RXL vs. IQQQ

Last updated Jun 26, 2026

RXL (ProShares Ultra Health Care) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - RXL is a Leveraged Equities fund tracking the Dow Jones U.S. Health Care Index (200%), while IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index. Both are passively managed. Over the past year, RXL returned 29.32% vs 29.47% for IQQQ. At a 0.24 correlation, their price movements are largely independent. RXL charges 0.95%/yr vs 0.55%/yr for IQQQ.

Performance

RXL vs. IQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Health Care (RXL) and ProShares Nasdaq-100 High Income ETF (IQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RXL achieves a -0.77% return, which is significantly lower than IQQQ's 13.95% return.

RXL

• 1D: 3.16%
• 1M: 10.09%
• YTD: -0.77%
• 6M: -2.30%
• 1Y: 29.32%
• 3Y*: 6.72%
• 5Y*: 2.69%
• 10Y*: 13.95%

IQQQ

• 1D: 0.87%
• 1M: -2.10%
• YTD: 13.95%
• 6M: 12.28%
• 1Y: 29.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RXL vs. IQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RXL ProShares Ultra Health Care	-0.77%	19.76%	-14.23%
IQQQ ProShares Nasdaq-100 High Income ETF	13.95%	17.11%	14.82%

Correlation

The correlation between RXL and IQQQ is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (All Time) Calculated using the full available price history since Mar 20, 2024	0.24

The correlation between RXL and IQQQ shifts across timeframes, from 0.12 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.

Return for Risk

RXL vs. IQQQ — Risk / Return Rank

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

RXL

RXL Risk / Return Rank: 29
RXL Sharpe Ratio Rank: 29
RXL Sortino Ratio Rank: 32
RXL Omega Ratio Rank: 28
RXL Calmar Ratio Rank: 30
RXL Martin Ratio Rank: 26

IQQQ

IQQQ Risk / Return Rank: 58
IQQQ Sharpe Ratio Rank: 61
IQQQ Sortino Ratio Rank: 54
IQQQ Omega Ratio Rank: 56
IQQQ Calmar Ratio Rank: 62
IQQQ Martin Ratio Rank: 59

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. IQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Health Care (RXL) and ProShares Nasdaq-100 High Income ETF (IQQQ). 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	IQQQ	Difference
Sharpe ratio: Return per unit of total volatility	0.97	1.74	-0.78
Sortino ratio: Return per unit of downside risk	1.59	2.28	-0.69
Omega ratio: Gain probability vs. loss probability	1.18	1.30	-0.13
Calmar ratio: Return relative to maximum drawdown	1.38	2.66	-1.28
Martin ratio: Return relative to average drawdown	3.14	9.05	-5.90

RXL vs. IQQQ - Sharpe Ratio Comparison

The current RXL Sharpe Ratio is 0.97, which is lower than the IQQQ Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of RXL and IQQQ, 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. IQQQ - Drawdown Comparison

The maximum RXL drawdown since its inception was -67.70%, which is greater than IQQQ's maximum drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for RXL and IQQQ.

Drawdown Indicators

	RXL	IQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-67.70%	-20.41%	-47.29%
Max Drawdown (1Y) Largest decline over 1 year	-21.33%	-11.13%	-10.20%
Max Drawdown (3Y) Largest decline over 3 years	-36.08%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-36.08%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-51.00%	—	—
Current Drawdown Current decline from peak	-9.82%	-4.31%	-5.51%
Average Drawdown Average peak-to-trough decline	-15.85%	-3.63%	-12.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.36%	3.27%	+6.09%

Volatility

RXL vs. IQQQ - Volatility Comparison

ProShares Ultra Health Care (RXL) has a higher volatility of 10.68% compared to ProShares Nasdaq-100 High Income ETF (IQQQ) at 8.20%. This indicates that RXL's price experiences larger fluctuations and is considered to be riskier than IQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RXL	IQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.68%	8.20%	+2.48%
Volatility (6M) Calculated over the trailing 6-month period	21.67%	13.57%	+8.10%
Volatility (1Y) Calculated over the trailing 1-year period	30.52%	17.00%	+13.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.80%	19.06%	+10.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.28%	19.06%	+14.22%

RXL vs. IQQQ - Expense Ratio Comparison

RXL has a 0.95% expense ratio, which is higher than IQQQ's 0.55% expense ratio.

Dividends

RXL vs. IQQQ - Dividend Comparison

RXL's dividend yield for the trailing twelve months is around 1.39%, less than IQQQ's 4.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IQQQ ProShares Nasdaq-100 High Income ETF	4.61%	10.34%	7.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RXL ProShares Ultra Health Care	1.39%	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 IQQQ in my portfolio?

RXL and IQQQ have a correlation of 0.12, 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 IQQQ?

RXL has higher volatility (10.68%) compared to IQQQ (8.20%). In terms of maximum drawdown, RXL dropped -67.70% vs IQQQ's -20.41%.

Which ETF is better, RXL or IQQQ?

On 1-year performance, IQQQ leads with 29.47% vs 29.32% for RXL. On fees, IQQQ is cheaper at 0.55% per year. On volatility, IQQQ has been the lower-risk option at 8.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RXL or IQQQ?

Over the 1-year period, IQQQ has performed better with a 29.47% return vs 29.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RXL or IQQQ?

IQQQ is cheaper with a 0.55% expense ratio, compared with 0.95% for RXL.

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

IQQQ has the higher dividend yield at 4.61%, compared with 1.39% for RXL.

What is the main difference between RXL and IQQQ?

RXL is categorized as Leveraged Equities, while IQQQ is Nasdaq-100. RXL tracks Dow Jones U.S. Health Care Index (200%), while IQQQ tracks Nasdaq-100 Daily Covered Call Index. Their fees differ too: 0.95% for RXL and 0.55% for IQQQ.

Which has better risk-adjusted returns?

IQQQ currently has the higher Sharpe Ratio (1.74 vs 0.97), 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.