RXL vs. SOXL

Last updated Jun 5, 2026

RXL (ProShares Ultra Health Care) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both Leveraged Equities funds - RXL tracks the Dow Jones U.S. Health Care Index (200%) while SOXL tracks the ICE Semiconductor Index. Both are passively managed. Over the past 10 years, RXL returned 11.97%/yr vs 64.43%/yr for SOXL. At a 0.50 correlation, their price movements are largely independent. RXL charges 0.95%/yr vs 0.75%/yr for SOXL.

Performance

RXL vs. SOXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Health Care (RXL) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RXL achieves a -5.87% return, which is significantly lower than SOXL's 525.03% return. Over the past 10 years, RXL has underperformed SOXL with an annualized return of 11.97%, while SOXL has yielded a comparatively higher 64.43% annualized return.

RXL

• 1D: 6.28%
• 1M: 8.64%
• YTD: -5.87%
• 6M: -4.29%
• 1Y: 24.14%
• 3Y*: 5.25%
• 5Y*: 3.09%
• 10Y*: 11.97%

SOXL

• 1D: -6.36%
• 1M: 82.23%
• YTD: 525.03%
• 6M: 481.71%
• 1Y: 1,280.87%
• 3Y*: 133.82%
• 5Y*: 46.78%
• 10Y*: 64.43%

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

RXL vs. SOXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RXL ProShares Ultra Health Care	-5.87%	19.76%	-2.72%	-3.15%	-15.26%	48.06%	19.24%	40.40%	3.38%	46.92%
SOXL Direxion Daily Semiconductor Bull 3X ETF	525.03%	54.91%	-12.31%	226.98%	-85.66%	118.84%	70.04%	231.83%	-39.07%	141.71%

Correlation

The correlation between RXL and SOXL is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Mar 12, 2010	0.50

Over the past year, the correlation between RXL and SOXL has dropped to 0.14 - well below their long-term average of 0.50, suggesting their price drivers have been diverging.

RXL vs. SOXL - Sectors Allocation Comparison

Sectors	RXL	SOXL
Healthcare	78.5%	-
Financial Services	12.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	100.0%
Utilities	-	-

Return for Risk

RXL vs. SOXL — Risk / Return Rank

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

RXL

RXL Risk / Return Rank: 24
RXL Sharpe Ratio Rank: 24
RXL Sortino Ratio Rank: 26
RXL Omega Ratio Rank: 24
RXL Calmar Ratio Rank: 24
RXL Martin Ratio Rank: 22

SOXL

SOXL Risk / Return Rank: 97
SOXL Sharpe Ratio Rank: 100
SOXL Sortino Ratio Rank: 95
SOXL Omega Ratio Rank: 94
SOXL Calmar Ratio Rank: 99
SOXL Martin Ratio Rank: 99

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. SOXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Health Care (RXL) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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.

	RXL	SOXL	Difference
Sharpe ratio: Return per unit of total volatility	0.80	12.69	-11.88
Sortino ratio: Return per unit of downside risk	1.38	4.98	-3.60
Omega ratio: Gain probability vs. loss probability	1.15	1.69	-0.53
Calmar ratio: Return relative to maximum drawdown	1.14	29.80	-28.66
Martin ratio: Return relative to average drawdown	2.68	102.14	-99.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RXL vs. SOXL - Sharpe Ratio Comparison

The current RXL Sharpe Ratio is 0.80, which is lower than the SOXL Sharpe Ratio of 12.69. The chart below compares the historical Sharpe Ratios of RXL and SOXL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	RXL	SOXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.80	12.69	-11.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.44	-0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	0.65	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.51	-0.10

Drawdowns

RXL vs. SOXL - Drawdown Comparison

The maximum RXL drawdown since its inception was -67.70%, smaller than the maximum SOXL drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for RXL and SOXL.

Drawdown Indicators

	RXL	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-67.70%	-90.46%	+22.76%
Max Drawdown (1Y) Largest decline over 1 year	-21.33%	-43.47%	+22.14%
Max Drawdown (3Y) Largest decline over 3 years	-36.08%	-87.88%	+51.80%
Max Drawdown (5Y) Largest decline over 5 years	-36.08%	-90.46%	+54.38%
Max Drawdown (10Y) Largest decline over 10 years	-51.00%	-90.46%	+39.46%
Current Drawdown Current decline from peak	-14.45%	-6.36%	-8.09%
Average Drawdown Average peak-to-trough decline	-15.86%	-35.01%	+19.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.05%	12.66%	-3.61%

Volatility

RXL vs. SOXL - Volatility Comparison

The current volatility for ProShares Ultra Health Care (RXL) is 10.34%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 41.05%. This indicates that RXL experiences smaller price fluctuations and is considered to be less risky than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RXL	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.34%	41.05%	-30.71%
Volatility (6M) Calculated over the trailing 6-month period	21.51%	81.57%	-60.06%
Volatility (1Y) Calculated over the trailing 1-year period	30.16%	102.16%	-72.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.73%	107.25%	-77.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.28%	99.05%	-65.77%

RXL vs. SOXL - Expense Ratio Comparison

RXL has a 0.95% expense ratio, which is higher than SOXL's 0.75% expense ratio.

Dividends

RXL vs. SOXL - Dividend Comparison

RXL's dividend yield for the trailing twelve months is around 1.54%, more than SOXL's 0.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RXL ProShares Ultra Health Care	1.54%	1.43%	1.22%	0.18%	0.32%	0.10%	0.15%	0.27%	0.32%	0.11%	0.12%	0.93%
SOXL Direxion Daily Semiconductor Bull 3X ETF	0.03%	0.34%	1.18%	0.51%	1.07%	0.04%	0.05%	0.38%	1.30%	0.09%	4.84%	0.00%

Frequently Asked Questions

Can I hold both RXL and SOXL in my portfolio?

RXL and SOXL have a correlation of 0.14, 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 SOXL?

SOXL has higher volatility (41.05%) compared to RXL (10.34%). In terms of maximum drawdown, RXL dropped -67.70% vs SOXL's -90.46%.

Which ETF is better, RXL or SOXL?

On 10-year performance, SOXL leads with 64.43% vs 11.97% for RXL. On fees, SOXL is cheaper at 0.75% per year. On volatility, RXL has been the lower-risk option at 10.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RXL or SOXL?

Over the 10-year period, SOXL has performed better with a 64.43% return vs 11.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RXL or SOXL?

SOXL is cheaper with a 0.75% expense ratio, compared with 0.95% for RXL.

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

RXL has the higher dividend yield at 1.54%, compared with 0.03% for SOXL.

What is the main difference between RXL and SOXL?

RXL tracks Dow Jones U.S. Health Care Index (200%), while SOXL tracks ICE Semiconductor Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for RXL and 0.75% for SOXL.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (12.69 vs 0.80), 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.