FXP vs. CNXT
FXP (ProShares UltraShort FTSE China 50) and CNXT (VanEck ChiNext Innovators ETF) are both China Equities funds - FXP tracks the FTSE China 50 Net Tax USD (TR) (-200%) while CNXT tracks the ChiNext Index. Both are passively managed. Over the past 10 years, FXP returned -22.22%/yr vs 5.35%/yr for CNXT. Their -0.57 correlation means they have often moved in opposite directions in the past. 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 6.18% return, which is significantly lower than CNXT's 13.85% return. Over the past 10 years, FXP has underperformed CNXT with an annualized return of -22.22%, while CNXT has yielded a comparatively higher 5.35% annualized 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%
CNXT
- 1D
- 4.68%
- 1M
- -12.09%
- 6M
- 8.48%
- YTD
- 13.85%
- 1Y
- 59.95%
- 3Y*
- 19.72%
- 5Y*
- 0.30%
- 10Y*
- 5.35%
- ALL TIME*
- 6.80%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.50M | $5.39M | $7.80M | |
| $103.24K | $95.91K | $96.09K |
FXP vs. CNXT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 6.18% | -45.32% | -52.46% | 12.74% | -11.73% | 23.56% | -39.47% | -29.01% | 12.45% | -49.76% |
CNXT VanEck ChiNext Innovators ETF | 13.85% | 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 -0.45, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.45 |
Correlation (3Y) Balances recent behavior with more history. | -0.56 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.56 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.59 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2014 | -0.57 |
The correlation between FXP and CNXT shifts across timeframes, from -0.59 (10 years) to -0.45 (1 year), reflecting how their relationship changes across market environments.
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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 ChiNext Innovators 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 | -1.66 | ||
| Sortino ratioReturn per unit of downside risk | -1.99 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.28 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 2.49 | -2.54 |
| Martin ratioReturn relative to average drawdown | -0.11 | 8.85 | -8.95 |
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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 | -25.65% | -24.23% | -1.42% |
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 | -93.56% | -63.30% | -30.26% |
Current DrawdownCurrent decline from peak | -99.92% | -20.16% | -79.76% |
Average DrawdownAverage peak-to-trough decline | -94.18% | -42.49% | -51.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.62% | 6.80% | +4.82% |
Volatility
FXP vs. CNXT - Volatility Comparison
The current volatility for ProShares UltraShort FTSE China 50 (FXP) is 10.97%, while VanEck ChiNext Innovators ETF (CNXT) has a volatility of 16.98%. This indicates that FXP experiences smaller price fluctuations and is considered to be less risky than CNXT based on this measure. 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 | 10.97% | 16.98% | -6.01% |
Volatility (6M)Calculated over the trailing 6-month period | 29.41% | 28.59% | +0.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.60% | 37.03% | +3.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.72% | 36.14% | +26.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.81% | 32.27% | +22.54% |
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 3.39%, more than CNXT's 0.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CNXT VanEck ChiNext Innovators ETF | 0.16% | 0.18% | 0.15% | 0.00% | 0.00% | 9.22% | 0.01% | 0.45% | 0.00% | 0.19% |
FXP ProShares UltraShort FTSE China 50 | 3.39% | 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 -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CNXT has higher volatility (16.98%) compared to FXP (10.97%). In terms of maximum drawdown, FXP dropped -99.94% vs CNXT's -68.98%.
On 10-year performance, CNXT leads with 5.35% vs -22.22% for FXP. On fees, CNXT is cheaper at 0.65% per year. On volatility, FXP has been the lower-risk option at 10.97%. 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 5.35% return vs -22.22%. 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 3.39%, compared with 0.16% for CNXT.
FXP tracks FTSE China 50 Net Tax USD (TR) (-200%), while CNXT tracks ChiNext 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 (1.63 vs -0.03), 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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