pharmaceuticals IncOLMA	XBI +0.11 points	0.04%	0.15%
REGENXBIO IncRGNX	XBI +0.11 points	0.03%	0.14%
4D Molecular Therapeutics IncFDMT	XBI +0.11 points	0.04%	0.15%
ArriVent Biopharma IncAVBP	XBI +0.09 points	0.05%	0.14%
Sana Biotechnology IncSANA	XBI +0.09 points	0.05%	0.14%
Editas Medicine IncEDIT	XBI +0.09 points	0.03%	0.12%

All 247 IBBQ holdings⁠All 165 XBI holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

IBBQ vs XBI Cost

Overpaying XBI vs IBBQ

$3,174

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

IBBQ 0.19%
$3,952
XBI 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

IBBQ 0.19%
XBI 0.35%
Overpaying

Year by year

Year	IBBQ	XBI	Overpaying
10	$347	$634	$287
20	$1,351	$2,454	$1,103
30	$3,952	$7,126	$3,174

Expense ratio

0.19%IBBQ, cheaper
0.35%XBI

IBBQ0.19%XBI0.35%

0.19%0.75%

Middle half of Biotech & Genomics funds
Median 0.47%

IBBQ cheapest of 17 funds

XBI 3rd cheapest of 17 funds

IBBQ vs XBI Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IBBQ 1.08%, better; XBI 0.35%
Payout (12M): IBBQ $0.39; XBI $0.54
Last payment: IBBQ $0.23; XBI $0.14
Ex-dividend: IBBQ Sep 21, 2026; XBI Jun 22, 2026
Paid on: IBBQ Sep 25, 2026; XBI Jun 24, 2026
Frequency: IBBQ Quarterly; XBI Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

IBBQQuarterly · 21 paymentsAll IBBQ payments⁠

XBITwice a year · 24 paymentsAll XBI payments⁠

IBBQ vs XBI Risk

Fall from peak · 5 years

IBBQ
XBI

Risk facts

VolatilityStd dev, 3 years: IBBQ 16.8%, betterXBI 24.8%
Return per unit of riskSharpe ratio, 3 years: IBBQ 1.22, betterXBI 1.11
Worst fallMax drawdown, 5 years: IBBQ −34.8%, betterXBI −53.2%
Market sensitivityBeta, 5 years: IBBQ 0.61XBI 1.10; Market = 1

IBBQ and XBI in the news

All news⁠

Deep Dive
Moderna fell 18% on cancer-vaccine data, and genomics ETFs fell 4%
Oct 23, 2026XBI
Top Movers
iShares MSCI Indonesia ETF EIDO jumps 7.2% as Jakarta rebounds
Oct 20, 2026XBI
Closing Bell
Investors rotate out of tech as health care hits a record; Dow gains 1%
Oct 20, 2026XBI
Top Movers
Constellation rose 12% on Google's nuclear deal, and genomics funds sank
Oct 6, 2026XBI
Top Movers
Fair Isaac fell 26.5% after a rival score joined Fannie and Freddie's fee grid
Sep 29, 2026XBI
News
AstraZeneca agrees to invest $2 billion in Summit, without the drug rights
Sep 28, 2026XBI

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IBBQ vs XBI

In short

Stated mandate

Why people hold it