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CHIQ vs. FXP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CHIQ vs. FXP

Last updated Jun 5, 2026

CHIQ (Global X MSCI China Consumer Discretionary ETF) and FXP (ProShares UltraShort FTSE China 50) are both exchange-traded funds - CHIQ is a China Equities fund tracking the MSCI China Consumer Discretionary 10/50 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, CHIQ returned 6.57%/yr vs -22.80%/yr for FXP. At a correlation of -0.86, they often move in opposite directions. CHIQ charges 0.65%/yr vs 0.95%/yr for FXP.

Performance

CHIQ vs. FXP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X MSCI China Consumer Discretionary ETF (CHIQ) 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, CHIQ achieves a -13.91% return, which is significantly lower than FXP's 14.26% return. Over the past 10 years, CHIQ has outperformed FXP with an annualized return of 6.57%, while FXP has yielded a comparatively lower -22.80% annualized return.

CHIQ

1D
-0.23%
1M
-6.70%
YTD
-13.91%
6M
-15.32%
1Y
-14.11%
3Y*
3.21%
5Y*
-10.49%
10Y*
6.57%

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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CHIQ vs. FXP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CHIQ
Global X MSCI China Consumer Discretionary ETF		-13.91%13.69%10.74%-10.70%-22.01%-27.07%92.61%44.19%-28.65%67.74%
FXP
ProShares UltraShort FTSE China 50		14.26%-45.32%-52.46%12.74%-11.73%23.56%-39.47%-29.01%12.45%-49.76%

Correlation

The correlation between CHIQ and FXP is -0.85, 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

-0.85

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

-0.90

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

-0.92

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

-0.87

Correlation (All Time)
Calculated using the full available price history since Dec 2, 2009

-0.86

The correlation between CHIQ and FXP has been stable across timeframes, ranging from -0.92 to -0.85 - 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.

Global X MSCI China Consumer Discretionary ETF

ProShares UltraShort FTSE China 50

Often compared with CHIQ:
CHIQ vs. CQQQCHIQ vs. KWEBCHIQ vs. CNYACHIQ vs. PGJCHIQ vs. KURECHIQ vs. CXSECHIQ vs. PEJ
Often compared with FXP:
FXP vs. YXIFXP vs. FXIFXP vs. YANGFXP vs. KLIPFXP vs. FNILXFXP vs. RLBGXFXP vs. CQQQ

Return for Risk

CHIQ vs. FXP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CHIQ
CHIQ Risk / Return Rank: 44
Overall Rank
CHIQ Sharpe Ratio Rank: 44
Sharpe Ratio Rank
CHIQ Sortino Ratio Rank: 44
Sortino Ratio Rank
CHIQ Omega Ratio Rank: 44
Omega Ratio Rank
CHIQ Calmar Ratio Rank: 44
Calmar Ratio Rank
CHIQ Martin Ratio Rank: 33
Martin Ratio Rank
FXP
FXP Risk / Return Rank: 99
Overall Rank
FXP Sharpe Ratio Rank: 88
Sharpe Ratio Rank
FXP Sortino Ratio Rank: 99
Sortino Ratio Rank
FXP Omega Ratio Rank: 99
Omega Ratio Rank
FXP Calmar Ratio Rank: 88
Calmar Ratio Rank
FXP Martin Ratio Rank: 88
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.

CHIQ vs. FXP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MSCI China Consumer Discretionary ETF (CHIQ) 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.

CHIQFXPDifference
Sharpe ratioReturn per unit of total volatility
-0.63
-0.07

-0.56

Sortino ratioReturn per unit of downside risk
-0.79
0.18

-0.97

Omega ratioGain probability vs. loss probability

0.91

1.02

-0.11

Calmar ratioReturn relative to maximum drawdown

-0.54

-0.10

-0.44

Martin ratioReturn relative to average drawdown

-1.16

-0.17

-0.99

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

CHIQ vs. FXP - Sharpe Ratio Comparison

The current CHIQ Sharpe Ratio is -0.63, which is lower than the FXP Sharpe Ratio of -0.07. The chart below compares the historical Sharpe Ratios of CHIQ 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

CHIQFXPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.63

-0.07

-0.56

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.28

-0.26

-0.02

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.20

-0.42

+0.62

Sharpe Ratio (All Time)

Calculated using the full available price history

0.07

-0.44

+0.51

Drawdowns

CHIQ vs. FXP - Drawdown Comparison

The maximum CHIQ drawdown since its inception was -67.04%, smaller than the maximum FXP drawdown of -99.94%. Use the drawdown chart below to compare losses from any high point for CHIQ and FXP.

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Drawdown Indicators

CHIQFXPDifference

Max Drawdown

Largest peak-to-trough decline

-67.04%

-99.94%

+32.90%

Max Drawdown (1Y)

Largest decline over 1 year

-26.10%

-27.21%

+1.11%

Max Drawdown (3Y)

Largest decline over 3 years

-29.67%

-82.34%

+52.67%

Max Drawdown (5Y)

Largest decline over 5 years

-59.95%

-87.85%

+27.90%

Max Drawdown (10Y)

Largest decline over 10 years

-67.04%

-94.71%

+27.67%

Current Drawdown

Current decline from peak

-54.83%

-99.92%

+45.09%

Average Drawdown

Average peak-to-trough decline

-30.62%

-94.15%

+63.53%

Ulcer Index

Depth and duration of drawdowns from previous peaks

12.22%

16.21%

-3.99%

Volatility

CHIQ vs. FXP - Volatility Comparison

The current volatility for Global X MSCI China Consumer Discretionary ETF (CHIQ) is 7.23%, while ProShares UltraShort FTSE China 50 (FXP) has a volatility of 15.05%. This indicates that CHIQ 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

CHIQFXPDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.23%

15.05%

-7.82%

Volatility (6M)

Calculated over the trailing 6-month period

15.80%

28.87%

-13.07%

Volatility (1Y)

Calculated over the trailing 1-year period

22.49%

39.24%

-16.75%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

37.72%

63.12%

-25.40%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.43%

54.90%

-22.47%

CHIQ vs. FXP - Expense Ratio Comparison

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

Dividends

CHIQ vs. FXP - Dividend Comparison

CHIQ's dividend yield for the trailing twelve months is around 1.72%, less than FXP's 4.09% yield.

PositionTTM20252024202320222021202020192018201720162015
CHIQ
Global X MSCI China Consumer Discretionary ETF		1.72%1.48%2.65%2.26%0.38%0.00%0.11%1.05%2.71%0.62%1.51%4.86%
FXP
ProShares UltraShort FTSE China 50		4.09%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

CHIQ and FXP have a correlation of -0.85, 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 CHIQ (7.23%). In terms of maximum drawdown, CHIQ dropped -67.04% vs FXP's -99.94%.

On 10-year performance, CHIQ leads with 6.57% vs -22.80% for FXP. On fees, CHIQ is cheaper at 0.65% per year. On volatility, CHIQ has been the lower-risk option at 7.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, CHIQ has performed better with a 6.57% return vs -22.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

FXP has the higher dividend yield at 4.09%, compared with 1.72% for CHIQ.

CHIQ is categorized as China Equities, while FXP is Leveraged Equities. CHIQ tracks MSCI China Consumer Discretionary 10/50 Index, while FXP tracks FTSE China 50 Net Tax USD (TR) (-200%). They also come from different issuers: Global X and ProShares. Their fees differ too: 0.65% for CHIQ and 0.95% for FXP.

FXP currently has the higher Sharpe Ratio (-0.07 vs -0.63), 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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