Aims for twice the daily return of the health care companies in the S&P 500, using swaps. Because it resets daily, its return over longer periods can differ a lot from twice the index.
RXL, the ProShares Ultra Health Care, is a $97 million ETF whose main story is the biology trade. Over the past year it returned +28.5%, against +16.8% for broad US ETFs. Figures to October 2, 2026; past performance, not a recommendation.
The narrative it carries
This is its only narrative.
The biology trade →
Health care from drugmakers and insurers to genomics: the science that gets approved, and who pays for it.
The band is where this narrative’s level sits among the 22 this week. QUIET means less talked about, not falling.
| # | ETF | SHARE | ASSETS | 1 YEAR | COST |
|---|---|---|---|---|---|
| 1 | XLV | 36.3% | $43.39bn | +18.0% | 0.08% |
| 2 | VHT | 15.3% | $18.31bn | +18.9% | 0.09% |
| 3 | IBB | 9.4% | $11.20bn | +37.5% | 0.44% |
| 4 | XBI | 8.7% | $10.36bn | +51.2% | 0.35% |
| 5 | IXJ | 3.6% | $4.32bn | +11.8% | – |
| 87 other ETFs | 26.7% |
Share is each ETF’s slice of the capital carrying this narrative. 1 year is market price total return; cost is the expense ratio. See all 92 ETFs on the narrative page →
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| RXL | −7.7% | +1.5% | +11.1% | +28.5% | +12.9% | +4.6% |
| The biology tradeits narrative | −3.5% | +2.1% | +13.7% | +24.2% | +15.2% | +6.7% |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualised. A dash means the ETF has not traded for the whole period. Since it started trading on February 1, 2007: +14.7% a year.
$10,000 invested October 31, 2016
Year by year
Total return in each calendar year; this year is year to date. A year appears only if RXL traded for all of it.
Total return on the market price, with each distribution reinvested on its ex-date. Not the NAV return the issuer publishes; the two differ when the ETF trades above or below the value of its holdings. The narrative is the asset-weighted return of the unlevered ETFs that carry it. The market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
FRI OCT 2MARKET PRICE TOTAL RETURN
How closely it moves
RXL moves partly with the market. When the market has moved 1%, RXL has tended to move 0.84%.
RXL moves closely with the biology trade. When the biology trade has moved 1%, RXL has tended to move 1.75%.
Weekly returns over 157 weeks. The narrative is measured without RXL in it, so it is not compared with itself.
ETFs it moves most and least like
Correlation of weekly returns over the last 3 years, among unlevered ETFs StoryVector covers.
Where it sits in The biology trade
Each dot is one of 58 unlevered ETFs whose main narrative is the biology trade, placed by its return (up) and how much it swung (right) over the last year. RXL is levered or inverse, so it is shown against them but not counted among them.
Risk
Cost against its peers
RXL is levered or inverse, so it is shown against the unlevered ETFs but not ranked among them.
How it is built
Seeks 2x the daily return of its exposure, and gets its exposure through swaps. It carries the narrative but does not count toward Share of Narrative, because only unlevered long exposure does.
Narrative exposure
Common questions
What story is RXL selling?
RXL’s main story is the biology trade, which covers health care from drugmakers and insurers to genomics: the science that gets approved, and who pays for it.
Which ETFs compete with RXL?
The ETFs whose weekly returns move most like RXL’s over the past 3 years are XLV (1.00), IYH (1.00) and VHT (0.99).
How has RXL performed against its story?
Over the past year RXL returned +28.5%, the ETFs carrying the biology trade +24.2% and broad US ETFs +16.8%, to October 2, 2026. Its weekly returns have a correlation of 0.94 with the story. Past performance only.
Run an ETF in the biology trade? StoryVector shows issuers where their ETFs stand against the closest rivals, every week.
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