BIS vs. QTAP
BIS (ProShares UltraShort Nasdaq Biotechnology) and QTAP (Innovator Growth Accelerated Plus ETF - April) are both Leveraged Equities funds. BIS is passively managed, while QTAP is actively managed. Over the past 5 years, BIS returned -15.63%/yr vs 12.30%/yr for QTAP. Their -0.49 correlation means they have often moved in opposite directions in the past. BIS charges 0.95%/yr vs 0.79%/yr for QTAP.
Performance
BIS vs. QTAP - 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 QTAP's 13.57% 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%
QTAP
- 1D
- 0.27%
- 1M
- 0.15%
- 6M
- 12.76%
- YTD
- 13.57%
- 1Y
- 20.30%
- 3Y*
- 18.84%
- 5Y*
- 12.30%
- 10Y*
- —
- ALL TIME*
- 13.45%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $67.10K | $102.51K | $113.13K | |
| $235.81K | $225.86K | $220.48K |
BIS vs. QTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BIS ProShares UltraShort Nasdaq Biotechnology | -24.85% | -45.95% | 4.79% | -6.54% | -2.14% | -10.96% |
QTAP Innovator Growth Accelerated Plus ETF - April | 13.57% | 19.36% | 17.34% | 43.32% | -25.87% | 15.95% |
Correlation
The correlation between BIS and QTAP is -0.27, 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. | -0.27 |
Correlation (3Y) Balances recent behavior with more history. | -0.37 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.49 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021 | -0.49 |
Over the past year, the inverse relationship between BIS and QTAP has weakened: their correlation has moved from -0.49 to -0.27, meaning they move in opposite directions less often than they have historically.
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Return for Risk
BIS vs. QTAP — Risk / Return Rank
BIS
QTAP
BIS vs. QTAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Nasdaq Biotechnology (BIS) and Innovator Growth Accelerated Plus ETF - April (QTAP). 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 | QTAP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.29 | ||
| Sortino ratioReturn per unit of downside risk | -6.95 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 1.69 | -0.92 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 6.93 | -7.84 |
| Martin ratioReturn relative to average drawdown | -1.38 | 33.23 | -34.61 |
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Drawdowns
BIS vs. QTAP - Drawdown Comparison
The maximum BIS drawdown since its inception was -99.89%, which is greater than QTAP's maximum drawdown of -29.44%. Use the drawdown chart below to compare losses from any high point for BIS and QTAP.
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Drawdown Indicators
| BIS | QTAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.89% | -29.44% | -70.45% |
Max Drawdown (1Y)Largest decline over 1 year | -59.49% | -2.81% | -56.68% |
Max Drawdown (3Y)Largest decline over 3 years | -73.96% | -13.03% | -60.93% |
Max Drawdown (5Y)Largest decline over 5 years | -80.19% | -29.44% | -50.75% |
Max Drawdown (10Y)Largest decline over 10 years | -95.82% | — | — |
Current DrawdownCurrent decline from peak | -99.88% | -1.05% | -98.83% |
Average DrawdownAverage peak-to-trough decline | -90.11% | -4.91% | -85.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.26% | 0.59% | +38.67% |
Volatility
BIS vs. QTAP - Volatility Comparison
ProShares UltraShort Nasdaq Biotechnology (BIS) has a higher volatility of 12.40% compared to Innovator Growth Accelerated Plus ETF - April (QTAP) at 2.75%. This indicates that BIS's price experiences larger fluctuations and is considered to be riskier than QTAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIS | QTAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.40% | 2.75% | +9.65% |
Volatility (6M)Calculated over the trailing 6-month period | 31.89% | 5.69% | +26.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.71% | 6.61% | +34.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.93% | 18.92% | +25.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.15% | 18.57% | +27.58% |
BIS vs. QTAP - Expense Ratio Comparison
BIS has a 0.95% expense ratio, which is higher than QTAP's 0.79% expense ratio.
Dividends
BIS vs. QTAP - Dividend Comparison
BIS's dividend yield for the trailing twelve months is around 5.61%, while QTAP has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BIS ProShares UltraShort Nasdaq Biotechnology | 5.61% | 5.25% | 3.73% | 1.75% | 0.00% | 0.00% | 0.45% | 2.11% | 0.37% |
QTAP Innovator Growth Accelerated Plus ETF - April | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BIS and QTAP have a correlation of -0.27, 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 QTAP (2.75%). In terms of maximum drawdown, BIS dropped -99.89% vs QTAP's -29.44%.
On 5-year performance, QTAP leads with 12.30% vs -15.63% for BIS. On fees, QTAP is cheaper at 0.79% per year. On volatility, QTAP has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, QTAP has performed better with a 12.30% return vs -15.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QTAP is cheaper with a 0.79% expense ratio, compared with 0.95% for BIS.
BIS has the higher dividend yield at 5.61%, compared with 0.00% for QTAP.
They also come from different issuers: ProShares and Innovator. Their fees differ too: 0.95% for BIS and 0.79% for QTAP.
QTAP currently has the higher Sharpe Ratio (2.95 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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