BIS vs. IFED
BIS (ProShares UltraShort Nasdaq Biotechnology) and IFED (ETRACS IFED Invest with the Fed TR Index ETN) are both Leveraged Equities funds - BIS tracks the NASDAQ Biotechnology Index (-200%) while IFED tracks the IFED Large-Cap US Equity Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, BIS returned -27.87%/yr vs 18.74%/yr for IFED. Their -0.51 correlation means they have often moved in opposite directions in the past. BIS charges 0.95%/yr vs 0.45%/yr for IFED.
Performance
BIS vs. IFED - 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 IFED's 10.03% 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%
IFED
- 1D
- 0.00%
- 1M
- 13.92%
- 6M
- 14.63%
- YTD
- 10.03%
- 1Y
- 14.76%
- 3Y*
- 18.74%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 15.40%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $67.10K | $102.51K | $113.13K | |
| $159.79K | $83.84K | $44.71K |
BIS vs. IFED - 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% | 18.54% |
IFED ETRACS IFED Invest with the Fed TR Index ETN | 10.03% | 15.02% | 23.04% | 20.78% | -1.46% | 8.46% |
Correlation
The correlation between BIS and IFED is -0.35, 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. | -0.35 |
Correlation (3Y) Balances recent behavior with more history. | -0.46 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2021 | -0.51 |
The correlation between BIS and IFED shifts across timeframes, from -0.51 (all time) to -0.35 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BIS vs. IFED — Risk / Return Rank
BIS
IFED
BIS vs. IFED - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Nasdaq Biotechnology (BIS) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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 | IFED | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.77 | ||
| Sortino ratioReturn per unit of downside risk | -3.05 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 1.14 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 0.64 | -1.55 |
| Martin ratioReturn relative to average drawdown | -1.38 | 2.01 | -3.39 |
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Drawdowns
BIS vs. IFED - Drawdown Comparison
The maximum BIS drawdown since its inception was -99.89%, which is greater than IFED's maximum drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for BIS and IFED.
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Drawdown Indicators
| BIS | IFED | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.89% | -22.36% | -77.53% |
Max Drawdown (1Y)Largest decline over 1 year | -59.49% | -20.18% | -39.31% |
Max Drawdown (3Y)Largest decline over 3 years | -73.96% | -22.36% | -51.60% |
Max Drawdown (5Y)Largest decline over 5 years | -80.19% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -95.82% | — | — |
Current DrawdownCurrent decline from peak | -99.88% | -7.61% | -92.27% |
Average DrawdownAverage peak-to-trough decline | -90.11% | -5.85% | -84.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.26% | 6.43% | +32.83% |
Volatility
BIS vs. IFED - Volatility Comparison
The current volatility for ProShares UltraShort Nasdaq Biotechnology (BIS) is 12.40%, while ETRACS IFED Invest with the Fed TR Index ETN (IFED) has a volatility of 24.07%. This indicates that BIS experiences smaller price fluctuations and is considered to be less risky than IFED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIS | IFED | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.40% | 24.07% | -11.67% |
Volatility (6M)Calculated over the trailing 6-month period | 31.89% | 27.96% | +3.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.71% | 29.34% | +11.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.93% | 22.56% | +21.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.15% | 22.56% | +23.59% |
BIS vs. IFED - Expense Ratio Comparison
BIS has a 0.95% expense ratio, which is higher than IFED's 0.45% expense ratio.
Dividends
BIS vs. IFED - Dividend Comparison
BIS's dividend yield for the trailing twelve months is around 5.61%, while IFED has not paid dividends to shareholders.
| 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% |
IFED ETRACS IFED Invest with the Fed TR Index ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BIS and IFED have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IFED has higher volatility (24.07%) compared to BIS (12.40%). In terms of maximum drawdown, BIS dropped -99.89% vs IFED's -22.36%.
On 3-year performance, IFED leads with 18.74% vs -27.87% for BIS. On fees, IFED is cheaper at 0.45% per year. On volatility, BIS has been the lower-risk option at 12.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IFED has performed better with a 18.74% return vs -27.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IFED is cheaper with a 0.45% expense ratio, compared with 0.95% for BIS.
BIS has the higher dividend yield at 5.61%, compared with 0.00% for IFED.
BIS tracks NASDAQ Biotechnology Index (-200%), while IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross. They also come from different issuers: ProShares and UBS. Their fees differ too: 0.95% for BIS and 0.45% for IFED.
IFED currently has the higher Sharpe Ratio (0.44 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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