BIS vs. TQQQ
BIS (ProShares UltraShort Nasdaq Biotechnology) and TQQQ (ProShares UltraPro QQQ) are both Leveraged Equities funds from ProShares - BIS tracks the NASDAQ Biotechnology Index (-200%) while TQQQ tracks the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, BIS returned -23.34%/yr vs 45.33%/yr for TQQQ. At a correlation of -0.61, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
BIS vs. TQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, BIS achieves a -6.36% return, which is significantly lower than TQQQ's 64.46% return. Over the past 10 years, BIS has underperformed TQQQ with an annualized return of -23.34%, while TQQQ has yielded a comparatively higher 45.33% 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%
TQQQ
- 1D
- -0.76%
- 1M
- 33.35%
- YTD
- 64.46%
- 6M
- 55.93%
- 1Y
- 137.89%
- 3Y*
- 69.49%
- 5Y*
- 28.37%
- 10Y*
- 45.33%
BIS vs. TQQQ - 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% |
TQQQ ProShares UltraPro QQQ | 64.46% | 34.35% | 58.27% | 198.04% | -79.09% | 82.98% | 110.05% | 133.84% | -19.79% | 118.06% |
Correlation
The correlation between BIS and TQQQ is -0.41, 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 | -0.41 |
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 inverse relationship between BIS and TQQQ has weakened: their correlation has moved from -0.61 to -0.41, meaning they move in opposite directions less often than they have historically.
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Return for Risk
BIS vs. TQQQ — Risk / Return Rank
BIS
TQQQ
BIS vs. TQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Nasdaq Biotechnology (BIS) and ProShares UltraPro QQQ (TQQQ). 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 | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.17 | ||
| Sortino ratioReturn per unit of downside risk | -5.08 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 1.40 | -0.62 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 3.75 | -4.66 |
| Martin ratioReturn relative to average drawdown | -1.25 | 12.27 | -13.52 |
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 | TQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.25 | 2.92 | -4.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.33 | 0.43 | -0.76 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.50 | 0.69 | -1.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | 0.74 | -1.41 |
Drawdowns
BIS vs. TQQQ - Drawdown Comparison
The maximum BIS drawdown since its inception was -99.87%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for BIS and TQQQ.
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Drawdown Indicators
| BIS | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.87% | -81.66% | -18.21% |
Max Drawdown (1Y)Largest decline over 1 year | -54.50% | -36.97% | -17.53% |
Max Drawdown (3Y)Largest decline over 3 years | -66.87% | -58.04% | -8.83% |
Max Drawdown (5Y)Largest decline over 5 years | -74.80% | -81.66% | +6.86% |
Max Drawdown (10Y)Largest decline over 10 years | -95.25% | -81.66% | -13.59% |
Current DrawdownCurrent decline from peak | -99.85% | -0.76% | -99.09% |
Average DrawdownAverage peak-to-trough decline | -90.03% | -18.52% | -71.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.59% | 11.28% | +28.31% |
Volatility
BIS vs. TQQQ - Volatility Comparison
ProShares UltraShort Nasdaq Biotechnology (BIS) and ProShares UltraPro QQQ (TQQQ) have volatilities of 13.87% and 13.29%, 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 | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.87% | 13.29% | +0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 30.95% | 36.04% | -5.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.68% | 47.60% | -7.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.74% | 66.53% | -22.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.36% | 65.96% | -19.60% |
BIS vs. TQQQ - Expense Ratio Comparison
Both BIS and TQQQ have an expense ratio of 0.95%.
Dividends
BIS vs. TQQQ - Dividend Comparison
BIS's dividend yield for the trailing twelve months is around 4.92%, more than TQQQ's 0.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
TQQQ ProShares UltraPro QQQ | 0.36% | 0.65% | 1.27% | 1.26% | 0.57% | 0.00% | 0.00% | 0.06% | 0.11% | 0.00% | 0.00% | 0.01% |
Frequently Asked Questions
BIS and TQQQ 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 TQQQ (13.29%). In terms of maximum drawdown, BIS dropped -99.87% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 45.33% vs -23.34% for BIS. Both ETFs have the same 0.95% expense ratio. On volatility, TQQQ has been the lower-risk option at 13.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TQQQ has performed better with a 45.33% return vs -23.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIS and TQQQ have the same expense ratio: 0.95% per year.
BIS has the higher dividend yield at 4.92%, compared with 0.36% for TQQQ.
BIS tracks NASDAQ Biotechnology Index (-200%), while TQQQ tracks NASDAQ-100 Index (300%).
TQQQ currently has the higher Sharpe Ratio (2.92 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.
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