FXP vs. FNDE
FXP (ProShares UltraShort FTSE China 50) and FNDE (Schwab Fundamental Emerging Markets Equity ETF) are both exchange-traded funds - FXP is a China Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-200%), while FNDE is a Emerging Markets Equities fund tracking the RAFI Fundamental High Liquidity Emerging Markets Index (Net). Both are passively managed. Over the past 10 years, FXP returned -22.22%/yr vs 9.98%/yr for FNDE. Their -0.77 correlation means they have often moved in opposite directions in the past. FXP charges 0.95%/yr vs 0.39%/yr for FNDE.
Performance
FXP vs. FNDE - 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 FNDE's 16.21% return. Over the past 10 years, FXP has underperformed FNDE with an annualized return of -22.22%, while FNDE has yielded a comparatively higher 9.98% 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%
FNDE
- 1D
- 0.92%
- 1M
- 5.81%
- 6M
- 7.39%
- YTD
- 16.21%
- 1Y
- 29.79%
- 3Y*
- 20.36%
- 5Y*
- 10.67%
- 10Y*
- 9.98%
- ALL TIME*
- 7.27%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $31.25M | $31.29M | $33.84M | |
| $103.24K | $95.91K | $96.09K |
FXP vs. FNDE - 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% |
FNDE Schwab Fundamental Emerging Markets Equity ETF | 16.21% | 29.46% | 12.10% | 14.99% | -15.58% | 14.41% | -2.77% | 19.75% | -10.37% | 26.77% |
Correlation
The correlation between FXP and FNDE is -0.68, 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. | -0.68 |
Correlation (3Y) Balances recent behavior with more history. | -0.78 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.77 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.77 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 2013 | -0.77 |
The correlation between FXP and FNDE shifts across timeframes, from -0.78 (3 years) to -0.68 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FXP vs. FNDE — Risk / Return Rank
FXP
FNDE
FXP vs. FNDE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE China 50 (FXP) and Schwab Fundamental Emerging Markets Equity ETF (FNDE). 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 | FNDE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.89 | ||
| Sortino ratioReturn per unit of downside risk | -2.24 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.34 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 2.93 | -2.98 |
| Martin ratioReturn relative to average drawdown | -0.11 | 9.25 | -9.36 |
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Drawdowns
FXP vs. FNDE - Drawdown Comparison
The maximum FXP drawdown since its inception was -99.94%, which is greater than FNDE's maximum drawdown of -43.55%. Use the drawdown chart below to compare losses from any high point for FXP and FNDE.
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Drawdown Indicators
| FXP | FNDE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -43.55% | -56.39% |
Max Drawdown (1Y)Largest decline over 1 year | -25.65% | -10.23% | -15.42% |
Max Drawdown (3Y)Largest decline over 3 years | -82.34% | -18.40% | -63.94% |
Max Drawdown (5Y)Largest decline over 5 years | -87.85% | -29.44% | -58.41% |
Max Drawdown (10Y)Largest decline over 10 years | -93.56% | -39.93% | -53.63% |
Current DrawdownCurrent decline from peak | -99.92% | -1.05% | -98.87% |
Average DrawdownAverage peak-to-trough decline | -94.18% | -11.61% | -82.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.62% | 3.23% | +8.39% |
Volatility
FXP vs. FNDE - Volatility Comparison
ProShares UltraShort FTSE China 50 (FXP) has a higher volatility of 10.97% compared to Schwab Fundamental Emerging Markets Equity ETF (FNDE) at 4.18%. This indicates that FXP's price experiences larger fluctuations and is considered to be riskier than FNDE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXP | FNDE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.97% | 4.18% | +6.79% |
Volatility (6M)Calculated over the trailing 6-month period | 29.41% | 13.38% | +16.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.60% | 16.13% | +24.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.72% | 17.08% | +45.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.81% | 19.13% | +35.68% |
FXP vs. FNDE - Expense Ratio Comparison
FXP has a 0.95% expense ratio, which is higher than FNDE's 0.39% expense ratio.
Dividends
FXP vs. FNDE - Dividend Comparison
FXP's dividend yield for the trailing twelve months is around 3.39%, less than FNDE's 3.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FNDE Schwab Fundamental Emerging Markets Equity ETF | 3.56% | 4.19% | 4.82% | 4.74% | 5.59% | 4.32% | 2.50% | 3.47% | 2.98% | 2.05% | 1.65% | 2.02% |
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% | 0.00% |
Frequently Asked Questions
FXP and FNDE 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.
FXP has higher volatility (10.97%) compared to FNDE (4.18%). In terms of maximum drawdown, FXP dropped -99.94% vs FNDE's -43.55%.
On 10-year performance, FNDE leads with 9.98% vs -22.22% for FXP. On fees, FNDE is cheaper at 0.39% per year. On volatility, FNDE has been the lower-risk option at 4.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FNDE has performed better with a 9.98% return vs -22.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FNDE is cheaper with a 0.39% expense ratio, compared with 0.95% for FXP.
FNDE has the higher dividend yield at 3.56%, compared with 3.39% for FXP.
FXP is categorized as China Equities, while FNDE is Emerging Markets Equities. FXP tracks FTSE China 50 Net Tax USD (TR) (-200%), while FNDE tracks RAFI Fundamental High Liquidity Emerging Markets Index (Net). They also come from different issuers: ProShares and Charles Schwab. Their fees differ too: 0.95% for FXP and 0.39% for FNDE.
FNDE currently has the higher Sharpe Ratio (1.86 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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