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 -24.02%/yr vs 9.81%/yr for XLV. Their -0.72 correlation means they have often moved in opposite directions in the past. 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 -24.85% return, which is significantly lower than XLV's 5.90% return. Over the past 10 years, BIS has underperformed XLV with an annualized return of -24.02%, while XLV has yielded a comparatively higher 9.81% 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%
XLV
- 1D
- -0.59%
- 1M
- -0.73%
- 6M
- 5.94%
- YTD
- 5.90%
- 1Y
- 26.13%
- 3Y*
- 8.60%
- 5Y*
- 5.93%
- 10Y*
- 9.81%
- ALL TIME*
- 8.63%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $67.10K | $102.51K | $113.13K | |
| $1.43B | $1.62B | $1.62B |
BIS vs. XLV - 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% |
XLV State Street Health Care Select Sector SPDR ETF | 5.90% | 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 -0.67, 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. | -0.67 |
Correlation (3Y) Balances recent behavior with more history. | -0.67 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.67 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 | -3.06 | ||
| Sortino ratioReturn per unit of downside risk | -4.92 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 1.30 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 2.57 | -3.48 |
| Martin ratioReturn relative to average drawdown | -1.38 | 6.15 | -7.53 |
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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 | -59.49% | -10.47% | -49.02% |
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% | -2.82% | -97.06% |
Average DrawdownAverage peak-to-trough decline | -90.11% | -7.09% | -83.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.26% | 4.37% | +34.89% |
Volatility
BIS vs. XLV - Volatility Comparison
ProShares UltraShort Nasdaq Biotechnology (BIS) has a higher volatility of 12.40% compared to State Street Health Care Select Sector SPDR ETF (XLV) at 6.03%. 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 | 12.40% | 6.03% | +6.37% |
Volatility (6M)Calculated over the trailing 6-month period | 31.89% | 12.07% | +19.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.71% | 15.90% | +24.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.93% | 15.04% | +28.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.15% | 16.66% | +29.49% |
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 5.61%, more than XLV's 1.56% 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% |
XLV State Street Health Care Select Sector SPDR ETF | 1.56% | 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 -0.67, 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 XLV (6.03%). In terms of maximum drawdown, BIS dropped -99.89% vs XLV's -39.17%.
On 10-year performance, XLV leads with 9.81% vs -24.02% for BIS. On fees, XLV is cheaper at 0.08% per year. On volatility, XLV has been the lower-risk option at 6.03%. 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 9.81% return vs -24.02%. 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 5.61%, compared with 1.56% 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 (1.72 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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