At a glance
IBB charges 0.44% a year, below the 0.48% average of the 8 funds most like it (the 4th cheapest of 9). It has $9.09B in assets, the 2nd largest of that group; it paid 0.16% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +35.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 9 funds; over three years it returned +23.9% a year. At its worst it fell 23.6% in the 2020 crash (S&P 500: 33.7%) and 30.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 40 months after the lows. Its ten largest positions make up 44.7% of the fund, out of 248 in all.
The short version
iShares Biotechnology ETF (IBB) is a BlackRock index fund that tracks the NYSE Biotechnology Index. It held 248 U.S.-listed biotech stocks as of June 30, 2026, led by Vertex, Amgen and Gilead. With $9.1 billion in net assets, it is one of the largest biotech ETFs. But its 0.44% expense ratio is well above the 0.19% charged by the Invesco Nasdaq Biotechnology ETF, which owns largely the same stocks.
Price history
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IBB +35.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| IBB official prospectus, to Dec 31, 2025 | — | +28.03% | — | +2.47% | +4.37% | — |
| MSCI USA Index index, same period | — | +17.75% | — | +13.87% | +14.79% | — |
| IBB price data to Oct 27, 2026 | +25.8% | +35.3% | +23.9% | +6.4% | +9.4% | +11.4% |
- Over the year to Oct 27, 2026, IBB returned +35.3%, 9th of 9 among similar funds.
- Its 5-year annualized return was +6.4% and its 10-year +9.4%.
- In the 2020 COVID crash it fell 23.6% and regained its old high 1.1 months after the low.
- Its worst full calendar year was 2016 (-21.5%); its best was 2013 (+65.5%).
- The deepest fall in its price history was 39.8% (Aug 9, 2021 to Jun 16, 2022), recovered by Jan 7, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +25.8% | — |
| 2025 | +28.0% | +28.03% |
| 2024 | -2.4% | -2.40% |
| 2023 | +3.8% | +3.62% |
| 2022 | -13.7% | -13.59% |
| 2021 | +0.9% | +0.99% |
| 2020 | +26.0% | +25.90% |
| 2019 | +25.4% | +24.75% |
| 2018 | -9.5% | -9.14% |
| 2017 | +20.9% | +21.20% |
| 2016 | -21.5% | -21.53% |
| 2015 | +11.5% | — |
| 2014 | +33.7% | — |
| 2013 | +65.5% | — |
| 2012 | +31.7% | — |
| 2011 | +11.7% | — |
| 2010 | +14.4% | — |
| 2009 | +15.2% | — |
| 2008 | -12.4% | — |
| 2007 | +4.4% | — |
| 2006 | +0.7% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 31.5% over that stretch · deepest drop along the way 34.6%, back to its old high 12 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 21% over that stretch · deepest drop along the way 23.6%, back to its old high 1.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 21.7% over that stretch · deepest drop along the way 30.5%, back to its old high 39.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.1500 | |
| 2025 | $0.3800 | -2.6% |
| 2024 | $0.3900 | +14.7% |
| 2023 | $0.3400 | -17.1% |
| 2022 | $0.4100 | +32.3% |
| 2021 | $0.3100 | -3.1% |
| 2020 | $0.3200 | -20.0% |
| 2019 | $0.4000 | +110.5% |
| 2018 | $0.1900 | -0.6% |
| 2017 | $0.1911 | +248.7% |
| 2016 | $0.0548 | +437.3% |
| 2015 | $0.0102 | -79.5% |
| 2014 | $0.0497 | +521.3% |
| 2013 | $0.0080 | -89.0% |
| 2012 | $0.0729 | +4456.3% |
| 2011 | $0.0016 | -97.2% |
| 2010 | $0.0567 | +187.8% |
| 2008 | $0.0197 | +101.0% |
| 2007 | $0.0098 | +9700.0% |
| 2006 | $0.0001 |
What's inside
As of Jun 30, 2026, the fund held 248 securities; the ten largest made up 44.74% of assets. It also reported 12.04% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Vertex Pharmaceuticals, Inc. | 8.08% | |
| Amgen, Inc. | 7.83% | |
| Gilead Sciences, Inc. | 6.84% | |
| Regeneron Pharmaceuticals, Inc. | 4.91% | |
| Argenx SE | 3.76% | |
| Alnylam Pharmaceuticals, Inc. | 3.12% | |
| Natera, Inc. | 2.89% | |
| Revolution Medicines, Inc. | 2.78% | |
| Biogen, Inc. | 2.47% | |
| Illumina, Inc. | 2.07% | |
| Moderna, Inc. | 1.98% | |
| Insmed, Inc. | 1.78% | |
| BeOne Medicines Ltd. | 1.77% | |
| Incyte Corp. | 1.75% | |
| United Therapeutics Corp. | 1.73% |
By country
United States 84.31%Netherlands 4.25%Denmark 2.4%Switzerland 2.17%Bermuda 1.43%By asset type
Stocks 99.88%Other 0%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $42.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.09%, +2.14%, +10.34%.
How it works
IBB follows the NYSE Biotechnology Index. ICE Data Indices, an index provider independent of BlackRock, decides which companies are in it and how much each one weighs. The index holds U.S.-listed companies in ICE's Biotechnology Sub-Industry Group. These are firms that research treatments without focusing on mass-producing drugs, plus makers of tools used in biotech work. Companies must meet minimum size and trading-volume rules. Large, mid-size and small firms can all qualify. The result is top-heavy. As of June 30, 2026, the 10 largest of 248 holdings made up 44.7% of the fund. Vertex was 8.1%, Amgen 7.8% and Gilead 6.8%.
