FXP vs. CNQQ
FXP (ProShares UltraShort FTSE China 50) and CNQQ (Rayliant-ChinaAMC Transformative China Tech ETF) are both exchange-traded funds - FXP is a Leveraged Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-200%), while CNQQ is a China Equities fund tracking the Solactive ChinaAMC Transformative China Tech. Both are passively managed. At a correlation of -0.73, they often move in opposite directions. 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 30.56% return, which is significantly higher than CNQQ's 10.04% 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%
CNQQ
- 1D
- -3.47%
- 1M
- 1.11%
- YTD
- 10.04%
- 6M
- 9.35%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FXP vs. CNQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 30.56% | 9.79% |
CNQQ Rayliant-ChinaAMC Transformative China Tech ETF | 10.04% | -5.22% |
Correlation
The correlation between FXP and CNQQ is -0.73, 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 (All Time) Calculated using the full available price history since Sep 26, 2025 | -0.73 |
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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 | 1.09 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 0.51 | — | — |
| Martin ratioReturn relative to average drawdown | 0.89 | — | — |
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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 | -24.73% | — | — |
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 | -99.91% | -3.47% | -96.44% |
Average DrawdownAverage peak-to-trough decline | -94.15% | -8.81% | -85.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.56% | — | — |
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 | 12.22% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 29.48% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 39.65% | 25.33% | +14.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.21% | 25.33% | +37.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.78% | 25.33% | +29.45% |
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 3.58%, more than CNQQ's 0.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CNQQ Rayliant-ChinaAMC Transformative China Tech ETF | 0.23% | 0.09% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FXP ProShares UltraShort FTSE China 50 | 3.58% | 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 -0.73, 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 3.58%, compared with 0.23% for CNQQ.
FXP is categorized as Leveraged Equities, while CNQQ is China Equities. 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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