FXP vs. CNYA
FXP (ProShares UltraShort FTSE China 50) and CNYA (iShares MSCI China A ETF) are both exchange-traded funds - FXP is a Leveraged Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-200%), while CNYA is a China Equities fund tracking the MSCI China A Inclusion Index. Both are passively managed. Over the past 5 years, FXP returned -16.52%/yr vs -1.06%/yr for CNYA. At a correlation of -0.70, they often move in opposite directions. 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 13.64% return, which is significantly higher than CNYA's 9.30% return.
FXP
- 1D
- 4.65%
- 1M
- 5.53%
- YTD
- 13.64%
- 6M
- 16.82%
- 1Y
- -6.43%
- 3Y*
- -30.22%
- 5Y*
- -16.52%
- 10Y*
- -23.04%
CNYA
- 1D
- 0.04%
- 1M
- 2.34%
- YTD
- 9.30%
- 6M
- 13.79%
- 1Y
- 37.95%
- 3Y*
- 11.00%
- 5Y*
- -1.06%
- 10Y*
- —
FXP vs. CNYA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 13.64% | -45.32% | -52.46% | 12.74% | -11.73% | 23.56% | -39.47% | -29.01% | 12.45% | -49.76% |
CNYA iShares MSCI China A ETF | 9.30% | 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 -0.64, 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 | -0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.70 |
Correlation (All Time) Calculated using the full available price history since Jun 16, 2016 | -0.70 |
The correlation between FXP and CNYA has been stable across timeframes, ranging from -0.70 to -0.64 - a consistent structural relationship.
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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.
| FXP | CNYA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.37 | ||
| Sortino ratioReturn per unit of downside risk | -2.99 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.40 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | 5.02 | -5.26 |
| Martin ratioReturn relative to average drawdown | -0.40 | 14.84 | -15.24 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FXP | CNYA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.16 | 2.20 | -2.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.26 | -0.04 | -0.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.42 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.44 | 0.28 | -0.72 |
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 | -27.21% | -7.59% | -19.62% |
Max Drawdown (3Y)Largest decline over 3 years | -82.34% | -33.35% | -48.99% |
Max Drawdown (5Y)Largest decline over 5 years | -87.85% | -44.70% | -43.15% |
Max Drawdown (10Y)Largest decline over 10 years | -94.71% | — | — |
Current DrawdownCurrent decline from peak | -99.92% | -13.42% | -86.50% |
Average DrawdownAverage peak-to-trough decline | -94.15% | -20.69% | -73.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.66% | 2.56% | +15.10% |
Volatility
FXP vs. CNYA - Volatility Comparison
ProShares UltraShort FTSE China 50 (FXP) has a higher volatility of 15.06% compared to iShares MSCI China A ETF (CNYA) at 6.42%. 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 | 15.06% | 6.42% | +8.64% |
Volatility (6M)Calculated over the trailing 6-month period | 28.87% | 12.30% | +16.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.29% | 17.32% | +21.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.12% | 23.81% | +39.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.91% | 23.56% | +31.35% |
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 4.12%, more than CNYA's 1.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
CNYA iShares MSCI China A ETF | 1.75% | 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 | 4.12% | 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 -0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXP has higher volatility (15.06%) compared to CNYA (6.42%). In terms of maximum drawdown, FXP dropped -99.94% vs CNYA's -49.49%.
On 5-year performance, CNYA leads with -1.06% vs -16.52% for FXP. On fees, CNYA is cheaper at 0.60% per year. On volatility, CNYA has been the lower-risk option at 6.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, CNYA has performed better with a -1.06% return vs -16.52%. 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 4.12%, compared with 1.75% for CNYA.
FXP is categorized as Leveraged Equities, while CNYA is China Equities. 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 (2.20 vs -0.16), 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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