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 -24.02%/yr vs 28.48%/yr for UPRO. Their -0.60 correlation means they have often moved in opposite directions in the past. 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 -24.85% return, which is significantly lower than UPRO's 21.72% return. Over the past 10 years, BIS has underperformed UPRO with an annualized return of -24.02%, while UPRO has yielded a comparatively higher 28.48% 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%
UPRO
- 1D
- 1.97%
- 1M
- -0.35%
- 6M
- 17.81%
- YTD
- 21.72%
- 1Y
- 53.86%
- 3Y*
- 41.29%
- 5Y*
- 19.17%
- 10Y*
- 28.48%
- ALL TIME*
- 33.11%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $67.10K | $102.51K | $113.13K | |
| $288.84M | $293.51M | $361.12M |
BIS vs. UPRO - 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% |
UPRO ProShares UltraPro S&P 500 | 21.72% | 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 -0.42, 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. | -0.42 |
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 UPRO shifts across timeframes, from -0.60 (all time) to -0.42 (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 | -2.54 | ||
| Sortino ratioReturn per unit of downside risk | -3.92 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 1.22 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 1.73 | -2.64 |
| Martin ratioReturn relative to average drawdown | -1.38 | 6.63 | -8.01 |
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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 | -59.49% | -26.78% | -32.71% |
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% | -6.81% | -93.07% |
Average DrawdownAverage peak-to-trough decline | -90.11% | -14.35% | -75.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.26% | 7.00% | +32.26% |
Volatility
BIS vs. UPRO - Volatility Comparison
ProShares UltraShort Nasdaq Biotechnology (BIS) has a higher volatility of 12.40% compared to ProShares UltraPro S&P 500 (UPRO) at 10.69%. This indicates that BIS's price experiences larger fluctuations and is considered to be riskier 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 | 12.40% | 10.69% | +1.71% |
Volatility (6M)Calculated over the trailing 6-month period | 31.89% | 30.36% | +1.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.71% | 38.51% | +2.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.93% | 50.70% | -6.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.15% | 53.78% | -7.63% |
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 0.77% 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 | 0.77% | 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 -0.42, 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 UPRO (10.69%). In terms of maximum drawdown, BIS dropped -99.89% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 28.48% vs -24.02% for BIS. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 10.69%. 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 28.48% return vs -24.02%. 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 0.77% 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 (1.21 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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