The SPDR S&P Biotech ETF surged 17.27% over the trailing month ending July 1, 2026, while NVIDIA shares fell 11.84% and the S&P 500 slipped 1.94%. XBI’s equal-weighted portfolio holds only pure-play biotech names, with top holdings including Apellis Pharmaceuticals at 1.83% and Alkermes at 1.45%, and carries a net expense ratio of 0.35%. The fund is up 28.51% year-to-date and 89.27% over the trailing year, far outpacing the S&P 500’s 9.22% and 20.04% gains over the same periods. Its zero exposure to AI chip stocks makes it a natural hedge against concentration risk in megacap tech, though its five-year return of just 15.38% highlights the sector’s long stretches of underperformance between rallies.
Alkermes Plc
Apellis Pharmaceuticals IncNVIDIA CorporationNVIDIA is contrasted as a megacap tech stock that fell 11.84% while XBI surged, highlighting sector rotation away from AI chip stocks.