ASHS vs. FXP
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 4.06%/yr vs -22.28%/yr for FXP. At a correlation of -0.58, they often move in opposite directions. ASHS charges 0.65%/yr vs 0.95%/yr for FXP.
Performance
ASHS vs. FXP - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ASHS achieves a 20.07% return, which is significantly lower than FXP's 30.56% return. Over the past 10 years, ASHS has outperformed FXP with an annualized return of 4.06%, while FXP has yielded a comparatively lower -22.28% annualized return.
ASHS
- 1D
- -2.58%
- 1M
- 1.98%
- YTD
- 20.07%
- 6M
- 23.64%
- 1Y
- 63.65%
- 3Y*
- 16.53%
- 5Y*
- 4.91%
- 10Y*
- 4.06%
FXP
- 1D
- 4.04%
- 1M
- 14.69%
- YTD
- 30.56%
- 6M
- 32.48%
- 1Y
- 12.48%
- 3Y*
- -27.51%
- 5Y*
- -14.41%
- 10Y*
- -22.28%
ASHS vs. FXP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | 20.07% | 39.48% | 2.68% | -10.03% | -24.78% | 17.66% | 28.22% | 24.53% | -35.91% | 7.90% |
FXP ProShares UltraShort FTSE China 50 | 30.56% | -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 -0.56, 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 | -0.56 |
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 21, 2014 | -0.58 |
The correlation between ASHS and FXP has been stable across timeframes, ranging from -0.60 to -0.56 - 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.
Return for Risk
ASHS vs. FXP — Risk / Return Rank
ASHS
FXP
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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ASHS | FXP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.43 | ||
| Sortino ratioReturn per unit of downside risk | +2.72 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.09 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 4.56 | 0.51 | +4.05 |
| Martin ratioReturn relative to average drawdown | 14.25 | 0.89 | +13.36 |
Loading charts...
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.
Loading charts...
Drawdown Indicators
| ASHS | FXP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.90% | -99.94% | +30.04% |
Max Drawdown (1Y)Largest decline over 1 year | -14.03% | -24.73% | +10.70% |
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 DrawdownCurrent decline from peak | -30.70% | -99.91% | +69.21% |
Average DrawdownAverage peak-to-trough decline | -48.49% | -94.15% | +45.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.48% | 14.56% | -10.08% |
Volatility
ASHS vs. FXP - Volatility Comparison
The current volatility for Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) is 7.72%, while ProShares UltraShort FTSE China 50 (FXP) has a volatility of 12.22%. 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.
Loading charts...
Volatility by Period
| ASHS | FXP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.72% | 12.22% | -4.50% |
Volatility (6M)Calculated over the trailing 6-month period | 17.92% | 29.48% | -11.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.32% | 39.65% | -16.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.60% | 63.21% | -36.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.60% | 54.78% | -29.18% |
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 3.58%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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 | 3.58% | 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 -0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXP has higher volatility (12.22%) compared to ASHS (7.72%). In terms of maximum drawdown, ASHS dropped -69.90% vs FXP's -99.94%.
On 10-year performance, ASHS leads with 4.06% vs -22.28% for FXP. On fees, ASHS is cheaper at 0.65% per year. On volatility, ASHS has been the lower-risk option at 7.72%. 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 4.06% return vs -22.28%. 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 3.58%, 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 (2.74 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.
Find the right allocation for ASHS and FXP
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer