LTL vs. XLC

Last updated Aug 2, 2026

LTL (ProShares Ultra Telecommunications) and XLC (Communication Services Select Sector SPDR Fund) are both exchange-traded funds - LTL is a Leveraged Equities fund tracking the Dow Jones U.S. Select Telecommunications Index (200%), while XLC is a Communications Equities fund tracking the S&P Communication Services Select Sector Index. Both are passively managed. Over the past 5 years, LTL returned 14.19%/yr vs 6.70%/yr for XLC. Their 0.77 correlation means they have sometimes moved together and sometimes differently. LTL charges 0.95%/yr vs 0.13%/yr for XLC.

Performance

LTL vs. XLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Telecommunications (LTL) and Communication Services Select Sector SPDR Fund (XLC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LTL achieves a -18.73% return, which is significantly lower than XLC's -7.52% return.

LTL

• 1D: 3.03%
• 1M: -3.61%
• 6M: -21.05%
• YTD: -18.73%
• 1Y: -1.62%
• 3Y*: 25.79%
• 5Y*: 14.19%
• 10Y*: 6.41%
• ALL TIME*: 5.81%

XLC

• 1D: 1.56%
• 1M: -1.24%
• 6M: -9.34%
• YTD: -7.52%
• 1Y: 3.28%
• 3Y*: 17.68%
• 5Y*: 6.70%
• 10Y*: —
• ALL TIME*: 11.13%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
LTL ProShares Ultra Telecommunications	$123.54K	$121.65K	$82.18K
XLC Communication Services Select Sector SPDR Fund	$698.01M	$724.28M	$715.77M

LTL vs. XLC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
LTL ProShares Ultra Telecommunications	-18.73%	37.06%	65.15%	62.03%	-41.14%	40.42%	-3.25%	30.16%	-12.83%
XLC Communication Services Select Sector SPDR Fund	-7.52%	23.08%	34.71%	52.82%	-37.63%	15.96%	26.90%	31.05%	-16.45%

Correlation

The correlation between LTL and XLC is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.99
Correlation (3Y) Balances recent behavior with more history.	0.99
Correlation (5Y) Shows whether the relationship held over a longer period.	0.89
Correlation (All Time) Calculated using the full available price history since Jun 19, 2018	0.77

Over the past year, LTL and XLC have become more correlated (0.99) than their long-term average of 0.77, meaning their price movements have been converging.

LTL vs. XLC - Sectors Allocation Comparison

Sectors	LTL	XLC
Communication Services	56.2%	89.5%
Technology	6.5%	10.5%
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

LTL vs. XLC — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

LTL

LTL Risk / Return Rank: 9
LTL Sharpe Ratio Rank: 9
LTL Sortino Ratio Rank: 9
LTL Omega Ratio Rank: 9
LTL Calmar Ratio Rank: 9
LTL Martin Ratio Rank: 8

XLC

XLC Risk / Return Rank: 13
XLC Sharpe Ratio Rank: 14
XLC Sortino Ratio Rank: 13
XLC Omega Ratio Rank: 13
XLC Calmar Ratio Rank: 14
XLC Martin Ratio Rank: 14

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

LTL vs. XLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Telecommunications (LTL) and Communication Services Select Sector SPDR Fund (XLC). 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.

	LTL	XLC	Difference
Sharpe ratio: Return per unit of total volatility	-0.14	0.14	-0.28
Sortino ratio: Return per unit of downside risk	0.01	0.29	-0.29
Omega ratio: Gain probability vs. loss probability	1.00	1.04	-0.03
Calmar ratio: Return relative to maximum drawdown	-0.17	0.17	-0.34
Martin ratio: Return relative to average drawdown	-0.40	0.45	-0.85

LTL vs. XLC - Sharpe Ratio Comparison

The current LTL Sharpe Ratio is -0.14, which is lower than the XLC Sharpe Ratio of 0.14. The chart below compares the historical Sharpe Ratios of LTL and XLC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

LTL vs. XLC - Drawdown Comparison

The maximum LTL drawdown since its inception was -80.20%, which is greater than XLC's maximum drawdown of -46.65%. Use the drawdown chart below to compare losses from any high point for LTL and XLC.

Drawdown Indicators

	LTL	XLC	Difference
Max Drawdown Largest peak-to-trough decline	-80.20%	-46.65%	-33.55%
Max Drawdown (1Y) Largest decline over 1 year	-25.25%	-11.73%	-13.52%
Max Drawdown (3Y) Largest decline over 3 years	-34.37%	-17.97%	-16.40%
Max Drawdown (5Y) Largest decline over 5 years	-52.60%	-46.65%	-5.95%
Max Drawdown (10Y) Largest decline over 10 years	-64.15%	—	—
Current Drawdown Current decline from peak	-21.59%	-9.34%	-12.25%
Average Drawdown Average peak-to-trough decline	-28.56%	-10.54%	-18.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.42%	4.55%	+5.87%

Volatility

LTL vs. XLC - Volatility Comparison

ProShares Ultra Telecommunications (LTL) has a higher volatility of 13.00% compared to Communication Services Select Sector SPDR Fund (XLC) at 6.53%. This indicates that LTL's price experiences larger fluctuations and is considered to be riskier than XLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LTL	XLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.00%	6.53%	+6.47%
Volatility (6M) Calculated over the trailing 6-month period	23.65%	11.77%	+11.88%
Volatility (1Y) Calculated over the trailing 1-year period	29.78%	14.79%	+14.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.15%	20.87%	+14.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.01%	22.17%	+14.84%

LTL vs. XLC - Expense Ratio Comparison

LTL has a 0.95% expense ratio, which is higher than XLC's 0.13% expense ratio.

Dividends

LTL vs. XLC - Dividend Comparison

LTL's dividend yield for the trailing twelve months is around 1.06%, less than XLC's 1.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LTL ProShares Ultra Telecommunications	1.06%	0.64%	0.29%	0.97%	2.01%	1.14%	1.57%	0.83%	1.99%	1.96%	0.70%	1.55%
XLC Communication Services Select Sector SPDR Fund	1.32%	1.13%	0.99%	0.82%	1.10%	0.74%	0.68%	0.82%	0.64%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LTL and XLC in my portfolio?

With a correlation of 0.99, LTL and XLC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, LTL or XLC?

LTL has higher volatility (13.00%) compared to XLC (6.53%). In terms of maximum drawdown, LTL dropped -80.20% vs XLC's -46.65%.

Which ETF is better, LTL or XLC?

On 5-year performance, LTL leads with 14.19% vs 6.70% for XLC. On fees, XLC is cheaper at 0.13% per year. On volatility, XLC has been the lower-risk option at 6.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LTL or XLC?

Over the 5-year period, LTL has performed better with a 14.19% return vs 6.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LTL or XLC?

XLC is cheaper with a 0.13% expense ratio, compared with 0.95% for LTL.

Which ETF pays a higher dividend yield, LTL or XLC?

XLC has the higher dividend yield at 1.32%, compared with 1.06% for LTL.

What is the main difference between LTL and XLC?

LTL is categorized as Leveraged Equities, while XLC is Communications Equities. LTL tracks Dow Jones U.S. Select Telecommunications Index (200%), while XLC tracks S&P Communication Services Select Sector Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for LTL and 0.13% for XLC.

Which has better risk-adjusted returns?

XLC currently has the higher Sharpe Ratio (0.14 vs -0.14), 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.