FXP vs. CHIQ
FXP (ProShares UltraShort FTSE China 50) and CHIQ (Global X MSCI China Consumer Discretionary ETF) are both China Equities funds - FXP tracks the FTSE China 50 Net Tax USD (TR) (-200%) while CHIQ tracks the MSCI China Consumer Discretionary 10/50 Index. Both are passively managed. Over the past 10 years, FXP returned -21.61%/yr vs 6.13%/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 18.47% return, which is significantly higher than CHIQ's -16.55% return. Over the past 10 years, FXP has underperformed CHIQ with an annualized return of -21.61%, while CHIQ has yielded a comparatively higher 6.13% annualized return.
FXP
- 1D
- -3.86%
- 1M
- 3.05%
- 6M
- 30.45%
- YTD
- 18.47%
- 1Y
- 11.32%
- 3Y*
- -27.15%
- 5Y*
- -17.15%
- 10Y*
- -21.61%
CHIQ
- 1D
- 2.74%
- 1M
- -0.47%
- 6M
- -17.42%
- YTD
- -16.55%
- 1Y
- -16.73%
- 3Y*
- -0.91%
- 5Y*
- -10.19%
- 10Y*
- 6.13%
FXP vs. CHIQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 18.47% | -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 | -16.55% | 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 | -0.89 |
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 -0.85 - 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 | +1.02 | ||
| Sortino ratioReturn per unit of downside risk | +1.64 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 0.89 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.52 | -0.47 | +0.99 |
| Martin ratioReturn relative to average drawdown | 0.95 | -1.06 | +2.01 |
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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 | -21.99% | -35.53% | +13.54% |
Max Drawdown (3Y)Largest decline over 3 years | -82.34% | -35.53% | -46.81% |
Max Drawdown (5Y)Largest decline over 5 years | -87.85% | -56.55% | -31.30% |
Max Drawdown (10Y)Largest decline over 10 years | -93.71% | -67.04% | -26.67% |
Current DrawdownCurrent decline from peak | -99.91% | -56.22% | -43.69% |
Average DrawdownAverage peak-to-trough decline | -94.16% | -30.79% | -63.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.99% | 15.74% | -3.75% |
Volatility
FXP vs. CHIQ - Volatility Comparison
ProShares UltraShort FTSE China 50 (FXP) has a higher volatility of 13.69% compared to Global X MSCI China Consumer Discretionary ETF (CHIQ) at 7.67%. 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 | 13.69% | 7.67% | +6.02% |
Volatility (6M)Calculated over the trailing 6-month period | 29.20% | 16.38% | +12.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.34% | 22.90% | +17.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.18% | 37.73% | +25.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.77% | 32.44% | +22.33% |
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 3.04%, more than CHIQ's 1.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CHIQ Global X MSCI China Consumer Discretionary ETF | 1.62% | 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 | 3.04% | 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 (13.69%) compared to CHIQ (7.67%). In terms of maximum drawdown, FXP dropped -99.94% vs CHIQ's -67.04%.
On 10-year performance, CHIQ leads with 6.13% vs -21.61% for FXP. On fees, CHIQ is cheaper at 0.65% per year. On volatility, CHIQ 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 10-year period, CHIQ has performed better with a 6.13% return vs -21.61%. 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 3.04%, compared with 1.62% for CHIQ.
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 (0.28 vs -0.74), 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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