BIS vs. QLD
BIS (ProShares UltraShort Nasdaq Biotechnology) and QLD (ProShares Ultra QQQ) are both Leveraged Equities funds from ProShares - BIS tracks the NASDAQ Biotechnology Index (-200%) while QLD tracks the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, BIS returned -25.40%/yr vs 33.87%/yr for QLD. At a correlation of -0.61, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
BIS vs. QLD - Performance Comparison
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Returns By Period
In the year-to-date period, BIS achieves a -26.96% return, which is significantly lower than QLD's 25.90% return. Over the past 10 years, BIS has underperformed QLD with an annualized return of -25.40%, while QLD has yielded a comparatively higher 33.87% annualized return.
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%
QLD
- 1D
- -3.32%
- 1M
- -7.16%
- 6M
- 23.22%
- YTD
- 25.90%
- 1Y
- 48.13%
- 3Y*
- 37.48%
- 5Y*
- 19.69%
- 10Y*
- 33.87%
BIS vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIS ProShares UltraShort Nasdaq Biotechnology | -26.96% | -45.95% | 4.79% | -6.54% | -2.14% | -14.74% | -56.01% | -41.01% | 5.14% | -36.98% |
QLD ProShares Ultra QQQ | 25.90% | 30.36% | 42.82% | 117.72% | -60.52% | 54.67% | 88.90% | 81.69% | -8.31% | 70.34% |
Correlation
The correlation between BIS and QLD is -0.33, 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 | -0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.52 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.58 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2010 | -0.61 |
Over the past year, the inverse relationship between BIS and QLD has weakened: their correlation has moved from -0.61 to -0.33, meaning they move in opposite directions less often than they have historically.
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Return for Risk
BIS vs. QLD — Risk / Return Rank
BIS
QLD
BIS vs. QLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Nasdaq Biotechnology (BIS) and ProShares Ultra QQQ (QLD). 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 | QLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.67 | ||
| Sortino ratioReturn per unit of downside risk | -4.09 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 1.23 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 1.92 | -2.84 |
| Martin ratioReturn relative to average drawdown | -1.42 | 6.24 | -7.66 |
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Drawdowns
BIS vs. QLD - Drawdown Comparison
The maximum BIS drawdown since its inception was -99.89%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for BIS and QLD.
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Drawdown Indicators
| BIS | QLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.89% | -83.13% | -16.76% |
Max Drawdown (1Y)Largest decline over 1 year | -60.67% | -25.13% | -35.54% |
Max Drawdown (3Y)Largest decline over 3 years | -73.96% | -42.29% | -31.67% |
Max Drawdown (5Y)Largest decline over 5 years | -80.19% | -63.68% | -16.51% |
Max Drawdown (10Y)Largest decline over 10 years | -95.82% | -63.68% | -32.14% |
Current DrawdownCurrent decline from peak | -99.88% | -11.84% | -88.04% |
Average DrawdownAverage peak-to-trough decline | -90.08% | -18.11% | -71.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.12% | 7.73% | +31.39% |
Volatility
BIS vs. QLD - Volatility Comparison
The current volatility for ProShares UltraShort Nasdaq Biotechnology (BIS) is 11.90%, while ProShares Ultra QQQ (QLD) has a volatility of 14.98%. This indicates that BIS experiences smaller price fluctuations and is considered to be less risky than QLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIS | QLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.90% | 14.98% | -3.08% |
Volatility (6M)Calculated over the trailing 6-month period | 32.05% | 30.86% | +1.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.70% | 37.22% | +3.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.97% | 45.59% | -1.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.18% | 44.86% | +1.32% |
BIS vs. QLD - Expense Ratio Comparison
Both BIS and QLD have an expense ratio of 0.95%.
Dividends
BIS vs. QLD - Dividend Comparison
BIS's dividend yield for the trailing twelve months is around 5.78%, more than QLD's 0.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIS ProShares UltraShort Nasdaq Biotechnology | 5.78% | 5.25% | 3.73% | 1.75% | 0.00% | 0.00% | 0.45% | 2.11% | 0.37% | 0.00% | 0.00% | 0.00% |
QLD ProShares Ultra QQQ | 0.13% | 0.17% | 0.25% | 0.33% | 0.31% | 0.00% | 0.00% | 0.13% | 0.06% | 0.02% | 0.21% | 0.11% |
Frequently Asked Questions
BIS and QLD have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QLD has higher volatility (14.98%) compared to BIS (11.90%). In terms of maximum drawdown, BIS dropped -99.89% vs QLD's -83.13%.
On 10-year performance, QLD leads with 33.87% vs -25.40% for BIS. Both ETFs have the same 0.95% expense ratio. On volatility, BIS has been the lower-risk option at 11.90%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QLD has performed better with a 33.87% return vs -25.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIS and QLD have the same expense ratio: 0.95% per year.
BIS has the higher dividend yield at 5.78%, compared with 0.13% for QLD.
BIS tracks NASDAQ Biotechnology Index (-200%), while QLD tracks NASDAQ-100 Index (200%).
QLD currently has the higher Sharpe Ratio (1.30 vs -1.37), 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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