RXL vs. UCO
RXL (ProShares Ultra Health Care) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - RXL is a Leveraged Equities fund tracking the Dow Jones U.S. Health Care Index (200%), while UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-Index (200%). Both are passively managed. Over the past 10 years, RXL returned 11.97%/yr vs -11.98%/yr for UCO. At a 0.17 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
RXL vs. UCO - Performance Comparison
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Returns By Period
In the year-to-date period, RXL achieves a -5.87% return, which is significantly lower than UCO's 139.34% return. Over the past 10 years, RXL has outperformed UCO with an annualized return of 11.97%, while UCO has yielded a comparatively lower -11.98% 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%
UCO
- 1D
- -3.93%
- 1M
- -5.57%
- YTD
- 139.34%
- 6M
- 124.58%
- 1Y
- 115.57%
- 3Y*
- 24.38%
- 5Y*
- 21.18%
- 10Y*
- -11.98%
RXL vs. UCO - 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% |
UCO ProShares Ultra Bloomberg Crude Oil | 139.34% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | -92.91% | 53.83% | -43.26% | 0.34% |
Correlation
The correlation between RXL and UCO is -0.32, 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 | -0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008 | 0.17 |
The correlation between RXL and UCO shifts across timeframes, from -0.32 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
RXL vs. UCO — Risk / Return Rank
RXL
UCO
RXL vs. UCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Health Care (RXL) and ProShares Ultra Bloomberg Crude Oil (UCO). 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 | UCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.23 | ||
| Sortino ratioReturn per unit of downside risk | -1.02 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.31 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.14 | 3.34 | -2.21 |
| Martin ratioReturn relative to average drawdown | 2.68 | 6.32 | -3.65 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| RXL | UCO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.80 | 2.03 | -1.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.10 | 0.36 | -0.25 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.36 | -0.17 | +0.53 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | -0.34 | +0.75 |
Drawdowns
RXL vs. UCO - Drawdown Comparison
The maximum RXL drawdown since its inception was -67.70%, smaller than the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for RXL and UCO.
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Drawdown Indicators
| RXL | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.70% | -99.95% | +32.25% |
Max Drawdown (1Y)Largest decline over 1 year | -21.33% | -34.77% | +13.44% |
Max Drawdown (3Y)Largest decline over 3 years | -36.08% | -50.38% | +14.30% |
Max Drawdown (5Y)Largest decline over 5 years | -36.08% | -67.24% | +31.16% |
Max Drawdown (10Y)Largest decline over 10 years | -51.00% | -98.75% | +47.75% |
Current DrawdownCurrent decline from peak | -14.45% | -99.26% | +84.81% |
Average DrawdownAverage peak-to-trough decline | -15.86% | -85.49% | +69.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.05% | 18.34% | -9.29% |
Volatility
RXL vs. UCO - Volatility Comparison
The current volatility for ProShares Ultra Health Care (RXL) is 10.34%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 20.99%. This indicates that RXL experiences smaller price fluctuations and is considered to be less risky than UCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RXL | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.34% | 20.99% | -10.65% |
Volatility (6M)Calculated over the trailing 6-month period | 21.51% | 46.57% | -25.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.16% | 57.26% | -27.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.73% | 59.81% | -30.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.28% | 71.35% | -38.07% |
RXL vs. UCO - Expense Ratio Comparison
Both RXL and UCO have an expense ratio of 0.95%.
Dividends
RXL vs. UCO - Dividend Comparison
RXL's dividend yield for the trailing twelve months is around 1.54%, while UCO has not paid dividends to shareholders.
| 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% |
UCO ProShares Ultra Bloomberg Crude Oil | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
RXL and UCO have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UCO has higher volatility (20.99%) compared to RXL (10.34%). In terms of maximum drawdown, RXL dropped -67.70% vs UCO's -99.95%.
On 10-year performance, RXL leads with 11.97% vs -11.98% for UCO. Both ETFs have the same 0.95% expense ratio. 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.
Over the 10-year period, RXL has performed better with a 11.97% return vs -11.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RXL and UCO have the same expense ratio: 0.95% per year.
RXL has the higher dividend yield at 1.54%, compared with 0.00% for UCO.
RXL is categorized as Leveraged Equities, while UCO is Leveraged Commodities. RXL tracks Dow Jones U.S. Health Care Index (200%), while UCO tracks Dow Jones-UBS Crude Oil Sub-Index (200%).
UCO currently has the higher Sharpe Ratio (2.03 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.
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