RXL vs. USL

Last updated Jun 5, 2026

RXL (ProShares Ultra Health Care) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - RXL is a Leveraged Equities fund tracking the Dow Jones U.S. Health Care Index (200%), while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, RXL returned 11.97%/yr vs 10.57%/yr for USL. At a 0.16 correlation, their price movements are largely independent. RXL charges 0.95%/yr vs 0.88%/yr for USL.

Performance

RXL vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Health Care (RXL) and United States 12 Month Oil Fund LP (USL). 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 USL's 60.58% return. Over the past 10 years, RXL has outperformed USL with an annualized return of 11.97%, while USL has yielded a comparatively lower 10.57% 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%

USL

• 1D: -1.53%
• 1M: -1.98%
• YTD: 60.58%
• 6M: 56.11%
• 1Y: 56.55%
• 3Y*: 17.93%
• 5Y*: 17.05%
• 10Y*: 10.57%

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

RXL vs. USL - 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%
USL United States 12 Month Oil Fund LP	60.58%	-12.37%	8.30%	-1.11%	27.10%	62.48%	-25.23%	28.01%	-14.15%	2.55%

Correlation

The correlation between RXL and USL is -0.30, 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	-0.30
Correlation (3Y) Calculated over the trailing 3-year period	-0.18
Correlation (5Y) Calculated over the trailing 5-year period	-0.04
Correlation (10Y) Calculated over the trailing 10-year period	0.08
Correlation (All Time) Calculated using the full available price history since Dec 7, 2007	0.16

The correlation between RXL and USL shifts across timeframes, from -0.30 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.

RXL vs. USL - Sectors Allocation Comparison

Sectors	RXL	USL
Healthcare	78.5%	-
Financial Services	12.0%	4.5%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

RXL vs. USL — 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

USL

USL Risk / Return Rank: 56
USL Sharpe Ratio Rank: 60
USL Sortino Ratio Rank: 53
USL Omega Ratio Rank: 54
USL Calmar Ratio Rank: 69
USL Martin Ratio Rank: 43

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. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Health Care (RXL) and United States 12 Month Oil Fund LP (USL). 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	USL	Difference
Sharpe ratio: Return per unit of total volatility	0.80	1.99	-1.18
Sortino ratio: Return per unit of downside risk	1.38	2.53	-1.15
Omega ratio: Gain probability vs. loss probability	1.15	1.33	-0.18
Calmar ratio: Return relative to maximum drawdown	1.14	3.39	-2.25
Martin ratio: Return relative to average drawdown	2.68	6.85	-4.18
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. USL - Sharpe Ratio Comparison

The current RXL Sharpe Ratio is 0.80, which is lower than the USL Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of RXL and USL, 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	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.80	1.99	-1.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.57	-0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	0.33	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.01	+0.40

Drawdowns

RXL vs. USL - Drawdown Comparison

The maximum RXL drawdown since its inception was -67.70%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for RXL and USL.

Drawdown Indicators

	RXL	USL	Difference
Max Drawdown Largest peak-to-trough decline	-67.70%	-89.06%	+21.36%
Max Drawdown (1Y) Largest decline over 1 year	-21.33%	-16.76%	-4.57%
Max Drawdown (3Y) Largest decline over 3 years	-36.08%	-23.33%	-12.75%
Max Drawdown (5Y) Largest decline over 5 years	-36.08%	-33.82%	-2.26%
Max Drawdown (10Y) Largest decline over 10 years	-51.00%	-66.02%	+15.02%
Current Drawdown Current decline from peak	-14.45%	-39.10%	+24.65%
Average Drawdown Average peak-to-trough decline	-15.86%	-61.45%	+45.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.05%	8.27%	+0.78%

Volatility

RXL vs. USL - Volatility Comparison

ProShares Ultra Health Care (RXL) and United States 12 Month Oil Fund LP (USL) have volatilities of 10.34% and 10.57%, 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	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.34%	10.57%	-0.23%
Volatility (6M) Calculated over the trailing 6-month period	21.51%	23.34%	-1.83%
Volatility (1Y) Calculated over the trailing 1-year period	30.16%	28.59%	+1.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.73%	30.09%	-0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.28%	32.34%	+0.94%

RXL vs. USL - Expense Ratio Comparison

RXL has a 0.95% expense ratio, which is higher than USL's 0.88% expense ratio.

Dividends

RXL vs. USL - Dividend Comparison

RXL's dividend yield for the trailing twelve months is around 1.54%, while USL 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%
USL United States 12 Month Oil Fund LP	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

Can I hold both RXL and USL in my portfolio?

RXL and USL have a correlation of -0.30, 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 USL?

USL has higher volatility (10.57%) compared to RXL (10.34%). In terms of maximum drawdown, RXL dropped -67.70% vs USL's -89.06%.

Which ETF is better, RXL or USL?

On 10-year performance, RXL leads with 11.97% vs 10.57% for USL. On fees, USL is cheaper at 0.88% 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 USL?

Over the 10-year period, RXL has performed better with a 11.97% return vs 10.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RXL or USL?

USL is cheaper with a 0.88% expense ratio, compared with 0.95% for RXL.

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

RXL has the higher dividend yield at 1.54%, compared with 0.00% for USL.

What is the main difference between RXL and USL?

RXL is categorized as Leveraged Equities, while USL is Oil & Gas. RXL tracks Dow Jones U.S. Health Care Index (200%), while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.95% for RXL and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (1.99 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.