BIS vs. SOXL
BIS (ProShares UltraShort Nasdaq Biotechnology) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both Leveraged Equities funds - BIS tracks the NASDAQ Biotechnology Index (-200%) while SOXL tracks the NYSE Semiconductor Index. Both are passively managed. Over the past 10 years, BIS returned -24.02%/yr vs 48.63%/yr for SOXL. Their -0.51 correlation means they have often moved in opposite directions in the past. BIS charges 0.95%/yr vs 0.75%/yr for SOXL.
Performance
BIS vs. SOXL - 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 SOXL's 172.95% return. Over the past 10 years, BIS has underperformed SOXL with an annualized return of -24.02%, while SOXL has yielded a comparatively higher 48.63% annualized 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%
SOXL
- 1D
- 0.00%
- 1M
- -36.78%
- 6M
- 85.66%
- YTD
- 172.95%
- 1Y
- 376.55%
- 3Y*
- 60.01%
- 5Y*
- 21.65%
- 10Y*
- 48.63%
- ALL TIME*
- 38.01%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $67.10K | $102.51K | $113.13K | |
| $10.60B | $10.77B | $11.72B |
BIS vs. SOXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIS ProShares UltraShort Nasdaq Biotechnology | -24.85% | -45.95% | 4.79% | -6.54% | -2.14% | -14.74% | -56.01% | -41.01% | 5.14% | -36.98% |
SOXL Direxion Daily Semiconductor Bull 3X ETF | 172.95% | 54.91% | -12.31% | 226.98% | -85.66% | 118.84% | 70.04% | 231.83% | -39.07% | 141.71% |
Correlation
The correlation between BIS and SOXL is -0.30, 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. | -0.30 |
Correlation (3Y) Balances recent behavior with more history. | -0.38 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.46 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.50 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2010 | -0.51 |
Over the past year, the inverse relationship between BIS and SOXL has weakened: their correlation has moved from -0.51 to -0.30, meaning they move in opposite directions less often than they have historically.
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Return for Risk
BIS vs. SOXL — Risk / Return Rank
BIS
SOXL
BIS vs. SOXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Nasdaq Biotechnology (BIS) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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 | SOXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.11 | ||
| Sortino ratioReturn per unit of downside risk | -4.91 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 1.36 | -0.60 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 5.22 | -6.13 |
| Martin ratioReturn relative to average drawdown | -1.38 | 18.04 | -19.42 |
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Drawdowns
BIS vs. SOXL - Drawdown Comparison
The maximum BIS drawdown since its inception was -99.89%, which is greater than SOXL's maximum drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for BIS and SOXL.
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Drawdown Indicators
| BIS | SOXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.89% | -90.46% | -9.43% |
Max Drawdown (1Y)Largest decline over 1 year | -59.49% | -69.42% | +9.93% |
Max Drawdown (3Y)Largest decline over 3 years | -73.96% | -87.88% | +13.92% |
Max Drawdown (5Y)Largest decline over 5 years | -80.19% | -90.46% | +10.27% |
Max Drawdown (10Y)Largest decline over 10 years | -95.82% | -90.46% | -5.36% |
Current DrawdownCurrent decline from peak | -99.88% | -61.86% | -38.02% |
Average DrawdownAverage peak-to-trough decline | -90.11% | -35.00% | -55.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.26% | 20.04% | +19.22% |
Volatility
BIS vs. SOXL - Volatility Comparison
The current volatility for ProShares UltraShort Nasdaq Biotechnology (BIS) is 12.40%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 52.68%. This indicates that BIS experiences smaller price fluctuations and is considered to be less risky than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIS | SOXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.40% | 52.68% | -40.28% |
Volatility (6M)Calculated over the trailing 6-month period | 31.89% | 115.51% | -83.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.71% | 130.99% | -90.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.93% | 113.21% | -69.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.15% | 102.11% | -55.96% |
BIS vs. SOXL - Expense Ratio Comparison
BIS has a 0.95% expense ratio, which is higher than SOXL's 0.75% expense ratio.
Dividends
BIS vs. SOXL - Dividend Comparison
BIS's dividend yield for the trailing twelve months is around 5.61%, more than SOXL's 0.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BIS ProShares UltraShort Nasdaq Biotechnology | 5.61% | 5.25% | 3.73% | 1.75% | 0.00% | 0.00% | 0.45% | 2.11% | 0.37% | 0.00% | 0.00% |
SOXL Direxion Daily Semiconductor Bull 3X ETF | 0.01% | 0.34% | 1.18% | 0.51% | 1.07% | 0.04% | 0.05% | 0.38% | 1.30% | 0.09% | 4.84% |
Frequently Asked Questions
BIS and SOXL have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXL has higher volatility (52.68%) compared to BIS (12.40%). In terms of maximum drawdown, BIS dropped -99.89% vs SOXL's -90.46%.
On 10-year performance, SOXL leads with 48.63% vs -24.02% for BIS. On fees, SOXL is cheaper at 0.75% per year. On volatility, BIS has been the lower-risk option at 12.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SOXL has performed better with a 48.63% return vs -24.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SOXL is cheaper with a 0.75% expense ratio, compared with 0.95% for BIS.
BIS has the higher dividend yield at 5.61%, compared with 0.01% for SOXL.
BIS tracks NASDAQ Biotechnology Index (-200%), while SOXL tracks NYSE Semiconductor Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for BIS and 0.75% for SOXL.
SOXL currently has the higher Sharpe Ratio (2.77 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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