FXP vs. CGRO
FXP (ProShares UltraShort FTSE China 50) and CGRO (CoreValues Alpha Greater China Growth ETF) are both exchange-traded funds - FXP is a Leveraged Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-200%), while CGRO is a China Equities fund actively managed by CoreValues Alpha. FXP is passively managed, while CGRO is actively managed. Over the past year, FXP returned -6.43% vs -8.71% for CGRO. At a correlation of -0.89, they often move in opposite directions. FXP charges 0.95%/yr vs 0.75%/yr for CGRO.
Performance
FXP vs. CGRO - Performance Comparison
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Returns By Period
In the year-to-date period, FXP achieves a 13.64% return, which is significantly higher than CGRO's -15.06% return.
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%
CGRO
- 1D
- -2.60%
- 1M
- -6.06%
- YTD
- -15.06%
- 6M
- -15.52%
- 1Y
- -8.71%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FXP vs. CGRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 13.64% | -45.32% | -52.46% | 13.01% |
CGRO CoreValues Alpha Greater China Growth ETF | -15.06% | 20.23% | 14.75% | 2.03% |
Correlation
The correlation between FXP and CGRO is -0.88, 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 | -0.88 |
Correlation (All Time) Calculated using the full available price history since Oct 18, 2023 | -0.89 |
The correlation between FXP and CGRO has been stable across timeframes, ranging from -0.89 to -0.88 - a consistent structural relationship.
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Return for Risk
FXP vs. CGRO — Risk / Return Rank
FXP
CGRO
FXP vs. CGRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE China 50 (FXP) and CoreValues Alpha Greater China Growth ETF (CGRO). 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.
| FXP | CGRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 0.95 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | -0.31 | +0.08 |
| Martin ratioReturn relative to average drawdown | -0.40 | -0.60 | +0.20 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FXP | CGRO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.16 | -0.39 | +0.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.26 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.42 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.44 | 0.24 | -0.69 |
Drawdowns
FXP vs. CGRO - Drawdown Comparison
The maximum FXP drawdown since its inception was -99.94%, which is greater than CGRO's maximum drawdown of -27.86%. Use the drawdown chart below to compare losses from any high point for FXP and CGRO.
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Drawdown Indicators
| FXP | CGRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -27.86% | -72.08% |
Max Drawdown (1Y)Largest decline over 1 year | -27.21% | -27.86% | +0.65% |
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 | -94.71% | — | — |
Current DrawdownCurrent decline from peak | -99.92% | -27.40% | -72.52% |
Average DrawdownAverage peak-to-trough decline | -94.15% | -10.23% | -83.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.66% | 14.56% | +3.10% |
Volatility
FXP vs. CGRO - Volatility Comparison
ProShares UltraShort FTSE China 50 (FXP) has a higher volatility of 15.06% compared to CoreValues Alpha Greater China Growth ETF (CGRO) at 7.67%. This indicates that FXP's price experiences larger fluctuations and is considered to be riskier than CGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXP | CGRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.06% | 7.67% | +7.39% |
Volatility (6M)Calculated over the trailing 6-month period | 28.87% | 15.53% | +13.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.29% | 22.47% | +16.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.12% | 28.99% | +34.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.91% | 28.99% | +25.92% |
FXP vs. CGRO - Expense Ratio Comparison
FXP has a 0.95% expense ratio, which is higher than CGRO's 0.75% expense ratio.
Dividends
FXP vs. CGRO - Dividend Comparison
FXP's dividend yield for the trailing twelve months is around 4.12%, more than CGRO's 3.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CGRO CoreValues Alpha Greater China Growth ETF | 3.30% | 2.48% | 2.47% | 0.21% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FXP ProShares UltraShort FTSE China 50 | 4.12% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% |
Frequently Asked Questions
FXP and CGRO have a correlation of -0.88, 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 CGRO (7.67%). In terms of maximum drawdown, FXP dropped -99.94% vs CGRO's -27.86%.
On 1-year performance, FXP leads with -6.43% vs -8.71% for CGRO. On fees, CGRO is cheaper at 0.75% per year. On volatility, CGRO has been the lower-risk option at 7.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FXP has performed better with a -6.43% return vs -8.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CGRO is cheaper with a 0.75% expense ratio, compared with 0.95% for FXP.
FXP has the higher dividend yield at 4.12%, compared with 3.30% for CGRO.
FXP is categorized as Leveraged Equities, while CGRO is China Equities. They also come from different issuers: ProShares and CoreValues Alpha. Their fees differ too: 0.95% for FXP and 0.75% for CGRO.
FXP currently has the higher Sharpe Ratio (-0.16 vs -0.39), 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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