Back in 2008, the Nasdaq Biotech Index outperformed all major sectors of the SP500 with a negative 12% return. That was a year when investors in large biotechs (the index’s bias) benefited from weak market correlation with the overall market. Every sector went down in 2008, some over 50%, creating a deep hole to climb out of for 2009. As we look at 2009 performance year to date, we must take this point into account. Although biotech is underperforming since Jan 1st, it did not have such a deep hole to climb out of to begin with. In fact, biotech index investors are near where they started back in 2008.
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