BIS vs. UPRO
BIS (ProShares UltraShort Nasdaq Biotechnology) and UPRO (ProShares UltraPro S&P 500) are both Leveraged Equities funds from ProShares - BIS tracks the NASDAQ Biotechnology Index (-200%) while UPRO tracks the S&P 500. Both are passively managed. Over the past 10 years, BIS returned -25.49%/yr vs 28.63%/yr for UPRO. At a correlation of -0.61, they often move in opposite directions. BIS charges 0.95%/yr vs 0.89%/yr for UPRO.
Performance
BIS vs. UPRO - Performance Comparison
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Returns By Period
In the year-to-date period, BIS achieves a -27.05% return, which is significantly lower than UPRO's 23.85% return. Over the past 10 years, BIS has underperformed UPRO with an annualized return of -25.49%, while UPRO has yielded a comparatively higher 28.63% annualized return.
BIS
- 1D
- 3.00%
- 1M
- -18.23%
- 6M
- -24.96%
- YTD
- -27.05%
- 1Y
- -56.42%
- 3Y*
- -28.45%
- 5Y*
- -17.36%
- 10Y*
- -25.49%
UPRO
- 1D
- -2.35%
- 1M
- 2.61%
- 6M
- 17.29%
- YTD
- 23.85%
- 1Y
- 53.99%
- 3Y*
- 44.08%
- 5Y*
- 19.88%
- 10Y*
- 28.63%
BIS vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIS ProShares UltraShort Nasdaq Biotechnology | -27.05% | -45.95% | 4.79% | -6.54% | -2.14% | -14.74% | -56.01% | -41.01% | 5.14% | -36.98% |
UPRO ProShares UltraPro S&P 500 | 23.85% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
Correlation
The correlation between BIS and UPRO is -0.44, 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 | -0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.60 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2010 | -0.61 |
The correlation between BIS and UPRO shifts across timeframes, from -0.61 (all time) to -0.44 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BIS vs. UPRO — Risk / Return Rank
BIS
UPRO
BIS vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Nasdaq Biotechnology (BIS) and ProShares UltraPro S&P 500 (UPRO). 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 | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.83 | ||
| Sortino ratioReturn per unit of downside risk | -4.28 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 1.25 | -0.51 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 2.03 | -2.95 |
| Martin ratioReturn relative to average drawdown | -1.45 | 8.00 | -9.45 |
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Drawdowns
BIS vs. UPRO - Drawdown Comparison
The maximum BIS drawdown since its inception was -99.89%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for BIS and UPRO.
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Drawdown Indicators
| BIS | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.89% | -76.82% | -23.07% |
Max Drawdown (1Y)Largest decline over 1 year | -60.93% | -26.78% | -34.15% |
Max Drawdown (3Y)Largest decline over 3 years | -73.96% | -48.87% | -25.09% |
Max Drawdown (5Y)Largest decline over 5 years | -80.19% | -63.94% | -16.25% |
Max Drawdown (10Y)Largest decline over 10 years | -95.82% | -76.82% | -19.00% |
Current DrawdownCurrent decline from peak | -99.88% | -5.19% | -94.69% |
Average DrawdownAverage peak-to-trough decline | -90.07% | -14.37% | -75.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.97% | 6.77% | +32.20% |
Volatility
BIS vs. UPRO - Volatility Comparison
ProShares UltraShort Nasdaq Biotechnology (BIS) and ProShares UltraPro S&P 500 (UPRO) have volatilities of 12.50% and 12.62%, 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 | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.50% | 12.62% | -0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 32.06% | 29.99% | +2.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.05% | 37.63% | +3.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.99% | 50.68% | -6.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.20% | 53.72% | -7.52% |
BIS vs. UPRO - Expense Ratio Comparison
BIS has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.
Dividends
BIS vs. UPRO - Dividend Comparison
BIS's dividend yield for the trailing twelve months is around 5.78%, more than UPRO's 0.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIS ProShares UltraShort Nasdaq Biotechnology | 5.78% | 5.25% | 3.73% | 1.75% | 0.00% | 0.00% | 0.45% | 2.11% | 0.37% | 0.00% | 0.00% | 0.00% |
UPRO ProShares UltraPro S&P 500 | 0.75% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
Frequently Asked Questions
BIS and UPRO have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (12.62%) compared to BIS (12.50%). In terms of maximum drawdown, BIS dropped -99.89% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 28.63% vs -25.49% for BIS. On fees, UPRO is cheaper at 0.89% per year. On volatility, BIS has been the lower-risk option at 12.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UPRO has performed better with a 28.63% return vs -25.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for BIS.
BIS has the higher dividend yield at 5.78%, compared with 0.75% for UPRO.
BIS tracks NASDAQ Biotechnology Index (-200%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for BIS and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (1.44 vs -1.38), 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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