BIS vs. SOXL

Last updated Jun 4, 2026

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 ICE Semiconductor Index. Both are passively managed. Over the past 10 years, BIS returned -23.34%/yr vs 65.39%/yr for SOXL. At a correlation of -0.51, they often move in opposite directions. BIS charges 0.95%/yr vs 0.75%/yr for SOXL.

Performance

BIS vs. SOXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Nasdaq Biotechnology (BIS) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BIS achieves a -6.36% return, which is significantly lower than SOXL's 567.48% return. Over the past 10 years, BIS has underperformed SOXL with an annualized return of -23.34%, while SOXL has yielded a comparatively higher 65.39% 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%

SOXL

• 1D: 5.34%
• 1M: 119.95%
• YTD: 567.48%
• 6M: 502.28%
• 1Y: 1,438.30%
• 3Y*: 135.13%
• 5Y*: 48.72%
• 10Y*: 65.39%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BIS vs. SOXL - 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%
SOXL Direxion Daily Semiconductor Bull 3X ETF	567.48%	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 -0.34, 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	-0.34
Correlation (3Y) Calculated over the trailing 3-year period	-0.40
Correlation (5Y) Calculated over the trailing 5-year period	-0.47
Correlation (10Y) Calculated over the trailing 10-year period	-0.51
Correlation (All Time) Calculated using the full available price history since Apr 9, 2010	-0.51

The correlation between BIS and SOXL shifts across timeframes, from -0.51 (all time) to -0.34 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BIS vs. SOXL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BIS

BIS Risk / Return Rank: 1
BIS Sharpe Ratio Rank: 1
BIS Sortino Ratio Rank: 1
BIS Omega Ratio Rank: 1
BIS Calmar Ratio Rank: 1
BIS Martin Ratio Rank: 3

SOXL

SOXL Risk / Return Rank: 97
SOXL Sharpe Ratio Rank: 100
SOXL Sortino Ratio Rank: 95
SOXL Omega Ratio Rank: 95
SOXL Calmar Ratio Rank: 99
SOXL Martin Ratio Rank: 99

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

	BIS	SOXL	Difference
Sharpe ratio: Return per unit of total volatility	-1.25	14.28	-15.54
Sortino ratio: Return per unit of downside risk	-1.99	5.17	-7.16
Omega ratio: Gain probability vs. loss probability	0.78	1.72	-0.94
Calmar ratio: Return relative to maximum drawdown	-0.91	33.47	-34.38
Martin ratio: Return relative to average drawdown	-1.25	114.79	-116.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BIS vs. SOXL - Sharpe Ratio Comparison

The current BIS Sharpe Ratio is -1.25, which is lower than the SOXL Sharpe Ratio of 14.28. The chart below compares the historical Sharpe Ratios of BIS and SOXL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BIS	SOXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.25	14.28	-15.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.33	0.46	-0.79
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.50	0.66	-1.17
Sharpe Ratio (All Time) Calculated using the full available price history	-0.67	0.52	-1.19

Drawdowns

BIS vs. SOXL - Drawdown Comparison

The maximum BIS drawdown since its inception was -99.87%, 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.

Drawdown Indicators

	BIS	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-99.87%	-90.46%	-9.41%
Max Drawdown (1Y) Largest decline over 1 year	-54.50%	-43.47%	-11.03%
Max Drawdown (3Y) Largest decline over 3 years	-66.87%	-87.88%	+21.01%
Max Drawdown (5Y) Largest decline over 5 years	-74.80%	-90.46%	+15.66%
Max Drawdown (10Y) Largest decline over 10 years	-95.25%	-90.46%	-4.79%
Current Drawdown Current decline from peak	-99.85%	0.00%	-99.85%
Average Drawdown Average peak-to-trough decline	-90.03%	-35.01%	-55.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.59%	12.65%	+26.94%

Volatility

BIS vs. SOXL - Volatility Comparison

The current volatility for ProShares UltraShort Nasdaq Biotechnology (BIS) is 13.87%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 40.82%. 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.

Volatility by Period

	BIS	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.87%	40.82%	-26.95%
Volatility (6M) Calculated over the trailing 6-month period	30.95%	81.29%	-50.34%
Volatility (1Y) Calculated over the trailing 1-year period	39.68%	102.11%	-62.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.74%	107.25%	-63.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.36%	99.04%	-52.68%

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 4.92%, more than SOXL's 0.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
SOXL Direxion Daily Semiconductor Bull 3X ETF	0.03%	0.34%	1.18%	0.51%	1.07%	0.04%	0.05%	0.38%	1.30%	0.09%	4.84%

Frequently Asked Questions

Can I hold both BIS and SOXL in my portfolio?

BIS and SOXL have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BIS or SOXL?

SOXL has higher volatility (40.82%) compared to BIS (13.87%). In terms of maximum drawdown, BIS dropped -99.87% vs SOXL's -90.46%.

Which ETF is better, BIS or SOXL?

On 10-year performance, SOXL leads with 65.39% vs -23.34% for BIS. On fees, SOXL is cheaper at 0.75% per year. On volatility, BIS has been the lower-risk option at 13.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BIS or SOXL?

Over the 10-year period, SOXL has performed better with a 65.39% return vs -23.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BIS or SOXL?

SOXL is cheaper with a 0.75% expense ratio, compared with 0.95% for BIS.

Which ETF pays a higher dividend yield, BIS or SOXL?

BIS has the higher dividend yield at 4.92%, compared with 0.03% for SOXL.

What is the main difference between BIS and SOXL?

BIS tracks NASDAQ Biotechnology Index (-200%), while SOXL tracks ICE Semiconductor Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for BIS and 0.75% for SOXL.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (14.28 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.