BIS vs. NDAQ

Last updated Aug 2, 2026

BIS (ProShares UltraShort Nasdaq Biotechnology) is Leveraged Equities fund tracking the NASDAQ Biotechnology Index (-200%), while NDAQ (Nasdaq, Inc.) is a stock. Over the past 10 years, BIS returned -24.02%/yr vs 16.62%/yr for NDAQ. Their -0.39 correlation means they have often moved in opposite directions in the past.

Performance

BIS vs. NDAQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Nasdaq Biotechnology (BIS) and Nasdaq, Inc. (NDAQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BIS achieves a -24.85% return, which is significantly lower than NDAQ's -2.37% return. Over the past 10 years, BIS has underperformed NDAQ with an annualized return of -24.02%, while NDAQ has yielded a comparatively higher 16.62% annualized 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%

NDAQ

• 1D: -1.02%
• 1M: 11.26%
• 6M: -2.13%
• YTD: -2.37%
• 1Y: 0.22%
• 3Y*: 25.01%
• 5Y*: 10.13%
• 10Y*: 16.62%
• ALL TIME*: 14.06%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BIS ProShares UltraShort Nasdaq Biotechnology	$67.10K	$102.51K	$113.13K
NDAQ Nasdaq, Inc.	$352.66M	$369.72M	$355.11M

BIS vs. NDAQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIS ProShares UltraShort Nasdaq Biotechnology	-24.85%	-45.95%	4.79%	-6.54%	-2.14%	-14.74%	-56.01%	-41.01%	5.14%	-36.98%
NDAQ Nasdaq, Inc.	-2.37%	27.19%	34.85%	-3.66%	-11.19%	60.13%	25.99%	33.88%	8.21%	16.76%

Correlation

The correlation between BIS and NDAQ is -0.18, 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.	-0.18
Correlation (3Y) Balances recent behavior with more history.	-0.32
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.41
Correlation (10Y) Provides a long-term view across more market conditions.	-0.39
Correlation (All Time) Calculated using the full available price history since Apr 8, 2010	-0.39

Over the past year, the inverse relationship between BIS and NDAQ has weakened: their correlation has moved from -0.39 to -0.18, meaning they move in opposite directions less often than they have historically.

Return for Risk

BIS vs. NDAQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BIS

BIS Risk / Return Rank: 1
BIS Sharpe Ratio Rank: 0
BIS Sortino Ratio Rank: 0
BIS Omega Ratio Rank: 0
BIS Calmar Ratio Rank: 1
BIS Martin Ratio Rank: 1

NDAQ

NDAQ Risk / Return Rank: 40
NDAQ Sharpe Ratio Rank: 43
NDAQ Sortino Ratio Rank: 37
NDAQ Omega Ratio Rank: 37
NDAQ Calmar Ratio Rank: 43
NDAQ Martin Ratio Rank: 43

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BIS vs. NDAQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Nasdaq Biotechnology (BIS) and Nasdaq, Inc. (NDAQ). 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	NDAQ	Difference
Sharpe ratio: Return per unit of total volatility	-1.33	-0.03	-1.30
Sortino ratio: Return per unit of downside risk	-2.21	0.14	-2.35
Omega ratio: Gain probability vs. loss probability	0.76	1.02	-0.26
Calmar ratio: Return relative to maximum drawdown	-0.91	-0.04	-0.87
Martin ratio: Return relative to average drawdown	-1.38	-0.08	-1.30

BIS vs. NDAQ - Sharpe Ratio Comparison

The current BIS Sharpe Ratio is -1.33, which is lower than the NDAQ Sharpe Ratio of -0.03. The chart below compares the historical Sharpe Ratios of BIS and NDAQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BIS vs. NDAQ - Drawdown Comparison

The maximum BIS drawdown since its inception was -99.89%, which is greater than NDAQ's maximum drawdown of -68.48%. Use the drawdown chart below to compare losses from any high point for BIS and NDAQ.

Drawdown Indicators

	BIS	NDAQ	Difference
Max Drawdown Largest peak-to-trough decline	-99.89%	-68.48%	-31.41%
Max Drawdown (1Y) Largest decline over 1 year	-59.49%	-23.39%	-36.10%
Max Drawdown (3Y) Largest decline over 3 years	-73.96%	-23.39%	-50.57%
Max Drawdown (5Y) Largest decline over 5 years	-80.19%	-32.84%	-47.35%
Max Drawdown (10Y) Largest decline over 10 years	-95.82%	-38.31%	-57.51%
Current Drawdown Current decline from peak	-99.88%	-6.09%	-93.79%
Average Drawdown Average peak-to-trough decline	-90.11%	-23.74%	-66.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.26%	10.74%	+28.52%

Volatility

BIS vs. NDAQ - Volatility Comparison

ProShares UltraShort Nasdaq Biotechnology (BIS) has a higher volatility of 12.40% compared to Nasdaq, Inc. (NDAQ) at 8.83%. This indicates that BIS's price experiences larger fluctuations and is considered to be riskier than NDAQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIS	NDAQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.40%	8.83%	+3.57%
Volatility (6M) Calculated over the trailing 6-month period	31.89%	24.30%	+7.59%
Volatility (1Y) Calculated over the trailing 1-year period	40.71%	27.37%	+13.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.93%	24.64%	+19.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.15%	24.59%	+21.56%

Dividends

BIS vs. NDAQ - Dividend Comparison

BIS's dividend yield for the trailing twelve months is around 5.61%, more than NDAQ's 1.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIS ProShares UltraShort Nasdaq Biotechnology	5.61%	5.25%	3.73%	1.75%	0.00%	0.00%	0.45%	2.11%	0.37%	0.00%	0.00%	0.00%
NDAQ Nasdaq, Inc.	1.19%	1.08%	1.22%	1.48%	1.27%	1.00%	1.46%	1.73%	2.08%	1.90%	1.80%	1.55%

Frequently Asked Questions

Can I hold both BIS and NDAQ in my portfolio?

BIS and NDAQ have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BIS or NDAQ?

BIS has higher volatility (12.40%) compared to NDAQ (8.83%). In terms of maximum drawdown, BIS dropped -99.89% vs NDAQ's -68.48%.

Which has better risk-adjusted returns?

NDAQ currently has the higher Sharpe Ratio (-0.03 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.