BIS vs. NOBL
BIS (ProShares UltraShort Nasdaq Biotechnology) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both exchange-traded funds - BIS is a Leveraged Equities fund tracking the NASDAQ Biotechnology Index (-200%), while NOBL is a Dividend fund tracking the S&P 500 Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, BIS returned -24.02%/yr vs 9.86%/yr for NOBL. Their -0.51 correlation means they have often moved in opposite directions in the past. BIS charges 0.95%/yr vs 0.35%/yr for NOBL.
Performance
BIS vs. NOBL - 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 NOBL's 10.84% return. Over the past 10 years, BIS has underperformed NOBL with an annualized return of -24.02%, while NOBL has yielded a comparatively higher 9.86% 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%
NOBL
- 1D
- -0.19%
- 1M
- -1.09%
- 6M
- 4.89%
- YTD
- 10.84%
- 1Y
- 15.41%
- 3Y*
- 8.04%
- 5Y*
- 6.49%
- 10Y*
- 9.86%
- ALL TIME*
- 10.70%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $67.10K | $102.51K | $113.13K | |
| $66.40M | $66.46M | $60.79M |
BIS vs. NOBL - 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% |
NOBL ProShares S&P 500 Dividend Aristocrats ETF | 10.84% | 6.84% | 6.72% | 8.09% | -6.52% | 25.46% | 8.35% | 27.39% | -3.26% | 21.02% |
Correlation
The correlation between BIS and NOBL is -0.36, 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. | -0.36 |
Correlation (3Y) Balances recent behavior with more history. | -0.52 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.53 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.50 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2013 | -0.51 |
The correlation between BIS and NOBL shifts across timeframes, from -0.53 (5 years) to -0.36 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BIS vs. NOBL — Risk / Return Rank
BIS
NOBL
BIS vs. NOBL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Nasdaq Biotechnology (BIS) and ProShares S&P 500 Dividend Aristocrats ETF (NOBL). 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 | NOBL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.57 | ||
| Sortino ratioReturn per unit of downside risk | -4.11 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 1.21 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 1.62 | -2.53 |
| Martin ratioReturn relative to average drawdown | -1.38 | 4.10 | -5.48 |
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Drawdowns
BIS vs. NOBL - Drawdown Comparison
The maximum BIS drawdown since its inception was -99.89%, which is greater than NOBL's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for BIS and NOBL.
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Drawdown Indicators
| BIS | NOBL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.89% | -35.43% | -64.46% |
Max Drawdown (1Y)Largest decline over 1 year | -59.49% | -9.11% | -50.38% |
Max Drawdown (3Y)Largest decline over 3 years | -73.96% | -15.36% | -58.60% |
Max Drawdown (5Y)Largest decline over 5 years | -80.19% | -17.92% | -62.27% |
Max Drawdown (10Y)Largest decline over 10 years | -95.82% | -35.43% | -60.39% |
Current DrawdownCurrent decline from peak | -99.88% | -2.31% | -97.57% |
Average DrawdownAverage peak-to-trough decline | -90.11% | -3.46% | -86.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.26% | 3.59% | +35.67% |
Volatility
BIS vs. NOBL - Volatility Comparison
ProShares UltraShort Nasdaq Biotechnology (BIS) has a higher volatility of 12.40% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 5.07%. This indicates that BIS's price experiences larger fluctuations and is considered to be riskier than NOBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIS | NOBL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.40% | 5.07% | +7.33% |
Volatility (6M)Calculated over the trailing 6-month period | 31.89% | 9.11% | +22.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.71% | 11.92% | +28.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.93% | 14.48% | +29.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.15% | 16.63% | +29.52% |
BIS vs. NOBL - Expense Ratio Comparison
BIS has a 0.95% expense ratio, which is higher than NOBL's 0.35% expense ratio.
Dividends
BIS vs. NOBL - Dividend Comparison
BIS's dividend yield for the trailing twelve months is around 5.61%, more than NOBL's 2.04% 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% |
NOBL ProShares S&P 500 Dividend Aristocrats ETF | 2.04% | 2.14% | 2.05% | 2.09% | 1.94% | 1.89% | 2.14% | 1.89% | 2.37% | 1.74% | 2.13% | 2.02% |
Frequently Asked Questions
BIS and NOBL have a correlation of -0.36, 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 NOBL (5.07%). In terms of maximum drawdown, BIS dropped -99.89% vs NOBL's -35.43%.
On 10-year performance, NOBL leads with 9.86% vs -24.02% for BIS. On fees, NOBL is cheaper at 0.35% per year. On volatility, NOBL has been the lower-risk option at 5.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, NOBL has performed better with a 9.86% return vs -24.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NOBL is cheaper with a 0.35% expense ratio, compared with 0.95% for BIS.
BIS has the higher dividend yield at 5.61%, compared with 2.04% for NOBL.
BIS is categorized as Leveraged Equities, while NOBL is Dividend. BIS tracks NASDAQ Biotechnology Index (-200%), while NOBL tracks S&P 500 Dividend Aristocrats Index. Their fees differ too: 0.95% for BIS and 0.35% for NOBL.
NOBL currently has the higher Sharpe Ratio (1.24 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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