FXP vs. FNILX

Last updated Jun 23, 2026

FXP (ProShares UltraShort FTSE China 50) and FNILX (Fidelity ZERO Large Cap Index Fund) are both funds - FXP is a Leveraged 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 -15.42%/yr vs 13.82%/yr for FNILX. At a correlation of -0.49, they often move in opposite directions. FXP charges 0.95%/yr vs 0.00%/yr for FNILX.

Performance

FXP vs. FNILX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort FTSE China 50 (FXP) and Fidelity ZERO Large Cap Index Fund (FNILX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXP achieves a 25.49% return, which is significantly higher than FNILX's 10.04% return.

FXP

• 1D: -1.45%
• 1M: 10.24%
• YTD: 25.49%
• 6M: 28.11%
• 1Y: 5.38%
• 3Y*: -28.47%
• 5Y*: -15.42%
• 10Y*: -22.59%

FNILX

• 1D: 1.13%
• 1M: 0.71%
• YTD: 10.04%
• 6M: 9.55%
• 1Y: 26.85%
• 3Y*: 21.23%
• 5Y*: 13.82%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FXP vs. FNILX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FXP ProShares UltraShort FTSE China 50	25.49%	-45.32%	-52.46%	12.74%	-11.73%	23.56%	-39.47%	-29.01%	13.36%
FNILX Fidelity ZERO Large Cap Index Fund	10.04%	17.81%	25.47%	27.45%	-19.37%	26.67%	21.13%	31.79%	-13.60%

Correlation

The correlation between FXP and FNILX is -0.46, 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	-0.46
Correlation (3Y) Calculated over the trailing 3-year period	-0.38
Correlation (5Y) Calculated over the trailing 5-year 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 -0.49 (all time) to -0.38 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FXP vs. FNILX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FXP

FXP Risk / Return Rank: 11
FXP Sharpe Ratio Rank: 10
FXP Sortino Ratio Rank: 11
FXP Omega Ratio Rank: 11
FXP Calmar Ratio Rank: 11
FXP Martin Ratio Rank: 10

FNILX

FNILX Risk / Return Rank: 63
FNILX Sharpe Ratio Rank: 61
FNILX Sortino Ratio Rank: 55
FNILX Omega Ratio Rank: 57
FNILX Calmar Ratio Rank: 65
FNILX Martin Ratio Rank: 74

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. 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 ratio: Return per unit of total volatility	0.14	2.12	-1.98
Sortino ratio: Return per unit of downside risk	0.48	2.86	-2.38
Omega ratio: Gain probability vs. loss probability	1.06	1.38	-0.33
Calmar ratio: Return relative to maximum drawdown	0.21	2.96	-2.75
Martin ratio: Return relative to average drawdown	0.37	13.10	-12.73

FXP vs. FNILX - Sharpe Ratio Comparison

The current FXP Sharpe Ratio is 0.14, which is lower than the FNILX Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of FXP and FNILX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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.

Drawdown Indicators

	FXP	FNILX	Difference
Max Drawdown Largest peak-to-trough decline	-99.94%	-33.76%	-66.18%
Max Drawdown (1Y) Largest decline over 1 year	-25.31%	-9.01%	-16.30%
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	-94.71%	—	—
Current Drawdown Current decline from peak	-99.91%	-1.36%	-98.55%
Average Drawdown Average peak-to-trough decline	-94.15%	-5.35%	-88.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.19%	2.03%	+14.16%

Volatility

FXP vs. FNILX - Volatility Comparison

ProShares UltraShort FTSE China 50 (FXP) has a higher volatility of 11.82% compared to Fidelity ZERO Large Cap Index Fund (FNILX) at 4.91%. 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.

Volatility by Period

	FXP	FNILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.82%	4.91%	+6.91%
Volatility (6M) Calculated over the trailing 6-month period	29.30%	9.97%	+19.33%
Volatility (1Y) Calculated over the trailing 1-year period	39.53%	12.58%	+26.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.19%	17.35%	+45.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.90%	20.04%	+34.86%

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 3.73%, more than FNILX's 0.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FNILX Fidelity ZERO Large Cap Index Fund	0.92%	1.01%	1.09%	1.34%	1.53%	0.95%	1.20%	1.17%	0.53%
FXP ProShares UltraShort FTSE China 50	3.73%	9.57%	3.55%	2.20%	0.06%	0.00%	0.06%	1.20%	0.16%

Frequently Asked Questions

Can I hold both FXP and FNILX in my portfolio?

FXP and FNILX have a correlation of -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXP or FNILX?

FXP has higher volatility (11.82%) compared to FNILX (4.91%). In terms of maximum drawdown, FXP dropped -99.94% vs FNILX's -33.76%.

Which has better risk-adjusted returns?

FNILX currently has the higher Sharpe Ratio (2.12 vs 0.14), 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.