RXL vs. USML
RXL (ProShares Ultra Health Care) and USML (ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN) are both Leveraged Equities funds - RXL tracks the Dow Jones U.S. Health Care Index (200%) while USML tracks the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 5 years, RXL returned 2.74%/yr vs 7.63%/yr for USML. A 0.79 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
RXL vs. USML - Performance Comparison
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Returns By Period
In the year-to-date period, RXL achieves a -5.21% return, which is significantly lower than USML's 0.78% return.
RXL
- 1D
- -0.81%
- 1M
- 12.62%
- YTD
- -5.21%
- 6M
- -0.67%
- 1Y
- 23.20%
- 3Y*
- 5.75%
- 5Y*
- 2.74%
- 10Y*
- 12.38%
USML
- 1D
- -0.92%
- 1M
- 2.21%
- YTD
- 0.78%
- 6M
- 2.17%
- 1Y
- 0.57%
- 3Y*
- 15.45%
- 5Y*
- 7.63%
- 10Y*
- —
RXL vs. USML - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
RXL ProShares Ultra Health Care | -5.21% | 19.76% | -2.72% | -3.15% | -15.26% | 38.93% |
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 0.78% | 9.33% | 23.97% | 11.37% | -22.87% | 42.12% |
Correlation
The correlation between RXL and USML is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.79 |
Over the past year, the correlation between RXL and USML has dropped to 0.56 - well below their long-term average of 0.79, suggesting their price drivers have been diverging.
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Return for Risk
RXL vs. USML — Risk / Return Rank
RXL
USML
RXL vs. USML - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Health Care (RXL) and ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML). 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 | USML | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.74 | ||
| Sortino ratioReturn per unit of downside risk | +1.17 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.02 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.09 | 0.04 | +1.05 |
| Martin ratioReturn relative to average drawdown | 2.56 | 0.13 | +2.43 |
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 | USML | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.77 | 0.03 | +0.74 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.09 | 0.31 | -0.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.37 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | 0.42 | -0.01 |
Drawdowns
RXL vs. USML - Drawdown Comparison
The maximum RXL drawdown since its inception was -67.70%, which is greater than USML's maximum drawdown of -35.34%. Use the drawdown chart below to compare losses from any high point for RXL and USML.
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Drawdown Indicators
| RXL | USML | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.70% | -35.34% | -32.36% |
Max Drawdown (1Y)Largest decline over 1 year | -21.33% | -13.09% | -8.24% |
Max Drawdown (3Y)Largest decline over 3 years | -36.08% | -19.14% | -16.94% |
Max Drawdown (5Y)Largest decline over 5 years | -36.08% | -35.34% | -0.74% |
Max Drawdown (10Y)Largest decline over 10 years | -51.00% | — | — |
Current DrawdownCurrent decline from peak | -13.85% | -5.74% | -8.11% |
Average DrawdownAverage peak-to-trough decline | -15.85% | -10.40% | -5.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.10% | 4.36% | +4.74% |
Volatility
RXL vs. USML - Volatility Comparison
ProShares Ultra Health Care (RXL) has a higher volatility of 10.35% compared to ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) at 4.70%. This indicates that RXL's price experiences larger fluctuations and is considered to be riskier than USML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RXL | USML | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.35% | 4.70% | +5.65% |
Volatility (6M)Calculated over the trailing 6-month period | 21.49% | 11.61% | +9.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.20% | 16.45% | +13.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.74% | 24.48% | +5.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.29% | 24.28% | +9.01% |
RXL vs. USML - Expense Ratio Comparison
Both RXL and USML have an expense ratio of 0.95%.
Dividends
RXL vs. USML - Dividend Comparison
RXL's dividend yield for the trailing twelve months is around 1.53%, while USML has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RXL ProShares Ultra Health Care | 1.53% | 1.43% | 1.22% | 0.18% | 0.32% | 0.10% | 0.15% | 0.27% | 0.32% | 0.11% | 0.12% | 0.93% |
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 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 USML have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RXL has higher volatility (10.35%) compared to USML (4.70%). In terms of maximum drawdown, RXL dropped -67.70% vs USML's -35.34%.
On 5-year performance, USML leads with 7.63% vs 2.74% for RXL. Both ETFs have the same 0.95% expense ratio. On volatility, USML has been the lower-risk option at 4.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USML has performed better with a 7.63% return vs 2.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RXL and USML have the same expense ratio: 0.95% per year.
RXL has the higher dividend yield at 1.53%, compared with 0.00% for USML.
RXL tracks Dow Jones U.S. Health Care Index (200%), while USML tracks MSCI USA Minimum Volatility Index. They also come from different issuers: ProShares and UBS.
RXL currently has the higher Sharpe Ratio (0.77 vs 0.03), 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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