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 -21.61%/yr vs 10.04%/yr for FNDE. At a correlation of -0.77, they often move in opposite directions. FXP charges 0.95%/yr vs 0.39%/yr for FNDE.
Performance
FXP vs. FNDE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FXP achieves a 18.47% return, which is significantly higher than FNDE's 13.31% return. Over the past 10 years, FXP has underperformed FNDE with an annualized return of -21.61%, while FNDE has yielded a comparatively higher 10.04% annualized return.
FXP
- 1D
- -3.86%
- 1M
- 3.05%
- 6M
- 30.45%
- YTD
- 18.47%
- 1Y
- 11.32%
- 3Y*
- -27.15%
- 5Y*
- -17.15%
- 10Y*
- -21.61%
FNDE
- 1D
- 0.57%
- 1M
- -1.71%
- 6M
- 7.89%
- YTD
- 13.31%
- 1Y
- 26.74%
- 3Y*
- 19.15%
- 5Y*
- 10.20%
- 10Y*
- 10.04%
FXP vs. FNDE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 18.47% | -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 | 13.31% | 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 -0.72, 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 | -0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.78 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 2013 | -0.77 |
The correlation between FXP and FNDE has been stable across timeframes, ranging from -0.79 to -0.72 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | -1.40 | ||
| Sortino ratioReturn per unit of downside risk | -1.59 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.31 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 0.52 | 2.63 | -2.11 |
| Martin ratioReturn relative to average drawdown | 0.95 | 8.52 | -7.58 |
Loading charts...
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.
Loading charts...
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 | -21.99% | -10.23% | -11.76% |
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 | -93.71% | -39.93% | -53.78% |
Current DrawdownCurrent decline from peak | -99.91% | -3.52% | -96.39% |
Average DrawdownAverage peak-to-trough decline | -94.16% | -11.65% | -82.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.99% | 3.14% | +8.85% |
Volatility
FXP vs. FNDE - Volatility Comparison
ProShares UltraShort FTSE China 50 (FXP) has a higher volatility of 13.69% compared to Schwab Fundamental Emerging Markets Equity ETF (FNDE) at 5.15%. 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.
Loading charts...
Volatility by Period
| FXP | FNDE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.69% | 5.15% | +8.54% |
Volatility (6M)Calculated over the trailing 6-month period | 29.20% | 13.60% | +15.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.34% | 15.99% | +24.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.18% | 17.10% | +46.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.77% | 19.13% | +35.64% |
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 3.04%, less than FNDE's 3.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FNDE Schwab Fundamental Emerging Markets Equity ETF | 3.65% | 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 | 3.04% | 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 -0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXP has higher volatility (13.69%) compared to FNDE (5.15%). In terms of maximum drawdown, FXP dropped -99.94% vs FNDE's -43.55%.
On 10-year performance, FNDE leads with 10.04% vs -21.61% for FXP. On fees, FNDE is cheaper at 0.39% per year. On volatility, FNDE has been the lower-risk option at 5.15%. 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 10.04% return vs -21.61%. 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 3.65%, compared with 3.04% 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 (1.68 vs 0.28), 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.
Find the right allocation for FXP and FNDE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer