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FXI vs. FXP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FXI vs. FXP

Last updated Jun 4, 2026

FXI (iShares China Large-Cap ETF) and FXP (ProShares UltraShort FTSE China 50) are both exchange-traded funds - FXI is a China Equities fund tracking the FTSE China 25 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, FXI returned 2.96%/yr vs -23.04%/yr for FXP. At a correlation of -0.99, they often move in opposite directions. FXI charges 0.74%/yr vs 0.95%/yr for FXP.

Performance

FXI vs. FXP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares China Large-Cap ETF (FXI) 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, FXI achieves a -7.18% return, which is significantly lower than FXP's 13.64% return. Over the past 10 years, FXI has outperformed FXP with an annualized return of 2.96%, while FXP has yielded a comparatively lower -23.04% annualized return.

FXI

1D
-2.26%
1M
-2.76%
YTD
-7.18%
6M
-8.38%
1Y
2.05%
3Y*
11.73%
5Y*
-3.18%
10Y*
2.96%

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)

FXI vs. FXP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FXI
iShares China Large-Cap ETF		-7.18%28.95%28.98%-12.42%-20.66%-20.06%8.92%14.90%-13.28%36.26%
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 FXI and FXP is -0.99, 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

-0.99

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

-0.99

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

-1.00

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

-1.00

Correlation (All Time)
Calculated using the full available price history since Nov 9, 2007

-0.99

The correlation between FXI and FXP has been stable across timeframes, ranging from -1.00 to -0.99 - 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.

iShares China Large-Cap ETF

ProShares UltraShort FTSE China 50

Often compared with FXI:
FXI vs. MCHIFXI vs. KWEBFXI vs. CQQQFXI vs. ASHRFXI vs. EWHFXI vs. EEMFXI vs. GXC
Often compared with FXP:
FXP vs. YXIFXP vs. YANGFXP vs. KLIPFXP vs. FNILXFXP vs. RLBGXFXP vs. CQQQFXP vs. KWEB

Return for Risk

FXI vs. FXP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FXI
FXI Risk / Return Rank: 1010
Overall Rank
FXI Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
FXI Sortino Ratio Rank: 1010
Sortino Ratio Rank
FXI Omega Ratio Rank: 99
Omega Ratio Rank
FXI Calmar Ratio Rank: 1010
Calmar Ratio Rank
FXI Martin Ratio Rank: 1010
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.

FXI vs. FXP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares China Large-Cap ETF (FXI) 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.

FXIFXPDifference
Sharpe ratioReturn per unit of total volatility
0.10
-0.16

+0.27

Sortino ratioReturn per unit of downside risk
0.29
0.04

+0.25

Omega ratioGain probability vs. loss probability

1.03

1.00

+0.03

Calmar ratioReturn relative to maximum drawdown

0.13

-0.24

+0.37

Martin ratioReturn relative to average drawdown

0.28

-0.40

+0.68

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

FXI vs. FXP - Sharpe Ratio Comparison

The current FXI Sharpe Ratio is 0.10, which is higher than the FXP Sharpe Ratio of -0.16. The chart below compares the historical Sharpe Ratios of FXI 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

FXIFXPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.10

-0.16

+0.27

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.10

-0.26

+0.16

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.11

-0.42

+0.53

Sharpe Ratio (All Time)

Calculated using the full available price history

0.17

-0.44

+0.61

Drawdowns

FXI vs. FXP - Drawdown Comparison

The maximum FXI drawdown since its inception was -72.68%, smaller than the maximum FXP drawdown of -99.94%. Use the drawdown chart below to compare losses from any high point for FXI and FXP.

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Drawdown Indicators

FXIFXPDifference

Max Drawdown

Largest peak-to-trough decline

-72.68%

-99.94%

+27.26%

Max Drawdown (1Y)

Largest decline over 1 year

-15.62%

-27.21%

+11.59%

Max Drawdown (3Y)

Largest decline over 3 years

-28.72%

-82.34%

+53.62%

Max Drawdown (5Y)

Largest decline over 5 years

-54.94%

-87.85%

+32.91%

Max Drawdown (10Y)

Largest decline over 10 years

-60.81%

-94.71%

+33.90%

Current Drawdown

Current decline from peak

-26.91%

-99.92%

+73.01%

Average Drawdown

Average peak-to-trough decline

-31.22%

-94.15%

+62.93%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.22%

17.66%

-10.44%

Volatility

FXI vs. FXP - Volatility Comparison

The current volatility for iShares China Large-Cap ETF (FXI) is 7.13%, while ProShares UltraShort FTSE China 50 (FXP) has a volatility of 15.06%. This indicates that FXI 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

FXIFXPDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.13%

15.06%

-7.93%

Volatility (6M)

Calculated over the trailing 6-month period

14.35%

28.87%

-14.52%

Volatility (1Y)

Calculated over the trailing 1-year period

19.93%

39.29%

-19.36%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

31.68%

63.12%

-31.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.67%

54.91%

-27.24%

FXI vs. FXP - Expense Ratio Comparison

FXI has a 0.74% expense ratio, which is lower than FXP's 0.95% expense ratio.

Dividends

FXI vs. FXP - Dividend Comparison

FXI's dividend yield for the trailing twelve months is around 2.60%, less than FXP's 4.12% yield.

PositionTTM20252024202320222021202020192018201720162015
FXI
iShares China Large-Cap ETF		2.60%2.42%1.76%3.17%2.61%1.60%2.19%2.74%2.69%2.31%2.69%2.90%
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%0.00%0.00%

Frequently Asked Questions

FXI and FXP have a correlation of -0.99, 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 FXI (7.13%). In terms of maximum drawdown, FXI dropped -72.68% vs FXP's -99.94%.

On 10-year performance, FXI leads with 2.96% vs -23.04% for FXP. On fees, FXI is cheaper at 0.74% per year. On volatility, FXI has been the lower-risk option at 7.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FXI has performed better with a 2.96% return vs -23.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FXI is cheaper with a 0.74% expense ratio, compared with 0.95% for FXP.

FXP has the higher dividend yield at 4.12%, compared with 2.60% for FXI.

FXI is categorized as China Equities, while FXP is Leveraged Equities. FXI tracks FTSE China 25 Index, while FXP tracks FTSE China 50 Net Tax USD (TR) (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.74% for FXI and 0.95% for FXP.

FXI currently has the higher Sharpe Ratio (0.10 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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