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BIS vs. IBB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BIS vs. IBB

Last updated Jun 5, 2026

BIS (ProShares UltraShort Nasdaq Biotechnology) and IBB (iShares Nasdaq Biotechnology ETF) are both exchange-traded funds - BIS is a Leveraged Equities fund tracking the NASDAQ Biotechnology Index (-200%), while IBB is a Health & Biotech Equities fund tracking the NASDAQ Biotechnology Index. Both are passively managed. Over the past 10 years, BIS returned -23.48%/yr vs 6.32%/yr for IBB. At a correlation of -0.96, they often move in opposite directions. BIS charges 0.95%/yr vs 0.47%/yr for IBB.

Performance

BIS vs. IBB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Nasdaq Biotechnology (BIS) and iShares Nasdaq Biotechnology ETF (IBB). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BIS achieves a -10.87% return, which is significantly lower than IBB's 1.65% return. Over the past 10 years, BIS has underperformed IBB with an annualized return of -23.48%, while IBB has yielded a comparatively higher 6.32% annualized return.

BIS

1D
-4.83%
1M
-2.10%
YTD
-10.87%
6M
-8.91%
1Y
-52.09%
3Y*
-22.48%
5Y*
-15.34%
10Y*
-23.48%

IBB

1D
2.35%
1M
0.64%
YTD
1.65%
6M
-0.21%
1Y
37.34%
3Y*
10.11%
5Y*
2.57%
10Y*
6.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BIS vs. IBB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BIS
ProShares UltraShort Nasdaq Biotechnology		-10.87%-45.95%4.79%-6.54%-2.14%-14.74%-56.01%-41.01%5.14%-36.98%
IBB
iShares Nasdaq Biotechnology ETF		1.65%27.98%-2.41%3.76%-13.69%0.95%26.01%25.42%-9.53%21.08%

Correlation

The correlation between BIS and IBB is -0.99, 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

-0.99

Correlation (3Y)
Calculated over the trailing 3-year period

-0.98

Correlation (5Y)
Calculated over the trailing 5-year period

-0.98

Correlation (10Y)
Calculated over the trailing 10-year period

-0.99

Correlation (All Time)
Calculated using the full available price history since Apr 9, 2010

-0.96

The correlation between BIS and IBB has been stable across timeframes, ranging from -0.99 to -0.96 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraShort Nasdaq Biotechnology

iShares Nasdaq Biotechnology ETF

Often compared with BIS:
BIS vs. BIBBIS vs. RSPNBIS vs. IBBQBIS vs. HDGEBIS vs. FFTYBIS vs. XLVBIS vs. NDAQ
Often compared with IBB:
IBB vs. XBIIBB vs. ARKGIBB vs. XLVIBB vs. IBBQIBB vs. BBHIBB vs. SPYIBB vs. FBIOX

Return for Risk

BIS vs. IBB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BIS
BIS Risk / Return Rank: 11
Overall Rank
BIS Sharpe Ratio Rank: 00
Sharpe Ratio Rank
BIS Sortino Ratio Rank: 11
Sortino Ratio Rank
BIS Omega Ratio Rank: 11
Omega Ratio Rank
BIS Calmar Ratio Rank: 11
Calmar Ratio Rank
BIS Martin Ratio Rank: 22
Martin Ratio Rank
IBB
IBB Risk / Return Rank: 6262
Overall Rank
IBB Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
IBB Sortino Ratio Rank: 5757
Sortino Ratio Rank
IBB Omega Ratio Rank: 5252
Omega Ratio Rank
IBB Calmar Ratio Rank: 7878
Calmar Ratio Rank
IBB Martin Ratio Rank: 6868
Martin Ratio Rank
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. IBB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Nasdaq Biotechnology (BIS) and iShares Nasdaq Biotechnology ETF (IBB). 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.

