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ASHS vs. FXP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ASHS vs. FXP

Last updated Jun 3, 2026

ASHS (Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF) and FXP (ProShares UltraShort FTSE China 50) are both exchange-traded funds - ASHS is a China Equities fund tracking the CSI 500 Index, while FXP is a Leveraged Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-200%). Both are passively managed. Over the past 10 years, ASHS returned 3.28%/yr vs -23.39%/yr for FXP. At a correlation of -0.59, they often move in opposite directions. ASHS charges 0.65%/yr vs 0.95%/yr for FXP.

Performance

ASHS vs. FXP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) and ProShares UltraShort FTSE China 50 (FXP). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ASHS achieves a 15.30% return, which is significantly higher than FXP's 8.59% return. Over the past 10 years, ASHS has outperformed FXP with an annualized return of 3.28%, while FXP has yielded a comparatively lower -23.39% annualized return.

ASHS

1D
0.78%
1M
-1.03%
YTD
15.30%
6M
23.86%
1Y
59.58%
3Y*
13.47%
5Y*
4.14%
10Y*
3.28%

FXP

1D
-5.83%
1M
2.41%
YTD
8.59%
6M
13.43%
1Y
-12.53%
3Y*
-31.27%
5Y*
-17.61%
10Y*
-23.39%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ASHS vs. FXP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ASHS
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		15.30%39.48%2.68%-10.03%-24.78%17.66%28.22%24.53%-35.91%7.90%
FXP
ProShares UltraShort FTSE China 50		8.59%-45.32%-52.46%12.74%-11.73%23.56%-39.47%-29.01%12.45%-49.76%

Correlation

The correlation between ASHS and FXP is -0.57, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.57

Correlation (3Y)
Calculated over the trailing 3-year period

-0.60

Correlation (5Y)
Calculated over the trailing 5-year period

-0.59

Correlation (10Y)
Calculated over the trailing 10-year period

-0.60

Correlation (All Time)
Calculated using the full available price history since May 22, 2014

-0.59

The correlation between ASHS and FXP has been stable across timeframes, ranging from -0.60 to -0.57 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

ProShares UltraShort FTSE China 50

Often compared with ASHS:
ASHS vs. ASHRASHS vs. ECNSASHS vs. FXIASHS vs. KGRNASHS vs. KBAASHS vs. FLCHASHS vs. CNYA
Often compared with FXP:
FXP vs. YXIFXP vs. FXIFXP vs. YANGFXP vs. KLIPFXP vs. FNILXFXP vs. RLBGXFXP vs. CQQQ

Return for Risk

ASHS vs. FXP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ASHS
ASHS Risk / Return Rank: 7676
Overall Rank
ASHS Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
ASHS Sortino Ratio Rank: 7373
Sortino Ratio Rank
ASHS Omega Ratio Rank: 7272
Omega Ratio Rank
ASHS Calmar Ratio Rank: 8181
Calmar Ratio Rank
ASHS Martin Ratio Rank: 7373
Martin Ratio Rank
FXP
FXP Risk / Return Rank: 55
Overall Rank
FXP Sharpe Ratio Rank: 66
Sharpe Ratio Rank
FXP Sortino Ratio Rank: 66
Sortino Ratio Rank
FXP Omega Ratio Rank: 66
Omega Ratio Rank
FXP Calmar Ratio Rank: 44
Calmar Ratio Rank
FXP Martin Ratio Rank: 55
Martin Ratio Rank
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.

ASHS vs. FXP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) and ProShares UltraShort FTSE China 50 (FXP). 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.

