BIS vs. USD
BIS (ProShares UltraShort Nasdaq Biotechnology) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds from ProShares - BIS tracks the NASDAQ Biotechnology Index (-200%) while USD tracks the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, BIS returned -24.02%/yr vs 54.19%/yr for USD. Their -0.47 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
BIS vs. USD - 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 USD's 50.25% return. Over the past 10 years, BIS has underperformed USD with an annualized return of -24.02%, while USD has yielded a comparatively higher 54.19% 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%
USD
- 1D
- 1.44%
- 1M
- -10.08%
- 6M
- 34.80%
- YTD
- 50.25%
- 1Y
- 92.29%
- 3Y*
- 87.71%
- 5Y*
- 55.02%
- 10Y*
- 54.19%
- ALL TIME*
- 28.07%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $67.10K | $102.51K | $113.13K | |
| $68.86M | $72.62M | $95.81M |
BIS vs. USD - 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% |
USD ProShares Ultra Semiconductors | 50.25% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Correlation
The correlation between BIS and USD is -0.20, 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. | -0.20 |
Correlation (3Y) Balances recent behavior with more history. | -0.27 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.40 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.46 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2010 | -0.47 |
Over the past year, the inverse relationship between BIS and USD has weakened: their correlation has moved from -0.47 to -0.20, meaning they move in opposite directions less often than they have historically.
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Return for Risk
BIS vs. USD — Risk / Return Rank
BIS
USD
BIS vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Nasdaq Biotechnology (BIS) and ProShares Ultra Semiconductors (USD). 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 | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.48 | ||
| Sortino ratioReturn per unit of downside risk | -3.94 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 1.22 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 2.16 | -3.07 |
| Martin ratioReturn relative to average drawdown | -1.38 | 6.21 | -7.59 |
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Drawdowns
BIS vs. USD - Drawdown Comparison
The maximum BIS drawdown since its inception was -99.89%, which is greater than USD's maximum drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for BIS and USD.
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Drawdown Indicators
| BIS | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.89% | -88.63% | -11.26% |
Max Drawdown (1Y)Largest decline over 1 year | -59.49% | -39.33% | -20.16% |
Max Drawdown (3Y)Largest decline over 3 years | -73.96% | -64.46% | -9.50% |
Max Drawdown (5Y)Largest decline over 5 years | -80.19% | -77.85% | -2.34% |
Max Drawdown (10Y)Largest decline over 10 years | -95.82% | -77.85% | -17.97% |
Current DrawdownCurrent decline from peak | -99.88% | -30.59% | -69.29% |
Average DrawdownAverage peak-to-trough decline | -90.11% | -32.23% | -57.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.26% | 13.62% | +25.64% |
Volatility
BIS vs. USD - Volatility Comparison
The current volatility for ProShares UltraShort Nasdaq Biotechnology (BIS) is 12.40%, while ProShares Ultra Semiconductors (USD) has a volatility of 28.19%. This indicates that BIS experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIS | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.40% | 28.19% | -15.79% |
Volatility (6M)Calculated over the trailing 6-month period | 31.89% | 61.13% | -29.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.71% | 73.80% | -33.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.93% | 78.73% | -34.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.15% | 70.38% | -24.23% |
BIS vs. USD - Expense Ratio Comparison
Both BIS and USD have an expense ratio of 0.95%.
Dividends
BIS vs. USD - Dividend Comparison
BIS's dividend yield for the trailing twelve months is around 5.61%, more than USD's 0.39% 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% |
USD ProShares Ultra Semiconductors | 0.39% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
BIS and USD have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (28.19%) compared to BIS (12.40%). In terms of maximum drawdown, BIS dropped -99.89% vs USD's -88.63%.
On 10-year performance, USD leads with 54.19% 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, USD has performed better with a 54.19% return vs -24.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIS and USD have the same expense ratio: 0.95% per year.
BIS has the higher dividend yield at 5.61%, compared with 0.39% for USD.
BIS tracks NASDAQ Biotechnology Index (-200%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).
USD currently has the higher Sharpe Ratio (1.15 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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