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 -23.34%/yr vs 36.10%/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 -6.36% return, which is significantly lower than QLD's 42.06% return. Over the past 10 years, BIS has underperformed QLD with an annualized return of -23.34%, while QLD has yielded a comparatively higher 36.10% annualized return.
BIS
- 1D
- -3.65%
- 1M
- 2.35%
- YTD
- -6.36%
- 6M
- -4.11%
- 1Y
- -49.58%
- 3Y*
- -21.43%
- 5Y*
- -14.49%
- 10Y*
- -23.34%
QLD
- 1D
- -0.53%
- 1M
- 21.54%
- YTD
- 42.06%
- 6M
- 37.45%
- 1Y
- 85.49%
- 3Y*
- 50.15%
- 5Y*
- 25.75%
- 10Y*
- 36.10%
BIS vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIS ProShares UltraShort Nasdaq Biotechnology | -6.36% | -45.95% | 4.79% | -6.54% | -2.14% | -14.74% | -56.01% | -41.01% | 5.14% | -36.98% |
QLD ProShares Ultra QQQ | 42.06% | 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 -0.41, 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 | -0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.53 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.59 |
Correlation (All Time) Calculated using the full available price history since Apr 9, 2010 | -0.61 |
Over the past year, the inverse relationship between BIS and QLD has weakened: their correlation has moved from -0.61 to -0.41, 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.
| BIS | QLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.96 | ||
| Sortino ratioReturn per unit of downside risk | -5.15 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 1.41 | -0.63 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 3.42 | -4.33 |
| Martin ratioReturn relative to average drawdown | -1.25 | 11.92 | -13.17 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BIS | QLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.25 | 2.70 | -3.96 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.33 | 0.58 | -0.91 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.50 | 0.81 | -1.32 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | 0.60 | -1.27 |
Drawdowns
BIS vs. QLD - Drawdown Comparison
The maximum BIS drawdown since its inception was -99.87%, 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 | -99.87% | -83.13% | -16.74% |
Max Drawdown (1Y)Largest decline over 1 year | -54.50% | -25.13% | -29.37% |
Max Drawdown (3Y)Largest decline over 3 years | -66.87% | -42.29% | -24.58% |
Max Drawdown (5Y)Largest decline over 5 years | -74.80% | -63.68% | -11.12% |
Max Drawdown (10Y)Largest decline over 10 years | -95.25% | -63.68% | -31.57% |
Current DrawdownCurrent decline from peak | -99.85% | -0.53% | -99.32% |
Average DrawdownAverage peak-to-trough decline | -90.03% | -18.17% | -71.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.59% | 7.20% | +32.39% |
Volatility
BIS vs. QLD - Volatility Comparison
ProShares UltraShort Nasdaq Biotechnology (BIS) has a higher volatility of 13.87% compared to ProShares Ultra QQQ (QLD) at 8.90%. This indicates that BIS's price experiences larger fluctuations and is considered to be riskier 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 | 13.87% | 8.90% | +4.97% |
Volatility (6M)Calculated over the trailing 6-month period | 30.95% | 24.08% | +6.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.68% | 31.85% | +7.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.74% | 44.74% | -1.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.36% | 44.56% | +1.80% |
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 4.92%, more than QLD's 0.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIS ProShares UltraShort Nasdaq Biotechnology | 4.92% | 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 | 0.12% | 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 -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIS has higher volatility (13.87%) compared to QLD (8.90%). In terms of maximum drawdown, BIS dropped -99.87% vs QLD's -83.13%.
On 10-year performance, QLD leads with 36.10% vs -23.34% for BIS. Both ETFs have the same 0.95% expense ratio. On volatility, QLD has been the lower-risk option at 8.90%. 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 36.10% return vs -23.34%. 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 4.92%, compared with 0.12% for QLD.
BIS tracks NASDAQ Biotechnology Index (-200%), while QLD tracks NASDAQ-100 Index (200%).
QLD currently has the higher Sharpe Ratio (2.70 vs -1.25), 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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