RXL vs. DDM

Last updated Jun 16, 2026

RXL (ProShares Ultra Health Care) and DDM (ProShares Ultra Dow30) are both Leveraged Equities funds from ProShares - RXL tracks the Dow Jones U.S. Health Care Index (200%) while DDM tracks the Dow Jones Industrial Average Index (200%). Both are passively managed. Over the past 10 years, RXL returned 12.88%/yr vs 20.11%/yr for DDM. A 0.72 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

RXL vs. DDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Health Care (RXL) and ProShares Ultra Dow30 (DDM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RXL achieves a -4.97% return, which is significantly lower than DDM's 13.44% return. Over the past 10 years, RXL has underperformed DDM with an annualized return of 12.88%, while DDM has yielded a comparatively higher 20.11% annualized return.

RXL

• 1D: -1.00%
• 1M: 10.35%
• YTD: -4.97%
• 6M: -6.19%
• 1Y: 20.89%
• 3Y*: 4.90%
• 5Y*: 2.56%
• 10Y*: 12.88%

DDM

• 1D: 2.06%
• 1M: 8.82%
• YTD: 13.44%
• 6M: 11.46%
• 1Y: 44.05%
• 3Y*: 25.17%
• 5Y*: 13.72%
• 10Y*: 20.11%

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

RXL vs. DDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RXL ProShares Ultra Health Care	-4.97%	19.76%	-2.72%	-3.15%	-15.26%	48.06%	19.24%	40.40%	3.38%	46.92%
DDM ProShares Ultra Dow30	13.44%	20.59%	21.60%	24.34%	-19.48%	41.97%	2.14%	47.98%	-13.46%	59.56%

Correlation

The correlation between RXL and DDM is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	0.72

Over the past year, the correlation between RXL and DDM has dropped to 0.51 - well below their long-term average of 0.72, suggesting their price drivers have been diverging.

RXL vs. DDM - Sectors Allocation Comparison

Sectors	RXL	DDM
Healthcare	75.8%	9.6%
Financial Services	11.7%	34.9%
Basic Materials	-	2.7%
Communication Services	-	1.3%
Consumer Cyclical	-	7.7%
Consumer Defensive	-	3.0%
Energy	-	1.6%
Industrials	-	13.0%
Real Estate	-	-
Technology	-	13.3%
Utilities	-	-

Return for Risk

RXL vs. DDM — Risk / Return Rank

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

RXL

RXL Risk / Return Rank: 22
RXL Sharpe Ratio Rank: 22
RXL Sortino Ratio Rank: 24
RXL Omega Ratio Rank: 22
RXL Calmar Ratio Rank: 23
RXL Martin Ratio Rank: 21

DDM

DDM Risk / Return Rank: 54
DDM Sharpe Ratio Rank: 58
DDM Sortino Ratio Rank: 57
DDM Omega Ratio Rank: 52
DDM Calmar Ratio Rank: 50
DDM Martin Ratio Rank: 53

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.

RXL vs. DDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Health Care (RXL) and ProShares Ultra Dow30 (DDM). 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.

	RXL	DDM	Difference
Sharpe ratio: Return per unit of total volatility	0.69	1.78	-1.09
Sortino ratio: Return per unit of downside risk	1.23	2.48	-1.25
Omega ratio: Gain probability vs. loss probability	1.14	1.30	-0.16
Calmar ratio: Return relative to maximum drawdown	0.98	2.29	-1.31
Martin ratio: Return relative to average drawdown	2.28	8.40	-6.12

RXL vs. DDM - Sharpe Ratio Comparison

The current RXL Sharpe Ratio is 0.69, which is lower than the DDM Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of RXL and DDM, 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

RXL vs. DDM - Drawdown Comparison

The maximum RXL drawdown since its inception was -67.70%, smaller than the maximum DDM drawdown of -81.70%. Use the drawdown chart below to compare losses from any high point for RXL and DDM.

Drawdown Indicators

	RXL	DDM	Difference
Max Drawdown Largest peak-to-trough decline	-67.70%	-81.70%	+14.00%
Max Drawdown (1Y) Largest decline over 1 year	-21.33%	-19.31%	-2.02%
Max Drawdown (3Y) Largest decline over 3 years	-36.08%	-31.62%	-4.46%
Max Drawdown (5Y) Largest decline over 5 years	-36.08%	-40.18%	+4.10%
Max Drawdown (10Y) Largest decline over 10 years	-51.00%	-63.13%	+12.13%
Current Drawdown Current decline from peak	-13.64%	0.00%	-13.64%
Average Drawdown Average peak-to-trough decline	-15.85%	-17.30%	+1.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.18%	5.26%	+3.92%

Volatility

RXL vs. DDM - Volatility Comparison

ProShares Ultra Health Care (RXL) has a higher volatility of 10.12% compared to ProShares Ultra Dow30 (DDM) at 8.81%. This indicates that RXL's price experiences larger fluctuations and is considered to be riskier than DDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RXL	DDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.12%	8.81%	+1.31%
Volatility (6M) Calculated over the trailing 6-month period	21.32%	19.55%	+1.77%
Volatility (1Y) Calculated over the trailing 1-year period	30.34%	24.92%	+5.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.73%	29.69%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.31%	34.83%	-1.52%

RXL vs. DDM - Expense Ratio Comparison

Both RXL and DDM have an expense ratio of 0.95%.

Dividends

RXL vs. DDM - Dividend Comparison

RXL's dividend yield for the trailing twelve months is around 1.53%, more than DDM's 0.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DDM ProShares Ultra Dow30	0.88%	0.94%	1.00%	0.27%	0.83%	0.18%	0.31%	0.62%	0.89%	0.68%	1.08%	1.23%
RXL ProShares Ultra Health Care	1.53%	1.43%	1.22%	0.18%	0.32%	0.10%	0.15%	0.27%	0.32%	0.11%	0.12%	0.93%

Frequently Asked Questions

Can I hold both RXL and DDM in my portfolio?

RXL and DDM have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RXL or DDM?

RXL has higher volatility (10.12%) compared to DDM (8.81%). In terms of maximum drawdown, RXL dropped -67.70% vs DDM's -81.70%.

Which ETF is better, RXL or DDM?

On 10-year performance, DDM leads with 20.11% vs 12.88% for RXL. Both ETFs have the same 0.95% expense ratio. On volatility, DDM has been the lower-risk option at 8.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RXL or DDM?

Over the 10-year period, DDM has performed better with a 20.11% return vs 12.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RXL or DDM?

RXL and DDM have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, RXL or DDM?

RXL has the higher dividend yield at 1.53%, compared with 0.88% for DDM.

What is the main difference between RXL and DDM?

RXL tracks Dow Jones U.S. Health Care Index (200%), while DDM tracks Dow Jones Industrial Average Index (200%).

Which has better risk-adjusted returns?

DDM currently has the higher Sharpe Ratio (1.78 vs 0.69), 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.