XBI riding rates again  — down this time around

The biotech sector is once again at the whims of expectations for U.S. interest rates, but this time in a negative way.

Through the first two months of the year, the SPDR S&P Biotech ETF (XBI) had broken its correlation with the benchmark 10-year Treasury note as the ETF surged more than 15% through late February. But since mid-March, the XBI has had a striking inverse correlation with the yield on the 10-year note, with Treasury yields rising nearly 21% year-to-date and the XBI finishing last week off 7% for the year...