RXL vs SPY
ProShares Ultra Health Care vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. RXL delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | RXL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.95% | 0.09% | |
| AUM | $85M | $789.1B | |
| Dividend Yield | 1.34% | 1.01% | |
| Holdings | 67 | 505 | |
| YTD Return | +12.88% | +13.39% | |
| 1Y Return | +58.57% | +22.52% | |
| 3Y Return (annualized) | +9.42% | +21.36% | |
| 5Y Return (annualized) | +3.76% | +13.19% | |
| Volatility (annualized) | 29.4% | 15.3% | |
| Max Drawdown | -69.0% | -56.5% | |
| Fund Family | ProShares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Jan 30, 2007 | Jan 22, 1993 |
RXL vs SPY Performance
ProShares Ultra Health Care (RXL) is a ETF from ProShares and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year RXL returned +58.57% while SPY returned +22.52%. Year to date, RXL is up 12.88% versus a gain of 13.39% for SPY.
Over three years, RXL compounded at +9.42% per year against +21.36% for SPY; over five years the annualized figures are +3.76% and +13.19% respectively. Across the full 20-year window we track, RXL has the edge at +14.34% annualized vs +8.84%. 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 15.3% 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 worth weighing if you expect to sell during market stress rather than ride it out.
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 1.34% against 1.01% for SPY.
Holdings Overlap
RXL and SPY share 59 holdings out of 504 unique holdings combined, representing a 9.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $86 per year of difference.
Which performed better, RXL or SPY?
Over the past year RXL returned +58.57% vs +22.52% for SPY, so RXL leads on 1-year performance. Over the longest common window we track (20 years), RXL annualized +14.34% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, RXL or SPY?
RXL has been the more volatile fund at 29.4% annualized versus 15.3% 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 combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between RXL and SPY?
RXL and SPY share 59 common holdings with a 9.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, RXL or SPY?
RXL yields 1.34% while SPY yields 1.01%, so RXL currently pays the higher dividend yield.
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