BIS vs. XBI
BIS (ProShares UltraShort Nasdaq Biotechnology) and XBI (SPDR S&P Biotech ETF) are both exchange-traded funds - BIS is a Leveraged Equities fund tracking the NASDAQ Biotechnology Index (-200%), while XBI is a Health & Biotech Equities fund tracking the S&P Biotechnology Select Industry Index. Both are passively managed. Over the past 10 years, BIS returned -25.40%/yr vs 10.37%/yr for XBI. At a correlation of -0.90, they often move in opposite directions. BIS charges 0.95%/yr vs 0.35%/yr for XBI.
Performance
BIS vs. XBI - Performance Comparison
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Returns By Period
In the year-to-date period, BIS achieves a -26.96% return, which is significantly lower than XBI's 24.78% return. Over the past 10 years, BIS has underperformed XBI with an annualized return of -25.40%, while XBI has yielded a comparatively higher 10.37% annualized return.
BIS
- 1D
- 0.52%
- 1M
- -17.66%
- 6M
- -25.29%
- YTD
- -26.96%
- 1Y
- -55.63%
- 3Y*
- -28.12%
- 5Y*
- -16.97%
- 10Y*
- -25.40%
XBI
- 1D
- -2.70%
- 1M
- 12.42%
- 6M
- 22.36%
- YTD
- 24.78%
- 1Y
- 73.87%
- 3Y*
- 21.27%
- 5Y*
- 3.96%
- 10Y*
- 10.37%
BIS vs. XBI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIS ProShares UltraShort Nasdaq Biotechnology | -26.96% | -45.95% | 4.79% | -6.54% | -2.14% | -14.74% | -56.01% | -41.01% | 5.14% | -36.98% |
XBI SPDR S&P Biotech ETF | 24.78% | 35.89% | 1.01% | 7.60% | -25.87% | -20.45% | 48.33% | 32.56% | -15.28% | 43.77% |
Correlation
The correlation between BIS and XBI is -0.92, 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 | -0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.92 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2010 | -0.90 |
The correlation between BIS and XBI has been stable across timeframes, ranging from -0.92 to -0.90 - a consistent structural relationship.
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Return for Risk
BIS vs. XBI — Risk / Return Rank
BIS
XBI
BIS vs. XBI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Nasdaq Biotechnology (BIS) and SPDR S&P Biotech ETF (XBI). 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 | XBI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.17 | ||
| Sortino ratioReturn per unit of downside risk | -5.92 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 1.43 | -0.69 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 7.64 | -8.56 |
| Martin ratioReturn relative to average drawdown | -1.42 | 22.09 | -23.52 |
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Drawdowns
BIS vs. XBI - Drawdown Comparison
The maximum BIS drawdown since its inception was -99.89%, which is greater than XBI's maximum drawdown of -63.89%. Use the drawdown chart below to compare losses from any high point for BIS and XBI.
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Drawdown Indicators
| BIS | XBI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.89% | -63.89% | -36.00% |
Max Drawdown (1Y)Largest decline over 1 year | -60.67% | -9.72% | -50.95% |
Max Drawdown (3Y)Largest decline over 3 years | -73.96% | -32.99% | -40.97% |
Max Drawdown (5Y)Largest decline over 5 years | -80.19% | -54.00% | -26.19% |
Max Drawdown (10Y)Largest decline over 10 years | -95.82% | -63.89% | -31.93% |
Current DrawdownCurrent decline from peak | -99.88% | -12.06% | -87.82% |
Average DrawdownAverage peak-to-trough decline | -90.08% | -20.89% | -69.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.12% | 3.35% | +35.77% |
Volatility
BIS vs. XBI - Volatility Comparison
ProShares UltraShort Nasdaq Biotechnology (BIS) has a higher volatility of 11.90% compared to SPDR S&P Biotech ETF (XBI) at 8.50%. This indicates that BIS's price experiences larger fluctuations and is considered to be riskier than XBI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIS | XBI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.90% | 8.50% | +3.40% |
Volatility (6M)Calculated over the trailing 6-month period | 32.05% | 21.51% | +10.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.70% | 26.65% | +14.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.97% | 32.33% | +11.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.18% | 31.93% | +14.25% |
BIS vs. XBI - Expense Ratio Comparison
BIS has a 0.95% expense ratio, which is higher than XBI's 0.35% expense ratio.
Dividends
BIS vs. XBI - Dividend Comparison
BIS's dividend yield for the trailing twelve months is around 5.78%, more than XBI's 0.38% 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% |
XBI SPDR S&P Biotech ETF | 0.38% | 0.37% | 0.15% | 0.02% | 0.00% | 0.04% | 0.20% | 0.00% | 0.28% | 0.24% | 0.26% | 0.61% |
Frequently Asked Questions
BIS and XBI have a correlation of -0.92, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIS has higher volatility (11.90%) compared to XBI (8.50%). In terms of maximum drawdown, BIS dropped -99.89% vs XBI's -63.89%.
On 10-year performance, XBI leads with 10.37% vs -25.40% for BIS. On fees, XBI is cheaper at 0.35% per year. On volatility, XBI has been the lower-risk option at 8.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XBI has performed better with a 10.37% return vs -25.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XBI is cheaper with a 0.35% expense ratio, compared with 0.95% for BIS.
BIS has the higher dividend yield at 5.78%, compared with 0.38% for XBI.
BIS is categorized as Leveraged Equities, while XBI is Health & Biotech Equities. BIS tracks NASDAQ Biotechnology Index (-200%), while XBI tracks S&P Biotechnology Select Industry Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for BIS and 0.35% for XBI.
XBI currently has the higher Sharpe Ratio (2.79 vs -1.37), 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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