FXP vs. FLAX
FXP (ProShares UltraShort FTSE China 50) and FLAX (Franklin FTSE Asia ex Japan ETF) are both exchange-traded funds - FXP is a Leveraged Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-200%), while FLAX is a Asia Pacific Equities fund tracking the FTSE Asia ex Japan RIC Capped Index. Both are passively managed. Over the past 5 years, FXP returned -14.41%/yr vs 7.35%/yr for FLAX. At a correlation of -0.83, they often move in opposite directions. FXP charges 0.95%/yr vs 0.19%/yr for FLAX.
Performance
FXP vs. FLAX - 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 FLAX's 24.30% 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%
FLAX
- 1D
- -5.68%
- 1M
- 2.36%
- YTD
- 24.30%
- 6M
- 25.58%
- 1Y
- 48.51%
- 3Y*
- 23.90%
- 5Y*
- 7.35%
- 10Y*
- —
FXP vs. FLAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 30.56% | -45.32% | -52.46% | 12.74% | -11.73% | 23.56% | -39.47% | -29.01% | 25.60% |
FLAX Franklin FTSE Asia ex Japan ETF | 24.30% | 33.72% | 9.82% | 6.27% | -18.88% | -3.54% | 24.17% | 17.19% | -14.34% |
Correlation
The correlation between FXP and FLAX is -0.68, 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 | -0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.83 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2018 | -0.83 |
The correlation between FXP and FLAX shifts across timeframes, from -0.83 (5 years) to -0.68 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FXP vs. FLAX — Risk / Return Rank
FXP
FLAX
FXP vs. FLAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE China 50 (FXP) and Franklin FTSE Asia ex Japan ETF (FLAX). 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 | FLAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.90 | ||
| Sortino ratioReturn per unit of downside risk | -2.11 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.43 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | 0.51 | 3.75 | -3.25 |
| Martin ratioReturn relative to average drawdown | 0.89 | 13.91 | -13.02 |
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Drawdowns
FXP vs. FLAX - Drawdown Comparison
The maximum FXP drawdown since its inception was -99.94%, which is greater than FLAX's maximum drawdown of -42.51%. Use the drawdown chart below to compare losses from any high point for FXP and FLAX.
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Drawdown Indicators
| FXP | FLAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -42.51% | -57.43% |
Max Drawdown (1Y)Largest decline over 1 year | -24.73% | -12.99% | -11.74% |
Max Drawdown (3Y)Largest decline over 3 years | -82.34% | -19.29% | -63.05% |
Max Drawdown (5Y)Largest decline over 5 years | -87.85% | -38.64% | -49.21% |
Max Drawdown (10Y)Largest decline over 10 years | -94.71% | — | — |
Current DrawdownCurrent decline from peak | -99.91% | -5.68% | -94.23% |
Average DrawdownAverage peak-to-trough decline | -94.15% | -15.34% | -78.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.56% | 3.50% | +11.06% |
Volatility
FXP vs. FLAX - Volatility Comparison
ProShares UltraShort FTSE China 50 (FXP) and Franklin FTSE Asia ex Japan ETF (FLAX) have volatilities of 12.22% and 12.58%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXP | FLAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.22% | 12.58% | -0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 29.48% | 19.97% | +9.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.65% | 22.02% | +17.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.21% | 19.66% | +43.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.78% | 20.26% | +34.52% |
FXP vs. FLAX - Expense Ratio Comparison
FXP has a 0.95% expense ratio, which is higher than FLAX's 0.19% expense ratio.
Dividends
FXP vs. FLAX - Dividend Comparison
FXP's dividend yield for the trailing twelve months is around 3.58%, more than FLAX's 1.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FLAX Franklin FTSE Asia ex Japan ETF | 1.46% | 2.37% | 3.12% | 2.20% | 2.86% | 2.38% | 1.57% | 2.23% | 2.35% |
FXP ProShares UltraShort FTSE China 50 | 3.58% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% |
Frequently Asked Questions
FXP and FLAX have a correlation of -0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLAX has higher volatility (12.58%) compared to FXP (12.22%). In terms of maximum drawdown, FXP dropped -99.94% vs FLAX's -42.51%.
On 5-year performance, FLAX leads with 7.35% vs -14.41% for FXP. On fees, FLAX is cheaper at 0.19% per year. On volatility, FXP has been the lower-risk option at 12.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FLAX has performed better with a 7.35% return vs -14.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLAX is cheaper with a 0.19% expense ratio, compared with 0.95% for FXP.
FXP has the higher dividend yield at 3.58%, compared with 1.46% for FLAX.
FXP is categorized as Leveraged Equities, while FLAX is Asia Pacific Equities. FXP tracks FTSE China 50 Net Tax USD (TR) (-200%), while FLAX tracks FTSE Asia ex Japan RIC Capped Index. They also come from different issuers: ProShares and Franklin Templeton. Their fees differ too: 0.95% for FXP and 0.19% for FLAX.
FLAX currently has the higher Sharpe Ratio (2.21 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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