BIS vs. UVXY
BIS (ProShares UltraShort Nasdaq Biotechnology) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - BIS is a Leveraged Equities fund tracking the NASDAQ Biotechnology Index (-200%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, BIS returned -23.34%/yr vs -72.67%/yr for UVXY. A 0.53 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
BIS vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, BIS achieves a -6.36% return, which is significantly higher than UVXY's -19.06% return. Over the past 10 years, BIS has outperformed UVXY with an annualized return of -23.34%, while UVXY has yielded a comparatively lower -72.67% annualized return.
BIS
- 1D
- -3.65%
- 1M
- 2.35%
- YTD
- -6.36%
- 6M
- -4.11%
- 1Y
- -49.58%
- 3Y*
- -21.43%
- 5Y*
- -14.49%
- 10Y*
- -23.34%
UVXY
- 1D
- -0.24%
- 1M
- -22.10%
- YTD
- -19.06%
- 6M
- -37.37%
- 1Y
- -72.91%
- 3Y*
- -64.55%
- 5Y*
- -67.90%
- 10Y*
- -72.67%
BIS vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIS ProShares UltraShort Nasdaq Biotechnology | -6.36% | -45.95% | 4.79% | -6.54% | -2.14% | -14.74% | -56.01% | -41.01% | 5.14% | -36.98% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -19.06% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between BIS and UVXY is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011 | 0.53 |
The correlation between BIS and UVXY shifts across timeframes, from 0.39 (1 year) to 0.53 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BIS vs. UVXY — Risk / Return Rank
BIS
UVXY
BIS vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Nasdaq Biotechnology (BIS) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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.
| BIS | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -0.39 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 0.82 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | -0.97 | +0.06 |
| Martin ratioReturn relative to average drawdown | -1.25 | -1.31 | +0.06 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BIS | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.25 | -0.87 | -0.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.33 | -0.66 | +0.32 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.50 | -0.64 | +0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | -0.68 | 0.00 |
Drawdowns
BIS vs. UVXY - Drawdown Comparison
The maximum BIS drawdown since its inception was -99.87%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for BIS and UVXY.
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Drawdown Indicators
| BIS | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.87% | -100.00% | +0.13% |
Max Drawdown (1Y)Largest decline over 1 year | -54.50% | -75.22% | +20.72% |
Max Drawdown (3Y)Largest decline over 3 years | -66.87% | -95.45% | +28.58% |
Max Drawdown (5Y)Largest decline over 5 years | -74.80% | -99.68% | +24.88% |
Max Drawdown (10Y)Largest decline over 10 years | -95.25% | -100.00% | +4.75% |
Current DrawdownCurrent decline from peak | -99.85% | -100.00% | +0.15% |
Average DrawdownAverage peak-to-trough decline | -90.03% | -98.55% | +8.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.59% | 55.63% | -16.04% |
Volatility
BIS vs. UVXY - Volatility Comparison
ProShares UltraShort Nasdaq Biotechnology (BIS) has a higher volatility of 13.87% compared to ProShares Ultra VIX Short-Term Futures ETF (UVXY) at 11.77%. This indicates that BIS's price experiences larger fluctuations and is considered to be riskier than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIS | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.87% | 11.77% | +2.10% |
Volatility (6M)Calculated over the trailing 6-month period | 30.95% | 62.64% | -31.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.68% | 84.42% | -44.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.74% | 103.85% | -60.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.36% | 113.82% | -67.46% |
BIS vs. UVXY - Expense Ratio Comparison
Both BIS and UVXY have an expense ratio of 0.95%.
Dividends
BIS vs. UVXY - Dividend Comparison
BIS's dividend yield for the trailing twelve months is around 4.92%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BIS ProShares UltraShort Nasdaq Biotechnology | 4.92% | 5.25% | 3.73% | 1.75% | 0.00% | 0.00% | 0.45% | 2.11% | 0.37% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BIS and UVXY have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIS has higher volatility (13.87%) compared to UVXY (11.77%). In terms of maximum drawdown, BIS dropped -99.87% vs UVXY's -100.00%.
On 10-year performance, BIS leads with -23.34% vs -72.67% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UVXY has been the lower-risk option at 11.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BIS has performed better with a -23.34% return vs -72.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIS and UVXY have the same expense ratio: 0.95% per year.
BIS has the higher dividend yield at 4.92%, compared with 0.00% for UVXY.
BIS is categorized as Leveraged Equities, while UVXY is Volatility. BIS tracks NASDAQ Biotechnology Index (-200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
UVXY currently has the higher Sharpe Ratio (-0.87 vs -1.25), 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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