BIS vs. CMGG

Last updated Jun 4, 2026

BIS (ProShares UltraShort Nasdaq Biotechnology) and CMGG (Leverage Shares 2X Long CMG Daily ETF) are both Leveraged Equities funds. BIS is passively managed, while CMGG is actively managed. At a correlation of -0.29, they often move in opposite directions. BIS charges 0.95%/yr vs 0.75%/yr for CMGG.

Performance

BIS vs. CMGG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Nasdaq Biotechnology (BIS) and Leverage Shares 2X Long CMG Daily ETF (CMGG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BIS achieves a -6.36% return, which is significantly higher than CMGG's -45.23% return.

BIS

• 1D: -3.65%
• 1M: 2.35%
• YTD: -6.36%
• 6M: -4.11%
• 1Y: -49.58%
• 3Y*: -21.43%
• 5Y*: -14.49%
• 10Y*: -23.34%

CMGG

• 1D: -3.36%
• 1M: -20.45%
• YTD: -45.23%
• 6M: -35.85%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BIS vs. CMGG - Yearly Performance Comparison

	2026 (YTD)	2025
BIS ProShares UltraShort Nasdaq Biotechnology	-6.36%	-4.80%
CMGG Leverage Shares 2X Long CMG Daily ETF	-45.23%	43.86%

Correlation

The correlation between BIS and CMGG is -0.29, 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 (All Time) Calculated using the full available price history since Nov 18, 2025	-0.29

Return for Risk

BIS vs. CMGG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BIS

BIS Risk / Return Rank: 1
BIS Sharpe Ratio Rank: 1
BIS Sortino Ratio Rank: 1
BIS Omega Ratio Rank: 1
BIS Calmar Ratio Rank: 1
BIS Martin Ratio Rank: 3

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BIS vs. CMGG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Nasdaq Biotechnology (BIS) and Leverage Shares 2X Long CMG Daily ETF (CMGG). 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.

	BIS	CMGG	Difference
Sharpe ratio: Return per unit of total volatility	-1.25	—	—
Sortino ratio: Return per unit of downside risk	-1.99	—	—
Omega ratio: Gain probability vs. loss probability	0.78	—	—
Calmar ratio: Return relative to maximum drawdown	-0.91	—	—
Martin ratio: Return relative to average drawdown	-1.25	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	BIS	CMGG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.25	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.33	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.67	-0.54	-0.13

Drawdowns

BIS vs. CMGG - Drawdown Comparison

The maximum BIS drawdown since its inception was -99.87%, which is greater than CMGG's maximum drawdown of -54.58%. Use the drawdown chart below to compare losses from any high point for BIS and CMGG.

Drawdown Indicators

	BIS	CMGG	Difference
Max Drawdown Largest peak-to-trough decline	-99.87%	-54.58%	-45.29%
Max Drawdown (1Y) Largest decline over 1 year	-54.50%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-66.87%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-74.80%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-95.25%	—	—
Current Drawdown Current decline from peak	-99.85%	-54.58%	-45.27%
Average Drawdown Average peak-to-trough decline	-90.03%	-21.08%	-68.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.59%	—	—

Volatility

Volatility by Period

	BIS	CMGG	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.87%	—	—
Volatility (6M) Calculated over the trailing 6-month period	30.95%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	39.68%	66.76%	-27.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.74%	66.76%	-23.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.36%	66.76%	-20.40%

BIS vs. CMGG - Expense Ratio Comparison

BIS has a 0.95% expense ratio, which is higher than CMGG's 0.75% expense ratio.

Dividends

BIS vs. CMGG - Dividend Comparison

BIS's dividend yield for the trailing twelve months is around 4.92%, while CMGG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BIS ProShares UltraShort Nasdaq Biotechnology	4.92%	5.25%	3.73%	1.75%	0.00%	0.00%	0.45%	2.11%	0.37%
CMGG Leverage Shares 2X Long CMG Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BIS and CMGG in my portfolio?

BIS and CMGG have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BIS or CMGG?

On fees, CMGG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BIS or CMGG?

CMGG is cheaper with a 0.75% expense ratio, compared with 0.95% for BIS.

Which ETF pays a higher dividend yield, BIS or CMGG?

BIS has the higher dividend yield at 4.92%, compared with 0.00% for CMGG.

What is the main difference between BIS and CMGG?

They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.95% for BIS and 0.75% for CMGG.