BIS vs. SQQQ
BIS (ProShares UltraShort Nasdaq Biotechnology) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds from ProShares - BIS tracks the NASDAQ Biotechnology Index (-200%) while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, BIS returned -24.02%/yr vs -54.48%/yr for SQQQ. Their 0.60 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.
Performance
BIS vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, BIS achieves a -24.85% return, which is significantly higher than SQQQ's -34.61% return. Over the past 10 years, BIS has outperformed SQQQ with an annualized return of -24.02%, while SQQQ has yielded a comparatively lower -54.48% 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%
SQQQ
- 1D
- -1.99%
- 1M
- 9.46%
- 6M
- -32.40%
- YTD
- -34.61%
- 1Y
- -52.32%
- 3Y*
- -49.83%
- 5Y*
- -44.46%
- 10Y*
- -54.48%
- ALL TIME*
- -52.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $67.10K | $102.51K | $113.13K | |
| $2.40B | $2.29B | $2.66B |
BIS vs. SQQQ - 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% |
SQQQ ProShares UltraPro Short QQQ | -34.61% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between BIS and SQQQ is 0.33, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.33 |
Correlation (3Y) Balances recent behavior with more history. | 0.41 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.52 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.58 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2010 | 0.61 |
Over the past year, the correlation between BIS and SQQQ has dropped to 0.33 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.
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Return for Risk
BIS vs. SQQQ — Risk / Return Rank
BIS
SQQQ
BIS vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Nasdaq Biotechnology (BIS) and ProShares UltraPro Short QQQ (SQQQ). 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 | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.48 | ||
| Sortino ratioReturn per unit of downside risk | -0.96 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 0.86 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | -0.81 | -0.10 |
| Martin ratioReturn relative to average drawdown | -1.38 | -1.41 | +0.03 |
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Drawdowns
BIS vs. SQQQ - Drawdown Comparison
The maximum BIS drawdown since its inception was -99.89%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for BIS and SQQQ.
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Drawdown Indicators
| BIS | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.89% | -100.00% | +0.11% |
Max Drawdown (1Y)Largest decline over 1 year | -59.49% | -61.03% | +1.54% |
Max Drawdown (3Y)Largest decline over 3 years | -73.96% | -92.51% | +18.55% |
Max Drawdown (5Y)Largest decline over 5 years | -80.19% | -97.27% | +17.08% |
Max Drawdown (10Y)Largest decline over 10 years | -95.82% | -99.97% | +4.15% |
Current DrawdownCurrent decline from peak | -99.88% | -100.00% | +0.12% |
Average DrawdownAverage peak-to-trough decline | -90.11% | -92.78% | +2.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.26% | 35.08% | +4.18% |
Volatility
BIS vs. SQQQ - Volatility Comparison
The current volatility for ProShares UltraShort Nasdaq Biotechnology (BIS) is 12.40%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 20.82%. This indicates that BIS experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIS | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.40% | 20.82% | -8.42% |
Volatility (6M)Calculated over the trailing 6-month period | 31.89% | 48.09% | -16.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.71% | 57.98% | -17.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.93% | 68.18% | -24.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.15% | 66.74% | -20.59% |
BIS vs. SQQQ - Expense Ratio Comparison
Both BIS and SQQQ have an expense ratio of 0.95%.
Dividends
BIS vs. SQQQ - Dividend Comparison
BIS's dividend yield for the trailing twelve months is around 5.61%, less than SQQQ's 9.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SQQQ ProShares UltraPro Short QQQ | 9.14% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Frequently Asked Questions
BIS and SQQQ 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.
SQQQ has higher volatility (20.82%) compared to BIS (12.40%). In terms of maximum drawdown, BIS dropped -99.89% vs SQQQ's -100.00%.
On 10-year performance, BIS leads with -24.02% vs -54.48% for SQQQ. Both ETFs have the same 0.95% expense ratio. 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, BIS has performed better with a -24.02% return vs -54.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIS and SQQQ have the same expense ratio: 0.95% per year.
SQQQ has the higher dividend yield at 9.14%, compared with 5.61% for BIS.
BIS tracks NASDAQ Biotechnology Index (-200%), while SQQQ tracks NASDAQ-100 Index (-300%).
SQQQ currently has the higher Sharpe Ratio (-0.86 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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