RXL vs. PIT

Last updated Jun 23, 2026

RXL (ProShares Ultra Health Care) and PIT (VanEck Commodity Strategy ETF) are both exchange-traded funds - RXL is a Leveraged Equities fund tracking the Dow Jones U.S. Health Care Index (200%), while PIT is a Commodities fund actively managed by VanEck. RXL is passively managed, while PIT is actively managed. Over the past 3 years, RXL returned 3.77%/yr vs 19.51%/yr for PIT. At a correlation of -0.03, they often move in opposite directions. RXL charges 0.95%/yr vs 0.55%/yr for PIT.

Performance

RXL vs. PIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Health Care (RXL) and VanEck Commodity Strategy ETF (PIT). 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 PIT's 27.31% 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%

PIT

• 1D: -0.75%
• 1M: -10.60%
• YTD: 27.31%
• 6M: 26.74%
• 1Y: 38.33%
• 3Y*: 19.51%
• 5Y*: —
• 10Y*: —

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

RXL vs. PIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
RXL ProShares Ultra Health Care	-7.67%	19.76%	-2.72%	-3.15%	-0.64%
PIT VanEck Commodity Strategy ETF	27.31%	21.63%	6.77%	-4.54%	1.67%

Correlation

The correlation between RXL and PIT is -0.17, 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	-0.17
Correlation (3Y) Calculated over the trailing 3-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Dec 22, 2022	-0.03

The correlation between RXL and PIT shifts across timeframes, from -0.17 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.

Return for Risk

RXL vs. PIT — 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

PIT

PIT Risk / Return Rank: 55
PIT Sharpe Ratio Rank: 54
PIT Sortino Ratio Rank: 48
PIT Omega Ratio Rank: 52
PIT Calmar Ratio Rank: 57
PIT Martin Ratio Rank: 62

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. PIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Health Care (RXL) and VanEck Commodity Strategy ETF (PIT). 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	PIT	Difference
Sharpe ratio: Return per unit of total volatility	0.78	1.78	-1.00
Sortino ratio: Return per unit of downside risk	1.34	2.32	-0.97
Omega ratio: Gain probability vs. loss probability	1.15	1.32	-0.17
Calmar ratio: Return relative to maximum drawdown	1.11	2.74	-1.63
Martin ratio: Return relative to average drawdown	2.53	10.88	-8.35

RXL vs. PIT - Sharpe Ratio Comparison

The current RXL Sharpe Ratio is 0.78, which is lower than the PIT Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of RXL and PIT, 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. PIT - Drawdown Comparison

The maximum RXL drawdown since its inception was -67.70%, which is greater than PIT's maximum drawdown of -14.05%. Use the drawdown chart below to compare losses from any high point for RXL and PIT.

Drawdown Indicators

	RXL	PIT	Difference
Max Drawdown Largest peak-to-trough decline	-67.70%	-14.05%	-53.65%
Max Drawdown (1Y) Largest decline over 1 year	-21.33%	-14.05%	-7.28%
Max Drawdown (3Y) Largest decline over 3 years	-36.08%	-14.05%	-22.03%
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	-16.09%	-14.05%	-2.04%
Average Drawdown Average peak-to-trough decline	-15.85%	-4.07%	-11.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.31%	3.59%	+5.72%

Volatility

RXL vs. PIT - Volatility Comparison

ProShares Ultra Health Care (RXL) has a higher volatility of 10.50% compared to VanEck Commodity Strategy ETF (PIT) at 4.67%. This indicates that RXL's price experiences larger fluctuations and is considered to be riskier than PIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RXL	PIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.50%	4.67%	+5.83%
Volatility (6M) Calculated over the trailing 6-month period	21.31%	19.36%	+1.95%
Volatility (1Y) Calculated over the trailing 1-year period	30.39%	21.66%	+8.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.74%	17.50%	+12.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.31%	17.50%	+15.81%

RXL vs. PIT - Expense Ratio Comparison

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

Dividends

RXL vs. PIT - Dividend Comparison

RXL's dividend yield for the trailing twelve months is around 1.57%, less than PIT's 7.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIT VanEck Commodity Strategy ETF	7.00%	8.92%	3.59%	6.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 PIT in my portfolio?

RXL and PIT have a correlation of -0.17, 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 PIT?

RXL has higher volatility (10.50%) compared to PIT (4.67%). In terms of maximum drawdown, RXL dropped -67.70% vs PIT's -14.05%.

Which ETF is better, RXL or PIT?

On 3-year performance, PIT leads with 19.51% vs 3.77% for RXL. On fees, PIT is cheaper at 0.55% per year. On volatility, PIT has been the lower-risk option at 4.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RXL or PIT?

Over the 3-year period, PIT has performed better with a 19.51% return vs 3.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RXL or PIT?

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

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

PIT has the higher dividend yield at 7.00%, compared with 1.57% for RXL.

What is the main difference between RXL and PIT?

RXL is categorized as Leveraged Equities, while PIT is Commodities. They also come from different issuers: ProShares and VanEck. Their fees differ too: 0.95% for RXL and 0.55% for PIT.

Which has better risk-adjusted returns?

PIT currently has the higher Sharpe Ratio (1.78 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.