FXP vs. FXI
FXP (ProShares UltraShort FTSE China 50) and FXI (iShares China Large-Cap ETF) are both exchange-traded funds - FXP is a Leveraged Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-200%), while FXI is a China Equities fund tracking the FTSE China 50 Index. Both are passively managed. Over the past 10 years, FXP returned -22.28%/yr vs 2.55%/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 30.56% return, which is significantly higher than FXI's -13.61% return. Over the past 10 years, FXP has underperformed FXI with an annualized return of -22.28%, while FXI has yielded a comparatively higher 2.55% annualized return.
FXP
- 1D
- 4.04%
- 1M
- 14.69%
- YTD
- 30.56%
- 6M
- 32.48%
- 1Y
- 12.48%
- 3Y*
- -27.51%
- 5Y*
- -14.41%
- 10Y*
- -22.28%
FXI
- 1D
- -1.79%
- 1M
- -6.88%
- YTD
- -13.61%
- 6M
- -14.15%
- 1Y
- -7.33%
- 3Y*
- 9.64%
- 5Y*
- -4.39%
- 10Y*
- 2.55%
FXP vs. FXI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 30.56% | -45.32% | -52.46% | 12.74% | -11.73% | 23.56% | -39.47% | -29.01% | 12.45% | -49.76% |
FXI iShares China Large-Cap ETF | -13.61% | 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 -0.99, 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 | -0.99 |
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 -0.99 - 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 | +0.69 | ||
| Sortino ratioReturn per unit of downside risk | +1.12 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.95 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.51 | -0.37 | +0.88 |
| Martin ratioReturn relative to average drawdown | 0.89 | -0.90 | +1.79 |
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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 | -24.73% | -19.91% | -4.82% |
Max Drawdown (3Y)Largest decline over 3 years | -82.34% | -28.72% | -53.62% |
Max Drawdown (5Y)Largest decline over 5 years | -87.85% | -54.94% | -32.91% |
Max Drawdown (10Y)Largest decline over 10 years | -94.71% | -60.81% | -33.90% |
Current DrawdownCurrent decline from peak | -99.91% | -31.97% | -67.94% |
Average DrawdownAverage peak-to-trough decline | -94.15% | -31.21% | -62.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.56% | 8.13% | +6.43% |
Volatility
FXP vs. FXI - Volatility Comparison
ProShares UltraShort FTSE China 50 (FXP) has a higher volatility of 12.22% compared to iShares China Large-Cap ETF (FXI) at 6.02%. 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 | 12.22% | 6.02% | +6.20% |
Volatility (6M)Calculated over the trailing 6-month period | 29.48% | 14.66% | +14.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.65% | 20.00% | +19.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.21% | 31.72% | +31.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.78% | 27.60% | +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 3.58%, more than FXI's 2.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXI iShares China Large-Cap ETF | 2.07% | 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 | 3.58% | 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 -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXP has higher volatility (12.22%) compared to FXI (6.02%). In terms of maximum drawdown, FXP dropped -99.94% vs FXI's -72.68%.
On 10-year performance, FXI leads with 2.55% vs -22.28% for FXP. On fees, FXI is cheaper at 0.74% per year. On volatility, FXI has been the lower-risk option at 6.02%. 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 2.55% return vs -22.28%. 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 3.58%, compared with 2.07% for FXI.
FXP is categorized as Leveraged Equities, while FXI is China Equities. 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 (0.32 vs -0.37), 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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