BIS vs. ORLG

Last updated Jul 17, 2026

BIS (ProShares UltraShort Nasdaq Biotechnology) and ORLG (Leverage Shares 2X Long ORLY Daily ETF) are both Leveraged Equities funds - BIS tracks the NASDAQ Biotechnology Index (-200%) while ORLG tracks the O'Reilly Automotive, Inc. (ORLY). Both are passively managed. At a correlation of -0.25, they often move in opposite directions. BIS charges 0.95%/yr vs 0.75%/yr for ORLG.

Performance

BIS vs. ORLG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Nasdaq Biotechnology (BIS) and Leverage Shares 2X Long ORLY Daily ETF (ORLG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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%

ORLG

• 1D: 8.37%
• 1M: -11.93%
• 6M: -23.86%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BIS vs. ORLG - Yearly Performance Comparison

	2026 (YTD)
BIS ProShares UltraShort Nasdaq Biotechnology	-23.23%
ORLG Leverage Shares 2X Long ORLY Daily ETF	-25.87%

Correlation

The correlation between BIS and ORLG is -0.25, 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 (All Time) Calculated using the full available price history since Jan 15, 2026	-0.25

Return for Risk

BIS vs. ORLG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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

ORLG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BIS vs. ORLG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Nasdaq Biotechnology (BIS) and Leverage Shares 2X Long ORLY Daily ETF (ORLG). 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	ORLG	Difference
Sharpe ratio: Return per unit of total volatility	-1.37	—	—
Sortino ratio: Return per unit of downside risk	-2.31	—	—
Omega ratio: Gain probability vs. loss probability	0.75	—	—
Calmar ratio: Return relative to maximum drawdown	-0.92	—	—
Martin ratio: Return relative to average drawdown	-1.42	—	—

Drawdowns

BIS vs. ORLG - Drawdown Comparison

The maximum BIS drawdown since its inception was -99.89%, which is greater than ORLG's maximum drawdown of -39.93%. Use the drawdown chart below to compare losses from any high point for BIS and ORLG.

Drawdown Indicators

	BIS	ORLG	Difference
Max Drawdown Largest peak-to-trough decline	-99.89%	-39.93%	-59.96%
Max Drawdown (1Y) Largest decline over 1 year	-60.67%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-73.96%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-80.19%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-95.82%	—	—
Current Drawdown Current decline from peak	-99.88%	-34.91%	-64.97%
Average Drawdown Average peak-to-trough decline	-90.08%	-20.65%	-69.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.12%	—	—

Volatility

Volatility by Period

	BIS	ORLG	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.90%	—	—
Volatility (6M) Calculated over the trailing 6-month period	32.05%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	40.70%	59.08%	-18.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.97%	59.08%	-15.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.18%	59.08%	-12.90%

BIS vs. ORLG - Expense Ratio Comparison

BIS has a 0.95% expense ratio, which is higher than ORLG's 0.75% expense ratio.

Dividends

BIS vs. ORLG - Dividend Comparison

BIS's dividend yield for the trailing twelve months is around 5.78%, while ORLG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BIS ProShares UltraShort Nasdaq Biotechnology	5.78%	5.25%	3.73%	1.75%	0.00%	0.00%	0.45%	2.11%	0.37%
ORLG Leverage Shares 2X Long ORLY Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BIS and ORLG in my portfolio?

BIS and ORLG have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BIS or ORLG?

On fees, ORLG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BIS or ORLG?

ORLG is cheaper with a 0.75% expense ratio, compared with 0.95% for BIS.

Which ETF pays a higher dividend yield, BIS or ORLG?

BIS has the higher dividend yield at 5.78%, compared with 0.00% for ORLG.

What is the main difference between BIS and ORLG?

BIS tracks NASDAQ Biotechnology Index (-200%), while ORLG tracks O'Reilly Automotive, Inc. (ORLY). They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.95% for BIS and 0.75% for ORLG.