FXP vs. CNQQ
FXP (ProShares UltraShort FTSE China 50) and CNQQ (Rayliant-ChinaAMC Transformative China Tech ETF) are both China Equities funds - FXP tracks the FTSE China 50 Net Tax USD (TR) (-200%) while CNQQ tracks the Solactive ChinaAMC Transformative China Tech. Both are passively managed. Their -0.59 correlation means they have often moved in opposite directions in the past. FXP charges 0.95%/yr vs 0.75%/yr for CNQQ.
Performance
FXP vs. CNQQ - Performance Comparison
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Returns By Period
In the year-to-date period, FXP achieves a 6.18% return, which is significantly higher than CNQQ's 3.29% return.
FXP
- 1D
- 0.44%
- 1M
- -23.97%
- 6M
- 9.78%
- YTD
- 6.18%
- 1Y
- -1.26%
- 3Y*
- -27.96%
- 5Y*
- -21.08%
- 10Y*
- -22.22%
- ALL TIME*
- -28.45%
CNQQ
- 1D
- 2.86%
- 1M
- -3.13%
- 6M
- 3.24%
- YTD
- 3.29%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $711.37K | $443.55K | $514.47K | |
| $103.24K | $95.91K | $96.09K |
FXP vs. CNQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 6.18% | 9.79% |
CNQQ Rayliant-ChinaAMC Transformative China Tech ETF | 3.29% | -5.22% |
Correlation
The correlation between FXP and CNQQ is -0.59, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 26, 2025 | -0.59 |
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Return for Risk
FXP vs. CNQQ — Risk / Return Rank
FXP
CNQQ
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
FXP vs. CNQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE China 50 (FXP) and Rayliant-ChinaAMC Transformative China Tech ETF (CNQQ). 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 | CNQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.03 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | — | — |
| Martin ratioReturn relative to average drawdown | -0.11 | — | — |
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Drawdowns
FXP vs. CNQQ - Drawdown Comparison
The maximum FXP drawdown since its inception was -99.94%, which is greater than CNQQ's maximum drawdown of -17.82%. Use the drawdown chart below to compare losses from any high point for FXP and CNQQ.
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Drawdown Indicators
| FXP | CNQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -17.82% | -82.12% |
Max Drawdown (1Y)Largest decline over 1 year | -25.65% | — | — |
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 | -93.56% | — | — |
Current DrawdownCurrent decline from peak | -99.92% | -10.52% | -89.40% |
Average DrawdownAverage peak-to-trough decline | -94.18% | -8.59% | -85.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.62% | — | — |
Volatility
FXP vs. CNQQ - Volatility Comparison
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Volatility by Period
| FXP | CNQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.97% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 29.41% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 40.60% | 27.84% | +12.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.72% | 27.84% | +34.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.81% | 27.84% | +26.97% |
FXP vs. CNQQ - Expense Ratio Comparison
FXP has a 0.95% expense ratio, which is higher than CNQQ's 0.75% expense ratio.
Dividends
FXP vs. CNQQ - Dividend Comparison
FXP's dividend yield for the trailing twelve months is around 3.39%, more than CNQQ's 0.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CNQQ Rayliant-ChinaAMC Transformative China Tech ETF | 0.39% | 0.09% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FXP ProShares UltraShort FTSE China 50 | 3.39% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% |
Frequently Asked Questions
FXP and CNQQ have a correlation of -0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CNQQ is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CNQQ is cheaper with a 0.75% expense ratio, compared with 0.95% for FXP.
FXP has the higher dividend yield at 3.39%, compared with 0.39% for CNQQ.
FXP tracks FTSE China 50 Net Tax USD (TR) (-200%), while CNQQ tracks Solactive ChinaAMC Transformative China Tech. They also come from different issuers: ProShares and Rayliant. Their fees differ too: 0.95% for FXP and 0.75% for CNQQ.
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