DRGN vs. FXP

Last updated Jul 18, 2026

DRGN (Themes China Generative Artificial Intelligence ETF) and FXP (ProShares UltraShort FTSE China 50) are both China Equities funds - DRGN tracks the BITA China Generative AI Select Index while FXP tracks the FTSE China 50 Net Tax USD (TR) (-200%). Both are passively managed. Over the past year, DRGN returned 34.57% vs 13.33% for FXP. At a correlation of -0.56, they often move in opposite directions. DRGN charges 0.39%/yr vs 0.95%/yr for FXP.

Performance

DRGN vs. FXP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes China Generative Artificial Intelligence ETF (DRGN) and ProShares UltraShort FTSE China 50 (FXP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DRGN achieves a 7.02% return, which is significantly lower than FXP's 21.13% return.

DRGN

• 1D: -5.14%
• 1M: -4.15%
• 6M: -5.94%
• YTD: 7.02%
• 1Y: 34.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FXP

• 1D: 3.10%
• 1M: -2.64%
• 6M: 28.79%
• YTD: 21.13%
• 1Y: 13.33%
• 3Y*: -27.94%
• 5Y*: -16.78%
• 10Y*: -21.59%

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

DRGN vs. FXP - Yearly Performance Comparison

	2026 (YTD)	2025
DRGN Themes China Generative Artificial Intelligence ETF	7.02%	26.96%
FXP ProShares UltraShort FTSE China 50	21.13%	-9.83%

Correlation

The correlation between DRGN and FXP is -0.56, 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	-0.56
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	-0.56

The correlation between DRGN and FXP has been stable across timeframes, ranging from -0.56 to -0.56 - a consistent structural relationship.

Return for Risk

DRGN vs. FXP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DRGN

DRGN Risk / Return Rank: 35
DRGN Sharpe Ratio Rank: 33
DRGN Sortino Ratio Rank: 35
DRGN Omega Ratio Rank: 32
DRGN Calmar Ratio Rank: 42
DRGN Martin Ratio Rank: 31

FXP

FXP Risk / Return Rank: 17
FXP Sharpe Ratio Rank: 16
FXP Sortino Ratio Rank: 17
FXP Omega Ratio Rank: 17
FXP Calmar Ratio Rank: 19
FXP Martin Ratio Rank: 16

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.

DRGN vs. FXP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes China Generative Artificial Intelligence ETF (DRGN) 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.

	DRGN	FXP	Difference
Sharpe ratio: Return per unit of total volatility	0.96	0.33	+0.63
Sortino ratio: Return per unit of downside risk	1.51	0.75	+0.77
Omega ratio: Gain probability vs. loss probability	1.18	1.09	+0.09
Calmar ratio: Return relative to maximum drawdown	1.66	0.61	+1.06
Martin ratio: Return relative to average drawdown	3.44	1.11	+2.33

DRGN vs. FXP - Sharpe Ratio Comparison

The current DRGN Sharpe Ratio is 0.96, which is higher than the FXP Sharpe Ratio of 0.33. The chart below compares the historical Sharpe Ratios of DRGN 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.

Drawdowns

DRGN vs. FXP - Drawdown Comparison

The maximum DRGN drawdown since its inception was -20.86%, smaller than the maximum FXP drawdown of -99.94%. Use the drawdown chart below to compare losses from any high point for DRGN and FXP.

Drawdown Indicators

	DRGN	FXP	Difference
Max Drawdown Largest peak-to-trough decline	-20.86%	-99.94%	+79.08%
Max Drawdown (1Y) Largest decline over 1 year	-20.86%	-21.99%	+1.13%
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	—	-93.66%	—
Current Drawdown Current decline from peak	-14.65%	-99.91%	+85.26%
Average Drawdown Average peak-to-trough decline	-8.19%	-94.17%	+85.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.08%	12.07%	-1.99%

Volatility

DRGN vs. FXP - Volatility Comparison

Themes China Generative Artificial Intelligence ETF (DRGN) and ProShares UltraShort FTSE China 50 (FXP) have volatilities of 13.65% and 13.73%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DRGN	FXP	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.65%	13.73%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	25.62%	29.28%	-3.66%
Volatility (1Y) Calculated over the trailing 1-year period	36.15%	40.25%	-4.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.02%	63.17%	-27.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.02%	54.77%	-18.75%

DRGN vs. FXP - Expense Ratio Comparison

DRGN has a 0.39% expense ratio, which is lower than FXP's 0.95% expense ratio.

Dividends

DRGN vs. FXP - Dividend Comparison

DRGN's dividend yield for the trailing twelve months is around 1.14%, less than FXP's 2.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DRGN Themes China Generative Artificial Intelligence ETF	1.14%	1.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FXP ProShares UltraShort FTSE China 50	2.97%	9.57%	3.55%	2.20%	0.06%	0.00%	0.06%	1.20%	0.16%

Frequently Asked Questions

Can I hold both DRGN and FXP in my portfolio?

DRGN and FXP have a correlation of -0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DRGN or FXP?

FXP has higher volatility (13.73%) compared to DRGN (13.65%). In terms of maximum drawdown, DRGN dropped -20.86% vs FXP's -99.94%.

Which ETF is better, DRGN or FXP?

On 1-year performance, DRGN leads with 34.57% vs 13.33% for FXP. On fees, DRGN is cheaper at 0.39% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DRGN or FXP?

Over the 1-year period, DRGN has performed better with a 34.57% return vs 13.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DRGN or FXP?

DRGN is cheaper with a 0.39% expense ratio, compared with 0.95% for FXP.

Which ETF pays a higher dividend yield, DRGN or FXP?

FXP has the higher dividend yield at 2.97%, compared with 1.14% for DRGN.

What is the main difference between DRGN and FXP?

DRGN tracks BITA China Generative AI Select Index, while FXP tracks FTSE China 50 Net Tax USD (TR) (-200%). They also come from different issuers: Themes and ProShares. Their fees differ too: 0.39% for DRGN and 0.95% for FXP.

Which has better risk-adjusted returns?

DRGN currently has the higher Sharpe Ratio (0.96 vs 0.33), 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.