FXP vs. FNILX
FXP (ProShares UltraShort FTSE China 50) and FNILX (Fidelity ZERO Large Cap Index Fund) are both funds - FXP is a China Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-200%), while FNILX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 5 years, FXP returned -21.54%/yr vs 12.36%/yr for FNILX. Their -0.48 correlation means they have often moved in opposite directions in the past. FXP charges 0.95%/yr vs 0.00%/yr for FNILX.
Performance
FXP vs. FNILX - Performance Comparison
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Returns By Period
In the year-to-date period, FXP achieves a 5.19% return, which is significantly lower than FNILX's 9.06% return.
FXP
- 1D
- -0.50%
- 1M
- -24.68%
- 6M
- 13.80%
- YTD
- 5.19%
- 1Y
- -5.35%
- 3Y*
- -27.39%
- 5Y*
- -21.54%
- 10Y*
- -22.63%
- ALL TIME*
- -28.50%
FNILX
- 1D
- 1.68%
- 1M
- -0.67%
- 6M
- 7.78%
- YTD
- 9.06%
- 1Y
- 20.09%
- 3Y*
- 19.19%
- 5Y*
- 12.36%
- 10Y*
- —
- ALL TIME*
- 14.53%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $93.29K | $87.96K | $94.48K |
FXP vs. FNILX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 5.19% | -45.32% | -52.46% | 12.74% | -11.73% | 23.56% | -39.47% | -29.01% | 13.36% |
FNILX Fidelity ZERO Large Cap Index Fund | 9.06% | 17.81% | 25.47% | 27.45% | -19.37% | 26.67% | 21.13% | 31.79% | -13.60% |
Correlation
The correlation between FXP and FNILX is -0.45, 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. | -0.45 |
Correlation (3Y) Balances recent behavior with more history. | -0.37 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.41 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2018 | -0.49 |
The correlation between FXP and FNILX shifts across timeframes, from -0.48 (all time) to -0.37 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
FXP vs. FNILX — Risk / Return Rank
FXP
FNILX
FXP vs. FNILX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE China 50 (FXP) and Fidelity ZERO Large Cap Index Fund (FNILX). 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 | FNILX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.42 | ||
| Sortino ratioReturn per unit of downside risk | -1.70 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.25 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.08 | 1.98 | -2.06 |
| Martin ratioReturn relative to average drawdown | -0.17 | 8.30 | -8.47 |
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Drawdowns
FXP vs. FNILX - Drawdown Comparison
The maximum FXP drawdown since its inception was -99.94%, which is greater than FNILX's maximum drawdown of -33.76%. Use the drawdown chart below to compare losses from any high point for FXP and FNILX.
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Drawdown Indicators
| FXP | FNILX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -33.76% | -66.18% |
Max Drawdown (1Y)Largest decline over 1 year | -25.65% | -9.01% | -16.64% |
Max Drawdown (3Y)Largest decline over 3 years | -82.34% | -19.08% | -63.26% |
Max Drawdown (5Y)Largest decline over 5 years | -87.85% | -25.40% | -62.45% |
Max Drawdown (10Y)Largest decline over 10 years | -93.59% | — | — |
Current DrawdownCurrent decline from peak | -99.92% | -2.24% | -97.68% |
Average DrawdownAverage peak-to-trough decline | -94.18% | -5.30% | -88.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.70% | 2.14% | +10.56% |
Volatility
FXP vs. FNILX - Volatility Comparison
ProShares UltraShort FTSE China 50 (FXP) has a higher volatility of 11.52% compared to Fidelity ZERO Large Cap Index Fund (FNILX) at 3.46%. This indicates that FXP's price experiences larger fluctuations and is considered to be riskier than FNILX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXP | FNILX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.52% | 3.46% | +8.06% |
Volatility (6M)Calculated over the trailing 6-month period | 29.92% | 10.17% | +19.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.77% | 12.97% | +27.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.72% | 17.37% | +45.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.80% | 19.95% | +34.85% |
FXP vs. FNILX - Expense Ratio Comparison
FXP has a 0.95% expense ratio, which is higher than FNILX's 0.00% expense ratio.
Dividends
FXP vs. FNILX - Dividend Comparison
FXP's dividend yield for the trailing twelve months is around 3.42%, more than FNILX's 0.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FNILX Fidelity ZERO Large Cap Index Fund | 0.93% | 1.01% | 1.09% | 1.34% | 1.53% | 0.95% | 1.20% | 1.17% | 0.53% |
FXP ProShares UltraShort FTSE China 50 | 3.42% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% |
Frequently Asked Questions
FXP and FNILX have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXP has higher volatility (11.52%) compared to FNILX (3.46%). In terms of maximum drawdown, FXP dropped -99.94% vs FNILX's -33.76%.
FNILX currently has the higher Sharpe Ratio (1.37 vs -0.05), 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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