FXP vs. GXC
FXP (ProShares UltraShort FTSE China 50) and GXC (SPDR S&P China ETF) are both China Equities funds - FXP tracks the FTSE China 50 Net Tax USD (TR) (-200%) while GXC tracks the S&P China BMI Index. Both are passively managed. Over the past 10 years, FXP returned -22.22%/yr vs 4.52%/yr for GXC. Their -0.96 correlation means they have often moved in opposite directions in the past. FXP charges 0.95%/yr vs 0.59%/yr for GXC.
Performance
FXP vs. GXC - Performance Comparison
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Returns By Period
In the year-to-date period, FXP achieves a 6.18% return, which is significantly higher than GXC's -4.31% return. Over the past 10 years, FXP has underperformed GXC with an annualized return of -22.22%, while GXC has yielded a comparatively higher 4.52% annualized return.
FXP
- 1D
- 0.44%
- 1M
- -23.97%
- 6M
- 9.78%
- YTD
- 6.18%
- 1Y
- -1.26%
- 3Y*
- -27.96%
- 5Y*
- -21.08%
- 10Y*
- -22.22%
- ALL TIME*
- -28.45%
GXC
- 1D
- 0.45%
- 1M
- 6.70%
- 6M
- -7.67%
- YTD
- -4.31%
- 1Y
- 2.37%
- 3Y*
- 8.44%
- 5Y*
- -2.07%
- 10Y*
- 4.52%
- ALL TIME*
- 4.96%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $103.24K | $95.91K | $96.09K | |
| $1.43M | $2.64M | $2.48M |
FXP vs. GXC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 6.18% | -45.32% | -52.46% | 12.74% | -11.73% | 23.56% | -39.47% | -29.01% | 12.45% | -49.76% |
GXC SPDR S&P China ETF | -4.31% | 30.84% | 14.60% | -9.93% | -22.12% | -19.70% | 28.31% | 23.07% | -19.39% | 51.66% |
Correlation
The correlation between FXP and GXC is -0.90, 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. | -0.90 |
Correlation (3Y) Balances recent behavior with more history. | -0.94 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.96 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.95 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2007 | -0.96 |
The correlation between FXP and GXC has been stable across timeframes, ranging from -0.96 to -0.90 - a consistent structural relationship.
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Return for Risk
FXP vs. GXC — Risk / Return Rank
FXP
GXC
FXP vs. GXC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE China 50 (FXP) and SPDR S&P China ETF (GXC). 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 | GXC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.04 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 0.13 | -0.18 |
| Martin ratioReturn relative to average drawdown | -0.11 | 0.28 | -0.39 |
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Drawdowns
FXP vs. GXC - Drawdown Comparison
The maximum FXP drawdown since its inception was -99.94%, which is greater than GXC's maximum drawdown of -71.96%. Use the drawdown chart below to compare losses from any high point for FXP and GXC.
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Drawdown Indicators
| FXP | GXC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -71.96% | -27.98% |
Max Drawdown (1Y)Largest decline over 1 year | -25.65% | -17.77% | -7.88% |
Max Drawdown (3Y)Largest decline over 3 years | -82.34% | -25.54% | -56.80% |
Max Drawdown (5Y)Largest decline over 5 years | -87.85% | -48.78% | -39.07% |
Max Drawdown (10Y)Largest decline over 10 years | -93.56% | -60.23% | -33.33% |
Current DrawdownCurrent decline from peak | -99.92% | -32.38% | -67.54% |
Average DrawdownAverage peak-to-trough decline | -94.18% | -28.86% | -65.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.62% | 8.57% | +3.05% |
Volatility
FXP vs. GXC - Volatility Comparison
ProShares UltraShort FTSE China 50 (FXP) has a higher volatility of 10.97% compared to SPDR S&P China ETF (GXC) at 4.85%. This indicates that FXP's price experiences larger fluctuations and is considered to be riskier than GXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXP | GXC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.97% | 4.85% | +6.12% |
Volatility (6M)Calculated over the trailing 6-month period | 29.41% | 13.69% | +15.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.60% | 19.37% | +21.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.72% | 28.69% | +34.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.81% | 26.06% | +28.75% |
FXP vs. GXC - Expense Ratio Comparison
FXP has a 0.95% expense ratio, which is higher than GXC's 0.59% expense ratio.
Dividends
FXP vs. GXC - Dividend Comparison
FXP's dividend yield for the trailing twelve months is around 3.39%, more than GXC's 2.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 3.39% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% | 0.00% | 0.00% | 0.00% |
GXC SPDR S&P China ETF | 2.16% | 2.40% | 2.81% | 3.70% | 2.67% | 1.35% | 1.04% | 1.60% | 2.03% | 1.84% | 2.05% | 2.85% |
Frequently Asked Questions
FXP and GXC have a correlation of -0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXP has higher volatility (10.97%) compared to GXC (4.85%). In terms of maximum drawdown, FXP dropped -99.94% vs GXC's -71.96%.
On 10-year performance, GXC leads with 4.52% vs -22.22% for FXP. On fees, GXC is cheaper at 0.59% per year. On volatility, GXC has been the lower-risk option at 4.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GXC has performed better with a 4.52% return vs -22.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GXC is cheaper with a 0.59% expense ratio, compared with 0.95% for FXP.
FXP has the higher dividend yield at 3.39%, compared with 2.16% for GXC.
FXP tracks FTSE China 50 Net Tax USD (TR) (-200%), while GXC tracks S&P China BMI Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for FXP and 0.59% for GXC.
GXC currently has the higher Sharpe Ratio (0.12 vs -0.03), 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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