FXP vs. CNXT
FXP (ProShares UltraShort FTSE China 50) and CNXT (VanEck Vectors ChinaAMC SME-ChiNext ETF) are both exchange-traded funds - FXP is a Leveraged Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-200%), while CNXT is a China Equities fund tracking the SME-ChiNext 100 Index. Both are passively managed. Over the past 10 years, FXP returned -22.28%/yr vs 7.44%/yr for CNXT. At a correlation of -0.58, they often move in opposite directions. FXP charges 0.95%/yr vs 0.65%/yr for CNXT.
Performance
FXP vs. CNXT - Performance Comparison
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Returns By Period
In the year-to-date period, FXP achieves a 30.56% return, which is significantly lower than CNXT's 36.42% return. Over the past 10 years, FXP has underperformed CNXT with an annualized return of -22.28%, while CNXT has yielded a comparatively higher 7.44% 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%
CNXT
- 1D
- -4.05%
- 1M
- 7.53%
- YTD
- 36.42%
- 6M
- 34.79%
- 1Y
- 122.39%
- 3Y*
- 28.78%
- 5Y*
- 4.73%
- 10Y*
- 7.44%
FXP vs. CNXT - 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% |
CNXT VanEck Vectors ChinaAMC SME-ChiNext ETF | 36.42% | 59.31% | 12.42% | -21.47% | -35.58% | 8.78% | 63.30% | 42.66% | -39.48% | 20.19% |
Correlation
The correlation between FXP and CNXT is -0.55, 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 | -0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.60 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2014 | -0.58 |
The correlation between FXP and CNXT has been stable across timeframes, ranging from -0.60 to -0.55 - a consistent structural relationship.
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Return for Risk
FXP vs. CNXT — Risk / Return Rank
FXP
CNXT
FXP vs. CNXT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE China 50 (FXP) and VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT). 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 | CNXT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.50 | ||
| Sortino ratioReturn per unit of downside risk | -3.66 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.56 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | 0.51 | 10.08 | -9.58 |
| Martin ratioReturn relative to average drawdown | 0.89 | 29.76 | -28.87 |
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Drawdowns
FXP vs. CNXT - Drawdown Comparison
The maximum FXP drawdown since its inception was -99.94%, which is greater than CNXT's maximum drawdown of -68.98%. Use the drawdown chart below to compare losses from any high point for FXP and CNXT.
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Drawdown Indicators
| FXP | CNXT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -68.98% | -30.96% |
Max Drawdown (1Y)Largest decline over 1 year | -24.73% | -12.21% | -12.52% |
Max Drawdown (3Y)Largest decline over 3 years | -82.34% | -48.60% | -33.74% |
Max Drawdown (5Y)Largest decline over 5 years | -87.85% | -61.21% | -26.64% |
Max Drawdown (10Y)Largest decline over 10 years | -94.71% | -63.30% | -31.41% |
Current DrawdownCurrent decline from peak | -99.91% | -4.05% | -95.86% |
Average DrawdownAverage peak-to-trough decline | -94.15% | -42.76% | -51.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.56% | 4.13% | +10.43% |
Volatility
FXP vs. CNXT - Volatility Comparison
ProShares UltraShort FTSE China 50 (FXP) and VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT) have volatilities of 12.22% and 12.58%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXP | CNXT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.22% | 12.58% | -0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 29.48% | 22.32% | +7.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.65% | 32.27% | +7.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.21% | 35.52% | +27.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.78% | 31.77% | +23.01% |
FXP vs. CNXT - Expense Ratio Comparison
FXP has a 0.95% expense ratio, which is higher than CNXT's 0.65% expense ratio.
Dividends
FXP vs. CNXT - Dividend Comparison
FXP's dividend yield for the trailing twelve months is around 3.58%, more than CNXT's 0.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CNXT VanEck Vectors ChinaAMC SME-ChiNext ETF | 0.13% | 0.18% | 0.15% | 0.00% | 0.00% | 9.22% | 0.01% | 0.45% | 0.00% | 0.19% |
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% |
Frequently Asked Questions
FXP and CNXT have a correlation of -0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CNXT has higher volatility (12.58%) compared to FXP (12.22%). In terms of maximum drawdown, FXP dropped -99.94% vs CNXT's -68.98%.
On 10-year performance, CNXT leads with 7.44% vs -22.28% for FXP. On fees, CNXT is cheaper at 0.65% per year. On volatility, FXP has been the lower-risk option at 12.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CNXT has performed better with a 7.44% return vs -22.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CNXT 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 0.13% for CNXT.
FXP is categorized as Leveraged Equities, while CNXT is China Equities. FXP tracks FTSE China 50 Net Tax USD (TR) (-200%), while CNXT tracks SME-ChiNext 100 Index. They also come from different issuers: ProShares and VanEck. Their fees differ too: 0.95% for FXP and 0.65% for CNXT.
CNXT currently has the higher Sharpe Ratio (3.81 vs 0.32), 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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