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 10 years, FXP returned -22.28%/yr vs 6.50%/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 30.56% return, which is significantly higher than CNYA's 8.91% return. Over the past 10 years, FXP has underperformed CNYA with an annualized return of -22.28%, while CNYA has yielded a comparatively higher 6.50% 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%
CNYA
- 1D
- -2.87%
- 1M
- 1.73%
- YTD
- 8.91%
- 6M
- 9.76%
- 1Y
- 36.56%
- 3Y*
- 12.14%
- 5Y*
- -0.49%
- 10Y*
- 6.50%
FXP vs. CNYA - 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% |
CNYA iShares MSCI China A ETF | 8.91% | 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 -0.65, 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 | -0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.70 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.70 |
Correlation (All Time) Calculated using the full available price history since Jun 15, 2016 | -0.70 |
The correlation between FXP and CNYA has been stable across timeframes, ranging from -0.70 to -0.65 - 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.
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 | -1.69 | ||
| Sortino ratioReturn per unit of downside risk | -2.02 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.36 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 0.51 | 4.84 | -4.33 |
| Martin ratioReturn relative to average drawdown | 0.89 | 13.30 | -12.41 |
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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 | -24.73% | -7.59% | -17.14% |
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 | -94.71% | -49.49% | -45.22% |
Current DrawdownCurrent decline from peak | -99.91% | -13.73% | -86.18% |
Average DrawdownAverage peak-to-trough decline | -94.15% | -20.65% | -73.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.56% | 2.76% | +11.80% |
Volatility
FXP vs. CNYA - Volatility Comparison
ProShares UltraShort FTSE China 50 (FXP) has a higher volatility of 12.22% compared to iShares MSCI China A ETF (CNYA) at 7.35%. 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 | 12.22% | 7.35% | +4.87% |
Volatility (6M)Calculated over the trailing 6-month period | 29.48% | 13.56% | +15.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.65% | 18.32% | +21.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.21% | 23.91% | +39.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.78% | 23.52% | +31.26% |
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 3.58%, more than CNYA's 1.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
CNYA iShares MSCI China A ETF | 1.73% | 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 | 3.58% | 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 -0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXP has higher volatility (12.22%) compared to CNYA (7.35%). In terms of maximum drawdown, FXP dropped -99.94% vs CNYA's -49.49%.
On 10-year performance, CNYA leads with 6.50% vs -22.28% for FXP. On fees, CNYA is cheaper at 0.60% per year. On volatility, CNYA has been the lower-risk option at 7.35%. 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 6.50% return vs -22.28%. 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 3.58%, compared with 1.73% 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 (2.00 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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