FXP vs. CNYA
FXP (ProShares UltraShort FTSE China 50) and CNYA (iShares MSCI China A ETF) are both China Equities funds - FXP tracks the FTSE China 50 Net Tax USD (TR) (-200%) while CNYA tracks the MSCI China A Inclusion Index. Both are passively managed. Over the past 10 years, FXP returned -22.22%/yr vs 5.40%/yr for CNYA. Their -0.69 correlation means they have often moved in opposite directions in the past. FXP charges 0.95%/yr vs 0.60%/yr for CNYA.
Performance
FXP vs. CNYA - 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 CNYA's 2.99% return. Over the past 10 years, FXP has underperformed CNYA with an annualized return of -22.22%, while CNYA has yielded a comparatively higher 5.40% 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%
CNYA
- 1D
- 1.54%
- 1M
- -3.03%
- 6M
- 1.75%
- YTD
- 2.99%
- 1Y
- 21.07%
- 3Y*
- 7.78%
- 5Y*
- -1.16%
- 10Y*
- 5.40%
- ALL TIME*
- 5.74%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.31M | $2.35M | $4.09M | |
| $103.24K | $95.91K | $96.09K |
FXP vs. CNYA - 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% |
CNYA iShares MSCI China A ETF | 2.99% | 26.48% | 10.78% | -13.76% | -26.51% | 3.53% | 41.54% | 35.95% | -26.56% | 30.99% |
Correlation
The correlation between FXP and CNYA is -0.55, 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. | -0.55 |
Correlation (3Y) Balances recent behavior with more history. | -0.65 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.68 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.70 |
Correlation (All Time) Calculated using the full available price history since Jun 15, 2016 | -0.69 |
The correlation between FXP and CNYA shifts across timeframes, from -0.70 (10 years) to -0.55 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FXP vs. CNYA — Risk / Return Rank
FXP
CNYA
FXP vs. CNYA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE China 50 (FXP) and iShares MSCI China A ETF (CNYA). 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 | CNYA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.08 | ||
| Sortino ratioReturn per unit of downside risk | -1.29 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.19 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 2.04 | -2.09 |
| Martin ratioReturn relative to average drawdown | -0.11 | 5.83 | -5.94 |
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Drawdowns
FXP vs. CNYA - Drawdown Comparison
The maximum FXP drawdown since its inception was -99.94%, which is greater than CNYA's maximum drawdown of -49.49%. Use the drawdown chart below to compare losses from any high point for FXP and CNYA.
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Drawdown Indicators
| FXP | CNYA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -49.49% | -50.45% |
Max Drawdown (1Y)Largest decline over 1 year | -25.65% | -10.37% | -15.28% |
Max Drawdown (3Y)Largest decline over 3 years | -82.34% | -33.35% | -48.99% |
Max Drawdown (5Y)Largest decline over 5 years | -87.85% | -44.65% | -43.20% |
Max Drawdown (10Y)Largest decline over 10 years | -93.56% | -49.49% | -44.07% |
Current DrawdownCurrent decline from peak | -99.92% | -18.41% | -81.51% |
Average DrawdownAverage peak-to-trough decline | -94.18% | -20.60% | -73.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.62% | 3.62% | +8.00% |
Volatility
FXP vs. CNYA - Volatility Comparison
ProShares UltraShort FTSE China 50 (FXP) has a higher volatility of 10.97% compared to iShares MSCI China A ETF (CNYA) at 8.12%. This indicates that FXP's price experiences larger fluctuations and is considered to be riskier than CNYA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXP | CNYA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.97% | 8.12% | +2.85% |
Volatility (6M)Calculated over the trailing 6-month period | 29.41% | 15.87% | +13.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.60% | 20.23% | +20.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.72% | 23.88% | +38.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.81% | 23.64% | +31.17% |
FXP vs. CNYA - Expense Ratio Comparison
FXP has a 0.95% expense ratio, which is higher than CNYA's 0.60% expense ratio.
Dividends
FXP vs. CNYA - Dividend Comparison
FXP's dividend yield for the trailing twelve months is around 3.39%, more than CNYA's 1.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
CNYA iShares MSCI China A ETF | 1.82% | 1.92% | 2.51% | 4.23% | 2.69% | 1.11% | 1.06% | 1.21% | 3.92% | 0.97% | 1.38% |
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% | 0.00% |
Frequently Asked Questions
FXP and CNYA 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.
FXP has higher volatility (10.97%) compared to CNYA (8.12%). In terms of maximum drawdown, FXP dropped -99.94% vs CNYA's -49.49%.
On 10-year performance, CNYA leads with 5.40% vs -22.22% for FXP. On fees, CNYA is cheaper at 0.60% per year. On volatility, CNYA has been the lower-risk option at 8.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CNYA has performed better with a 5.40% return vs -22.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CNYA is cheaper with a 0.60% expense ratio, compared with 0.95% for FXP.
FXP has the higher dividend yield at 3.39%, compared with 1.82% for CNYA.
FXP tracks FTSE China 50 Net Tax USD (TR) (-200%), while CNYA tracks MSCI China A Inclusion Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for FXP and 0.60% for CNYA.
CNYA currently has the higher Sharpe Ratio (1.05 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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