RXL vs. UGE

Last updated Aug 2, 2026

RXL (ProShares Ultra Health Care) and UGE (ProShares Ultra Consumer Goods) are both Leveraged Equities funds from ProShares - RXL tracks the Dow Jones U.S. Health Care Index (200%) while UGE tracks the Dow Jones U.S. Consumer Goods Index (200%). Both are passively managed. Over the past 10 years, RXL returned 12.62%/yr vs 8.02%/yr for UGE. Their 0.57 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.

Performance

RXL vs. UGE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Health Care (RXL) and ProShares Ultra Consumer Goods (UGE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RXL achieves a 7.08% return, which is significantly lower than UGE's 17.12% return. Over the past 10 years, RXL has outperformed UGE with an annualized return of 12.62%, while UGE has yielded a comparatively lower 8.02% annualized return.

RXL

• 1D: -1.31%
• 1M: -2.22%
• 6M: 7.76%
• YTD: 7.08%
• 1Y: 46.85%
• 3Y*: 8.58%
• 5Y*: 2.44%
• 10Y*: 12.62%
• ALL TIME*: 14.64%

UGE

• 1D: -0.93%
• 1M: -0.32%
• 6M: 2.15%
• YTD: 17.12%
• 1Y: 9.90%
• 3Y*: 5.40%
• 5Y*: -2.60%
• 10Y*: 8.02%
• ALL TIME*: 11.24%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
RXL ProShares Ultra Health Care	$1.09M	$939.16K	$589.20K
UGE ProShares Ultra Consumer Goods	$1.19M	$921.37K	$1.06M

RXL vs. UGE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RXL ProShares Ultra Health Care	7.08%	19.76%	-2.72%	-3.15%	-15.26%	48.06%	19.24%	40.40%	3.38%	46.92%
UGE ProShares Ultra Consumer Goods	17.12%	-5.21%	16.40%	2.38%	-46.78%	42.44%	56.64%	58.28%	-30.14%	32.38%

Correlation

The correlation between RXL and UGE is 0.41, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.41
Correlation (3Y) Balances recent behavior with more history.	0.49
Correlation (5Y) Shows whether the relationship held over a longer period.	0.56
Correlation (10Y) Provides a long-term view across more market conditions.	0.55
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	0.58

The correlation between RXL and UGE shifts across timeframes, from 0.41 (1 year) to 0.57 (all time), reflecting how their relationship changes across market environments.

RXL vs. UGE - Sectors Allocation Comparison

Sectors	RXL	UGE
Healthcare	71.0%	-
Financial Services	10.1%	-
Technology	0.3%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	1.9%
Consumer Defensive	-	98.1%
Energy	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

RXL vs. UGE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

RXL

RXL Risk / Return Rank: 63
RXL Sharpe Ratio Rank: 68
RXL Sortino Ratio Rank: 74
RXL Omega Ratio Rank: 62
RXL Calmar Ratio Rank: 66
RXL Martin Ratio Rank: 47

UGE

UGE Risk / Return Rank: 20
UGE Sharpe Ratio Rank: 20
UGE Sortino Ratio Rank: 21
UGE Omega Ratio Rank: 20
UGE Calmar Ratio Rank: 21
UGE Martin Ratio Rank: 18

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

RXL vs. UGE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Health Care (RXL) and ProShares Ultra Consumer Goods (UGE). 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	UGE	Difference
Sharpe ratio: Return per unit of total volatility	1.56	0.39	+1.16
Sortino ratio: Return per unit of downside risk	2.39	0.76	+1.63
Omega ratio: Gain probability vs. loss probability	1.26	1.09	+0.18
Calmar ratio: Return relative to maximum drawdown	2.30	0.59	+1.71
Martin ratio: Return relative to average drawdown	5.30	0.96	+4.34

RXL vs. UGE - Sharpe Ratio Comparison

The current RXL Sharpe Ratio is 1.56, which is higher than the UGE Sharpe Ratio of 0.39. The chart below compares the historical Sharpe Ratios of RXL and UGE, 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. UGE - Drawdown Comparison

The maximum RXL drawdown since its inception was -67.70%, smaller than the maximum UGE drawdown of -71.36%. Use the drawdown chart below to compare losses from any high point for RXL and UGE.

Drawdown Indicators

	RXL	UGE	Difference
Max Drawdown Largest peak-to-trough decline	-67.70%	-71.36%	+3.66%
Max Drawdown (1Y) Largest decline over 1 year	-21.33%	-18.95%	-2.38%
Max Drawdown (3Y) Largest decline over 3 years	-36.08%	-22.81%	-13.27%
Max Drawdown (5Y) Largest decline over 5 years	-36.08%	-56.55%	+20.47%
Max Drawdown (10Y) Largest decline over 10 years	-51.00%	-57.14%	+6.14%
Current Drawdown Current decline from peak	-5.57%	-33.84%	+28.27%
Average Drawdown Average peak-to-trough decline	-15.78%	-18.86%	+3.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.21%	11.54%	-2.33%

Volatility

RXL vs. UGE - Volatility Comparison

ProShares Ultra Health Care (RXL) and ProShares Ultra Consumer Goods (UGE) have volatilities of 12.08% and 12.37%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RXL	UGE	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.08%	12.37%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	24.15%	23.37%	+0.78%
Volatility (1Y) Calculated over the trailing 1-year period	32.06%	28.34%	+3.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.29%	31.88%	-1.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.47%	33.25%	+0.22%

RXL vs. UGE - Expense Ratio Comparison

Both RXL and UGE have an expense ratio of 0.95%.

Dividends

RXL vs. UGE - Dividend Comparison

RXL's dividend yield for the trailing twelve months is around 1.28%, less than UGE's 2.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RXL ProShares Ultra Health Care	1.28%	1.43%	1.22%	0.18%	0.32%	0.10%	0.15%	0.27%	0.32%	0.11%	0.12%	0.93%
UGE ProShares Ultra Consumer Goods	2.09%	2.54%	1.43%	1.20%	0.74%	0.20%	0.41%	0.86%	0.76%	0.68%	0.76%	0.60%

Frequently Asked Questions

Can I hold both RXL and UGE in my portfolio?

RXL and UGE have a correlation of 0.41, 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 UGE?

UGE has higher volatility (12.37%) compared to RXL (12.08%). In terms of maximum drawdown, RXL dropped -67.70% vs UGE's -71.36%.

Which ETF is better, RXL or UGE?

On 10-year performance, RXL leads with 12.62% vs 8.02% for UGE. Both ETFs have the same 0.95% expense ratio. On volatility, RXL has been the lower-risk option at 12.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RXL or UGE?

Over the 10-year period, RXL has performed better with a 12.62% return vs 8.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RXL or UGE?

RXL and UGE have the same expense ratio: 0.95% per year.

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

UGE has the higher dividend yield at 2.09%, compared with 1.28% for RXL.

What is the main difference between RXL and UGE?

RXL tracks Dow Jones U.S. Health Care Index (200%), while UGE tracks Dow Jones U.S. Consumer Goods Index (200%).

Which has better risk-adjusted returns?

RXL currently has the higher Sharpe Ratio (1.56 vs 0.39), 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.