RXL vs. TSMG

Last updated Jun 24, 2026

RXL (ProShares Ultra Health Care) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both Leveraged Equities funds. RXL is passively managed, while TSMG is actively managed. Over the past year, RXL returned 26.56% vs 241.80% for TSMG. At a 0.11 correlation, their price movements are largely independent. RXL charges 0.95%/yr vs 0.75%/yr for TSMG.

Performance

RXL vs. TSMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Health Care (RXL) and Leverage Shares 2X Long TSM Daily ETF (TSMG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RXL achieves a -5.37% return, which is significantly lower than TSMG's 80.39% return.

RXL

• 1D: 2.50%
• 1M: 3.01%
• YTD: -5.37%
• 6M: -5.67%
• 1Y: 26.56%
• 3Y*: 4.63%
• 5Y*: 1.95%
• 10Y*: 13.05%

TSMG

• 1D: -13.49%
• 1M: 12.90%
• YTD: 80.39%
• 6M: 88.25%
• 1Y: 241.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RXL vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
RXL ProShares Ultra Health Care	-5.37%	13.36%
TSMG Leverage Shares 2X Long TSM Daily ETF	80.39%	71.03%

Correlation

The correlation between RXL and TSMG is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (All Time) Calculated using the full available price history since Jan 14, 2025	0.11

Return for Risk

RXL vs. TSMG — Risk / Return Rank

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

RXL

RXL Risk / Return Rank: 26
RXL Sharpe Ratio Rank: 26
RXL Sortino Ratio Rank: 28
RXL Omega Ratio Rank: 24
RXL Calmar Ratio Rank: 27
RXL Martin Ratio Rank: 24

TSMG

TSMG Risk / Return Rank: 85
TSMG Sharpe Ratio Rank: 93
TSMG Sortino Ratio Rank: 75
TSMG Omega Ratio Rank: 70
TSMG Calmar Ratio Rank: 94
TSMG Martin Ratio Rank: 92

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. TSMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Health Care (RXL) and Leverage Shares 2X Long TSM Daily ETF (TSMG). 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	TSMG	Difference
Sharpe ratio: Return per unit of total volatility	0.88	3.17	-2.29
Sortino ratio: Return per unit of downside risk	1.47	3.15	-1.68
Omega ratio: Gain probability vs. loss probability	1.16	1.39	-0.22
Calmar ratio: Return relative to maximum drawdown	1.25	6.90	-5.65
Martin ratio: Return relative to average drawdown	2.85	22.04	-19.19

RXL vs. TSMG - Sharpe Ratio Comparison

The current RXL Sharpe Ratio is 0.88, which is lower than the TSMG Sharpe Ratio of 3.17. The chart below compares the historical Sharpe Ratios of RXL and TSMG, 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. TSMG - Drawdown Comparison

The maximum RXL drawdown since its inception was -67.70%, which is greater than TSMG's maximum drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for RXL and TSMG.

Drawdown Indicators

	RXL	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-67.70%	-63.67%	-4.03%
Max Drawdown (1Y) Largest decline over 1 year	-21.33%	-35.29%	+13.96%
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	-14.00%	-13.49%	-0.51%
Average Drawdown Average peak-to-trough decline	-15.85%	-16.65%	+0.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.33%	11.03%	-1.70%

Volatility

RXL vs. TSMG - Volatility Comparison

The current volatility for ProShares Ultra Health Care (RXL) is 10.70%, while Leverage Shares 2X Long TSM Daily ETF (TSMG) has a volatility of 33.00%. This indicates that RXL experiences smaller price fluctuations and is considered to be less risky than TSMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RXL	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.70%	33.00%	-22.30%
Volatility (6M) Calculated over the trailing 6-month period	21.46%	60.76%	-39.30%
Volatility (1Y) Calculated over the trailing 1-year period	30.42%	76.78%	-46.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.76%	83.21%	-53.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.28%	83.21%	-49.93%

RXL vs. TSMG - Expense Ratio Comparison

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

Dividends

RXL vs. TSMG - Dividend Comparison

RXL's dividend yield for the trailing twelve months is around 1.54%, less than TSMG's 6.37% 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%
TSMG Leverage Shares 2X Long TSM Daily ETF	6.37%	11.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RXL and TSMG in my portfolio?

RXL and TSMG have a correlation of 0.03, 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 TSMG?

TSMG has higher volatility (33.00%) compared to RXL (10.70%). In terms of maximum drawdown, RXL dropped -67.70% vs TSMG's -63.67%.

Which ETF is better, RXL or TSMG?

On 1-year performance, TSMG leads with 241.80% vs 26.56% for RXL. On fees, TSMG is cheaper at 0.75% per year. On volatility, RXL has been the lower-risk option at 10.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RXL or TSMG?

Over the 1-year period, TSMG has performed better with a 241.80% return vs 26.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RXL or TSMG?

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

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

TSMG has the higher dividend yield at 6.37%, compared with 1.54% for RXL.

What is the main difference between RXL and TSMG?

They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.95% for RXL and 0.75% for TSMG.

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (3.17 vs 0.88), 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.