BIB vs. BIS
BIB (ProShares Ultra Nasdaq Biotechnology) and BIS (ProShares UltraShort Nasdaq Biotechnology) are both Leveraged Equities funds from ProShares - BIB tracks the NASDAQ Biotechnology Index (200%) while BIS tracks the NASDAQ Biotechnology Index (-200%). Both are passively managed. Over the past 10 years, BIB returned 9.71%/yr vs -26.06%/yr for BIS. At a correlation of -0.96, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
BIB vs. BIS - Performance Comparison
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Returns By Period
In the year-to-date period, BIB achieves a 12.50% return, which is significantly higher than BIS's -17.93% return. Over the past 10 years, BIB has outperformed BIS with an annualized return of 9.71%, while BIS has yielded a comparatively lower -26.06% annualized return.
BIB
- 1D
- 1.97%
- 1M
- 9.49%
- YTD
- 12.50%
- 6M
- 8.62%
- 1Y
- 100.86%
- 3Y*
- 19.65%
- 5Y*
- -0.74%
- 10Y*
- 9.71%
BIS
- 1D
- -1.74%
- 1M
- -10.00%
- YTD
- -17.93%
- 6M
- -14.94%
- 1Y
- -55.93%
- 3Y*
- -24.98%
- 5Y*
- -14.70%
- 10Y*
- -26.06%
BIB vs. BIS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIB ProShares Ultra Nasdaq Biotechnology | 12.50% | 59.21% | -9.84% | -1.06% | -28.85% | -6.02% | 39.79% | 46.71% | -24.93% | 40.49% |
BIS ProShares UltraShort Nasdaq Biotechnology | -17.93% | -45.95% | 4.79% | -6.54% | -2.14% | -14.74% | -56.01% | -41.01% | 5.14% | -36.98% |
Correlation
The correlation between BIB and BIS is -1.00, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -1.00 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2010 | -0.96 |
The correlation between BIB and BIS has been stable across timeframes, ranging from -1.00 to -0.96 - a consistent structural relationship.
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Return for Risk
BIB vs. BIS — Risk / Return Rank
BIB
BIS
BIB vs. BIS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Nasdaq Biotechnology (BIB) and ProShares UltraShort Nasdaq Biotechnology (BIS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BIB | BIS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.89 | ||
| Sortino ratioReturn per unit of downside risk | +5.41 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 0.75 | +0.61 |
| Calmar ratioReturn relative to maximum drawdown | 5.99 | -1.02 | +7.01 |
| Martin ratioReturn relative to average drawdown | 18.30 | -1.39 | +19.69 |
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Drawdowns
BIB vs. BIS - Drawdown Comparison
The maximum BIB drawdown since its inception was -67.24%, smaller than the maximum BIS drawdown of -99.87%. Use the drawdown chart below to compare losses from any high point for BIB and BIS.
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Drawdown Indicators
| BIB | BIS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.24% | -99.87% | +32.63% |
Max Drawdown (1Y)Largest decline over 1 year | -16.92% | -55.07% | +38.15% |
Max Drawdown (3Y)Largest decline over 3 years | -45.30% | -67.92% | +22.62% |
Max Drawdown (5Y)Largest decline over 5 years | -65.86% | -75.59% | +9.73% |
Max Drawdown (10Y)Largest decline over 10 years | -66.20% | -95.40% | +29.20% |
Current DrawdownCurrent decline from peak | -17.29% | -99.87% | +82.58% |
Average DrawdownAverage peak-to-trough decline | -32.71% | -90.04% | +57.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.53% | 41.32% | -35.79% |
Volatility
BIB vs. BIS - Volatility Comparison
ProShares Ultra Nasdaq Biotechnology (BIB) and ProShares UltraShort Nasdaq Biotechnology (BIS) have volatilities of 13.56% and 13.79%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIB | BIS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.56% | 13.79% | -0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 31.65% | 32.10% | -0.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.43% | 40.51% | -0.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.60% | 43.80% | -0.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.39% | 46.26% | +0.13% |
BIB vs. BIS - Expense Ratio Comparison
Both BIB and BIS have an expense ratio of 0.95%.
Dividends
BIB vs. BIS - Dividend Comparison
BIB's dividend yield for the trailing twelve months is around 0.55%, less than BIS's 5.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BIB ProShares Ultra Nasdaq Biotechnology | 0.55% | 0.77% | 1.69% | 0.07% | 0.03% | 0.00% | 0.00% | 0.00% | 0.00% |
BIS ProShares UltraShort Nasdaq Biotechnology | 5.61% | 5.25% | 3.73% | 1.75% | 0.00% | 0.00% | 0.45% | 2.11% | 0.37% |
Frequently Asked Questions
BIB and BIS have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIS has higher volatility (13.79%) compared to BIB (13.56%). In terms of maximum drawdown, BIB dropped -67.24% vs BIS's -99.87%.
On 10-year performance, BIB leads with 9.71% vs -26.06% for BIS. Both ETFs have the same 0.95% expense ratio. On volatility, BIB has been the lower-risk option at 13.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BIB has performed better with a 9.71% return vs -26.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIB and BIS have the same expense ratio: 0.95% per year.
BIS has the higher dividend yield at 5.61%, compared with 0.55% for BIB.
BIB tracks NASDAQ Biotechnology Index (200%), while BIS tracks NASDAQ Biotechnology Index (-200%).
BIB currently has the higher Sharpe Ratio (2.51 vs -1.38), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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