BISIBBDifference
Sharpe ratioReturn per unit of total volatility
-1.31
1.88

-3.19

Sortino ratioReturn per unit of downside risk
-2.13
2.67

-4.80

Omega ratioGain probability vs. loss probability

0.77

1.32

-0.55

Calmar ratioReturn relative to maximum drawdown

-0.96

3.89

-4.85

Martin ratioReturn relative to average drawdown

-1.31

12.34

-13.65

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BIS vs. IBB - Sharpe Ratio Comparison

The current BIS Sharpe Ratio is -1.31, which is lower than the IBB Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of BIS and IBB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

BISIBBDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.31

1.88

-3.19

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.35

0.12

-0.47

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.51

0.27

-0.78

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.68

0.26

-0.94

Drawdowns

BIS vs. IBB - Drawdown Comparison

The maximum BIS drawdown since its inception was -99.87%, which is greater than IBB's maximum drawdown of -62.85%. Use the drawdown chart below to compare losses from any high point for BIS and IBB.

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Drawdown Indicators

BISIBBDifference

Max Drawdown

Largest peak-to-trough decline

-99.87%

-62.85%

-37.02%

Max Drawdown (1Y)

Largest decline over 1 year

-54.50%

-9.63%

-44.87%

Max Drawdown (3Y)

Largest decline over 3 years

-66.87%

-24.85%

-42.02%

Max Drawdown (5Y)

Largest decline over 5 years

-74.80%

-39.82%

-34.98%

Max Drawdown (10Y)

Largest decline over 10 years

-95.25%

-39.82%

-55.43%

Current Drawdown

Current decline from peak

-99.86%

-3.43%

-96.43%

Average Drawdown

Average peak-to-trough decline

-90.03%

-21.18%

-68.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

39.73%

3.04%

+36.69%

Volatility

BIS vs. IBB - Volatility Comparison

ProShares UltraShort Nasdaq Biotechnology (BIS) has a higher volatility of 14.76% compared to iShares Nasdaq Biotechnology ETF (IBB) at 7.26%. This indicates that BIS's price experiences larger fluctuations and is considered to be riskier than IBB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BISIBBDifference

Volatility (1M)

Calculated over the trailing 1-month period

14.76%

7.26%

+7.50%

Volatility (6M)

Calculated over the trailing 6-month period

31.31%

15.55%

+15.76%

Volatility (1Y)

Calculated over the trailing 1-year period

39.91%

19.99%

+19.92%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

43.78%

22.01%

+21.77%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

46.38%

23.23%

+23.15%

BIS vs. IBB - Expense Ratio Comparison

BIS has a 0.95% expense ratio, which is higher than IBB's 0.47% expense ratio.

Dividends

BIS vs. IBB - Dividend Comparison

BIS's dividend yield for the trailing twelve months is around 5.17%, more than IBB's 0.23% yield.

PositionTTM20252024202320222021202020192018201720162015
BIS
ProShares UltraShort Nasdaq Biotechnology		5.17%5.25%3.73%1.75%0.00%0.00%0.45%2.11%0.37%0.00%0.00%0.00%
IBB
iShares Nasdaq Biotechnology ETF		0.23%0.23%0.29%0.26%0.31%0.21%0.21%0.33%0.20%0.30%0.19%0.03%

Frequently Asked Questions

BIS and IBB have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BIS has higher volatility (14.76%) compared to IBB (7.26%). In terms of maximum drawdown, BIS dropped -99.87% vs IBB's -62.85%.

On 10-year performance, IBB leads with 6.32% vs -23.48% for BIS. On fees, IBB is cheaper at 0.47% per year. On volatility, IBB has been the lower-risk option at 7.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IBB has performed better with a 6.32% return vs -23.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IBB is cheaper with a 0.47% expense ratio, compared with 0.95% for BIS.

BIS has the higher dividend yield at 5.17%, compared with 0.23% for IBB.

BIS is categorized as Leveraged Equities, while IBB is Health & Biotech Equities. BIS tracks NASDAQ Biotechnology Index (-200%), while IBB tracks NASDAQ Biotechnology Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for BIS and 0.47% for IBB.

IBB currently has the higher Sharpe Ratio (1.88 vs -1.31), 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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