FXP vs. IQQQ

Last updated Jun 25, 2026

FXP (ProShares UltraShort FTSE China 50) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - FXP is a Leveraged Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-200%), while IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index. Both are passively managed. Over the past year, FXP returned 21.62% vs 28.55% for IQQQ. At a correlation of -0.36, they often move in opposite directions. FXP charges 0.95%/yr vs 0.55%/yr for IQQQ.

Performance

FXP vs. IQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort FTSE China 50 (FXP) and ProShares Nasdaq-100 High Income ETF (IQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXP achieves a 33.85% return, which is significantly higher than IQQQ's 12.97% return.

FXP

• 1D: 2.52%
• 1M: 17.58%
• YTD: 33.85%
• 6M: 35.70%
• 1Y: 21.62%
• 3Y*: -26.91%
• 5Y*: -13.32%
• 10Y*: -22.09%

IQQQ

• 1D: -0.63%
• 1M: -1.33%
• YTD: 12.97%
• 6M: 11.32%
• 1Y: 28.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FXP vs. IQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FXP ProShares UltraShort FTSE China 50	33.85%	-45.32%	-50.81%
IQQQ ProShares Nasdaq-100 High Income ETF	12.97%	17.11%	14.82%

Correlation

The correlation between FXP and IQQQ is -0.43, 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	-0.43
Correlation (All Time) Calculated using the full available price history since Mar 20, 2024	-0.36

Return for Risk

FXP vs. IQQQ — Risk / Return Rank

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

FXP

FXP Risk / Return Rank: 19
FXP Sharpe Ratio Rank: 18
FXP Sortino Ratio Rank: 20
FXP Omega Ratio Rank: 19
FXP Calmar Ratio Rank: 21
FXP Martin Ratio Rank: 17

IQQQ

IQQQ Risk / Return Rank: 54
IQQQ Sharpe Ratio Rank: 55
IQQQ Sortino Ratio Rank: 50
IQQQ Omega Ratio Rank: 51
IQQQ Calmar Ratio Rank: 58
IQQQ Martin Ratio Rank: 55

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. IQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE China 50 (FXP) and ProShares Nasdaq-100 High Income ETF (IQQQ). 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	IQQQ	Difference
Sharpe ratio: Return per unit of total volatility	0.55	1.69	-1.14
Sortino ratio: Return per unit of downside risk	1.02	2.22	-1.20
Omega ratio: Gain probability vs. loss probability	1.12	1.29	-0.17
Calmar ratio: Return relative to maximum drawdown	0.88	2.58	-1.70
Martin ratio: Return relative to average drawdown	1.54	8.79	-7.25

FXP vs. IQQQ - Sharpe Ratio Comparison

The current FXP Sharpe Ratio is 0.55, which is lower than the IQQQ Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of FXP and IQQQ, 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. IQQQ - Drawdown Comparison

The maximum FXP drawdown since its inception was -99.94%, which is greater than IQQQ's maximum drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for FXP and IQQQ.

Drawdown Indicators

	FXP	IQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-99.94%	-20.41%	-79.53%
Max Drawdown (1Y) Largest decline over 1 year	-24.73%	-11.13%	-13.60%
Max Drawdown (3Y) Largest decline over 3 years	-82.34%	—	—
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	-99.90%	-5.13%	-94.77%
Average Drawdown Average peak-to-trough decline	-94.15%	-3.63%	-90.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.07%	3.25%	+10.82%

Volatility

FXP vs. IQQQ - Volatility Comparison

ProShares UltraShort FTSE China 50 (FXP) has a higher volatility of 12.30% compared to ProShares Nasdaq-100 High Income ETF (IQQQ) at 8.33%. This indicates that FXP's price experiences larger fluctuations and is considered to be riskier than IQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXP	IQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.30%	8.33%	+3.97%
Volatility (6M) Calculated over the trailing 6-month period	29.50%	13.55%	+15.95%
Volatility (1Y) Calculated over the trailing 1-year period	39.64%	17.06%	+22.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.21%	19.07%	+44.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.77%	19.07%	+35.70%

FXP vs. IQQQ - Expense Ratio Comparison

FXP has a 0.95% expense ratio, which is higher than IQQQ's 0.55% expense ratio.

Dividends

FXP vs. IQQQ - Dividend Comparison

FXP's dividend yield for the trailing twelve months is around 3.49%, less than IQQQ's 4.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FXP ProShares UltraShort FTSE China 50	3.49%	9.57%	3.55%	2.20%	0.06%	0.00%	0.06%	1.20%	0.16%
IQQQ ProShares Nasdaq-100 High Income ETF	4.65%	10.34%	7.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FXP and IQQQ in my portfolio?

FXP and IQQQ have a correlation of -0.43, 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 IQQQ?

FXP has higher volatility (12.30%) compared to IQQQ (8.33%). In terms of maximum drawdown, FXP dropped -99.94% vs IQQQ's -20.41%.

Which ETF is better, FXP or IQQQ?

On 1-year performance, IQQQ leads with 28.55% vs 21.62% for FXP. On fees, IQQQ is cheaper at 0.55% per year. On volatility, IQQQ has been the lower-risk option at 8.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXP or IQQQ?

Over the 1-year period, IQQQ has performed better with a 28.55% return vs 21.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXP or IQQQ?

IQQQ is cheaper with a 0.55% expense ratio, compared with 0.95% for FXP.

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

IQQQ has the higher dividend yield at 4.65%, compared with 3.49% for FXP.

What is the main difference between FXP and IQQQ?

FXP is categorized as Leveraged Equities, while IQQQ is Nasdaq-100. FXP tracks FTSE China 50 Net Tax USD (TR) (-200%), while IQQQ tracks Nasdaq-100 Daily Covered Call Index. Their fees differ too: 0.95% for FXP and 0.55% for IQQQ.

Which has better risk-adjusted returns?

IQQQ currently has the higher Sharpe Ratio (1.69 vs 0.55), 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.