RXD vs. UPRO
RXD (ProShares UltraShort Health Care) and UPRO (ProShares UltraPro S&P 500) are both Leveraged Equities funds from ProShares - RXD tracks the DJ Global United States (All) / Health Care -IND (-200%) while UPRO tracks the S&P 500. Both are passively managed. Over the past 10 years, RXD returned -19.74%/yr vs 30.18%/yr for UPRO. At a correlation of -0.62, they often move in opposite directions. RXD charges 0.95%/yr vs 0.89%/yr for UPRO.
Performance
RXD vs. UPRO - Performance Comparison
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Returns By Period
In the year-to-date period, RXD achieves a 3.27% return, which is significantly lower than UPRO's 17.21% return. Over the past 10 years, RXD has underperformed UPRO with an annualized return of -19.74%, while UPRO has yielded a comparatively higher 30.18% annualized return.
RXD
- 1D
- -2.74%
- 1M
- -3.78%
- YTD
- 3.27%
- 6M
- 3.62%
- 1Y
- -24.38%
- 3Y*
- -6.35%
- 5Y*
- -6.92%
- 10Y*
- -19.74%
UPRO
- 1D
- -4.27%
- 1M
- -5.38%
- YTD
- 17.21%
- 6M
- 13.86%
- 1Y
- 62.29%
- 3Y*
- 46.23%
- 5Y*
- 20.37%
- 10Y*
- 30.18%
RXD vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RXD ProShares UltraShort Health Care | 3.27% | -21.66% | 4.83% | 3.25% | 1.20% | -37.97% | -44.25% | -32.44% | -14.33% | -35.24% |
UPRO ProShares UltraPro S&P 500 | 17.21% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
Correlation
The correlation between RXD and UPRO is -0.31, 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 | -0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.61 |
Correlation (All Time) Calculated using the full available price history since Jun 25, 2009 | -0.62 |
Over the past year, the inverse relationship between RXD and UPRO has weakened: their correlation has moved from -0.62 to -0.31, meaning they move in opposite directions less often than they have historically.
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Return for Risk
RXD vs. UPRO — Risk / Return Rank
RXD
UPRO
RXD vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Health Care (RXD) and ProShares UltraPro S&P 500 (UPRO). 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.
| RXD | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.49 | ||
| Sortino ratioReturn per unit of downside risk | -3.15 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.28 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | 2.34 | -3.04 |
| Martin ratioReturn relative to average drawdown | -1.06 | 9.52 | -10.58 |
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Drawdowns
RXD vs. UPRO - Drawdown Comparison
The maximum RXD drawdown since its inception was -99.65%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for RXD and UPRO.
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Drawdown Indicators
| RXD | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.65% | -76.82% | -22.83% |
Max Drawdown (1Y)Largest decline over 1 year | -34.63% | -26.78% | -7.85% |
Max Drawdown (3Y)Largest decline over 3 years | -36.60% | -48.87% | +12.27% |
Max Drawdown (5Y)Largest decline over 5 years | -40.50% | -63.94% | +23.44% |
Max Drawdown (10Y)Largest decline over 10 years | -90.64% | -76.82% | -13.82% |
Current DrawdownCurrent decline from peak | -99.62% | -10.27% | -89.35% |
Average DrawdownAverage peak-to-trough decline | -81.91% | -14.39% | -67.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.96% | 6.57% | +16.39% |
Volatility
RXD vs. UPRO - Volatility Comparison
The current volatility for ProShares UltraShort Health Care (RXD) is 10.51%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 14.68%. This indicates that RXD experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RXD | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.51% | 14.68% | -4.17% |
Volatility (6M)Calculated over the trailing 6-month period | 21.71% | 29.49% | -7.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.25% | 37.35% | -7.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.88% | 50.62% | -20.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.01% | 53.79% | -20.78% |
RXD vs. UPRO - Expense Ratio Comparison
RXD has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.
Dividends
RXD vs. UPRO - Dividend Comparison
RXD's dividend yield for the trailing twelve months is around 2.71%, more than UPRO's 0.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RXD ProShares UltraShort Health Care | 2.71% | 3.29% | 4.36% | 3.17% | 0.67% | 0.00% | 0.17% | 1.73% | 0.22% | 0.00% | 0.00% | 0.00% |
UPRO ProShares UltraPro S&P 500 | 0.74% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
Frequently Asked Questions
RXD and UPRO have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (14.68%) compared to RXD (10.51%). In terms of maximum drawdown, RXD dropped -99.65% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 30.18% vs -19.74% for RXD. On fees, UPRO is cheaper at 0.89% per year. On volatility, RXD has been the lower-risk option at 10.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UPRO has performed better with a 30.18% return vs -19.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for RXD.
RXD has the higher dividend yield at 2.71%, compared with 0.74% for UPRO.
RXD tracks DJ Global United States (All) / Health Care -IND (-200%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for RXD and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (1.68 vs -0.81), 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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