RXL vs. XHS

Last updated Jun 3, 2026

RXL (ProShares Ultra Health Care) and XHS (SPDR S&P Health Care Services ETF) are both exchange-traded funds - RXL is a Leveraged Equities fund tracking the Dow Jones U.S. Health Care Index (200%), while XHS is a Health & Biotech Equities fund tracking the S&P Health Care Services Select Industry Index. Both are passively managed. Over the past 10 years, RXL returned 11.26%/yr vs 7.43%/yr for XHS. A 0.69 correlation means they provide meaningful diversification when combined. RXL charges 0.95%/yr vs 0.35%/yr for XHS.

Performance

RXL vs. XHS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Health Care (RXL) and SPDR S&P Health Care Services ETF (XHS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RXL achieves a -12.60% return, which is significantly lower than XHS's 6.02% return. Over the past 10 years, RXL has outperformed XHS with an annualized return of 11.26%, while XHS has yielded a comparatively lower 7.43% annualized return.

RXL

• 1D: -1.74%
• 1M: 0.70%
• YTD: -12.60%
• 6M: -11.87%
• 1Y: 16.52%
• 3Y*: 2.96%
• 5Y*: 1.75%
• 10Y*: 11.26%

XHS

• 1D: -1.05%
• 1M: 2.46%
• YTD: 6.02%
• 6M: 4.61%
• 1Y: 16.90%
• 3Y*: 8.37%
• 5Y*: 0.43%
• 10Y*: 7.43%

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

RXL vs. XHS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RXL ProShares Ultra Health Care	-12.60%	19.76%	-2.72%	-3.15%	-15.26%	48.06%	19.24%	40.40%	3.38%	46.92%
XHS SPDR S&P Health Care Services ETF	6.02%	18.83%	1.76%	5.15%	-19.87%	9.76%	33.66%	18.81%	1.96%	17.65%

Correlation

The correlation between RXL and XHS is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Sep 30, 2011	0.69

The correlation between RXL and XHS shifts across timeframes, from 0.51 (1 year) to 0.69 (all time), reflecting how their relationship changes across market environments.

RXL vs. XHS - Sectors Allocation Comparison

Sectors	RXL	XHS
Healthcare	78.5%	98.0%
Financial Services	12.0%	2.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

RXL vs. XHS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

RXL

RXL Risk / Return Rank: 18
RXL Sharpe Ratio Rank: 18
RXL Sortino Ratio Rank: 20
RXL Omega Ratio Rank: 19
RXL Calmar Ratio Rank: 18
RXL Martin Ratio Rank: 17

XHS

XHS Risk / Return Rank: 27
XHS Sharpe Ratio Rank: 27
XHS Sortino Ratio Rank: 26
XHS Omega Ratio Rank: 26
XHS Calmar Ratio Rank: 28
XHS Martin Ratio Rank: 26

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. XHS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Health Care (RXL) and SPDR S&P Health Care Services ETF (XHS). 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	XHS	Difference
Sharpe ratio Return per unit of total volatility	0.56	0.97	-0.40
Sortino ratio Return per unit of downside risk	1.03	1.41	-0.38
Omega ratio Gain probability vs. loss probability	1.12	1.18	-0.06
Calmar ratio Return relative to maximum drawdown	0.76	1.38	-0.62
Martin ratio Return relative to average drawdown	1.82	3.83	-2.01
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. XHS - Sharpe Ratio Comparison

The current RXL Sharpe Ratio is 0.56, which is lower than the XHS Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of RXL and XHS, 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	XHS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.56	0.97	-0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	0.02	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	0.33	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.56	-0.17

Drawdowns

RXL vs. XHS - Drawdown Comparison

The maximum RXL drawdown since its inception was -67.70%, which is greater than XHS's maximum drawdown of -39.32%. Use the drawdown chart below to compare losses from any high point for RXL and XHS.

Drawdown Indicators

	RXL	XHS	Difference
Max Drawdown Largest peak-to-trough decline	-67.70%	-39.32%	-28.38%
Max Drawdown (1Y) Largest decline over 1 year	-21.33%	-11.99%	-9.34%
Max Drawdown (3Y) Largest decline over 3 years	-36.08%	-17.81%	-18.27%
Max Drawdown (5Y) Largest decline over 5 years	-36.08%	-32.62%	-3.46%
Max Drawdown (10Y) Largest decline over 10 years	-51.00%	-39.32%	-11.68%
Current Drawdown Current decline from peak	-20.57%	-2.06%	-18.51%
Average Drawdown Average peak-to-trough decline	-15.85%	-10.20%	-5.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.96%	4.33%	+4.63%

Volatility

RXL vs. XHS - Volatility Comparison

ProShares Ultra Health Care (RXL) has a higher volatility of 8.43% compared to SPDR S&P Health Care Services ETF (XHS) at 4.80%. This indicates that RXL's price experiences larger fluctuations and is considered to be riskier than XHS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RXL	XHS	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.43%	4.80%	+3.63%
Volatility (6M) Calculated over the trailing 6-month period	20.78%	11.93%	+8.85%
Volatility (1Y) Calculated over the trailing 1-year period	29.49%	17.56%	+11.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.60%	21.10%	+8.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.23%	22.40%	+10.83%

RXL vs. XHS - Expense Ratio Comparison

RXL has a 0.95% expense ratio, which is higher than XHS's 0.35% expense ratio.

Dividends

RXL vs. XHS - Dividend Comparison

RXL's dividend yield for the trailing twelve months is around 1.66%, more than XHS's 0.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RXL ProShares Ultra Health Care	1.66%	1.43%	1.22%	0.18%	0.32%	0.10%	0.15%	0.27%	0.32%	0.11%	0.12%	0.93%
XHS SPDR S&P Health Care Services ETF	0.25%	0.27%	0.38%	0.23%	0.19%	0.20%	0.23%	2.37%	0.34%	0.22%	0.28%	0.93%

Frequently Asked Questions

Can I hold both RXL and XHS in my portfolio?

RXL and XHS have a correlation of 0.51, 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 XHS?

RXL has higher volatility (8.43%) compared to XHS (4.80%). In terms of maximum drawdown, RXL dropped -67.70% vs XHS's -39.32%.

Which ETF is better, RXL or XHS?

On 10-year performance, RXL leads with 11.26% vs 7.43% for XHS. On fees, XHS is cheaper at 0.35% per year. On volatility, XHS has been the lower-risk option at 4.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RXL or XHS?

Over the 10-year period, RXL has performed better with a 11.26% return vs 7.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RXL or XHS?

XHS is cheaper with a 0.35% expense ratio, compared with 0.95% for RXL.

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

RXL has the higher dividend yield at 1.66%, compared with 0.25% for XHS.

What is the main difference between RXL and XHS?

RXL is categorized as Leveraged Equities, while XHS is Health & Biotech Equities. RXL tracks Dow Jones U.S. Health Care Index (200%), while XHS tracks S&P Health Care Services Select Industry Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for RXL and 0.35% for XHS.

Which has better risk-adjusted returns?

XHS currently has the higher Sharpe Ratio (0.97 vs 0.56), 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.