FXP vs. DRGN
FXP (ProShares UltraShort FTSE China 50) and DRGN (Themes China Generative Artificial Intelligence ETF) are both exchange-traded funds - FXP is a China Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-200%), while DRGN is a Artificial Intelligence fund tracking the BITA China Generative AI Select Index. Both are passively managed. Over the past year, FXP returned -1.26% vs 37.74% for DRGN. Their -0.52 correlation means they have often moved in opposite directions in the past. FXP charges 0.95%/yr vs 0.39%/yr for DRGN.
Performance
FXP vs. DRGN - 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 DRGN's 13.71% 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%
DRGN
- 1D
- 4.60%
- 1M
- 4.46%
- 6M
- 5.58%
- YTD
- 13.71%
- 1Y
- 37.74%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 41.66%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $473.92K | $435.90K | $560.91K | |
| $103.24K | $95.91K | $96.09K |
FXP vs. DRGN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 6.18% | -9.83% |
DRGN Themes China Generative Artificial Intelligence ETF | 13.71% | 26.96% |
Correlation
The correlation between FXP and DRGN is -0.53, 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. | -0.53 |
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025 | -0.52 |
The correlation between FXP and DRGN has been stable across timeframes, ranging from -0.53 to -0.52 - a consistent structural relationship.
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Return for Risk
FXP vs. DRGN — Risk / Return Rank
FXP
DRGN
FXP vs. DRGN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE China 50 (FXP) and Themes China Generative Artificial Intelligence ETF (DRGN). 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 | DRGN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.06 | ||
| Sortino ratioReturn per unit of downside risk | -1.36 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.19 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 1.82 | -1.87 |
| Martin ratioReturn relative to average drawdown | -0.11 | 3.61 | -3.72 |
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Drawdowns
FXP vs. DRGN - Drawdown Comparison
The maximum FXP drawdown since its inception was -99.94%, which is greater than DRGN's maximum drawdown of -20.86%. Use the drawdown chart below to compare losses from any high point for FXP and DRGN.
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Drawdown Indicators
| FXP | DRGN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -20.86% | -79.08% |
Max Drawdown (1Y)Largest decline over 1 year | -25.65% | -20.86% | -4.79% |
Max Drawdown (3Y)Largest decline over 3 years | -82.34% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -87.85% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -93.56% | — | — |
Current DrawdownCurrent decline from peak | -99.92% | -9.32% | -90.60% |
Average DrawdownAverage peak-to-trough decline | -94.18% | -8.41% | -85.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.62% | 10.47% | +1.15% |
Volatility
FXP vs. DRGN - Volatility Comparison
The current volatility for ProShares UltraShort FTSE China 50 (FXP) is 10.97%, while Themes China Generative Artificial Intelligence ETF (DRGN) has a volatility of 12.67%. This indicates that FXP experiences smaller price fluctuations and is considered to be less risky than DRGN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXP | DRGN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.97% | 12.67% | -1.70% |
Volatility (6M)Calculated over the trailing 6-month period | 29.41% | 26.15% | +3.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.60% | 36.79% | +3.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.72% | 36.16% | +26.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.81% | 36.16% | +18.65% |
FXP vs. DRGN - Expense Ratio Comparison
FXP has a 0.95% expense ratio, which is higher than DRGN's 0.39% expense ratio.
Dividends
FXP vs. DRGN - Dividend Comparison
FXP's dividend yield for the trailing twelve months is around 3.39%, more than DRGN's 1.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DRGN Themes China Generative Artificial Intelligence ETF | 1.07% | 1.22% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FXP ProShares UltraShort FTSE China 50 | 3.39% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% |
Frequently Asked Questions
FXP and DRGN have a correlation of -0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DRGN has higher volatility (12.67%) compared to FXP (10.97%). In terms of maximum drawdown, FXP dropped -99.94% vs DRGN's -20.86%.
On 1-year performance, DRGN leads with 37.74% vs -1.26% for FXP. On fees, DRGN is cheaper at 0.39% 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 1-year period, DRGN has performed better with a 37.74% return vs -1.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DRGN is cheaper with a 0.39% expense ratio, compared with 0.95% for FXP.
FXP has the higher dividend yield at 3.39%, compared with 1.07% for DRGN.
FXP is categorized as China Equities, while DRGN is Artificial Intelligence. FXP tracks FTSE China 50 Net Tax USD (TR) (-200%), while DRGN tracks BITA China Generative AI Select Index. They also come from different issuers: ProShares and Themes. Their fees differ too: 0.95% for FXP and 0.39% for DRGN.
DRGN currently has the higher Sharpe Ratio (1.03 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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