ASHSFXPDifference

Sharpe ratio

Return per unit of total volatility

2.65

-0.32

+2.97

Sortino ratio

Return per unit of downside risk

3.35

-0.21

+3.56

Omega ratio

Gain probability vs. loss probability

1.43

0.98

+0.46

Calmar ratio

Return relative to maximum drawdown

4.25

-0.48

+4.73

Martin ratio

Return relative to average drawdown

14.22

-0.75

+14.97

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ASHS vs. FXP - Sharpe Ratio Comparison

The current ASHS Sharpe Ratio is 2.65, which is higher than the FXP Sharpe Ratio of -0.32. The chart below compares the historical Sharpe Ratios of ASHS and FXP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

ASHSFXPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.65

-0.32

+2.97

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.16

-0.28

+0.44

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.13

-0.43

+0.56

Sharpe Ratio (All Time)

Calculated using the full available price history

0.19

-0.44

+0.63

Drawdowns

ASHS vs. FXP - Drawdown Comparison

The maximum ASHS drawdown since its inception was -69.90%, smaller than the maximum FXP drawdown of -99.94%. Use the drawdown chart below to compare losses from any high point for ASHS and FXP.

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Drawdown Indicators

ASHSFXPDifference

Max Drawdown

Largest peak-to-trough decline

-69.90%

-99.94%

+30.04%

Max Drawdown (1Y)

Largest decline over 1 year

-14.03%

-28.62%

+14.59%

Max Drawdown (3Y)

Largest decline over 3 years

-34.13%

-82.34%

+48.21%

Max Drawdown (5Y)

Largest decline over 5 years

-47.81%

-87.85%

+40.04%

Max Drawdown (10Y)

Largest decline over 10 years

-47.81%

-94.71%

+46.90%

Current Drawdown

Current decline from peak

-33.45%

-99.92%

+66.47%

Average Drawdown

Average peak-to-trough decline

-48.57%

-94.15%

+45.58%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.19%

19.27%

-15.08%

Volatility

ASHS vs. FXP - Volatility Comparison

The current volatility for Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) is 7.40%, while ProShares UltraShort FTSE China 50 (FXP) has a volatility of 14.45%. This indicates that ASHS experiences smaller price fluctuations and is considered to be less risky than FXP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ASHSFXPDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.40%

14.45%

-7.05%

Volatility (6M)

Calculated over the trailing 6-month period

17.00%

28.53%

-11.53%

Volatility (1Y)

Calculated over the trailing 1-year period

22.59%

39.08%

-16.49%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

26.46%

63.11%

-36.65%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.58%

54.90%

-29.32%

ASHS vs. FXP - Expense Ratio Comparison

ASHS has a 0.65% expense ratio, which is lower than FXP's 0.95% expense ratio.

Dividends

ASHS vs. FXP - Dividend Comparison

ASHS has not paid dividends to shareholders, while FXP's dividend yield for the trailing twelve months is around 4.31%.

PositionTTM20252024202320222021202020192018201720162015
ASHS
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		0.00%0.00%0.69%0.65%1.90%0.76%0.43%0.57%0.00%0.00%0.00%8.34%
FXP
ProShares UltraShort FTSE China 50		4.31%9.57%3.55%2.20%0.06%0.00%0.06%1.20%0.16%0.00%0.00%0.00%

Frequently Asked Questions

ASHS and FXP have a correlation of -0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FXP has higher volatility (14.45%) compared to ASHS (7.40%). In terms of maximum drawdown, ASHS dropped -69.90% vs FXP's -99.94%.

On 10-year performance, ASHS leads with 3.28% vs -23.39% for FXP. On fees, ASHS is cheaper at 0.65% per year. On volatility, ASHS has been the lower-risk option at 7.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, ASHS has performed better with a 3.28% return vs -23.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ASHS is cheaper with a 0.65% expense ratio, compared with 0.95% for FXP.

FXP has the higher dividend yield at 4.31%, compared with 0.00% for ASHS.

ASHS is categorized as China Equities, while FXP is Leveraged Equities. ASHS tracks CSI 500 Index, while FXP tracks FTSE China 50 Net Tax USD (TR) (-200%). They also come from different issuers: Deutsche Bank and ProShares. Their fees differ too: 0.65% for ASHS and 0.95% for FXP.

ASHS currently has the higher Sharpe Ratio (2.65 vs -0.32), 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.

Portfolio Optimizer

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