RXL vs. XLV

Last updated Jun 3, 2026

RXL (ProShares Ultra Health Care) and XLV (State Street Health Care Select Sector SPDR ETF) are both exchange-traded funds - RXL is a Leveraged Equities fund tracking the Dow Jones U.S. Health Care Index (200%), while XLV is a Health & Biotech Equities fund tracking the Health Care Select Sector Index. Both are passively managed. Over the past 10 years, RXL returned 11.26%/yr vs 9.12%/yr for XLV. With a 0.96 correlation, they move nearly in lockstep. RXL charges 0.95%/yr vs 0.08%/yr for XLV.

Performance

RXL vs. XLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Health Care (RXL) and State Street Health Care Select Sector SPDR ETF (XLV). 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 XLV's -5.04% return. Over the past 10 years, RXL has outperformed XLV with an annualized return of 11.26%, while XLV has yielded a comparatively lower 9.12% 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%

XLV

• 1D: -0.97%
• 1M: 0.85%
• YTD: -5.04%
• 6M: -4.36%
• 1Y: 12.27%
• 3Y*: 5.70%
• 5Y*: 5.45%
• 10Y*: 9.12%

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

RXL vs. XLV - 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%
XLV State Street Health Care Select Sector SPDR ETF	-5.04%	14.50%	2.47%	2.07%	-2.08%	26.04%	13.30%	20.45%	6.28%	21.77%

Correlation

The correlation between RXL and XLV is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007	0.96

The correlation between RXL and XLV has been stable across timeframes, ranging from 0.96 to 1.00 - a consistent structural relationship.

RXL vs. XLV - Sectors Allocation Comparison

Sectors	RXL	XLV
Healthcare	78.5%	100.0%
Financial Services	12.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

RXL vs. XLV — 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

XLV

XLV Risk / Return Rank: 24
XLV Sharpe Ratio Rank: 24
XLV Sortino Ratio Rank: 25
XLV Omega Ratio Rank: 23
XLV Calmar Ratio Rank: 25
XLV Martin Ratio Rank: 22

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. XLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Health Care (RXL) and State Street Health Care Select Sector SPDR ETF (XLV). 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	XLV	Difference
Sharpe ratio Return per unit of total volatility	0.56	0.84	-0.28
Sortino ratio Return per unit of downside risk	1.03	1.36	-0.32
Omega ratio Gain probability vs. loss probability	1.12	1.15	-0.04
Calmar ratio Return relative to maximum drawdown	0.76	1.18	-0.42
Martin ratio Return relative to average drawdown	1.82	2.87	-1.05
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. XLV - Sharpe Ratio Comparison

The current RXL Sharpe Ratio is 0.56, which is lower than the XLV Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of RXL and XLV, 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	XLV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.56	0.84	-0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	0.37	-0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	0.55	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.46	-0.06

Drawdowns

RXL vs. XLV - Drawdown Comparison

The maximum RXL drawdown since its inception was -67.70%, which is greater than XLV's maximum drawdown of -39.17%. Use the drawdown chart below to compare losses from any high point for RXL and XLV.

Drawdown Indicators

	RXL	XLV	Difference
Max Drawdown Largest peak-to-trough decline	-67.70%	-39.17%	-28.53%
Max Drawdown (1Y) Largest decline over 1 year	-21.33%	-10.47%	-10.86%
Max Drawdown (3Y) Largest decline over 3 years	-36.08%	-17.11%	-18.97%
Max Drawdown (5Y) Largest decline over 5 years	-36.08%	-17.11%	-18.97%
Max Drawdown (10Y) Largest decline over 10 years	-51.00%	-28.40%	-22.60%
Current Drawdown Current decline from peak	-20.57%	-8.24%	-12.33%
Average Drawdown Average peak-to-trough decline	-15.85%	-7.12%	-8.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.96%	4.30%	+4.66%

Volatility

RXL vs. XLV - Volatility Comparison

ProShares Ultra Health Care (RXL) has a higher volatility of 8.43% compared to State Street Health Care Select Sector SPDR ETF (XLV) at 4.05%. This indicates that RXL's price experiences larger fluctuations and is considered to be riskier than XLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RXL	XLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.43%	4.05%	+4.38%
Volatility (6M) Calculated over the trailing 6-month period	20.78%	10.32%	+10.46%
Volatility (1Y) Calculated over the trailing 1-year period	29.49%	14.65%	+14.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.60%	14.69%	+14.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.23%	16.55%	+16.68%

RXL vs. XLV - Expense Ratio Comparison

RXL has a 0.95% expense ratio, which is higher than XLV's 0.08% expense ratio.

Dividends

RXL vs. XLV - Dividend Comparison

RXL's dividend yield for the trailing twelve months is around 1.66%, less than XLV's 1.71% 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%
XLV State Street Health Care Select Sector SPDR ETF	1.71%	1.60%	1.67%	1.59%	1.47%	1.33%	1.49%	2.17%	1.57%	1.47%	1.60%	1.43%

Frequently Asked Questions

Can I hold both RXL and XLV in my portfolio?

With a correlation of 1.00, RXL and XLV move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, RXL or XLV?

RXL has higher volatility (8.43%) compared to XLV (4.05%). In terms of maximum drawdown, RXL dropped -67.70% vs XLV's -39.17%.

Which ETF is better, RXL or XLV?

On 10-year performance, RXL leads with 11.26% vs 9.12% for XLV. On fees, XLV is cheaper at 0.08% per year. On volatility, XLV has been the lower-risk option at 4.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RXL or XLV?

Over the 10-year period, RXL has performed better with a 11.26% return vs 9.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RXL or XLV?

XLV is cheaper with a 0.08% expense ratio, compared with 0.95% for RXL.

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

XLV has the higher dividend yield at 1.71%, compared with 1.66% for RXL.

What is the main difference between RXL and XLV?

RXL is categorized as Leveraged Equities, while XLV is Health & Biotech Equities. RXL tracks Dow Jones U.S. Health Care Index (200%), while XLV tracks Health Care Select Sector Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for RXL and 0.08% for XLV.

Which has better risk-adjusted returns?

XLV currently has the higher Sharpe Ratio (0.84 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.