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FXP vs. FNDE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FXP vs. FNDE

Last updated Jun 4, 2026

FXP (ProShares UltraShort FTSE China 50) and FNDE (Schwab Fundamental Emerging Markets Large Company Index ETF) are both exchange-traded funds - FXP is a Leveraged Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-200%), while FNDE is a Emerging Markets Equities fund tracking the Russell Fundamental Emerging Markets Large Company Index. Both are passively managed. Over the past 10 years, FXP returned -23.04%/yr vs 11.28%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort FTSE China 50 (FXP) and Schwab Fundamental Emerging Markets Large Company Index ETF (FNDE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FXP achieves a 13.64% return, which is significantly lower than FNDE's 15.56% return. Over the past 10 years, FXP has underperformed FNDE with an annualized return of -23.04%, while FNDE has yielded a comparatively higher 11.28% annualized return.

FXP

1D
4.65%
1M
5.53%
YTD
13.64%
6M
16.82%
1Y
-6.43%
3Y*
-30.22%
5Y*
-16.52%
10Y*
-23.04%

FNDE

1D
-1.61%
1M
3.09%
YTD
15.56%
6M
16.15%
1Y
36.88%
3Y*
21.61%
5Y*
9.57%
10Y*
11.28%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FXP vs. FNDE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FXP
ProShares UltraShort FTSE China 50		13.64%-45.32%-52.46%12.74%-11.73%23.56%-39.47%-29.01%12.45%-49.76%
FNDE
Schwab Fundamental Emerging Markets Large Company Index ETF		15.56%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 -0.74, 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

-0.74

Correlation (3Y)
Calculated over the trailing 3-year period

-0.81

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 16, 2013

-0.77

The correlation between FXP and FNDE has been stable across timeframes, ranging from -0.81 to -0.74 - 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.

ProShares UltraShort FTSE China 50

Schwab Fundamental Emerging Markets Large Company Index ETF

Often compared with FXP:
FXP vs. YXIFXP vs. FXIFXP vs. YANGFXP vs. KLIPFXP vs. FNILXFXP vs. RLBGXFXP vs. CQQQ
Often compared with FNDE:
FNDE vs. SCHEFNDE vs. VWOFNDE vs. AVEMFNDE vs. AVESFNDE vs. DEMFNDE vs. SCHFFNDE vs. DFEVX

Return for Risk

FXP vs. FNDE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FXP
FXP Risk / Return Rank: 77
Overall Rank
FXP Sharpe Ratio Rank: 77
Sharpe Ratio Rank
FXP Sortino Ratio Rank: 88
Sortino Ratio Rank
FXP Omega Ratio Rank: 88
Omega Ratio Rank
FXP Calmar Ratio Rank: 77
Calmar Ratio Rank
FXP Martin Ratio Rank: 77
Martin Ratio Rank
FNDE
FNDE Risk / Return Rank: 7272
Overall Rank
FNDE Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
FNDE Sortino Ratio Rank: 7171
Sortino Ratio Rank
FNDE Omega Ratio Rank: 7474
Omega Ratio Rank
FNDE Calmar Ratio Rank: 7272
Calmar Ratio Rank
FNDE Martin Ratio Rank: 7272
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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 Large Company Index 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.

FXPFNDEDifference
Sharpe ratioReturn per unit of total volatility
-0.16
2.47

-2.64

Sortino ratioReturn per unit of downside risk
0.04
3.28

-3.24

Omega ratioGain probability vs. loss probability

1.00

1.45

-0.44

Calmar ratioReturn relative to maximum drawdown

-0.24

3.62

-3.86

Martin ratioReturn relative to average drawdown

-0.40

13.71

-14.11

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FXP vs. FNDE - Sharpe Ratio Comparison

The current FXP Sharpe Ratio is -0.16, which is lower than the FNDE Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of FXP and FNDE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

FXPFNDEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.16

2.47

-2.64

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.26

0.57

-0.83

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.42

0.59

-1.01

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.44

0.38

-0.82

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

FXPFNDEDifference

Max Drawdown

Largest peak-to-trough decline

-99.94%

-43.55%

-56.39%

Max Drawdown (1Y)

Largest decline over 1 year

-27.21%

-10.23%

-16.98%

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

-94.71%

-39.93%

-54.78%

Current Drawdown

Current decline from peak

-99.92%

-1.61%

-98.31%

Average Drawdown

Average peak-to-trough decline

-94.15%

-11.71%

-82.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

17.66%

2.70%

+14.96%

Volatility

FXP vs. FNDE - Volatility Comparison

ProShares UltraShort FTSE China 50 (FXP) has a higher volatility of 15.06% compared to Schwab Fundamental Emerging Markets Large Company Index ETF (FNDE) at 5.34%. 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

FXPFNDEDifference

Volatility (1M)

Calculated over the trailing 1-month period

15.06%

5.34%

+9.72%

Volatility (6M)

Calculated over the trailing 6-month period

28.87%

12.30%

+16.57%

Volatility (1Y)

Calculated over the trailing 1-year period

39.29%

15.00%

+24.29%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

63.12%

16.91%

+46.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

54.91%

19.30%

+35.61%

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 4.12%, more than FNDE's 3.62% yield.

PositionTTM20252024202320222021202020192018201720162015
FNDE
Schwab Fundamental Emerging Markets Large Company Index ETF		3.62%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		4.12%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 -0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FXP has higher volatility (15.06%) compared to FNDE (5.34%). In terms of maximum drawdown, FXP dropped -99.94% vs FNDE's -43.55%.

On 10-year performance, FNDE leads with 11.28% vs -23.04% for FXP. On fees, FNDE is cheaper at 0.39% per year. On volatility, FNDE has been the lower-risk option at 5.34%. 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 11.28% return vs -23.04%. 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.

FXP has the higher dividend yield at 4.12%, compared with 3.62% for FNDE.

FXP is categorized as Leveraged Equities, while FNDE is Emerging Markets Equities. FXP tracks FTSE China 50 Net Tax USD (TR) (-200%), while FNDE tracks Russell Fundamental Emerging Markets Large Company Index. 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 (2.47 vs -0.16), 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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