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 -26.84%/yr vs -5.05%/yr for LABU. At a correlation of -0.92, they often move in opposite directions. BIS charges 0.95%/yr vs 1.12%/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 -21.67% return, which is significantly lower than LABU's 61.74% return. Over the past 10 years, BIS has underperformed LABU with an annualized return of -26.84%, while LABU has yielded a comparatively higher -5.05% 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%
LABU
- 1D
- 3.93%
- 1M
- 42.05%
- YTD
- 61.74%
- 6M
- 45.28%
- 1Y
- 350.34%
- 3Y*
- 30.34%
- 5Y*
- -30.13%
- 10Y*
- -5.05%
BIS vs. LABU - 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% |
LABU Direxion Daily S&P Biotech Bull 3x Shares | 61.74% | 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 -0.93, 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 | -0.93 |
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 -0.93 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 | -5.90 | ||
| Sortino ratioReturn per unit of downside risk | -6.21 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 1.45 | -0.71 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 11.50 | -12.50 |
| Martin ratioReturn relative to average drawdown | -1.40 | 32.31 | -33.71 |
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Drawdowns
BIS vs. LABU - Drawdown Comparison
The maximum BIS drawdown since its inception was -99.88%, 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 | -99.88% | -99.18% | -0.70% |
Max Drawdown (1Y)Largest decline over 1 year | -57.12% | -30.70% | -26.42% |
Max Drawdown (3Y)Largest decline over 3 years | -69.38% | -78.30% | +8.92% |
Max Drawdown (5Y)Largest decline over 5 years | -76.71% | -97.59% | +20.88% |
Max Drawdown (10Y)Largest decline over 10 years | -95.25% | -98.96% | +3.71% |
Current DrawdownCurrent decline from peak | -99.88% | -94.30% | -5.58% |
Average DrawdownAverage peak-to-trough decline | -90.05% | -81.73% | -8.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.63% | 10.91% | +29.72% |
Volatility
BIS vs. LABU - Volatility Comparison
The current volatility for ProShares UltraShort Nasdaq Biotechnology (BIS) is 14.01%, while Direxion Daily S&P Biotech Bull 3x Shares (LABU) has a volatility of 29.76%. 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 | 14.01% | 29.76% | -15.75% |
Volatility (6M)Calculated over the trailing 6-month period | 31.79% | 62.55% | -30.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.44% | 78.84% | -38.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.80% | 95.93% | -52.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.25% | 95.43% | -49.18% |
BIS vs. LABU - Expense Ratio Comparison
BIS has a 0.95% expense ratio, which is lower than LABU's 1.12% expense ratio.
Dividends
BIS vs. LABU - Dividend Comparison
BIS's dividend yield for the trailing twelve months is around 5.39%, more than LABU's 0.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
LABU Direxion Daily S&P Biotech Bull 3x Shares | 0.39% | 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 -0.93, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LABU has higher volatility (29.76%) compared to BIS (14.01%). In terms of maximum drawdown, BIS dropped -99.88% vs LABU's -99.18%.
On 10-year performance, LABU leads with -5.05% vs -26.84% for BIS. On fees, BIS is cheaper at 0.95% per year. On volatility, BIS has been the lower-risk option at 14.01%. 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 -5.05% return vs -26.84%. 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 1.12% for LABU.
BIS has the higher dividend yield at 5.39%, compared with 0.39% 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 1.12% for LABU.
LABU currently has the higher Sharpe Ratio (4.48 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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