The XBI’s two-year journey back to $100

A four-month rally has lifted the XBI back into triple-digit territory for the first time in more than two years, with the ETF crossing the $100 threshold early Tuesday and rising further during the week.

Although the SPDR S&P Biotech ETF (XBI) has underperformed the S&P 500 during the prolonged biotech slump, rising confidence in a risk-on market has driven enthusiasm for the sector in recent months. The XBI has now partially closed what was a fairly broad gap compared with the S&P 500, one that had widened during summer and early fall 2023...