FLCH vs. FXP
FLCH (Franklin FTSE China ETF) and FXP (ProShares UltraShort FTSE China 50) are both China Equities funds - FLCH tracks the FTSE China RIC Capped Index while FXP tracks the FTSE China 50 Net Tax USD (TR) (-200%). Both are passively managed. Over the past 5 years, FLCH returned -4.82%/yr vs -16.78%/yr for FXP. At a correlation of -0.96, they often move in opposite directions. FLCH charges 0.19%/yr vs 0.95%/yr for FXP.
Performance
FLCH vs. FXP - Performance Comparison
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Returns By Period
In the year-to-date period, FLCH achieves a -11.05% return, which is significantly lower than FXP's 21.13% return.
FLCH
- 1D
- -2.50%
- 1M
- -0.43%
- 6M
- -14.23%
- YTD
- -11.05%
- 1Y
- -4.28%
- 3Y*
- 8.54%
- 5Y*
- -4.82%
- 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%
FLCH vs. FXP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FLCH Franklin FTSE China ETF | -11.05% | 32.55% | 18.00% | -11.21% | -22.74% | -20.87% | 30.09% | 24.32% | -19.52% | 1.51% |
FXP ProShares UltraShort FTSE China 50 | 21.13% | -45.32% | -52.46% | 12.74% | -11.73% | 23.56% | -39.47% | -29.01% | 12.45% | -4.79% |
Correlation
The correlation between FLCH and FXP is -0.93, 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 | -0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.97 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017 | -0.96 |
The correlation between FLCH and FXP has been stable across timeframes, ranging from -0.97 to -0.93 - a consistent structural relationship.
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Return for Risk
FLCH vs. FXP — Risk / Return Rank
FLCH
FXP
FLCH vs. FXP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE China ETF (FLCH) 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.
| FLCH | FXP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.55 | ||
| Sortino ratioReturn per unit of downside risk | -0.92 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.09 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 0.61 | -0.81 |
| Martin ratioReturn relative to average drawdown | -0.44 | 1.11 | -1.55 |
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Drawdowns
FLCH vs. FXP - Drawdown Comparison
The maximum FLCH drawdown since its inception was -62.09%, smaller than the maximum FXP drawdown of -99.94%. Use the drawdown chart below to compare losses from any high point for FLCH and FXP.
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Drawdown Indicators
| FLCH | FXP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.09% | -99.94% | +37.85% |
Max Drawdown (1Y)Largest decline over 1 year | -21.48% | -21.99% | +0.51% |
Max Drawdown (3Y)Largest decline over 3 years | -25.43% | -82.34% | +56.91% |
Max Drawdown (5Y)Largest decline over 5 years | -52.45% | -87.85% | +35.40% |
Max Drawdown (10Y)Largest decline over 10 years | — | -93.66% | — |
Current DrawdownCurrent decline from peak | -37.30% | -99.91% | +62.61% |
Average DrawdownAverage peak-to-trough decline | -30.61% | -94.17% | +63.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.71% | 12.07% | -2.36% |
Volatility
FLCH vs. FXP - Volatility Comparison
The current volatility for Franklin FTSE China ETF (FLCH) is 6.18%, while ProShares UltraShort FTSE China 50 (FXP) has a volatility of 13.73%. This indicates that FLCH 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
| FLCH | FXP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.18% | 13.73% | -7.55% |
Volatility (6M)Calculated over the trailing 6-month period | 13.90% | 29.28% | -15.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.78% | 40.25% | -20.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.60% | 63.17% | -33.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.82% | 54.77% | -26.95% |
FLCH vs. FXP - Expense Ratio Comparison
FLCH has a 0.19% expense ratio, which is lower than FXP's 0.95% expense ratio.
Dividends
FLCH vs. FXP - Dividend Comparison
FLCH's dividend yield for the trailing twelve months is around 2.43%, less than FXP's 2.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FLCH Franklin FTSE China ETF | 2.43% | 2.36% | 2.87% | 3.47% | 2.69% | 1.48% | 0.91% | 1.98% | 1.92% | 0.01% |
FXP ProShares UltraShort FTSE China 50 | 2.97% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% | 0.00% |
Frequently Asked Questions
FLCH and FXP have a correlation of -0.93, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXP has higher volatility (13.73%) compared to FLCH (6.18%). In terms of maximum drawdown, FLCH dropped -62.09% vs FXP's -99.94%.
On 5-year performance, FLCH leads with -4.82% vs -16.78% for FXP. On fees, FLCH is cheaper at 0.19% per year. On volatility, FLCH has been the lower-risk option at 6.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FLCH has performed better with a -4.82% return vs -16.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLCH is cheaper with a 0.19% expense ratio, compared with 0.95% for FXP.
FXP has the higher dividend yield at 2.97%, compared with 2.43% for FLCH.
FLCH tracks FTSE China RIC Capped Index, while FXP tracks FTSE China 50 Net Tax USD (TR) (-200%). They also come from different issuers: Franklin Templeton and ProShares. Their fees differ too: 0.19% for FLCH and 0.95% for FXP.
FXP currently has the higher Sharpe Ratio (0.33 vs -0.22), 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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