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 -24.02%/yr vs 39.46%/yr for TQQQ. Their -0.61 correlation means they have often moved in opposite directions in the past. 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 -24.85% return, which is significantly lower than TQQQ's 23.06% return. Over the past 10 years, BIS has underperformed TQQQ with an annualized return of -24.02%, while TQQQ has yielded a comparatively higher 39.46% 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%
TQQQ
- 1D
- 2.09%
- 1M
- -11.90%
- 6M
- 20.14%
- YTD
- 23.06%
- 1Y
- 56.87%
- 3Y*
- 43.81%
- 5Y*
- 15.36%
- 10Y*
- 39.46%
- ALL TIME*
- 42.33%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $67.10K | $102.51K | $113.13K | |
| $4.37B | $4.57B | $5.33B |
BIS vs. TQQQ - 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% |
TQQQ ProShares UltraPro QQQ | 23.06% | 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 -0.33, 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. | -0.33 |
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 inverse relationship between BIS and TQQQ has weakened: their correlation has moved from -0.61 to -0.33, 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.
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 | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.16 | ||
| Sortino ratioReturn per unit of downside risk | -3.59 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 1.17 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 1.29 | -2.20 |
| Martin ratioReturn relative to average drawdown | -1.38 | 3.60 | -4.97 |
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Drawdowns
BIS vs. TQQQ - Drawdown Comparison
The maximum BIS drawdown since its inception was -99.89%, 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 | -99.89% | -81.66% | -18.23% |
Max Drawdown (1Y)Largest decline over 1 year | -59.49% | -36.97% | -22.52% |
Max Drawdown (3Y)Largest decline over 3 years | -73.96% | -58.04% | -15.92% |
Max Drawdown (5Y)Largest decline over 5 years | -80.19% | -81.66% | +1.47% |
Max Drawdown (10Y)Largest decline over 10 years | -95.82% | -81.66% | -14.16% |
Current DrawdownCurrent decline from peak | -99.88% | -25.74% | -74.14% |
Average DrawdownAverage peak-to-trough decline | -90.11% | -18.49% | -71.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.26% | 13.24% | +26.02% |
Volatility
BIS vs. TQQQ - Volatility Comparison
The current volatility for ProShares UltraShort Nasdaq Biotechnology (BIS) is 12.40%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 20.41%. This indicates that BIS experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. 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 | 12.40% | 20.41% | -8.01% |
Volatility (6M)Calculated over the trailing 6-month period | 31.89% | 47.79% | -15.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.71% | 57.62% | -16.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.93% | 68.04% | -24.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.15% | 66.57% | -20.42% |
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 5.61%, more than TQQQ's 0.58% 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% |
TQQQ ProShares UltraPro QQQ | 0.58% | 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 -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (20.41%) compared to BIS (12.40%). In terms of maximum drawdown, BIS dropped -99.89% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 39.46% vs -24.02% for BIS. 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, TQQQ has performed better with a 39.46% return vs -24.02%. 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 5.61%, compared with 0.58% for TQQQ.
BIS tracks NASDAQ Biotechnology Index (-200%), while TQQQ tracks NASDAQ-100 Index (300%).
TQQQ currently has the higher Sharpe Ratio (0.83 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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