FXP vs. FXI
FXP (ProShares UltraShort FTSE China 50) and FXI (iShares China Large-Cap ETF) are both China Equities funds - FXP tracks the FTSE China 50 Net Tax USD (TR) (-200%) while FXI tracks the FTSE China 50 Index. Both are passively managed. Over the past 10 years, FXP returned -21.13%/yr vs 1.84%/yr for FXI. At a correlation of -0.99, they often move in opposite directions. FXP charges 0.95%/yr vs 0.74%/yr for FXI.
Performance
FXP vs. FXI - Performance Comparison
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Returns By Period
In the year-to-date period, FXP achieves a 26.04% return, which is significantly higher than FXI's -12.01% return. Over the past 10 years, FXP has underperformed FXI with an annualized return of -21.13%, while FXI has yielded a comparatively higher 1.84% annualized return.
FXP
- 1D
- 0.07%
- 1M
- 9.06%
- 6M
- 42.91%
- YTD
- 26.04%
- 1Y
- 11.22%
- 3Y*
- -25.63%
- 5Y*
- -16.22%
- 10Y*
- -21.13%
FXI
- 1D
- -0.12%
- 1M
- -4.53%
- 6M
- -17.10%
- YTD
- -12.01%
- 1Y
- -6.64%
- 3Y*
- 8.44%
- 5Y*
- -3.22%
- 10Y*
- 1.84%
FXP vs. FXI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 26.04% | -45.32% | -52.46% | 12.74% | -11.73% | 23.56% | -39.47% | -29.01% | 12.45% | -49.76% |
FXI iShares China Large-Cap ETF | -12.01% | 28.95% | 28.98% | -12.42% | -20.66% | -20.06% | 8.92% | 14.90% | -13.28% | 36.26% |
Correlation
The correlation between FXP and FXI is -0.98, 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 | -0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -1.00 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2007 | -0.99 |
The correlation between FXP and FXI has been stable across timeframes, ranging from -1.00 to -0.98 - a consistent structural relationship.
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Return for Risk
FXP vs. FXI — Risk / Return Rank
FXP
FXI
FXP vs. FXI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE China 50 (FXP) and iShares China Large-Cap ETF (FXI). 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 | FXI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +1.02 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 0.96 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.51 | -0.29 | +0.80 |
| Martin ratioReturn relative to average drawdown | 0.94 | -0.71 | +1.65 |
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Drawdowns
FXP vs. FXI - Drawdown Comparison
The maximum FXP drawdown since its inception was -99.94%, which is greater than FXI's maximum drawdown of -72.68%. Use the drawdown chart below to compare losses from any high point for FXP and FXI.
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Drawdown Indicators
| FXP | FXI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -72.68% | -27.26% |
Max Drawdown (1Y)Largest decline over 1 year | -21.99% | -22.94% | +0.95% |
Max Drawdown (3Y)Largest decline over 3 years | -82.34% | -28.72% | -53.62% |
Max Drawdown (5Y)Largest decline over 5 years | -87.85% | -52.44% | -35.41% |
Max Drawdown (10Y)Largest decline over 10 years | -93.71% | -60.81% | -32.90% |
Current DrawdownCurrent decline from peak | -99.91% | -30.71% | -69.20% |
Average DrawdownAverage peak-to-trough decline | -94.16% | -31.22% | -62.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.15% | 9.41% | +3.74% |
Volatility
FXP vs. FXI - Volatility Comparison
ProShares UltraShort FTSE China 50 (FXP) has a higher volatility of 12.93% compared to iShares China Large-Cap ETF (FXI) at 6.08%. This indicates that FXP's price experiences larger fluctuations and is considered to be riskier than FXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXP | FXI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.93% | 6.08% | +6.85% |
Volatility (6M)Calculated over the trailing 6-month period | 29.64% | 14.55% | +15.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.22% | 20.12% | +20.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.15% | 31.67% | +31.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.76% | 27.58% | +27.18% |
FXP vs. FXI - Expense Ratio Comparison
FXP has a 0.95% expense ratio, which is higher than FXI's 0.74% expense ratio.
Dividends
FXP vs. FXI - Dividend Comparison
FXP's dividend yield for the trailing twelve months is around 2.85%, more than FXI's 2.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXI iShares China Large-Cap ETF | 2.03% | 2.42% | 1.76% | 3.17% | 2.61% | 1.60% | 2.19% | 2.74% | 2.69% | 2.31% | 2.69% | 2.90% |
FXP ProShares UltraShort FTSE China 50 | 2.85% | 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 FXI have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXP has higher volatility (12.93%) compared to FXI (6.08%). In terms of maximum drawdown, FXP dropped -99.94% vs FXI's -72.68%.
On 10-year performance, FXI leads with 1.84% vs -21.13% for FXP. On fees, FXI is cheaper at 0.74% per year. On volatility, FXI has been the lower-risk option at 6.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FXI has performed better with a 1.84% return vs -21.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXI is cheaper with a 0.74% expense ratio, compared with 0.95% for FXP.
FXP has the higher dividend yield at 2.85%, compared with 2.03% for FXI.
FXP tracks FTSE China 50 Net Tax USD (TR) (-200%), while FXI tracks FTSE China 50 Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for FXP and 0.74% for FXI.
FXP currently has the higher Sharpe Ratio (0.28 vs -0.33), 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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