BIS vs. XLV
BIS (ProShares UltraShort Nasdaq Biotechnology) and XLV (State Street Health Care Select Sector SPDR ETF) are both exchange-traded funds - BIS is a Leveraged Equities fund tracking the NASDAQ Biotechnology Index (-200%), while XLV is a Health & Biotech Equities fund tracking the Health Care Select Sector Index. Both are passively managed. Over the past 10 years, BIS returned -25.49%/yr vs 9.92%/yr for XLV. At a correlation of -0.72, they often move in opposite directions. BIS charges 0.95%/yr vs 0.08%/yr for XLV.
Performance
BIS vs. XLV - Performance Comparison
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Returns By Period
In the year-to-date period, BIS achieves a -27.05% return, which is significantly lower than XLV's 5.16% return. Over the past 10 years, BIS has underperformed XLV with an annualized return of -25.49%, while XLV has yielded a comparatively higher 9.92% annualized return.
BIS
- 1D
- 3.00%
- 1M
- -18.23%
- 6M
- -24.96%
- YTD
- -27.05%
- 1Y
- -56.42%
- 3Y*
- -28.45%
- 5Y*
- -17.36%
- 10Y*
- -25.49%
XLV
- 1D
- 0.35%
- 1M
- 5.40%
- 6M
- 3.44%
- YTD
- 5.16%
- 1Y
- 21.48%
- 3Y*
- 8.82%
- 5Y*
- 6.34%
- 10Y*
- 9.92%
BIS vs. XLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIS ProShares UltraShort Nasdaq Biotechnology | -27.05% | -45.95% | 4.79% | -6.54% | -2.14% | -14.74% | -56.01% | -41.01% | 5.14% | -36.98% |
XLV State Street Health Care Select Sector SPDR ETF | 5.16% | 14.50% | 2.47% | 2.07% | -2.08% | 26.04% | 13.30% | 20.45% | 6.28% | 21.77% |
Correlation
The correlation between BIS and XLV is -0.69, 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 | -0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.70 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2010 | -0.72 |
The correlation between BIS and XLV has been stable across timeframes, ranging from -0.72 to -0.67 - a consistent structural relationship.
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Return for Risk
BIS vs. XLV — Risk / Return Rank
BIS
XLV
BIS vs. XLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Nasdaq Biotechnology (BIS) and State Street Health Care Select Sector SPDR ETF (XLV). 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 | XLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.75 | ||
| Sortino ratioReturn per unit of downside risk | -4.51 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 1.24 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 2.06 | -2.99 |
| Martin ratioReturn relative to average drawdown | -1.45 | 4.88 | -6.33 |
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Drawdowns
BIS vs. XLV - Drawdown Comparison
The maximum BIS drawdown since its inception was -99.89%, which is greater than XLV's maximum drawdown of -39.17%. Use the drawdown chart below to compare losses from any high point for BIS and XLV.
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Drawdown Indicators
| BIS | XLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.89% | -39.17% | -60.72% |
Max Drawdown (1Y)Largest decline over 1 year | -60.93% | -10.47% | -50.46% |
Max Drawdown (3Y)Largest decline over 3 years | -73.96% | -17.11% | -56.85% |
Max Drawdown (5Y)Largest decline over 5 years | -80.19% | -17.11% | -63.08% |
Max Drawdown (10Y)Largest decline over 10 years | -95.82% | -28.40% | -67.42% |
Current DrawdownCurrent decline from peak | -99.88% | -1.84% | -98.04% |
Average DrawdownAverage peak-to-trough decline | -90.07% | -7.11% | -82.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.97% | 4.41% | +34.56% |
Volatility
BIS vs. XLV - Volatility Comparison
ProShares UltraShort Nasdaq Biotechnology (BIS) has a higher volatility of 12.50% compared to State Street Health Care Select Sector SPDR ETF (XLV) at 5.76%. This indicates that BIS's price experiences larger fluctuations and is considered to be riskier than XLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIS | XLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.50% | 5.76% | +6.74% |
Volatility (6M)Calculated over the trailing 6-month period | 32.06% | 11.53% | +20.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.05% | 15.75% | +25.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.99% | 14.93% | +29.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.20% | 16.61% | +29.59% |
BIS vs. XLV - Expense Ratio Comparison
BIS has a 0.95% expense ratio, which is higher than XLV's 0.08% expense ratio.
Dividends
BIS vs. XLV - Dividend Comparison
BIS's dividend yield for the trailing twelve months is around 5.78%, more than XLV's 1.57% 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% |
XLV State Street Health Care Select Sector SPDR ETF | 1.57% | 1.60% | 1.67% | 1.59% | 1.47% | 1.33% | 1.49% | 2.17% | 1.57% | 1.47% | 1.60% | 1.43% |
Frequently Asked Questions
BIS and XLV have a correlation of -0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIS has higher volatility (12.50%) compared to XLV (5.76%). In terms of maximum drawdown, BIS dropped -99.89% vs XLV's -39.17%.
On 10-year performance, XLV leads with 9.92% vs -25.49% for BIS. On fees, XLV is cheaper at 0.08% per year. On volatility, XLV has been the lower-risk option at 5.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XLV has performed better with a 9.92% return vs -25.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLV is cheaper with a 0.08% expense ratio, compared with 0.95% for BIS.
BIS has the higher dividend yield at 5.78%, compared with 1.57% for XLV.
BIS is categorized as Leveraged Equities, while XLV is Health & Biotech Equities. BIS tracks NASDAQ Biotechnology Index (-200%), while XLV tracks Health Care Select Sector Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for BIS and 0.08% for XLV.
XLV currently has the higher Sharpe Ratio (1.37 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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