RXL vs SPY
ProShares Ultra Health Care vs State Street SPDR S&P 500 ETF Trust
Which is better, RXL or SPY?
Multi Alternative against Large Cap Blend.
SPY has a lower expense ratio. RXL led over 1Y and the full window, SPY over 3Y and 5Y.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | RXL | SPY |
|---|---|---|
| Expense Ratio | 0.95% | 0.09%Best |
| AUM | $97M | $804.7B |
| Dividend Yield | 1.29% | 0.98% |
| Holdings | 67 | 505 |
| YTD Return | +13.16%Best | +12.22% |
| 1Y Return | +44.65%Best | +16.97% |
| 3Y Return (annualized) | +12.00% | +21.16%Best |
| 5Y Return (annualized) | +3.35% | +13.00%Best |
| Volatility (annualized) | 29.4% | 15.5%Best |
| Max Drawdown | -69.0% | -56.5%Best |
| $10,000 over 5 years | $11,791 | $18,424Best |
| Fund Family | ProShares | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Multi Alternative | Large Cap Blend |
| Inception | Jan 30, 2007 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Feb 1, 2007 to Sep 17, 2026 (19.6 years).
RXL vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 19.6 years both funds cover.
RXL vs SPY Performance
ProShares Ultra Health Care (RXL) is an ETF from ProShares and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year RXL returned +44.65% while SPY returned +16.97%. Year to date, RXL is up 13.16% versus a gain of 12.22% for SPY.
Over three years, RXL compounded at +12.00% per year against +21.16% for SPY; over five years the annualized figures are +3.35% and +13.00% respectively. Across the full 20-year window we track, RXL has the edge at +14.27% annualized vs +9.25%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
RXL has been the more volatile fund, with annualized monthly volatility of 29.4% compared with 15.5% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -69.0% for RXL and -56.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.75. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
RXL charges 0.95% per year while SPY charges 0.09%. On a $10,000 position that is $95 vs $9 annually, a gap of $86 per year that compounds over a long holding period. On income, RXL currently yields 1.29% against 0.98% for SPY.
Holdings Overlap
At least 9.4% of SPY's money is in holdings RXL also owns.
Stated as a floor: for RXL, our book for it covers 76.7% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
SPY and RXL share little of their money.
59 positions in common, counted across the 60 positions we hold weights for in RXL and 504 in SPY, against full books of 67 and 505.
Top Shared Holdings
| Stock | Weight in RXL | Weight in SPY | Difference |
|---|---|---|---|
| LLYEli Lilly & Co. | 10.11% | 1.40% | 8.71% |
| JNJJohnson & Johnson - Common | 7.07% | 0.99% | 6.08% |
| ABBVAbbvie Inc. | 5.01% | 0.70% | 4.31% |
| MRKMerck & Company Inc | 4.03% | 0.56% | 3.47% |
| UNHUnitedhealth Group Incorporated | 3.91% | 0.55% | 3.36% |
| AMGNAmgen Inc. | 2.56% | 0.36% | 2.20% |
| TMOThermo Fisherscientific Inc. | 2.53% | 0.34% | 2.19% |
| ABTAbbott Laboratories | 2.12% | 0.29% | 1.83% |
| GILDGilead Sciences | 2.01% | 0.28% | 1.73% |
| PFEPfizer Inc | 1.79% | 0.25% | 1.54% |
You are not choosing between two funds in isolation.
Whichever of RXL and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, RXL or SPY?
RXL has an expense ratio of 0.95% while SPY charges 0.09%. SPY is the cheaper option, by $86 a year on a $10,000 investment.
Which performed better, RXL or SPY?
Over the past year RXL returned +44.65% vs +16.97% for SPY, so RXL leads on 1-year performance. Over the longest common window we track (20 years), RXL annualized +14.27% vs +9.25% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, RXL or SPY?
RXL has been the more volatile fund at 29.4% annualized versus 15.5% for SPY. Worst drawdown: RXL -69.0% vs SPY -56.5%.
Should I hold both RXL and SPY?
RXL and SPY have a monthly-return correlation of 0.75, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between RXL and SPY?
At least 9.4% of SPY's money is in holdings RXL also owns. Our book for RXL is partial, so the real figure is this or higher. They hold 59 positions in common, counted across the 60 positions we hold weights for in RXL and 504 in SPY.
Which pays a higher dividend, RXL or SPY?
RXL yields 1.29% while SPY yields 0.98%, so RXL currently pays the higher dividend yield.
Is SPY better than RXL?
SPY has a lower expense ratio. RXL led over 1Y and the full window, SPY over 3Y and 5Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.