RXL vs. FHLC

Last updated Jun 23, 2026

RXL (ProShares Ultra Health Care) and FHLC (Fidelity MSCI Health Care Index ETF) are both exchange-traded funds - RXL is a Leveraged Equities fund tracking the Dow Jones U.S. Health Care Index (200%), while FHLC is a Health & Biotech Equities fund tracking the MSCI USA IMI Health Care Index. Both are passively managed. Over the past 10 years, RXL returned 12.77%/yr vs 9.88%/yr for FHLC. With a 0.98 correlation, they move nearly in lockstep. RXL charges 0.95%/yr vs 0.08%/yr for FHLC.

Performance

RXL vs. FHLC - Performance Comparison

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

Returns By Period

In the year-to-date period, RXL achieves a -7.67% return, which is significantly lower than FHLC's -1.22% return. Over the past 10 years, RXL has outperformed FHLC with an annualized return of 12.77%, while FHLC has yielded a comparatively lower 9.88% annualized return.

RXL

• 1D: 1.82%
• 1M: 0.50%
• YTD: -7.67%
• 6M: -8.46%
• 1Y: 23.50%
• 3Y*: 3.77%
• 5Y*: 1.66%
• 10Y*: 12.77%

FHLC

• 1D: 0.90%
• 1M: 1.34%
• YTD: -1.22%
• 6M: -1.95%
• 1Y: 17.82%
• 3Y*: 6.59%
• 5Y*: 4.42%
• 10Y*: 9.88%

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

RXL vs. FHLC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RXL ProShares Ultra Health Care	-7.67%	19.76%	-2.72%	-3.15%	-15.26%	48.06%	19.24%	40.40%	3.38%	46.92%
FHLC Fidelity MSCI Health Care Index ETF	-1.22%	15.42%	2.48%	2.58%	-5.55%	20.39%	18.13%	21.94%	4.71%	23.34%

Correlation

The correlation between RXL and FHLC is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013	0.98

The correlation between RXL and FHLC has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.

RXL vs. FHLC - Sectors Allocation Comparison

Sectors	RXL	FHLC
Healthcare	77.2%	99.7%
Financial Services	12.2%	0.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Industrials	-	0.0%
Real Estate	-	-
Technology	-	0.0%
Utilities	-	-

Return for Risk

RXL vs. FHLC — Risk / Return Rank

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

RXL

RXL Risk / Return Rank: 23
RXL Sharpe Ratio Rank: 22
RXL Sortino Ratio Rank: 25
RXL Omega Ratio Rank: 22
RXL Calmar Ratio Rank: 24
RXL Martin Ratio Rank: 22

FHLC

FHLC Risk / Return Rank: 34
FHLC Sharpe Ratio Rank: 35
FHLC Sortino Ratio Rank: 38
FHLC Omega Ratio Rank: 33
FHLC Calmar Ratio Rank: 35
FHLC Martin Ratio Rank: 31

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. FHLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Health Care (RXL) and Fidelity MSCI Health Care Index ETF (FHLC). 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	FHLC	Difference
Sharpe ratio: Return per unit of total volatility	0.78	1.22	-0.44
Sortino ratio: Return per unit of downside risk	1.34	1.90	-0.55
Omega ratio: Gain probability vs. loss probability	1.15	1.22	-0.07
Calmar ratio: Return relative to maximum drawdown	1.11	1.72	-0.62
Martin ratio: Return relative to average drawdown	2.53	4.27	-1.74

RXL vs. FHLC - Sharpe Ratio Comparison

The current RXL Sharpe Ratio is 0.78, which is lower than the FHLC Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of RXL and FHLC, 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. FHLC - Drawdown Comparison

The maximum RXL drawdown since its inception was -67.70%, which is greater than FHLC's maximum drawdown of -28.76%. Use the drawdown chart below to compare losses from any high point for RXL and FHLC.

Drawdown Indicators

	RXL	FHLC	Difference
Max Drawdown Largest peak-to-trough decline	-67.70%	-28.76%	-38.94%
Max Drawdown (1Y) Largest decline over 1 year	-21.33%	-10.38%	-10.95%
Max Drawdown (3Y) Largest decline over 3 years	-36.08%	-16.87%	-19.21%
Max Drawdown (5Y) Largest decline over 5 years	-36.08%	-17.73%	-18.35%
Max Drawdown (10Y) Largest decline over 10 years	-51.00%	-28.76%	-22.24%
Current Drawdown Current decline from peak	-16.09%	-4.36%	-11.73%
Average Drawdown Average peak-to-trough decline	-15.85%	-5.19%	-10.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.31%	4.19%	+5.12%

Volatility

RXL vs. FHLC - Volatility Comparison

ProShares Ultra Health Care (RXL) has a higher volatility of 10.50% compared to Fidelity MSCI Health Care Index ETF (FHLC) at 4.92%. This indicates that RXL's price experiences larger fluctuations and is considered to be riskier than FHLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RXL	FHLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.50%	4.92%	+5.58%
Volatility (6M) Calculated over the trailing 6-month period	21.31%	10.46%	+10.85%
Volatility (1Y) Calculated over the trailing 1-year period	30.39%	14.70%	+15.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.74%	15.02%	+14.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.31%	16.85%	+16.46%

RXL vs. FHLC - Expense Ratio Comparison

RXL has a 0.95% expense ratio, which is higher than FHLC's 0.08% expense ratio.

Dividends

RXL vs. FHLC - Dividend Comparison

RXL's dividend yield for the trailing twelve months is around 1.57%, more than FHLC's 1.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHLC Fidelity MSCI Health Care Index ETF	1.40%	1.40%	1.51%	1.40%	1.30%	1.16%	1.45%	1.18%	1.38%	1.38%	1.40%	2.07%
RXL ProShares Ultra Health Care	1.57%	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 FHLC in my portfolio?

With a correlation of 0.98, RXL and FHLC 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, RXL or FHLC?

RXL has higher volatility (10.50%) compared to FHLC (4.92%). In terms of maximum drawdown, RXL dropped -67.70% vs FHLC's -28.76%.

Which ETF is better, RXL or FHLC?

On 10-year performance, RXL leads with 12.77% vs 9.88% for FHLC. On fees, FHLC is cheaper at 0.08% per year. On volatility, FHLC has been the lower-risk option at 4.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RXL or FHLC?

Over the 10-year period, RXL has performed better with a 12.77% return vs 9.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RXL or FHLC?

FHLC is cheaper with a 0.08% expense ratio, compared with 0.95% for RXL.

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

RXL has the higher dividend yield at 1.57%, compared with 1.40% for FHLC.

What is the main difference between RXL and FHLC?

RXL is categorized as Leveraged Equities, while FHLC is Health & Biotech Equities. RXL tracks Dow Jones U.S. Health Care Index (200%), while FHLC tracks MSCI USA IMI Health Care Index. They also come from different issuers: ProShares and Fidelity. Their fees differ too: 0.95% for RXL and 0.08% for FHLC.

Which has better risk-adjusted returns?

FHLC currently has the higher Sharpe Ratio (1.22 vs 0.78), 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.