IBBQ vs. BIS
IBBQ (Invesco Nasdaq Biotechnology ETF) and BIS (ProShares UltraShort Nasdaq Biotechnology) are both exchange-traded funds - IBBQ is a Health & Biotech Equities fund tracking the Nasdaq Biotechnology Index, while BIS is a Leveraged Equities fund tracking the NASDAQ Biotechnology Index (-200%). Both are passively managed. Over the past 5 years, IBBQ returned 6.46%/yr vs -16.93%/yr for BIS. At a correlation of -0.99, they often move in opposite directions. IBBQ charges 0.19%/yr vs 0.95%/yr for BIS.
Performance
IBBQ vs. BIS - Performance Comparison
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Returns By Period
In the year-to-date period, IBBQ achieves a 15.12% return, which is significantly higher than BIS's -29.18% return.
IBBQ
- 1D
- -1.45%
- 1M
- 10.41%
- 6M
- 13.70%
- YTD
- 15.12%
- 1Y
- 49.59%
- 3Y*
- 17.72%
- 5Y*
- 6.46%
- 10Y*
- —
BIS
- 1D
- 5.01%
- 1M
- -20.61%
- 6M
- -26.01%
- YTD
- -29.18%
- 1Y
- -57.69%
- 3Y*
- -29.62%
- 5Y*
- -16.93%
- 10Y*
- -25.72%
IBBQ vs. BIS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IBBQ Invesco Nasdaq Biotechnology ETF | 15.12% | 33.32% | -0.63% | 4.73% | -10.41% | -6.24% |
BIS ProShares UltraShort Nasdaq Biotechnology | -29.18% | -45.95% | 4.79% | -6.54% | -2.14% | 8.13% |
Correlation
The correlation between IBBQ and BIS is -0.99, 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 | -0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.99 |
Correlation (All Time) Calculated using the full available price history since Jun 11, 2021 | -0.99 |
The correlation between IBBQ and BIS has been stable across timeframes, ranging from -0.99 to -0.99 - a consistent structural relationship.
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Return for Risk
IBBQ vs. BIS — Risk / Return Rank
IBBQ
BIS
IBBQ vs. BIS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Nasdaq Biotechnology ETF (IBBQ) and ProShares UltraShort Nasdaq Biotechnology (BIS). 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.
| IBBQ | BIS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.83 | ||
| Sortino ratioReturn per unit of downside risk | +5.69 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 0.75 | +0.65 |
| Calmar ratioReturn relative to maximum drawdown | 5.98 | -0.93 | +6.90 |
| Martin ratioReturn relative to average drawdown | 18.92 | -1.45 | +20.38 |
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Drawdowns
IBBQ vs. BIS - Drawdown Comparison
The maximum IBBQ drawdown since its inception was -37.94%, smaller than the maximum BIS drawdown of -99.89%. Use the drawdown chart below to compare losses from any high point for IBBQ and BIS.
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Drawdown Indicators
| IBBQ | BIS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.94% | -99.89% | +61.95% |
Max Drawdown (1Y)Largest decline over 1 year | -8.34% | -60.93% | +52.59% |
Max Drawdown (3Y)Largest decline over 3 years | -23.66% | -73.96% | +50.30% |
Max Drawdown (5Y)Largest decline over 5 years | -37.94% | -80.19% | +42.25% |
Max Drawdown (10Y)Largest decline over 10 years | — | -95.82% | — |
Current DrawdownCurrent decline from peak | -4.65% | -99.89% | +95.24% |
Average DrawdownAverage peak-to-trough decline | -16.50% | -90.07% | +73.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.63% | 38.80% | -36.17% |
Volatility
IBBQ vs. BIS - Volatility Comparison
The current volatility for Invesco Nasdaq Biotechnology ETF (IBBQ) is 6.21%, while ProShares UltraShort Nasdaq Biotechnology (BIS) has a volatility of 12.76%. This indicates that IBBQ experiences smaller price fluctuations and is considered to be less risky than BIS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBBQ | BIS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.21% | 12.76% | -6.55% |
Volatility (6M)Calculated over the trailing 6-month period | 15.76% | 32.24% | -16.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.34% | 41.01% | -20.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.02% | 43.96% | -21.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.90% | 46.19% | -24.29% |
IBBQ vs. BIS - Expense Ratio Comparison
IBBQ has a 0.19% expense ratio, which is lower than BIS's 0.95% expense ratio.
Dividends
IBBQ vs. BIS - Dividend Comparison
IBBQ's dividend yield for the trailing twelve months is around 0.79%, less than BIS's 5.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BIS ProShares UltraShort Nasdaq Biotechnology | 5.96% | 5.25% | 3.73% | 1.75% | 0.00% | 0.00% | 0.45% | 2.11% | 0.37% |
IBBQ Invesco Nasdaq Biotechnology ETF | 0.79% | 0.90% | 1.14% | 0.81% | 0.76% | 0.63% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IBBQ and BIS have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIS has higher volatility (12.76%) compared to IBBQ (6.21%). In terms of maximum drawdown, IBBQ dropped -37.94% vs BIS's -99.89%.
On 5-year performance, IBBQ leads with 6.46% vs -16.93% for BIS. On fees, IBBQ is cheaper at 0.19% per year. On volatility, IBBQ has been the lower-risk option at 6.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IBBQ has performed better with a 6.46% return vs -16.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBBQ is cheaper with a 0.19% expense ratio, compared with 0.95% for BIS.
BIS has the higher dividend yield at 5.96%, compared with 0.79% for IBBQ.
IBBQ is categorized as Health & Biotech Equities, while BIS is Leveraged Equities. IBBQ tracks Nasdaq Biotechnology Index, while BIS tracks NASDAQ Biotechnology Index (-200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.19% for IBBQ and 0.95% for BIS.
IBBQ currently has the higher Sharpe Ratio (2.45 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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