RXL vs. PDBC
RXL (ProShares Ultra Health Care) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - RXL is a Leveraged Equities fund tracking the Dow Jones U.S. Health Care Index (200%), while PDBC is a Commodities fund actively managed by Invesco. RXL is passively managed, while PDBC is actively managed. Over the past 10 years, RXL returned 12.95%/yr vs 7.69%/yr for PDBC. At a 0.10 correlation, their price movements are largely independent. RXL charges 0.95%/yr vs 0.58%/yr for PDBC.
Performance
RXL vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, RXL achieves a 5.42% return, which is significantly lower than PDBC's 24.08% return. Over the past 10 years, RXL has outperformed PDBC with an annualized return of 12.95%, while PDBC has yielded a comparatively lower 7.69% annualized return.
RXL
- 1D
- -1.43%
- 1M
- 9.83%
- 6M
- 2.34%
- YTD
- 5.42%
- 1Y
- 35.30%
- 3Y*
- 9.73%
- 5Y*
- 3.14%
- 10Y*
- 12.95%
PDBC
- 1D
- 0.12%
- 1M
- -3.63%
- 6M
- 21.24%
- YTD
- 24.08%
- 1Y
- 27.16%
- 3Y*
- 9.96%
- 5Y*
- 10.22%
- 10Y*
- 7.69%
RXL vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RXL ProShares Ultra Health Care | 5.42% | 19.76% | -2.72% | -3.15% | -15.26% | 48.06% | 19.24% | 40.40% | 3.38% | 46.92% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 24.08% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -12.78% | 5.06% |
Correlation
The correlation between RXL and PDBC is -0.23, 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 | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014 | 0.10 |
The correlation between RXL and PDBC shifts across timeframes, from -0.23 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
RXL vs. PDBC — Risk / Return Rank
RXL
PDBC
RXL vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Health Care (RXL) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). 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 | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | -0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.27 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 1.75 | -0.20 |
| Martin ratioReturn relative to average drawdown | 3.55 | 6.25 | -2.69 |
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Drawdowns
RXL vs. PDBC - Drawdown Comparison
The maximum RXL drawdown since its inception was -67.70%, which is greater than PDBC's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for RXL and PDBC.
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Drawdown Indicators
| RXL | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.70% | -49.52% | -18.18% |
Max Drawdown (1Y)Largest decline over 1 year | -21.33% | -16.55% | -4.78% |
Max Drawdown (3Y)Largest decline over 3 years | -36.08% | -16.55% | -19.53% |
Max Drawdown (5Y)Largest decline over 5 years | -36.08% | -27.63% | -8.45% |
Max Drawdown (10Y)Largest decline over 10 years | -51.00% | -40.73% | -10.27% |
Current DrawdownCurrent decline from peak | -4.24% | -13.06% | +8.82% |
Average DrawdownAverage peak-to-trough decline | -15.82% | -23.11% | +7.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.32% | 4.64% | +4.68% |
Volatility
RXL vs. PDBC - Volatility Comparison
ProShares Ultra Health Care (RXL) has a higher volatility of 11.68% compared to Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) at 5.48%. This indicates that RXL's price experiences larger fluctuations and is considered to be riskier than PDBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RXL | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.68% | 5.48% | +6.20% |
Volatility (6M)Calculated over the trailing 6-month period | 23.17% | 16.59% | +6.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.72% | 18.72% | +13.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.07% | 19.19% | +10.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.35% | 17.75% | +15.60% |
RXL vs. PDBC - Expense Ratio Comparison
RXL has a 0.95% expense ratio, which is higher than PDBC's 0.58% expense ratio.
Dividends
RXL vs. PDBC - Dividend Comparison
RXL's dividend yield for the trailing twelve months is around 1.31%, less than PDBC's 3.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 3.09% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% | 0.00% |
RXL ProShares Ultra Health Care | 1.31% | 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
RXL and PDBC have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RXL has higher volatility (11.68%) compared to PDBC (5.48%). In terms of maximum drawdown, RXL dropped -67.70% vs PDBC's -49.52%.
On 10-year performance, RXL leads with 12.95% vs 7.69% for PDBC. On fees, PDBC is cheaper at 0.58% per year. On volatility, PDBC has been the lower-risk option at 5.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, RXL has performed better with a 12.95% return vs 7.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PDBC is cheaper with a 0.58% expense ratio, compared with 0.95% for RXL.
PDBC has the higher dividend yield at 3.09%, compared with 1.31% for RXL.
RXL is categorized as Leveraged Equities, while PDBC is Commodities. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for RXL and 0.58% for PDBC.
PDBC currently has the higher Sharpe Ratio (1.55 vs 1.04), 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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