LTL vs. XTL

Last updated Jul 17, 2026

LTL (ProShares Ultra Telecommunications) and XTL (SPDR S&P Telecom ETF) are both exchange-traded funds - LTL is a Leveraged Equities fund tracking the Dow Jones U.S. Select Telecommunications Index (200%), while XTL is a Communications Equities fund tracking the S&P Telecom Select Industry Index. Both are passively managed. Over the past 10 years, LTL returned 6.77%/yr vs 14.36%/yr for XTL. A 0.55 correlation means they provide meaningful diversification when combined. LTL charges 0.95%/yr vs 0.35%/yr for XTL.

Performance

LTL vs. XTL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Telecommunications (LTL) and SPDR S&P Telecom ETF (XTL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LTL achieves a -11.55% return, which is significantly lower than XTL's 36.50% return. Over the past 10 years, LTL has underperformed XTL with an annualized return of 6.77%, while XTL has yielded a comparatively higher 14.36% annualized return.

LTL

• 1D: -1.43%
• 1M: 0.13%
• 6M: -8.64%
• YTD: -11.55%
• 1Y: 6.08%
• 3Y*: 31.49%
• 5Y*: 17.00%
• 10Y*: 6.77%

XTL

• 1D: -2.51%
• 1M: -6.97%
• 6M: 29.05%
• YTD: 36.50%
• 1Y: 76.86%
• 3Y*: 42.98%
• 5Y*: 17.56%
• 10Y*: 14.36%

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

LTL vs. XTL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LTL ProShares Ultra Telecommunications	-11.55%	37.06%	65.15%	62.03%	-41.14%	40.42%	-3.25%	30.16%	-23.44%	-26.85%
XTL SPDR S&P Telecom ETF	36.50%	44.95%	34.89%	-1.17%	-19.18%	21.58%	22.46%	12.51%	-6.60%	0.56%

Correlation

The correlation between LTL and XTL is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Jan 27, 2011	0.55

Over the past year, the correlation between LTL and XTL has dropped to 0.34 - well below their long-term average of 0.55, suggesting their price drivers have been diverging.

LTL vs. XTL - Sectors Allocation Comparison

Sectors	LTL	XTL
Communication Services	55.0%	35.0%
Technology	5.5%	62.7%
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	2.3%
Utilities	-	-

Return for Risk

LTL vs. XTL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

LTL

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

XTL

XTL Risk / Return Rank: 88
XTL Sharpe Ratio Rank: 91
XTL Sortino Ratio Rank: 84
XTL Omega Ratio Rank: 81
XTL Calmar Ratio Rank: 92
XTL Martin Ratio Rank: 90

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

LTL vs. XTL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Telecommunications (LTL) and SPDR S&P Telecom ETF (XTL). 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	XTL	Difference
Sharpe ratio: Return per unit of total volatility	0.22	2.49	-2.27
Sortino ratio: Return per unit of downside risk	0.51	3.05	-2.55
Omega ratio: Gain probability vs. loss probability	1.06	1.38	-0.33
Calmar ratio: Return relative to maximum drawdown	0.25	4.88	-4.63
Martin ratio: Return relative to average drawdown	0.64	15.96	-15.31

LTL vs. XTL - Sharpe Ratio Comparison

The current LTL Sharpe Ratio is 0.22, which is lower than the XTL Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of LTL and XTL, 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. XTL - Drawdown Comparison

The maximum LTL drawdown since its inception was -80.20%, which is greater than XTL's maximum drawdown of -37.01%. Use the drawdown chart below to compare losses from any high point for LTL and XTL.

Drawdown Indicators

	LTL	XTL	Difference
Max Drawdown Largest peak-to-trough decline	-80.20%	-37.01%	-43.19%
Max Drawdown (1Y) Largest decline over 1 year	-24.33%	-15.83%	-8.50%
Max Drawdown (3Y) Largest decline over 3 years	-34.37%	-22.79%	-11.58%
Max Drawdown (5Y) Largest decline over 5 years	-52.60%	-36.85%	-15.75%
Max Drawdown (10Y) Largest decline over 10 years	-64.15%	-37.01%	-27.14%
Current Drawdown Current decline from peak	-14.66%	-15.83%	+1.17%
Average Drawdown Average peak-to-trough decline	-28.58%	-9.77%	-18.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.47%	4.83%	+4.64%

Volatility

LTL vs. XTL - Volatility Comparison

ProShares Ultra Telecommunications (LTL) has a higher volatility of 11.68% compared to SPDR S&P Telecom ETF (XTL) at 8.54%. This indicates that LTL's price experiences larger fluctuations and is considered to be riskier than XTL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LTL	XTL	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.68%	8.54%	+3.14%
Volatility (6M) Calculated over the trailing 6-month period	22.20%	24.10%	-1.90%
Volatility (1Y) Calculated over the trailing 1-year period	27.99%	31.01%	-3.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.86%	25.56%	+9.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.88%	23.69%	+13.19%

LTL vs. XTL - Expense Ratio Comparison

LTL has a 0.95% expense ratio, which is higher than XTL's 0.35% expense ratio.

Dividends

LTL vs. XTL - Dividend Comparison

LTL's dividend yield for the trailing twelve months is around 0.97%, less than XTL's 1.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LTL ProShares Ultra Telecommunications	0.97%	0.64%	0.29%	0.97%	2.01%	1.14%	1.57%	0.83%	1.99%	1.96%	0.70%	1.55%
XTL SPDR S&P Telecom ETF	1.28%	1.05%	0.62%	0.80%	0.74%	1.25%	0.88%	0.92%	1.90%	2.08%	1.11%	1.38%

Frequently Asked Questions

Can I hold both LTL and XTL in my portfolio?

LTL and XTL have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LTL or XTL?

LTL has higher volatility (11.68%) compared to XTL (8.54%). In terms of maximum drawdown, LTL dropped -80.20% vs XTL's -37.01%.

Which ETF is better, LTL or XTL?

On 10-year performance, XTL leads with 14.36% vs 6.77% for LTL. On fees, XTL is cheaper at 0.35% per year. On volatility, XTL has been the lower-risk option at 8.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LTL or XTL?

Over the 10-year period, XTL has performed better with a 14.36% return vs 6.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LTL or XTL?

XTL is cheaper with a 0.35% expense ratio, compared with 0.95% for LTL.

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

XTL has the higher dividend yield at 1.28%, compared with 0.97% for LTL.

What is the main difference between LTL and XTL?

LTL is categorized as Leveraged Equities, while XTL is Communications Equities. LTL tracks Dow Jones U.S. Select Telecommunications Index (200%), while XTL tracks S&P Telecom Select Industry Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for LTL and 0.35% for XTL.

Which has better risk-adjusted returns?

XTL currently has the higher Sharpe Ratio (2.49 vs 0.22), 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.