CHAU vs. FXP
CHAU (Direxion Daily CSI 300 China A Share Bull 2x Shares) and FXP (ProShares UltraShort FTSE China 50) are both China Equities funds - CHAU tracks the CSI 300 Index (200%) while FXP tracks the FTSE China 50 Net Tax USD (TR) (-200%). Both are passively managed. Over the past 10 years, CHAU returned 3.13%/yr vs -21.13%/yr for FXP. At a correlation of -0.73, they often move in opposite directions. CHAU charges 1.21%/yr vs 0.95%/yr for FXP.
Performance
CHAU vs. FXP - Performance Comparison
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Returns By Period
In the year-to-date period, CHAU achieves a 5.90% return, which is significantly lower than FXP's 26.04% return. Over the past 10 years, CHAU has outperformed FXP with an annualized return of 3.13%, while FXP has yielded a comparatively lower -21.13% annualized return.
CHAU
- 1D
- -4.96%
- 1M
- -5.32%
- 6M
- -2.77%
- YTD
- 5.90%
- 1Y
- 46.02%
- 3Y*
- 8.70%
- 5Y*
- -9.88%
- 10Y*
- 3.13%
FXP
- 1D
- 0.07%
- 1M
- 9.06%
- 6M
- 42.91%
- YTD
- 26.04%
- 1Y
- 11.22%
- 3Y*
- -25.63%
- 5Y*
- -16.22%
- 10Y*
- -21.13%
CHAU vs. FXP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CHAU Direxion Daily CSI 300 China A Share Bull 2x Shares | 5.90% | 47.73% | 6.61% | -28.25% | -49.17% | -2.84% | 71.95% | 70.01% | -51.03% | 74.91% |
FXP ProShares UltraShort FTSE China 50 | 26.04% | -45.32% | -52.46% | 12.74% | -11.73% | 23.56% | -39.47% | -29.01% | 12.45% | -49.76% |
Correlation
The correlation between CHAU and FXP is -0.61, 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 | -0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.74 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2015 | -0.73 |
The correlation between CHAU and FXP shifts across timeframes, from -0.74 (10 years) to -0.61 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CHAU vs. FXP — Risk / Return Rank
CHAU
FXP
CHAU vs. FXP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU) 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.
| CHAU | FXP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.95 | ||
| Sortino ratioReturn per unit of downside risk | +1.11 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.08 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.03 | 0.51 | +2.52 |
| Martin ratioReturn relative to average drawdown | 7.95 | 0.94 | +7.01 |
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Drawdowns
CHAU vs. FXP - Drawdown Comparison
The maximum CHAU drawdown since its inception was -79.21%, smaller than the maximum FXP drawdown of -99.94%. Use the drawdown chart below to compare losses from any high point for CHAU and FXP.
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Drawdown Indicators
| CHAU | FXP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.21% | -99.94% | +20.73% |
Max Drawdown (1Y)Largest decline over 1 year | -15.27% | -21.99% | +6.72% |
Max Drawdown (3Y)Largest decline over 3 years | -59.88% | -82.34% | +22.46% |
Max Drawdown (5Y)Largest decline over 5 years | -71.97% | -87.85% | +15.88% |
Max Drawdown (10Y)Largest decline over 10 years | -78.58% | -93.71% | +15.13% |
Current DrawdownCurrent decline from peak | -57.26% | -99.91% | +42.65% |
Average DrawdownAverage peak-to-trough decline | -58.83% | -94.16% | +35.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.81% | 13.15% | -7.34% |
Volatility
CHAU vs. FXP - Volatility Comparison
Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU) has a higher volatility of 17.36% compared to ProShares UltraShort FTSE China 50 (FXP) at 12.93%. This indicates that CHAU's price experiences larger fluctuations and is considered to be riskier 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
| CHAU | FXP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.36% | 12.93% | +4.43% |
Volatility (6M)Calculated over the trailing 6-month period | 28.48% | 29.64% | -1.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.60% | 40.22% | -2.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.52% | 63.15% | -15.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.35% | 54.76% | -7.41% |
CHAU vs. FXP - Expense Ratio Comparison
CHAU has a 1.21% expense ratio, which is higher than FXP's 0.95% expense ratio.
Dividends
CHAU vs. FXP - Dividend Comparison
CHAU's dividend yield for the trailing twelve months is around 2.04%, less than FXP's 2.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CHAU Direxion Daily CSI 300 China A Share Bull 2x Shares | 2.04% | 1.97% | 2.25% | 3.97% | 0.77% | 1.73% | 0.09% | 0.58% | 0.83% |
FXP ProShares UltraShort FTSE China 50 | 2.85% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% |
Frequently Asked Questions
CHAU and FXP have a correlation of -0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CHAU has higher volatility (17.36%) compared to FXP (12.93%). In terms of maximum drawdown, CHAU dropped -79.21% vs FXP's -99.94%.
On 10-year performance, CHAU leads with 3.13% vs -21.13% for FXP. On fees, FXP is cheaper at 0.95% per year. On volatility, FXP has been the lower-risk option at 12.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CHAU has performed better with a 3.13% return vs -21.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXP is cheaper with a 0.95% expense ratio, compared with 1.21% for CHAU.
FXP has the higher dividend yield at 2.85%, compared with 2.04% for CHAU.
CHAU tracks CSI 300 Index (200%), while FXP tracks FTSE China 50 Net Tax USD (TR) (-200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.21% for CHAU and 0.95% for FXP.
CHAU currently has the higher Sharpe Ratio (1.23 vs 0.28), 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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