BIS vs. SSO
BIS (ProShares UltraShort Nasdaq Biotechnology) and SSO (ProShares Ultra S&P500) are both Leveraged Equities funds from ProShares - BIS tracks the NASDAQ Biotechnology Index (-200%) while SSO tracks the S&P 500. Both are passively managed. Over the past 10 years, BIS returned -24.02%/yr vs 23.19%/yr for SSO. Their -0.60 correlation means they have often moved in opposite directions in the past. BIS charges 0.95%/yr vs 0.87%/yr for SSO.
Performance
BIS vs. SSO - 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 SSO's 16.14% return. Over the past 10 years, BIS has underperformed SSO with an annualized return of -24.02%, while SSO has yielded a comparatively higher 23.19% 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%
SSO
- 1D
- 1.35%
- 1M
- -0.01%
- 6M
- 13.46%
- YTD
- 16.14%
- 1Y
- 37.35%
- 3Y*
- 30.77%
- 5Y*
- 17.16%
- 10Y*
- 23.19%
- ALL TIME*
- 15.64%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $67.10K | $102.51K | $113.13K | |
| $177.82M | $191.16M | $223.05M |
BIS vs. SSO - 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% |
SSO ProShares Ultra S&P500 | 16.14% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
Correlation
The correlation between BIS and SSO is -0.43, 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. | -0.43 |
Correlation (3Y) Balances recent behavior with more history. | -0.52 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.58 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.60 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2010 | -0.60 |
The correlation between BIS and SSO shifts across timeframes, from -0.60 (all time) to -0.43 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BIS vs. SSO — Risk / Return Rank
BIS
SSO
BIS vs. SSO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Nasdaq Biotechnology (BIS) and ProShares Ultra S&P500 (SSO). 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 | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.62 | ||
| Sortino ratioReturn per unit of downside risk | -4.00 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 1.23 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 1.81 | -2.73 |
| Martin ratioReturn relative to average drawdown | -1.38 | 7.25 | -8.63 |
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Drawdowns
BIS vs. SSO - Drawdown Comparison
The maximum BIS drawdown since its inception was -99.89%, which is greater than SSO's maximum drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for BIS and SSO.
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Drawdown Indicators
| BIS | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.89% | -84.67% | -15.22% |
Max Drawdown (1Y)Largest decline over 1 year | -59.49% | -18.17% | -41.32% |
Max Drawdown (3Y)Largest decline over 3 years | -73.96% | -35.21% | -38.75% |
Max Drawdown (5Y)Largest decline over 5 years | -80.19% | -46.73% | -33.46% |
Max Drawdown (10Y)Largest decline over 10 years | -95.82% | -59.34% | -36.48% |
Current DrawdownCurrent decline from peak | -99.88% | -4.07% | -95.81% |
Average DrawdownAverage peak-to-trough decline | -90.11% | -19.45% | -70.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.26% | 4.54% | +34.72% |
Volatility
BIS vs. SSO - Volatility Comparison
ProShares UltraShort Nasdaq Biotechnology (BIS) has a higher volatility of 12.40% compared to ProShares Ultra S&P500 (SSO) at 7.07%. This indicates that BIS's price experiences larger fluctuations and is considered to be riskier than SSO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIS | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.40% | 7.07% | +5.33% |
Volatility (6M)Calculated over the trailing 6-month period | 31.89% | 20.14% | +11.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.71% | 25.63% | +15.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.93% | 33.88% | +10.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.15% | 35.91% | +10.24% |
BIS vs. SSO - Expense Ratio Comparison
BIS has a 0.95% expense ratio, which is higher than SSO's 0.87% expense ratio.
Dividends
BIS vs. SSO - Dividend Comparison
BIS's dividend yield for the trailing twelve months is around 5.61%, more than SSO's 0.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
SSO ProShares Ultra S&P500 | 0.67% | 0.68% | 0.85% | 0.18% | 0.50% | 0.18% | 0.20% | 0.50% | 0.75% | 0.39% | 0.51% | 0.63% |
Frequently Asked Questions
BIS and SSO have a correlation of -0.43, 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 SSO (7.07%). In terms of maximum drawdown, BIS dropped -99.89% vs SSO's -84.67%.
On 10-year performance, SSO leads with 23.19% vs -24.02% for BIS. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 7.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SSO has performed better with a 23.19% return vs -24.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SSO is cheaper with a 0.87% expense ratio, compared with 0.95% for BIS.
BIS has the higher dividend yield at 5.61%, compared with 0.67% for SSO.
BIS tracks NASDAQ Biotechnology Index (-200%), while SSO tracks S&P 500. Their fees differ too: 0.95% for BIS and 0.87% for SSO.
SSO currently has the higher Sharpe Ratio (1.29 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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