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 -26.06%/yr vs 30.18%/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 -17.93% return, which is significantly lower than UPRO's 17.21% return. Over the past 10 years, BIS has underperformed UPRO with an annualized return of -26.06%, while UPRO has yielded a comparatively higher 30.18% annualized return.
BIS
- 1D
- -1.74%
- 1M
- -10.00%
- YTD
- -17.93%
- 6M
- -14.94%
- 1Y
- -55.93%
- 3Y*
- -24.98%
- 5Y*
- -14.70%
- 10Y*
- -26.06%
UPRO
- 1D
- -4.27%
- 1M
- -5.38%
- YTD
- 17.21%
- 6M
- 13.86%
- 1Y
- 62.29%
- 3Y*
- 46.23%
- 5Y*
- 20.37%
- 10Y*
- 30.18%
BIS vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIS ProShares UltraShort Nasdaq Biotechnology | -17.93% | -45.95% | 4.79% | -6.54% | -2.14% | -14.74% | -56.01% | -41.01% | 5.14% | -36.98% |
UPRO ProShares UltraPro S&P 500 | 17.21% | 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 -0.48, 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 | -0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.54 |
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 -0.48 (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 | -3.07 | ||
| Sortino ratioReturn per unit of downside risk | -4.49 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 1.28 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -1.02 | 2.34 | -3.36 |
| Martin ratioReturn relative to average drawdown | -1.39 | 9.52 | -10.90 |
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Drawdowns
BIS vs. UPRO - Drawdown Comparison
The maximum BIS drawdown since its inception was -99.87%, 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 | -99.87% | -76.82% | -23.05% |
Max Drawdown (1Y)Largest decline over 1 year | -55.07% | -26.78% | -28.29% |
Max Drawdown (3Y)Largest decline over 3 years | -67.92% | -48.87% | -19.05% |
Max Drawdown (5Y)Largest decline over 5 years | -75.59% | -63.94% | -11.65% |
Max Drawdown (10Y)Largest decline over 10 years | -95.40% | -76.82% | -18.58% |
Current DrawdownCurrent decline from peak | -99.87% | -10.27% | -89.60% |
Average DrawdownAverage peak-to-trough decline | -90.04% | -14.39% | -75.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.32% | 6.57% | +34.75% |
Volatility
BIS vs. UPRO - Volatility Comparison
The current volatility for ProShares UltraShort Nasdaq Biotechnology (BIS) is 13.79%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 14.68%. This indicates that BIS experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. 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 | 13.79% | 14.68% | -0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 32.10% | 29.49% | +2.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.51% | 37.35% | +3.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.80% | 50.62% | -6.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.26% | 53.79% | -7.53% |
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 5.61%, more than UPRO's 0.74% 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% |
UPRO ProShares UltraPro S&P 500 | 0.74% | 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 -0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (14.68%) compared to BIS (13.79%). In terms of maximum drawdown, BIS dropped -99.87% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 30.18% vs -26.06% for BIS. On fees, UPRO is cheaper at 0.89% per year. On volatility, BIS has been the lower-risk option at 13.79%. 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 30.18% return vs -26.06%. 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 5.61%, compared with 0.74% 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 (1.68 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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