FXP vs. IFED

Last updated Jun 4, 2026

FXP (ProShares UltraShort FTSE China 50) and IFED (ETRACS IFED Invest with the Fed TR Index ETN) are both Leveraged Equities funds - FXP tracks the FTSE China 50 Net Tax USD (TR) (-200%) while IFED tracks the IFED Large-Cap US Equity Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, FXP returned -30.22%/yr vs 16.71%/yr for IFED. At a correlation of -0.36, they often move in opposite directions. FXP charges 0.95%/yr vs 0.45%/yr for IFED.

Performance

FXP vs. IFED - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort FTSE China 50 (FXP) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXP achieves a 13.64% return, which is significantly higher than IFED's -3.52% return.

FXP

• 1D: 4.65%
• 1M: 5.53%
• YTD: 13.64%
• 6M: 16.82%
• 1Y: -6.43%
• 3Y*: -30.22%
• 5Y*: -16.52%
• 10Y*: -23.04%

IFED

• 1D: -1.24%
• 1M: 4.85%
• YTD: -3.52%
• 6M: -3.51%
• 1Y: 1.97%
• 3Y*: 16.71%
• 5Y*: —
• 10Y*: —

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

FXP vs. IFED - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FXP ProShares UltraShort FTSE China 50	13.64%	-45.32%	-52.46%	12.74%	-11.73%	10.61%
IFED ETRACS IFED Invest with the Fed TR Index ETN	-3.52%	15.02%	23.04%	20.78%	-1.46%	8.46%

Correlation

The correlation between FXP and IFED is -0.33, 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	-0.33
Correlation (3Y) Calculated over the trailing 3-year period	-0.30
Correlation (All Time) Calculated using the full available price history since Sep 16, 2021	-0.36

Return for Risk

FXP vs. IFED — Risk / Return Rank

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

FXP

FXP Risk / Return Rank: 7
FXP Sharpe Ratio Rank: 7
FXP Sortino Ratio Rank: 8
FXP Omega Ratio Rank: 8
FXP Calmar Ratio Rank: 7
FXP Martin Ratio Rank: 7

IFED

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

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. IFED - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE China 50 (FXP) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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.

	FXP	IFED	Difference
Sharpe ratio: Return per unit of total volatility	-0.16	0.12	-0.29
Sortino ratio: Return per unit of downside risk	0.04	0.29	-0.26
Omega ratio: Gain probability vs. loss probability	1.00	1.04	-0.03
Calmar ratio: Return relative to maximum drawdown	-0.24	0.14	-0.37
Martin ratio: Return relative to average drawdown	-0.40	0.34	-0.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FXP vs. IFED - Sharpe Ratio Comparison

The current FXP Sharpe Ratio is -0.16, which is lower than the IFED Sharpe Ratio of 0.12. The chart below compares the historical Sharpe Ratios of FXP and IFED, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FXP	IFED	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.16	0.12	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.26	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.42	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.44	0.65	-1.09

Drawdowns

FXP vs. IFED - Drawdown Comparison

The maximum FXP drawdown since its inception was -99.94%, which is greater than IFED's maximum drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for FXP and IFED.

Drawdown Indicators

	FXP	IFED	Difference
Max Drawdown Largest peak-to-trough decline	-99.94%	-22.36%	-77.58%
Max Drawdown (1Y) Largest decline over 1 year	-27.21%	-14.65%	-12.56%
Max Drawdown (3Y) Largest decline over 3 years	-82.34%	-22.36%	-59.98%
Max Drawdown (5Y) Largest decline over 5 years	-87.85%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-94.71%	—	—
Current Drawdown Current decline from peak	-99.92%	-5.50%	-94.42%
Average Drawdown Average peak-to-trough decline	-94.15%	-5.84%	-88.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.66%	5.75%	+11.91%

Volatility

FXP vs. IFED - Volatility Comparison

ProShares UltraShort FTSE China 50 (FXP) has a higher volatility of 15.06% compared to ETRACS IFED Invest with the Fed TR Index ETN (IFED) at 4.50%. This indicates that FXP's price experiences larger fluctuations and is considered to be riskier than IFED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXP	IFED	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.06%	4.50%	+10.56%
Volatility (6M) Calculated over the trailing 6-month period	28.87%	12.86%	+16.01%
Volatility (1Y) Calculated over the trailing 1-year period	39.29%	16.21%	+23.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.12%	19.88%	+43.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.91%	19.88%	+35.03%

FXP vs. IFED - Expense Ratio Comparison

FXP has a 0.95% expense ratio, which is higher than IFED's 0.45% expense ratio.

Dividends

FXP vs. IFED - Dividend Comparison

FXP's dividend yield for the trailing twelve months is around 4.12%, while IFED has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FXP ProShares UltraShort FTSE China 50	4.12%	9.57%	3.55%	2.20%	0.06%	0.00%	0.06%	1.20%	0.16%
IFED ETRACS IFED Invest with the Fed TR Index ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FXP and IFED in my portfolio?

FXP and IFED have a correlation of -0.33, 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 IFED?

FXP has higher volatility (15.06%) compared to IFED (4.50%). In terms of maximum drawdown, FXP dropped -99.94% vs IFED's -22.36%.

Which ETF is better, FXP or IFED?

On 3-year performance, IFED leads with 16.71% vs -30.22% for FXP. On fees, IFED is cheaper at 0.45% per year. On volatility, IFED has been the lower-risk option at 4.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXP or IFED?

Over the 3-year period, IFED has performed better with a 16.71% return vs -30.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXP or IFED?

IFED is cheaper with a 0.45% expense ratio, compared with 0.95% for FXP.

Which ETF pays a higher dividend yield, FXP or IFED?

FXP has the higher dividend yield at 4.12%, compared with 0.00% for IFED.

What is the main difference between FXP and IFED?

FXP tracks FTSE China 50 Net Tax USD (TR) (-200%), while IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross. They also come from different issuers: ProShares and UBS. Their fees differ too: 0.95% for FXP and 0.45% for IFED.

Which has better risk-adjusted returns?

IFED currently has the higher Sharpe Ratio (0.12 vs -0.16), 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.