CGRO vs. FXP
CGRO (CoreValues Alpha Greater China Growth ETF) and FXP (ProShares UltraShort FTSE China 50) are both exchange-traded funds - CGRO is a China Equities fund actively managed by CoreValues Alpha, while FXP is a Leveraged Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-200%). CGRO is actively managed, while FXP is passively managed. Over the past year, CGRO returned -12.15% vs -2.68% for FXP. At a correlation of -0.89, they often move in opposite directions. CGRO charges 0.75%/yr vs 0.95%/yr for FXP.
Performance
CGRO vs. FXP - Performance Comparison
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Returns By Period
In the year-to-date period, CGRO achieves a -15.64% return, which is significantly lower than FXP's 14.26% return.
CGRO
- 1D
- -0.69%
- 1M
- -6.61%
- YTD
- -15.64%
- 6M
- -16.66%
- 1Y
- -12.15%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FXP
- 1D
- 0.54%
- 1M
- 5.35%
- YTD
- 14.26%
- 6M
- 18.02%
- 1Y
- -2.68%
- 3Y*
- -30.16%
- 5Y*
- -16.43%
- 10Y*
- -22.80%
CGRO vs. FXP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CGRO CoreValues Alpha Greater China Growth ETF | -15.64% | 20.23% | 14.75% | 2.03% |
FXP ProShares UltraShort FTSE China 50 | 14.26% | -45.32% | -52.46% | 13.01% |
Correlation
The correlation between CGRO and FXP is -0.87, 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 | -0.87 |
Correlation (All Time) Calculated using the full available price history since Oct 18, 2023 | -0.89 |
The correlation between CGRO and FXP has been stable across timeframes, ranging from -0.89 to -0.87 - a consistent structural relationship.
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Return for Risk
CGRO vs. FXP — Risk / Return Rank
CGRO
FXP
CGRO vs. FXP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for CoreValues Alpha Greater China Growth ETF (CGRO) 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.
| CGRO | FXP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.48 | ||
| Sortino ratioReturn per unit of downside risk | -0.84 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.02 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.44 | -0.10 | -0.34 |
| Martin ratioReturn relative to average drawdown | -0.83 | -0.17 | -0.66 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CGRO | FXP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.55 | -0.07 | -0.48 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.26 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.42 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | -0.44 | +0.67 |
Drawdowns
CGRO vs. FXP - Drawdown Comparison
The maximum CGRO drawdown since its inception was -27.90%, smaller than the maximum FXP drawdown of -99.94%. Use the drawdown chart below to compare losses from any high point for CGRO and FXP.
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Drawdown Indicators
| CGRO | FXP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.90% | -99.94% | +72.04% |
Max Drawdown (1Y)Largest decline over 1 year | -27.90% | -27.21% | -0.69% |
Max Drawdown (3Y)Largest decline over 3 years | — | -82.34% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -87.85% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -94.71% | — |
Current DrawdownCurrent decline from peak | -27.90% | -99.92% | +72.02% |
Average DrawdownAverage peak-to-trough decline | -10.25% | -94.15% | +83.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.67% | 16.21% | -1.54% |
Volatility
CGRO vs. FXP - Volatility Comparison
The current volatility for CoreValues Alpha Greater China Growth ETF (CGRO) is 7.68%, while ProShares UltraShort FTSE China 50 (FXP) has a volatility of 15.05%. This indicates that CGRO 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
| CGRO | FXP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.68% | 15.05% | -7.37% |
Volatility (6M)Calculated over the trailing 6-month period | 15.54% | 28.87% | -13.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.47% | 39.24% | -16.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.97% | 63.12% | -34.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.97% | 54.90% | -25.93% |
CGRO vs. FXP - Expense Ratio Comparison
CGRO has a 0.75% expense ratio, which is lower than FXP's 0.95% expense ratio.
Dividends
CGRO vs. FXP - Dividend Comparison
CGRO's dividend yield for the trailing twelve months is around 3.32%, less than FXP's 4.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CGRO CoreValues Alpha Greater China Growth ETF | 3.32% | 2.48% | 2.47% | 0.21% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FXP ProShares UltraShort FTSE China 50 | 4.09% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% |
Frequently Asked Questions
CGRO and FXP have a correlation of -0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXP has higher volatility (15.05%) compared to CGRO (7.68%). In terms of maximum drawdown, CGRO dropped -27.90% vs FXP's -99.94%.
On 1-year performance, FXP leads with -2.68% vs -12.15% for CGRO. On fees, CGRO is cheaper at 0.75% per year. On volatility, CGRO has been the lower-risk option at 7.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FXP has performed better with a -2.68% return vs -12.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CGRO is cheaper with a 0.75% expense ratio, compared with 0.95% for FXP.
FXP has the higher dividend yield at 4.09%, compared with 3.32% for CGRO.
CGRO is categorized as China Equities, while FXP is Leveraged Equities. They also come from different issuers: CoreValues Alpha and ProShares. Their fees differ too: 0.75% for CGRO and 0.95% for FXP.
FXP currently has the higher Sharpe Ratio (-0.07 vs -0.55), 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.
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