Earnings season looks more like flu season as sneezing health care stocks sickened the performance of exchange-traded funds.
During the five trading days that ended Thursday, the 79 health care ETFs we track lost 2.9%, on average. The only exception was the ProShares UltraShort Health Care Fund (RXD), which sells the sector short to generate an inverse performance. The S&P 500 Index was little-changed during the week.
The worst-performing health care fund was the Rydex 2X S&P Select Sector Health Care ETF (RHM), which dropped 6.8%. The fund’s two largest holdings Johnson & Johnson (JNJ) and Pfizer (PFE) slipped 1.5% and 4.5%, respectively………
…………The ProShares Ultra Health Care Fund(RXL) and the ProFunds Health Care UltraSector ProFund (HCPIX) had the second- and third-biggest declines of the group. Both portfolios aim to track the daily performance of the Dow Jones U.S. Health Care Index with 200% and 150% leverage, respectively.