BIS vs. LABU
BIS (ProShares UltraShort Nasdaq Biotechnology) and LABU (Direxion Daily S&P Biotech Bull 3x Shares) are both Leveraged Equities funds - BIS tracks the NASDAQ Biotechnology Index (-200%) while LABU tracks the S&P Biotechnology Select Industry Index (300%). Both are passively managed. Over the past 10 years, BIS returned -25.40%/yr vs -9.00%/yr for LABU. At a correlation of -0.92, they often move in opposite directions. BIS charges 0.95%/yr vs 0.96%/yr for LABU.
Performance
BIS vs. LABU - Performance Comparison
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Returns By Period
In the year-to-date period, BIS achieves a -26.96% return, which is significantly lower than LABU's 59.86% return. Over the past 10 years, BIS has underperformed LABU with an annualized return of -25.40%, while LABU has yielded a comparatively higher -9.00% annualized return.
BIS
- 1D
- 0.52%
- 1M
- -17.66%
- 6M
- -25.29%
- YTD
- -26.96%
- 1Y
- -55.63%
- 3Y*
- -28.12%
- 5Y*
- -16.97%
- 10Y*
- -25.40%
LABU
- 1D
- -8.20%
- 1M
- 38.01%
- 6M
- 52.81%
- YTD
- 59.86%
- 1Y
- 286.59%
- 3Y*
- 26.50%
- 5Y*
- -26.07%
- 10Y*
- -9.00%
BIS vs. LABU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIS ProShares UltraShort Nasdaq Biotechnology | -26.96% | -45.95% | 4.79% | -6.54% | -2.14% | -14.74% | -56.01% | -41.01% | 5.14% | -36.98% |
LABU Direxion Daily S&P Biotech Bull 3x Shares | 59.86% | 79.17% | -26.02% | -13.41% | -80.36% | -64.15% | 74.66% | 75.50% | -57.61% | 149.12% |
Correlation
The correlation between BIS and LABU is -0.92, 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 | -0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.92 |
Correlation (All Time) Calculated using the full available price history since May 28, 2015 | -0.92 |
The correlation between BIS and LABU has been stable across timeframes, ranging from -0.92 to -0.91 - a consistent structural relationship.
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Return for Risk
BIS vs. LABU — Risk / Return Rank
BIS
LABU
BIS vs. LABU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Nasdaq Biotechnology (BIS) and Direxion Daily S&P Biotech Bull 3x Shares (LABU). 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 | LABU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.02 | ||
| Sortino ratioReturn per unit of downside risk | -5.71 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 1.41 | -0.66 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 9.40 | -10.32 |
| Martin ratioReturn relative to average drawdown | -1.42 | 26.08 | -27.51 |
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Drawdowns
BIS vs. LABU - Drawdown Comparison
The maximum BIS drawdown since its inception was -99.89%, roughly equal to the maximum LABU drawdown of -99.18%. Use the drawdown chart below to compare losses from any high point for BIS and LABU.
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Drawdown Indicators
| BIS | LABU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.89% | -99.18% | -0.71% |
Max Drawdown (1Y)Largest decline over 1 year | -60.67% | -30.70% | -29.97% |
Max Drawdown (3Y)Largest decline over 3 years | -73.96% | -78.30% | +4.34% |
Max Drawdown (5Y)Largest decline over 5 years | -80.19% | -97.36% | +17.17% |
Max Drawdown (10Y)Largest decline over 10 years | -95.82% | -98.96% | +3.14% |
Current DrawdownCurrent decline from peak | -99.88% | -94.37% | -5.51% |
Average DrawdownAverage peak-to-trough decline | -90.08% | -81.78% | -8.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.12% | 11.05% | +28.07% |
Volatility
BIS vs. LABU - Volatility Comparison
The current volatility for ProShares UltraShort Nasdaq Biotechnology (BIS) is 11.90%, while Direxion Daily S&P Biotech Bull 3x Shares (LABU) has a volatility of 25.26%. This indicates that BIS experiences smaller price fluctuations and is considered to be less risky than LABU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIS | LABU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.90% | 25.26% | -13.36% |
Volatility (6M)Calculated over the trailing 6-month period | 32.05% | 63.83% | -31.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.70% | 79.41% | -38.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.97% | 96.05% | -52.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.18% | 95.22% | -49.04% |
BIS vs. LABU - Expense Ratio Comparison
BIS has a 0.95% expense ratio, which is lower than LABU's 0.96% expense ratio.
Dividends
BIS vs. LABU - Dividend Comparison
BIS's dividend yield for the trailing twelve months is around 5.78%, more than LABU's 0.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BIS ProShares UltraShort Nasdaq Biotechnology | 5.78% | 5.25% | 3.73% | 1.75% | 0.00% | 0.00% | 0.45% | 2.11% | 0.37% | 0.00% |
LABU Direxion Daily S&P Biotech Bull 3x Shares | 0.40% | 0.84% | 0.35% | 0.35% | 0.00% | 0.00% | 0.00% | 0.28% | 0.64% | 0.17% |
Frequently Asked Questions
BIS and LABU have a correlation of -0.92, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LABU has higher volatility (25.26%) compared to BIS (11.90%). In terms of maximum drawdown, BIS dropped -99.89% vs LABU's -99.18%.
On 10-year performance, LABU leads with -9.00% vs -25.40% for BIS. On fees, BIS is cheaper at 0.95% per year. On volatility, BIS has been the lower-risk option at 11.90%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, LABU has performed better with a -9.00% return vs -25.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIS is cheaper with a 0.95% expense ratio, compared with 0.96% for LABU.
BIS has the higher dividend yield at 5.78%, compared with 0.40% for LABU.
BIS tracks NASDAQ Biotechnology Index (-200%), while LABU tracks S&P Biotechnology Select Industry Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for BIS and 0.96% for LABU.
LABU currently has the higher Sharpe Ratio (3.64 vs -1.37), 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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