BIS vs SPY
ProShares UltraShort Nasdaq Biotechnology vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | BIS | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.95% | 0.09% | |
| AUM | $2M | $814.4B | |
| Dividend Yield | 5.61% | 1.01% | |
| Holdings | 5 | 505 | |
| YTD Return | -39.42% | +13.21% | |
| 1Y Return | -59.12% | +19.87% | |
| 3Y Return (annualized) | -32.43% | +21.16% | |
| 5Y Return (annualized) | -17.76% | +12.74% | |
| Volatility (annualized) | 39.6% | 15.3% | |
| Max Drawdown | -99.9% | -56.5% | |
| Fund Family | ProShares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Apr 6, 2010 | Jan 22, 1993 |
BIS vs SPY Performance
ProShares UltraShort Nasdaq Biotechnology (BIS) is a ETF from ProShares and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year BIS returned -59.12% while SPY returned +19.87%. Year to date, BIS is down 39.42% versus a gain of 13.21% for SPY.
Over three years, BIS compounded at -32.43% per year against +21.16% for SPY; over five years the annualized figures are -17.76% and +12.74% respectively. Across the full 16-year window we track, SPY has the edge at +8.82% annualized vs -33.35%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
BIS has been the more volatile fund, with annualized monthly volatility of 39.6% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -99.9% for BIS and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.58. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
BIS charges 0.95% per year while SPY charges 0.09%. On a $10,000 position that is $95 vs $9 annually, a gap of $86 per year that compounds over a long holding period. On income, BIS currently yields 5.61% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, BIS or SPY?
BIS has an expense ratio of 0.95% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $86 per year of difference.
Which performed better, BIS or SPY?
Over the past year BIS returned -59.12% vs +19.87% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (16 years), BIS annualized -33.35% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, BIS or SPY?
BIS has been the more volatile fund at 39.6% annualized versus 15.3% for SPY. Worst drawdown: BIS -99.9% vs SPY -56.5%.
Should I hold both BIS and SPY?
BIS and SPY have a monthly-return correlation of -0.58, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, BIS or SPY?
BIS yields 5.61% while SPY yields 1.01%, so BIS currently pays the higher dividend yield.
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