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 -23.34%/yr vs -56.01%/yr for SQQQ. A 0.61 correlation means they provide meaningful diversification when combined. 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 -6.36% return, which is significantly higher than SQQQ's -45.27% return. Over the past 10 years, BIS has outperformed SQQQ with an annualized return of -23.34%, while SQQQ has yielded a comparatively lower -56.01% 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%
SQQQ
- 1D
- 0.76%
- 1M
- -26.37%
- YTD
- -45.27%
- 6M
- -42.79%
- 1Y
- -65.16%
- 3Y*
- -56.19%
- 5Y*
- -49.17%
- 10Y*
- -56.01%
BIS vs. SQQQ - 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% |
SQQQ ProShares UltraPro Short QQQ | -45.27% | -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 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| 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 correlation between BIS and SQQQ has dropped to 0.41 - well below their long-term average of 0.61, 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.
| BIS | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.64 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 0.72 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | -0.99 | +0.08 |
| Martin ratioReturn relative to average drawdown | -1.25 | -1.82 | +0.57 |
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 | SQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.25 | -1.37 | +0.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.33 | -0.74 | +0.41 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.50 | -0.85 | +0.34 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | -0.88 | +0.20 |
Drawdowns
BIS vs. SQQQ - Drawdown Comparison
The maximum BIS drawdown since its inception was -99.87%, 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 | -99.87% | -100.00% | +0.13% |
Max Drawdown (1Y)Largest decline over 1 year | -54.50% | -65.95% | +11.45% |
Max Drawdown (3Y)Largest decline over 3 years | -66.87% | -92.38% | +25.51% |
Max Drawdown (5Y)Largest decline over 5 years | -74.80% | -97.23% | +22.43% |
Max Drawdown (10Y)Largest decline over 10 years | -95.25% | -99.98% | +4.73% |
Current DrawdownCurrent decline from peak | -99.85% | -100.00% | +0.15% |
Average DrawdownAverage peak-to-trough decline | -90.03% | -92.40% | +2.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.59% | 35.73% | +3.86% |
Volatility
BIS vs. SQQQ - Volatility Comparison
ProShares UltraShort Nasdaq Biotechnology (BIS) and ProShares UltraPro Short QQQ (SQQQ) have volatilities of 13.87% and 13.75%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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 | 13.87% | 13.75% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 30.95% | 36.45% | -5.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.68% | 47.79% | -8.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.74% | 66.64% | -22.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.36% | 66.11% | -19.75% |
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 4.92%, less than SQQQ's 12.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SQQQ ProShares UltraPro Short QQQ | 12.48% | 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 0.41, 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 SQQQ (13.75%). In terms of maximum drawdown, BIS dropped -99.87% vs SQQQ's -100.00%.
On 10-year performance, BIS leads with -23.34% vs -56.01% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, SQQQ has been the lower-risk option at 13.75%. 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 -23.34% return vs -56.01%. 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 12.48%, compared with 4.92% for BIS.
BIS tracks NASDAQ Biotechnology Index (-200%), while SQQQ tracks NASDAQ-100 Index (-300%).
BIS currently has the higher Sharpe Ratio (-1.25 vs -1.37), 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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