CNXT vs. FXP
CNXT (VanEck ChiNext Innovators ETF) and FXP (ProShares UltraShort FTSE China 50) are both China Equities funds - CNXT tracks the ChiNext Index while FXP tracks the FTSE China 50 Net Tax USD (TR) (-200%). Both are passively managed. Over the past 10 years, CNXT returned 4.87%/yr vs -22.26%/yr for FXP. Their -0.57 correlation means they have often moved in opposite directions in the past. CNXT charges 0.65%/yr vs 0.95%/yr for FXP.
Performance
CNXT vs. FXP - Performance Comparison
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Returns By Period
In the year-to-date period, CNXT achieves a 8.75% return, which is significantly higher than FXP's 5.71% return. Over the past 10 years, CNXT has outperformed FXP with an annualized return of 4.87%, while FXP has yielded a comparatively lower -22.26% annualized return.
CNXT
- 1D
- -0.48%
- 1M
- -16.02%
- 6M
- 4.07%
- YTD
- 8.75%
- 1Y
- 55.74%
- 3Y*
- 17.90%
- 5Y*
- -0.73%
- 10Y*
- 4.87%
- ALL TIME*
- 6.39%
FXP
- 1D
- 0.50%
- 1M
- -24.31%
- 6M
- 11.53%
- YTD
- 5.71%
- 1Y
- -4.88%
- 3Y*
- -28.07%
- 5Y*
- -20.84%
- 10Y*
- -22.26%
- ALL TIME*
- -28.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.48M | $5.02M | $7.74M | |
| $93.60K | $89.25K | $94.70K |
CNXT vs. FXP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CNXT VanEck ChiNext Innovators ETF | 8.75% | 59.31% | 12.42% | -21.47% | -35.58% | 8.78% | 63.30% | 42.66% | -39.48% | 20.19% |
FXP ProShares UltraShort FTSE China 50 | 5.71% | -45.32% | -52.46% | 12.74% | -11.73% | 23.56% | -39.47% | -29.01% | 12.45% | -49.76% |
Correlation
The correlation between CNXT and FXP is -0.46, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.46 |
Correlation (3Y) Balances recent behavior with more history. | -0.57 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.56 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.59 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2014 | -0.57 |
The correlation between CNXT and FXP shifts across timeframes, from -0.59 (10 years) to -0.46 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CNXT vs. FXP — Risk / Return Rank
CNXT
FXP
CNXT vs. FXP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck ChiNext Innovators ETF (CNXT) 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.
| CNXT | FXP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.64 | ||
| Sortino ratioReturn per unit of downside risk | +2.01 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.01 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 2.31 | -0.19 | +2.50 |
| Martin ratioReturn relative to average drawdown | 8.37 | -0.42 | +8.80 |
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Drawdowns
CNXT vs. FXP - Drawdown Comparison
The maximum CNXT drawdown since its inception was -68.98%, smaller than the maximum FXP drawdown of -99.94%. Use the drawdown chart below to compare losses from any high point for CNXT and FXP.
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Drawdown Indicators
| CNXT | FXP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.98% | -99.94% | +30.96% |
Max Drawdown (1Y)Largest decline over 1 year | -24.23% | -25.65% | +1.42% |
Max Drawdown (3Y)Largest decline over 3 years | -48.60% | -82.34% | +33.74% |
Max Drawdown (5Y)Largest decline over 5 years | -61.21% | -87.85% | +26.64% |
Max Drawdown (10Y)Largest decline over 10 years | -63.30% | -93.56% | +30.26% |
Current DrawdownCurrent decline from peak | -23.73% | -99.92% | +76.19% |
Average DrawdownAverage peak-to-trough decline | -42.49% | -94.18% | +51.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.68% | 12.80% | -6.12% |
Volatility
CNXT vs. FXP - Volatility Comparison
VanEck ChiNext Innovators ETF (CNXT) has a higher volatility of 16.11% compared to ProShares UltraShort FTSE China 50 (FXP) at 11.12%. This indicates that CNXT'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
| CNXT | FXP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.11% | 11.12% | +4.99% |
Volatility (6M)Calculated over the trailing 6-month period | 28.24% | 29.50% | -1.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.83% | 40.68% | -3.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.10% | 62.74% | -26.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.24% | 54.82% | -22.58% |
CNXT vs. FXP - Expense Ratio Comparison
CNXT has a 0.65% expense ratio, which is lower than FXP's 0.95% expense ratio.
Dividends
CNXT vs. FXP - Dividend Comparison
CNXT's dividend yield for the trailing twelve months is around 0.17%, less than FXP's 3.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CNXT VanEck ChiNext Innovators ETF | 0.17% | 0.18% | 0.15% | 0.00% | 0.00% | 9.22% | 0.01% | 0.45% | 0.00% | 0.19% |
FXP ProShares UltraShort FTSE China 50 | 3.40% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% | 0.00% |
Frequently Asked Questions
CNXT and FXP have a correlation of -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CNXT has higher volatility (16.11%) compared to FXP (11.12%). In terms of maximum drawdown, CNXT dropped -68.98% vs FXP's -99.94%.
On 10-year performance, CNXT leads with 4.87% vs -22.26% for FXP. On fees, CNXT is cheaper at 0.65% per year. On volatility, FXP has been the lower-risk option at 11.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CNXT has performed better with a 4.87% return vs -22.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CNXT is cheaper with a 0.65% expense ratio, compared with 0.95% for FXP.
FXP has the higher dividend yield at 3.40%, compared with 0.17% for CNXT.
CNXT tracks ChiNext Index, while FXP tracks FTSE China 50 Net Tax USD (TR) (-200%). They also come from different issuers: VanEck and ProShares. Their fees differ too: 0.65% for CNXT and 0.95% for FXP.
CNXT currently has the higher Sharpe Ratio (1.52 vs -0.12), 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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