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FXP vs. CHIQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FXP vs. CHIQ

Last updated Jun 4, 2026

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 -23.04%/yr vs 6.73%/yr for CHIQ. At a correlation of -0.86, they often move in opposite directions. FXP charges 0.95%/yr vs 0.65%/yr for CHIQ.

Performance

FXP vs. CHIQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort FTSE China 50 (FXP) and Global X MSCI China Consumer Discretionary ETF (CHIQ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FXP achieves a 13.64% return, which is significantly higher than CHIQ's -13.71% return. Over the past 10 years, FXP has underperformed CHIQ with an annualized return of -23.04%, while CHIQ has yielded a comparatively higher 6.73% annualized 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%

CHIQ

1D
-2.91%
1M
-7.37%
YTD
-13.71%
6M
-15.32%
1Y
-12.29%
3Y*
3.13%
5Y*
-10.45%
10Y*
6.73%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FXP vs. CHIQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
CHIQ
Global X MSCI China Consumer Discretionary ETF		-13.71%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 -0.85, 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

-0.85

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

-0.90

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 2, 2009

-0.86

The correlation between FXP and CHIQ has been stable across timeframes, ranging from -0.92 to -0.85 - 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.

ProShares UltraShort FTSE China 50

Global X MSCI China Consumer Discretionary ETF

Often compared with FXP:
FXP vs. YXIFXP vs. FXIFXP vs. YANGFXP vs. KLIPFXP vs. FNILXFXP vs. RLBGXFXP vs. CQQQ
Often compared with CHIQ:
CHIQ vs. CQQQCHIQ vs. KWEBCHIQ vs. PGJCHIQ vs. CNYACHIQ vs. KURECHIQ vs. CXSECHIQ vs. PEJ

Return for Risk

FXP vs. CHIQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
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
CHIQ
CHIQ Risk / Return Rank: 44
Overall Rank
CHIQ Sharpe Ratio Rank: 44
Sharpe Ratio Rank
CHIQ Sortino Ratio Rank: 44
Sortino Ratio Rank
CHIQ Omega Ratio Rank: 44
Omega Ratio Rank
CHIQ Calmar Ratio Rank: 55
Calmar Ratio Rank
CHIQ Martin Ratio Rank: 44
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.

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.

FXPCHIQDifference
Sharpe ratioReturn per unit of total volatility
-0.16
-0.55

+0.38

Sortino ratioReturn per unit of downside risk
0.04
-0.66

+0.70

Omega ratioGain probability vs. loss probability

1.00

0.93

+0.08

Calmar ratioReturn relative to maximum drawdown

-0.24

-0.47

+0.24

Martin ratioReturn relative to average drawdown

-0.40

-1.02

+0.62

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

FXP vs. CHIQ - Sharpe Ratio Comparison

The current FXP Sharpe Ratio is -0.16, which is higher than the CHIQ Sharpe Ratio of -0.55. The chart below compares the historical Sharpe Ratios of FXP and CHIQ, 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

FXPCHIQDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.16

-0.55

+0.38

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.26

-0.28

+0.02

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.42

0.21

-0.63

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.44

0.07

-0.51

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

FXPCHIQDifference

Max Drawdown

Largest peak-to-trough decline

-99.94%

-67.04%

-32.90%

Max Drawdown (1Y)

Largest decline over 1 year

-27.21%

-26.10%

-1.11%

Max Drawdown (3Y)

Largest decline over 3 years

-82.34%

-29.67%

-52.67%

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 Drawdown

Current decline from peak

-99.92%

-54.73%

-45.19%

Average Drawdown

Average peak-to-trough decline

-94.15%

-30.61%

-63.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

17.66%

12.12%

+5.54%

Volatility

FXP vs. CHIQ - Volatility Comparison

ProShares UltraShort FTSE China 50 (FXP) has a higher volatility of 15.06% compared to Global X MSCI China Consumer Discretionary ETF (CHIQ) at 7.26%. 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

FXPCHIQDifference

Volatility (1M)

Calculated over the trailing 1-month period

15.06%

7.26%

+7.80%

Volatility (6M)

Calculated over the trailing 6-month period

28.87%

15.80%

+13.07%

Volatility (1Y)

Calculated over the trailing 1-year period

39.29%

22.49%

+16.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

63.12%

37.72%

+25.40%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

54.91%

32.44%

+22.47%

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 4.12%, more than CHIQ's 1.71% yield.

PositionTTM20252024202320222021202020192018201720162015
CHIQ
Global X MSCI China Consumer Discretionary ETF		1.71%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		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

FXP and CHIQ have a correlation of -0.85, 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 CHIQ (7.26%). In terms of maximum drawdown, FXP dropped -99.94% vs CHIQ's -67.04%.

On 10-year performance, CHIQ leads with 6.73% vs -23.04% for FXP. On fees, CHIQ is cheaper at 0.65% per year. On volatility, CHIQ has been the lower-risk option at 7.26%. 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 6.73% return vs -23.04%. 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 4.12%, compared with 1.71% 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 (-0.16 vs -0.55), 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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