RXL vs. UVXY
RXL (ProShares Ultra Health Care) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - RXL is a Leveraged Equities fund tracking the Dow Jones U.S. Health Care Index (200%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, RXL returned 12.45%/yr vs -72.11%/yr for UVXY. At a correlation of -0.58, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
RXL vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, RXL achieves a 1.92% return, which is significantly higher than UVXY's -33.76% return. Over the past 10 years, RXL has outperformed UVXY with an annualized return of 12.45%, while UVXY has yielded a comparatively lower -72.11% annualized return.
RXL
- 1D
- -3.96%
- 1M
- 6.19%
- 6M
- -0.34%
- YTD
- 1.92%
- 1Y
- 31.03%
- 3Y*
- 7.63%
- 5Y*
- 2.66%
- 10Y*
- 12.45%
UVXY
- 1D
- -2.14%
- 1M
- -17.16%
- 6M
- -33.16%
- YTD
- -33.76%
- 1Y
- -72.68%
- 3Y*
- -62.00%
- 5Y*
- -67.84%
- 10Y*
- -72.11%
RXL vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RXL ProShares Ultra Health Care | 1.92% | 19.76% | -2.72% | -3.15% | -15.26% | 48.06% | 19.24% | 40.40% | 3.38% | 46.92% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -33.76% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between RXL and UVXY is -0.28, 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 | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.47 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.52 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.58 |
Over the past year, the inverse relationship between RXL and UVXY has weakened: their correlation has moved from -0.58 to -0.28, meaning they move in opposite directions less often than they have historically.
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Return for Risk
RXL vs. UVXY — Risk / Return Rank
RXL
UVXY
RXL vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Health Care (RXL) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.83 | ||
| Sortino ratioReturn per unit of downside risk | +3.19 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.82 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 1.46 | -0.99 | +2.45 |
| Martin ratioReturn relative to average drawdown | 3.35 | -1.48 | +4.83 |
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Drawdowns
RXL vs. UVXY - Drawdown Comparison
The maximum RXL drawdown since its inception was -67.70%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for RXL and UVXY.
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Drawdown Indicators
| RXL | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.70% | -100.00% | +32.30% |
Max Drawdown (1Y)Largest decline over 1 year | -21.33% | -73.42% | +52.09% |
Max Drawdown (3Y)Largest decline over 3 years | -36.08% | -95.32% | +59.24% |
Max Drawdown (5Y)Largest decline over 5 years | -36.08% | -99.74% | +63.66% |
Max Drawdown (10Y)Largest decline over 10 years | -51.00% | -100.00% | +49.00% |
Current DrawdownCurrent decline from peak | -7.41% | -100.00% | +92.59% |
Average DrawdownAverage peak-to-trough decline | -15.82% | -98.75% | +82.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.31% | 49.12% | -39.81% |
Volatility
RXL vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra Health Care (RXL) is 12.19%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 20.24%. This indicates that RXL experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RXL | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.19% | 20.24% | -8.05% |
Volatility (6M)Calculated over the trailing 6-month period | 23.42% | 66.67% | -43.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.92% | 85.34% | -53.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.14% | 103.83% | -73.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.38% | 112.04% | -78.66% |
RXL vs. UVXY - Expense Ratio Comparison
Both RXL and UVXY have an expense ratio of 0.95%.
Dividends
RXL vs. UVXY - Dividend Comparison
RXL's dividend yield for the trailing twelve months is around 1.35%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RXL ProShares Ultra Health Care | 1.35% | 1.43% | 1.22% | 0.18% | 0.32% | 0.10% | 0.15% | 0.27% | 0.32% | 0.11% | 0.12% | 0.93% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 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 UVXY have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (20.24%) compared to RXL (12.19%). In terms of maximum drawdown, RXL dropped -67.70% vs UVXY's -100.00%.
On 10-year performance, RXL leads with 12.45% vs -72.11% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, RXL has been the lower-risk option at 12.19%. 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 12.45% return vs -72.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RXL and UVXY have the same expense ratio: 0.95% per year.
RXL has the higher dividend yield at 1.35%, compared with 0.00% for UVXY.
RXL is categorized as Leveraged Equities, while UVXY is Volatility. RXL tracks Dow Jones U.S. Health Care Index (200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
RXL currently has the higher Sharpe Ratio (0.98 vs -0.85), 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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