BIS vs. IBB
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 -26.84%/yr vs 8.88%/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
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Returns By Period
In the year-to-date period, BIS achieves a -21.67% return, which is significantly lower than IBB's 8.92% return. Over the past 10 years, BIS has underperformed IBB with an annualized return of -26.84%, while IBB has yielded a comparatively higher 8.88% annualized return.
BIS
- 1D
- -1.70%
- 1M
- -13.51%
- YTD
- -21.67%
- 6M
- -17.59%
- 1Y
- -56.97%
- 3Y*
- -26.74%
- 5Y*
- -15.23%
- 10Y*
- -26.84%
IBB
- 1D
- 1.18%
- 1M
- 8.43%
- YTD
- 8.92%
- 6M
- 6.11%
- 1Y
- 45.34%
- 3Y*
- 13.38%
- 5Y*
- 2.67%
- 10Y*
- 8.88%
BIS vs. IBB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIS ProShares UltraShort Nasdaq Biotechnology | -21.67% | -45.95% | 4.79% | -6.54% | -2.14% | -14.74% | -56.01% | -41.01% | 5.14% | -36.98% |
IBB iShares Nasdaq Biotechnology ETF | 8.92% | 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 8, 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.
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Return for Risk
BIS vs. IBB — Risk / Return Rank
BIS
IBB
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.
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.
| BIS | IBB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.65 | ||
| Sortino ratioReturn per unit of downside risk | -5.52 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 1.37 | -0.63 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 4.73 | -5.73 |
| Martin ratioReturn relative to average drawdown | -1.40 | 14.56 | -15.96 |
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Drawdowns
BIS vs. IBB - Drawdown Comparison
The maximum BIS drawdown since its inception was -99.88%, 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
| BIS | IBB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.88% | -62.85% | -37.03% |
Max Drawdown (1Y)Largest decline over 1 year | -57.12% | -9.63% | -47.49% |
Max Drawdown (3Y)Largest decline over 3 years | -69.38% | -24.85% | -44.53% |
Max Drawdown (5Y)Largest decline over 5 years | -76.71% | -39.82% | -36.89% |
Max Drawdown (10Y)Largest decline over 10 years | -95.25% | -39.82% | -55.43% |
Current DrawdownCurrent decline from peak | -99.88% | 0.00% | -99.88% |
Average DrawdownAverage peak-to-trough decline | -90.05% | -21.14% | -68.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.63% | 3.12% | +37.51% |
Volatility
BIS vs. IBB - Volatility Comparison
ProShares UltraShort Nasdaq Biotechnology (BIS) has a higher volatility of 14.01% compared to iShares Nasdaq Biotechnology ETF (IBB) at 7.18%. 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
| BIS | IBB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.01% | 7.18% | +6.83% |
Volatility (6M)Calculated over the trailing 6-month period | 31.79% | 15.89% | +15.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.44% | 20.35% | +20.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.80% | 22.04% | +21.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.25% | 23.17% | +23.08% |
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 5.39%, more than IBB's 0.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIS ProShares UltraShort Nasdaq Biotechnology | 5.39% | 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 | 0.22% | 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 (14.01%) compared to IBB (7.18%). In terms of maximum drawdown, BIS dropped -99.88% vs IBB's -62.85%.
On 10-year performance, IBB leads with 8.88% vs -26.84% for BIS. On fees, IBB is cheaper at 0.47% per year. On volatility, IBB has been the lower-risk option at 7.18%. 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 8.88% return vs -26.84%. 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 5.39%, compared with 0.22% 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 (2.24 vs -1.41), 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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