BIS vs. IBBQ
BIS (ProShares UltraShort Nasdaq Biotechnology) and IBBQ (Invesco Nasdaq Biotechnology ETF) are both exchange-traded funds - BIS is a Leveraged Equities fund tracking the NASDAQ Biotechnology Index (-200%), while IBBQ is a Health & Biotech Equities fund tracking the Nasdaq Biotechnology Index. Both are passively managed. Over the past 5 years, BIS returned -16.93%/yr vs 6.20%/yr for IBBQ. At a correlation of -0.99, they often move in opposite directions. BIS charges 0.95%/yr vs 0.19%/yr for IBBQ.
Performance
BIS vs. IBBQ - Performance Comparison
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Returns By Period
In the year-to-date period, BIS achieves a -29.18% return, which is significantly lower than IBBQ's 16.81% return.
BIS
- 1D
- 5.01%
- 1M
- -20.61%
- 6M
- -26.01%
- YTD
- -29.18%
- 1Y
- -57.69%
- 3Y*
- -29.62%
- 5Y*
- -16.93%
- 10Y*
- -25.72%
IBBQ
- 1D
- -2.59%
- 1M
- 12.03%
- 6M
- 14.46%
- YTD
- 16.81%
- 1Y
- 51.79%
- 3Y*
- 18.79%
- 5Y*
- 6.20%
- 10Y*
- —
BIS vs. IBBQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BIS ProShares UltraShort Nasdaq Biotechnology | -29.18% | -45.95% | 4.79% | -6.54% | -2.14% | 8.13% |
IBBQ Invesco Nasdaq Biotechnology ETF | 16.81% | 33.32% | -0.63% | 4.73% | -10.41% | -6.24% |
Correlation
The correlation between BIS and IBBQ 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 | -0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.99 |
Correlation (All Time) Calculated using the full available price history since Jun 11, 2021 | -0.99 |
The correlation between BIS and IBBQ has been stable across timeframes, ranging from -0.99 to -0.99 - a consistent structural relationship.
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Return for Risk
BIS vs. IBBQ — Risk / Return Rank
BIS
IBBQ
BIS vs. IBBQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Nasdaq Biotechnology (BIS) and Invesco Nasdaq Biotechnology ETF (IBBQ). 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 | IBBQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.82 | ||
| Sortino ratioReturn per unit of downside risk | -5.67 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 1.40 | -0.65 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 5.95 | -6.88 |
| Martin ratioReturn relative to average drawdown | -1.45 | 18.95 | -20.40 |
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Drawdowns
BIS vs. IBBQ - Drawdown Comparison
The maximum BIS drawdown since its inception was -99.89%, which is greater than IBBQ's maximum drawdown of -37.94%. Use the drawdown chart below to compare losses from any high point for BIS and IBBQ.
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Drawdown Indicators
| BIS | IBBQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.89% | -37.94% | -61.95% |
Max Drawdown (1Y)Largest decline over 1 year | -60.93% | -8.34% | -52.59% |
Max Drawdown (3Y)Largest decline over 3 years | -73.96% | -23.66% | -50.30% |
Max Drawdown (5Y)Largest decline over 5 years | -80.19% | -37.94% | -42.25% |
Max Drawdown (10Y)Largest decline over 10 years | -95.82% | — | — |
Current DrawdownCurrent decline from peak | -99.89% | -3.25% | -96.64% |
Average DrawdownAverage peak-to-trough decline | -90.07% | -16.51% | -73.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.80% | 2.62% | +36.18% |
Volatility
BIS vs. IBBQ - Volatility Comparison
ProShares UltraShort Nasdaq Biotechnology (BIS) has a higher volatility of 12.76% compared to Invesco Nasdaq Biotechnology ETF (IBBQ) at 6.35%. This indicates that BIS's price experiences larger fluctuations and is considered to be riskier than IBBQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIS | IBBQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.76% | 6.35% | +6.41% |
Volatility (6M)Calculated over the trailing 6-month period | 32.24% | 15.85% | +16.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.01% | 20.32% | +20.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.96% | 22.01% | +21.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.19% | 21.90% | +24.29% |
BIS vs. IBBQ - Expense Ratio Comparison
BIS has a 0.95% expense ratio, which is higher than IBBQ's 0.19% expense ratio.
Dividends
BIS vs. IBBQ - Dividend Comparison
BIS's dividend yield for the trailing twelve months is around 5.96%, more than IBBQ's 0.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BIS ProShares UltraShort Nasdaq Biotechnology | 5.96% | 5.25% | 3.73% | 1.75% | 0.00% | 0.00% | 0.45% | 2.11% | 0.37% |
IBBQ Invesco Nasdaq Biotechnology ETF | 0.78% | 0.90% | 1.14% | 0.81% | 0.76% | 0.63% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BIS and IBBQ 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 (12.76%) compared to IBBQ (6.35%). In terms of maximum drawdown, BIS dropped -99.89% vs IBBQ's -37.94%.
On 5-year performance, IBBQ leads with 6.20% vs -16.93% for BIS. On fees, IBBQ is cheaper at 0.19% per year. On volatility, IBBQ has been the lower-risk option at 6.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IBBQ has performed better with a 6.20% return vs -16.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBBQ is cheaper with a 0.19% expense ratio, compared with 0.95% for BIS.
BIS has the higher dividend yield at 5.96%, compared with 0.78% for IBBQ.
BIS is categorized as Leveraged Equities, while IBBQ is Health & Biotech Equities. BIS tracks NASDAQ Biotechnology Index (-200%), while IBBQ tracks Nasdaq Biotechnology Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for BIS and 0.19% for IBBQ.
IBBQ currently has the higher Sharpe Ratio (2.44 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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