BIS vs. PJP
BIS (ProShares UltraShort Nasdaq Biotechnology) and PJP (Invesco Dynamic Pharmaceuticals ETF) are both exchange-traded funds - BIS is a Leveraged Equities fund tracking the NASDAQ Biotechnology Index (-200%), while PJP is a Health & Biotech Equities fund tracking the Dynamic Pharmaceuticals Intellidex Index. Both are passively managed. Over the past 10 years, BIS returned -25.94%/yr vs 7.25%/yr for PJP. At a correlation of -0.81, they often move in opposite directions. BIS charges 0.95%/yr vs 0.58%/yr for PJP.
Performance
BIS vs. PJP - Performance Comparison
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Returns By Period
In the year-to-date period, BIS achieves a -16.48% return, which is significantly lower than PJP's 7.87% return. Over the past 10 years, BIS has underperformed PJP with an annualized return of -25.94%, while PJP has yielded a comparatively higher 7.25% annualized return.
BIS
- 1D
- -3.68%
- 1M
- -8.41%
- YTD
- -16.48%
- 6M
- -12.83%
- 1Y
- -54.85%
- 3Y*
- -24.54%
- 5Y*
- -14.79%
- 10Y*
- -25.94%
PJP
- 1D
- 0.70%
- 1M
- 3.08%
- YTD
- 7.87%
- 6M
- 4.83%
- 1Y
- 42.28%
- 3Y*
- 15.13%
- 5Y*
- 8.22%
- 10Y*
- 7.25%
BIS vs. PJP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIS ProShares UltraShort Nasdaq Biotechnology | -16.48% | -45.95% | 4.79% | -6.54% | -2.14% | -14.74% | -56.01% | -41.01% | 5.14% | -36.98% |
PJP Invesco Dynamic Pharmaceuticals ETF | 7.87% | 27.98% | 9.63% | -2.18% | -2.16% | 14.58% | 11.29% | 4.64% | -1.78% | 15.30% |
Correlation
The correlation between BIS and PJP is -0.81, 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 | -0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.81 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2010 | -0.81 |
The correlation between BIS and PJP has been stable across timeframes, ranging from -0.81 to -0.80 - a consistent structural relationship.
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Return for Risk
BIS vs. PJP — Risk / Return Rank
BIS
PJP
BIS vs. PJP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Nasdaq Biotechnology (BIS) and Invesco Dynamic Pharmaceuticals ETF (PJP). 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 | PJP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.93 | ||
| Sortino ratioReturn per unit of downside risk | -5.89 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 1.43 | -0.67 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 4.50 | -5.50 |
| Martin ratioReturn relative to average drawdown | -1.33 | 14.26 | -15.60 |
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Drawdowns
BIS vs. PJP - Drawdown Comparison
The maximum BIS drawdown since its inception was -99.87%, which is greater than PJP's maximum drawdown of -37.06%. Use the drawdown chart below to compare losses from any high point for BIS and PJP.
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Drawdown Indicators
| BIS | PJP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.87% | -37.06% | -62.81% |
Max Drawdown (1Y)Largest decline over 1 year | -55.15% | -9.44% | -45.71% |
Max Drawdown (3Y)Largest decline over 3 years | -67.35% | -16.27% | -51.08% |
Max Drawdown (5Y)Largest decline over 5 years | -75.16% | -17.51% | -57.65% |
Max Drawdown (10Y)Largest decline over 10 years | -95.32% | -33.95% | -61.37% |
Current DrawdownCurrent decline from peak | -99.87% | -1.26% | -98.61% |
Average DrawdownAverage peak-to-trough decline | -90.04% | -8.83% | -81.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.17% | 2.97% | +38.20% |
Volatility
BIS vs. PJP - Volatility Comparison
ProShares UltraShort Nasdaq Biotechnology (BIS) has a higher volatility of 13.78% compared to Invesco Dynamic Pharmaceuticals ETF (PJP) at 5.20%. This indicates that BIS's price experiences larger fluctuations and is considered to be riskier than PJP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIS | PJP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.78% | 5.20% | +8.58% |
Volatility (6M)Calculated over the trailing 6-month period | 32.11% | 12.34% | +19.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.56% | 16.54% | +24.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.79% | 16.19% | +27.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.37% | 18.39% | +27.98% |
BIS vs. PJP - Expense Ratio Comparison
BIS has a 0.95% expense ratio, which is higher than PJP's 0.58% expense ratio.
Dividends
BIS vs. PJP - Dividend Comparison
BIS's dividend yield for the trailing twelve months is around 5.51%, more than PJP's 1.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIS ProShares UltraShort Nasdaq Biotechnology | 5.51% | 5.25% | 3.73% | 1.75% | 0.00% | 0.00% | 0.45% | 2.11% | 0.37% | 0.00% | 0.00% | 0.00% |
PJP Invesco Dynamic Pharmaceuticals ETF | 1.19% | 0.98% | 0.97% | 1.01% | 0.95% | 0.81% | 0.75% | 0.77% | 1.12% | 0.65% | 0.91% | 5.49% |
Frequently Asked Questions
BIS and PJP have a correlation of -0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIS has higher volatility (13.78%) compared to PJP (5.20%). In terms of maximum drawdown, BIS dropped -99.87% vs PJP's -37.06%.
On 10-year performance, PJP leads with 7.25% vs -25.94% for BIS. On fees, PJP is cheaper at 0.58% per year. On volatility, PJP has been the lower-risk option at 5.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PJP has performed better with a 7.25% return vs -25.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PJP is cheaper with a 0.58% expense ratio, compared with 0.95% for BIS.
BIS has the higher dividend yield at 5.51%, compared with 1.19% for PJP.
BIS is categorized as Leveraged Equities, while PJP is Health & Biotech Equities. BIS tracks NASDAQ Biotechnology Index (-200%), while PJP tracks Dynamic Pharmaceuticals Intellidex Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for BIS and 0.58% for PJP.
PJP currently has the higher Sharpe Ratio (2.57 vs -1.36), 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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