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CNXT vs. FXP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CNXT vs. FXP

Last updated Jun 4, 2026

CNXT (VanEck Vectors ChinaAMC SME-ChiNext ETF) and FXP (ProShares UltraShort FTSE China 50) are both exchange-traded funds - CNXT is a China Equities fund tracking the SME-ChiNext 100 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, CNXT returned 6.63%/yr vs -23.04%/yr for FXP. At a correlation of -0.58, they often move in opposite directions. CNXT charges 0.65%/yr vs 0.95%/yr for FXP.

Performance

CNXT vs. FXP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT) 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, CNXT achieves a 33.52% return, which is significantly higher than FXP's 13.64% return. Over the past 10 years, CNXT has outperformed FXP with an annualized return of 6.63%, while FXP has yielded a comparatively lower -23.04% annualized return.

CNXT

1D
0.88%
1M
10.51%
YTD
33.52%
6M
41.38%
1Y
119.62%
3Y*
26.28%
5Y*
4.09%
10Y*
6.63%

FXP

1D
4.65%
1M
5.53%
YTD
13.64%
6M
16.82%
1Y
-6.43%
3Y*
-30.22%
5Y*
-16.52%
10Y*
-23.04%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CNXT vs. FXP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CNXT
VanEck Vectors ChinaAMC SME-ChiNext ETF		33.52%59.31%12.42%-21.47%-35.58%8.78%63.30%42.66%-39.48%20.19%
FXP
ProShares UltraShort FTSE China 50		13.64%-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 -0.57, 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

-0.57

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

-0.61

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 Jul 25, 2014

-0.58

The correlation between CNXT and FXP has been stable across timeframes, ranging from -0.61 to -0.57 - 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.

VanEck Vectors ChinaAMC SME-ChiNext ETF

ProShares UltraShort FTSE China 50

Often compared with CNXT:
CNXT vs. KSTRCNXT vs. ECNSCNXT vs. CXSECNXT vs. FXICNXT vs. CWEBCNXT vs. VOOCNXT vs. YINN
Often compared with FXP:
FXP vs. YXIFXP vs. FXIFXP vs. YANGFXP vs. KLIPFXP vs. FNILXFXP vs. RLBGXFXP vs. CQQQ

Return for Risk

CNXT vs. FXP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CNXT
CNXT Risk / Return Rank: 9393
Overall Rank
CNXT Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
CNXT Sortino Ratio Rank: 9292
Sortino Ratio Rank
CNXT Omega Ratio Rank: 8989
Omega Ratio Rank
CNXT Calmar Ratio Rank: 9696
Calmar Ratio Rank
CNXT Martin Ratio Rank: 9595
Martin Ratio Rank
FXP
FXP Risk / Return Rank: 77
Overall Rank
FXP Sharpe Ratio Rank: 77
Sharpe Ratio Rank
FXP Sortino Ratio Rank: 88
Sortino Ratio Rank
FXP Omega Ratio Rank: 88
Omega Ratio Rank
FXP Calmar Ratio Rank: 77
Calmar Ratio Rank
FXP Martin Ratio Rank: 77
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.

CNXT vs. FXP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors ChinaAMC SME-ChiNext 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.

CNXTFXPDifference
Sharpe ratioReturn per unit of total volatility
3.92
-0.16

+4.08

Sortino ratioReturn per unit of downside risk
4.53
0.04

+4.49

Omega ratioGain probability vs. loss probability

1.57

1.00

+0.57

Calmar ratioReturn relative to maximum drawdown

9.85

-0.24

+10.09

Martin ratioReturn relative to average drawdown

30.18

-0.40

+30.58

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

CNXT vs. FXP - Sharpe Ratio Comparison

The current CNXT Sharpe Ratio is 3.92, which is higher than the FXP Sharpe Ratio of -0.16. The chart below compares the historical Sharpe Ratios of CNXT 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

CNXTFXPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.92

-0.16

+4.08

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.12

-0.26

+0.38

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.21

-0.42

+0.63

Sharpe Ratio (All Time)

Calculated using the full available price history

0.22

-0.44

+0.66

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

CNXTFXPDifference

Max Drawdown

Largest peak-to-trough decline

-68.98%

-99.94%

+30.96%

Max Drawdown (1Y)

Largest decline over 1 year

-12.21%

-27.21%

+15.00%

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%

-94.71%

+31.41%

Current Drawdown

Current decline from peak

-2.15%

-99.92%

+97.77%

Average Drawdown

Average peak-to-trough decline

-42.94%

-94.15%

+51.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.98%

17.66%

-13.68%

Volatility

CNXT vs. FXP - Volatility Comparison

The current volatility for VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT) is 10.24%, while ProShares UltraShort FTSE China 50 (FXP) has a volatility of 15.06%. This indicates that CNXT 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

CNXTFXPDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.24%

15.06%

-4.82%

Volatility (6M)

Calculated over the trailing 6-month period

19.98%

28.87%

-8.89%

Volatility (1Y)

Calculated over the trailing 1-year period

30.74%

39.29%

-8.55%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

35.27%

63.12%

-27.85%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

31.64%

54.91%

-23.27%

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 0.13%, less than FXP's 4.12% yield.

PositionTTM202520242023202220212020201920182017
CNXT
VanEck Vectors ChinaAMC SME-ChiNext ETF		0.13%0.18%0.15%0.00%0.00%9.22%0.01%0.45%0.00%0.19%
FXP
ProShares UltraShort FTSE China 50		4.12%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 -0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FXP has higher volatility (15.06%) compared to CNXT (10.24%). In terms of maximum drawdown, CNXT dropped -68.98% vs FXP's -99.94%.

On 10-year performance, CNXT leads with 6.63% vs -23.04% for FXP. On fees, CNXT is cheaper at 0.65% per year. On volatility, CNXT has been the lower-risk option at 10.24%. 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 6.63% return vs -23.04%. 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 4.12%, compared with 0.13% for CNXT.

CNXT is categorized as China Equities, while FXP is Leveraged Equities. CNXT tracks SME-ChiNext 100 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 (3.92 vs -0.16), 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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