FXP vs. CHIQ
FXP (ProShares UltraShort FTSE China 50) and CHIQ (Global X MSCI China Consumer Discretionary ETF) are both exchange-traded funds - FXP is a Leveraged Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-200%), while CHIQ is a China Equities fund tracking the MSCI China Consumer Discretionary 10/50 Index. Both are passively managed. Over the past 10 years, FXP returned -22.28%/yr vs 6.04%/yr for CHIQ. At a correlation of -0.85, they often move in opposite directions. FXP charges 0.95%/yr vs 0.65%/yr for CHIQ.
Performance
FXP vs. CHIQ - Performance Comparison
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Returns By Period
In the year-to-date period, FXP achieves a 30.56% return, which is significantly higher than CHIQ's -23.02% return. Over the past 10 years, FXP has underperformed CHIQ with an annualized return of -22.28%, while CHIQ has yielded a comparatively higher 6.04% annualized return.
FXP
- 1D
- 4.04%
- 1M
- 14.69%
- YTD
- 30.56%
- 6M
- 32.48%
- 1Y
- 12.48%
- 3Y*
- -27.51%
- 5Y*
- -14.41%
- 10Y*
- -22.28%
CHIQ
- 1D
- -1.68%
- 1M
- -11.75%
- YTD
- -23.02%
- 6M
- -23.86%
- 1Y
- -20.71%
- 3Y*
- -0.66%
- 5Y*
- -12.72%
- 10Y*
- 6.04%
FXP vs. CHIQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 30.56% | -45.32% | -52.46% | 12.74% | -11.73% | 23.56% | -39.47% | -29.01% | 12.45% | -49.76% |
CHIQ Global X MSCI China Consumer Discretionary ETF | -23.02% | 13.69% | 10.74% | -10.70% | -22.01% | -27.07% | 92.61% | 44.19% | -28.65% | 67.74% |
Correlation
The correlation between FXP and CHIQ is -0.84, 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 | -0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.87 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2009 | -0.85 |
The correlation between FXP and CHIQ has been stable across timeframes, ranging from -0.92 to -0.84 - a consistent structural relationship.
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Return for Risk
FXP vs. CHIQ — Risk / Return Rank
FXP
CHIQ
FXP vs. CHIQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE China 50 (FXP) and Global X MSCI China Consumer Discretionary ETF (CHIQ). 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.
| FXP | CHIQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.25 | ||
| Sortino ratioReturn per unit of downside risk | +1.99 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.86 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 0.51 | -0.63 | +1.14 |
| Martin ratioReturn relative to average drawdown | 0.89 | -1.52 | +2.41 |
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Drawdowns
FXP vs. CHIQ - Drawdown Comparison
The maximum FXP drawdown since its inception was -99.94%, which is greater than CHIQ's maximum drawdown of -67.04%. Use the drawdown chart below to compare losses from any high point for FXP and CHIQ.
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Drawdown Indicators
| FXP | CHIQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -67.04% | -32.90% |
Max Drawdown (1Y)Largest decline over 1 year | -24.73% | -32.87% | +8.14% |
Max Drawdown (3Y)Largest decline over 3 years | -82.34% | -32.87% | -49.47% |
Max Drawdown (5Y)Largest decline over 5 years | -87.85% | -59.95% | -27.90% |
Max Drawdown (10Y)Largest decline over 10 years | -94.71% | -67.04% | -27.67% |
Current DrawdownCurrent decline from peak | -99.91% | -59.61% | -40.30% |
Average DrawdownAverage peak-to-trough decline | -94.15% | -30.68% | -63.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.56% | 13.68% | +0.88% |
Volatility
FXP vs. CHIQ - Volatility Comparison
ProShares UltraShort FTSE China 50 (FXP) has a higher volatility of 12.22% compared to Global X MSCI China Consumer Discretionary ETF (CHIQ) at 6.60%. This indicates that FXP's price experiences larger fluctuations and is considered to be riskier than CHIQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXP | CHIQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.22% | 6.60% | +5.62% |
Volatility (6M)Calculated over the trailing 6-month period | 29.48% | 16.22% | +13.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.65% | 22.46% | +17.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.21% | 37.74% | +25.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.78% | 32.43% | +22.35% |
FXP vs. CHIQ - Expense Ratio Comparison
FXP has a 0.95% expense ratio, which is higher than CHIQ's 0.65% expense ratio.
Dividends
FXP vs. CHIQ - Dividend Comparison
FXP's dividend yield for the trailing twelve months is around 3.58%, more than CHIQ's 1.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CHIQ Global X MSCI China Consumer Discretionary ETF | 1.92% | 1.48% | 2.65% | 2.26% | 0.38% | 0.00% | 0.11% | 1.05% | 2.71% | 0.62% | 1.51% | 4.86% |
FXP ProShares UltraShort FTSE China 50 | 3.58% | 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
FXP and CHIQ have a correlation of -0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXP has higher volatility (12.22%) compared to CHIQ (6.60%). In terms of maximum drawdown, FXP dropped -99.94% vs CHIQ's -67.04%.
On 10-year performance, CHIQ leads with 6.04% vs -22.28% for FXP. On fees, CHIQ is cheaper at 0.65% per year. On volatility, CHIQ has been the lower-risk option at 6.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CHIQ has performed better with a 6.04% return vs -22.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CHIQ is cheaper with a 0.65% expense ratio, compared with 0.95% for FXP.
FXP has the higher dividend yield at 3.58%, compared with 1.92% for CHIQ.
FXP is categorized as Leveraged Equities, while CHIQ is China Equities. FXP tracks FTSE China 50 Net Tax USD (TR) (-200%), while CHIQ tracks MSCI China Consumer Discretionary 10/50 Index. They also come from different issuers: ProShares and Global X. Their fees differ too: 0.95% for FXP and 0.65% for CHIQ.
FXP currently has the higher Sharpe Ratio (0.32 vs -0.93), 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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