BlackRock uses "representative sampling." That means it may hold a sample of the index's stocks chosen to match its overall profile, rather than every stock. At least 80% of net assets must be in index stocks. The fund may use futures (contracts tied to an index's future value) to manage exposure, but they were close to 0% of assets as of June 30, 2026. It may also lend up to one-third of its assets to other investors for a fee. The 12% cash it reported was likely collateral from that lending. Turnover was 27%. The fund never shifts to a defensive position when markets fall.
What it really costs
- IBB charges 0.44% a year, versus an average of 0.48% for the similar funds below (4th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $45 in the first year and $555 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IBB | $45 | $141 | $246 | $555 |
In a retirement portfolio
IBB holds a single volatile industry and pays almost no income, so it fits better as a small add-on than as a foundation.
IBB invests in one research-driven industry, and its drops have been steep. It fell 34.6% in the 2008 crisis and took about 12 months after the March 2009 low to recover. In the 2020 COVID crash it lost 23.6% but bounced back in about a month. The 2022 bear market was harsher. Its deepest decline, 39.8% from August 2021 to June 2022, took about 43 months from the low to recover. Its worst calendar year was 2016, at -21.5%. Anyone who needed cash during a slump like that might have had to cash out shares near the bottom. Income is minimal: the yield was 0.16% as of October 27, 2026, paid quarterly. The expense ratio is 0.44%. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small, dedicated biotech slice anchored by large names like Vertex, Amgen and Gilead, spread across 248 holdings.
- Those who value size: $9.1 billion in net assets as of June 30, 2026, second-largest among nine similar biotech funds.
- Long-term holders able to sit through drops like the 39.8% fall from 2021 to 2022, which took about 43 months to recover.
Look elsewhere if
- Cost-focused investors: the Invesco Nasdaq Biotechnology ETF (IBBQ) charges 0.19% versus IBB's 0.44%, with 82% of holdings overlapping.
- Investors who need income: IBB's yield was just 0.16% as of October 27, 2026, paid quarterly.
- Those wanting a broad core fund: IBB returned 4.37% a year over 10 years to December 31, 2025, versus 14.79% for the MSCI USA Index.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| IBB this fund | — | 0.44% | $9.09B | +35.3% | +23.9% |
| IBBQ Invesco Nasdaq Biotechnology ETF | 82% | 0.19% | $96.4M | +36.3% | +26.1% |
| BBH VanEck Biotech ETF | 59% | 0.35% | $395.6M | +41.0% | +20.9% |
| XBI SPDR S&P Biotech ETF | 42% | 0.35% | $10.73B | +39.3% | +34.4% |
| FBT First Trust NYSE Arca Biotechnology Index F… | 40% | 0.56% | $2.81B | +43.6% | +27.7% |
| PBE Invesco Biotechnology & Genome ETF | 39% | 0.58% | $281.9M | +38.6% | +25.2% |
| BBP Virtus LifeSci Biotech Products ETF | 36% | 0.79% | $98.5M | +40.3% | +32.3% |
| FTXH First Trust Nasdaq Pharmaceuticals ETF | 35% | 0.6% | $36.2M | +46.9% | +23.4% |
Questions investors ask
Is IBB a good investment for retirement?
IBB may suit a small, higher-risk slice of a retirement portfolio rather than a core position. It owns one industry, and it fell 39.8% from August 2021 to June 2022. It then took about 43 months from the low to recover. It pays little income, with a 0.16% yield as of October 27, 2026. Over the 10 years to December 31, 2025, it returned 4.37% a year, versus 14.79% for the broad MSCI USA Index.
What's the difference between IBB and IBBQ?
The biggest difference is cost. IBB charges 0.44% a year, while the Invesco Nasdaq Biotechnology ETF (IBBQ) charges 0.19%. Their latest holdings reports show about 82% overlap. IBB is far larger: $9.1 billion in net assets as of June 30, 2026, versus about $96 million for IBBQ as of August 31, 2026. Returns as of October 27, 2026 were close: 35.3% over one year for IBB and 36.3% for IBBQ.
Does IBB pay dividends?
Yes, but very little. IBB pays dividends quarterly. Over the 12 months to October 27, 2026, it paid about $0.33 per share, a yield of 0.16%. Many biotech companies put their cash into research rather than paying it out to shareholders, which keeps the fund's income low. For investors who rely on their portfolio for regular income, IBB adds almost nothing. Its appeal is growth potential, and that comes with large price swings.
What are IBB's top holdings?
As of June 30, 2026, IBB's largest holdings were Vertex Pharmaceuticals (8.1%), Amgen (7.8%), Gilead Sciences (6.8%), Regeneron Pharmaceuticals (4.9%) and Argenx (3.8%). Next came Alnylam, Natera, Revolution Medicines, Biogen and Illumina. The top 10 made up 44.7% of a fund with 248 holdings. About 84% was in U.S. companies. The rest was in companies based in countries like the Netherlands, Denmark and Switzerland whose shares trade in the U.S.
What is IBB's expense ratio?
IBB's expense ratio is 0.44% a year, according to its prospectus filed July 27, 2026. That is a bit below the 0.48% average for similar biotech funds, but above IBBQ's 0.19% and the 0.35% charged by XBI and BBH. The SEC's standard example assumes $10,000 invested with a 5% yearly return, cashed out at the end of each period. On that basis, costs would total about $45 after one year, $246 after five years and $555 after 10 years.