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 -15.63%/yr vs 5.42%/yr for IBBQ. Their -0.99 correlation means they have often moved in opposite directions in the past. 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 -24.85% return, which is significantly lower than IBBQ's 13.32% return.
BIS
- 1D
- 3.65%
- 1M
- 9.65%
- 6M
- -20.75%
- YTD
- -24.85%
- 1Y
- -53.59%
- 3Y*
- -27.87%
- 5Y*
- -15.63%
- 10Y*
- -24.02%
- ALL TIME*
- -32.48%
IBBQ
- 1D
- -1.84%
- 1M
- -4.55%
- 6M
- 10.60%
- YTD
- 13.32%
- 1Y
- 44.71%
- 3Y*
- 17.25%
- 5Y*
- 5.42%
- 10Y*
- —
- ALL TIME*
- 5.57%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $67.10K | $102.51K | $113.13K | |
| $517.67K | $836.57K | $727.46K |
BIS vs. IBBQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BIS ProShares UltraShort Nasdaq Biotechnology | -24.85% | -45.95% | 4.79% | -6.54% | -2.14% | 8.13% |
IBBQ Invesco Nasdaq Biotechnology ETF | 13.32% | 33.32% | -0.63% | 4.73% | -10.41% | -6.24% |
Correlation
The correlation between BIS and IBBQ is -0.99, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.99 |
Correlation (3Y) Balances recent behavior with more history. | -0.99 |
Correlation (5Y) Shows whether the relationship held over a longer 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 | -3.60 | ||
| Sortino ratioReturn per unit of downside risk | -5.34 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 1.37 | -0.61 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 5.49 | -6.40 |
| Martin ratioReturn relative to average drawdown | -1.38 | 15.87 | -17.25 |
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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 | -59.49% | -8.34% | -51.15% |
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 | -99.88% | -6.14% | -93.74% |
Average DrawdownAverage peak-to-trough decline | -90.11% | -16.38% | -73.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.26% | 2.88% | +36.38% |
Volatility
BIS vs. IBBQ - Volatility Comparison
ProShares UltraShort Nasdaq Biotechnology (BIS) has a higher volatility of 12.40% compared to Invesco Nasdaq Biotechnology ETF (IBBQ) at 6.31%. 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 | 12.40% | 6.31% | +6.09% |
Volatility (6M)Calculated over the trailing 6-month period | 31.89% | 15.72% | +16.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.71% | 20.18% | +20.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.93% | 21.98% | +21.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.15% | 21.85% | +24.30% |
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 5.61%, more than IBBQ's 0.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BIS ProShares UltraShort Nasdaq Biotechnology | 5.61% | 5.25% | 3.73% | 1.75% | 0.00% | 0.00% | 0.45% | 2.11% | 0.37% |
IBBQ Invesco Nasdaq Biotechnology ETF | 0.80% | 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 (12.40%) compared to IBBQ (6.31%). In terms of maximum drawdown, BIS dropped -99.89% vs IBBQ's -37.94%.
On 5-year performance, IBBQ leads with 5.42% vs -15.63% for BIS. On fees, IBBQ is cheaper at 0.19% per year. On volatility, IBBQ has been the lower-risk option at 6.31%. 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 5.42% return vs -15.63%. 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 5.61%, compared with 0.80% 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 (2.27 vs -1.33), 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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