FXP vs. KGRN
FXP (ProShares UltraShort FTSE China 50) and KGRN (KraneShares MSCI China Clean Technology Index ETF) are both China Equities funds - FXP tracks the FTSE China 50 Net Tax USD (TR) (-200%) while KGRN tracks the MSCI China IMI Environment 10/40 Index. Both are passively managed. Over the past 5 years, FXP returned -21.08%/yr vs -11.94%/yr for KGRN. Their -0.69 correlation means they have often moved in opposite directions in the past. FXP charges 0.95%/yr vs 0.79%/yr for KGRN.
Performance
FXP vs. KGRN - 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 KGRN's -9.27% 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%
KGRN
- 1D
- -0.06%
- 1M
- 4.76%
- 6M
- -8.97%
- YTD
- -9.27%
- 1Y
- -9.72%
- 3Y*
- -5.92%
- 5Y*
- -11.94%
- 10Y*
- —
- ALL TIME*
- 1.12%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $103.24K | $95.91K | $96.09K | |
| $520.95K | $418.60K | $467.32K |
FXP vs. KGRN - 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% | -6.91% |
KGRN KraneShares MSCI China Clean Technology Index ETF | -9.27% | 21.45% | -1.11% | -14.75% | -40.45% | 5.91% | 138.49% | 12.12% | -29.32% | -0.37% |
Correlation
The correlation between FXP and KGRN is -0.72, 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. | -0.72 |
Correlation (3Y) Balances recent behavior with more history. | -0.75 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.75 |
Correlation (All Time) Calculated using the full available price history since Oct 13, 2017 | -0.69 |
The correlation between FXP and KGRN has been stable across timeframes, ranging from -0.75 to -0.69 - a consistent structural relationship.
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Return for Risk
FXP vs. KGRN — Risk / Return Rank
FXP
KGRN
FXP vs. KGRN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE China 50 (FXP) and KraneShares MSCI China Clean Technology Index ETF (KGRN). 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 | KGRN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.39 | ||
| Sortino ratioReturn per unit of downside risk | +0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 0.95 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | -0.34 | +0.29 |
| Martin ratioReturn relative to average drawdown | -0.11 | -0.68 | +0.57 |
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Drawdowns
FXP vs. KGRN - Drawdown Comparison
The maximum FXP drawdown since its inception was -99.94%, which is greater than KGRN's maximum drawdown of -66.24%. Use the drawdown chart below to compare losses from any high point for FXP and KGRN.
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Drawdown Indicators
| FXP | KGRN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -66.24% | -33.70% |
Max Drawdown (1Y)Largest decline over 1 year | -25.65% | -28.36% | +2.71% |
Max Drawdown (3Y)Largest decline over 3 years | -82.34% | -40.82% | -41.52% |
Max Drawdown (5Y)Largest decline over 5 years | -87.85% | -63.60% | -24.25% |
Max Drawdown (10Y)Largest decline over 10 years | -93.56% | — | — |
Current DrawdownCurrent decline from peak | -99.92% | -52.49% | -47.43% |
Average DrawdownAverage peak-to-trough decline | -94.18% | -34.30% | -59.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.62% | 14.29% | -2.67% |
Volatility
FXP vs. KGRN - Volatility Comparison
ProShares UltraShort FTSE China 50 (FXP) has a higher volatility of 10.97% compared to KraneShares MSCI China Clean Technology Index ETF (KGRN) at 4.96%. This indicates that FXP's price experiences larger fluctuations and is considered to be riskier than KGRN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXP | KGRN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.97% | 4.96% | +6.01% |
Volatility (6M)Calculated over the trailing 6-month period | 29.41% | 15.45% | +13.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.60% | 23.48% | +17.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.72% | 34.15% | +28.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.81% | 32.67% | +22.14% |
FXP vs. KGRN - Expense Ratio Comparison
FXP has a 0.95% expense ratio, which is higher than KGRN's 0.79% expense ratio.
Dividends
FXP vs. KGRN - Dividend Comparison
FXP's dividend yield for the trailing twelve months is around 3.39%, more than KGRN's 0.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 3.39% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% |
KGRN KraneShares MSCI China Clean Technology Index ETF | 0.94% | 0.85% | 1.49% | 0.74% | 1.98% | 0.41% | 0.01% | 5.88% | 2.04% |
Frequently Asked Questions
FXP and KGRN have a correlation of -0.72, 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 KGRN (4.96%). In terms of maximum drawdown, FXP dropped -99.94% vs KGRN's -66.24%.
On 5-year performance, KGRN leads with -11.94% vs -21.08% for FXP. On fees, KGRN is cheaper at 0.79% per year. On volatility, KGRN has been the lower-risk option at 4.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, KGRN has performed better with a -11.94% return vs -21.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KGRN is cheaper with a 0.79% expense ratio, compared with 0.95% for FXP.
FXP has the higher dividend yield at 3.39%, compared with 0.94% for KGRN.
FXP tracks FTSE China 50 Net Tax USD (TR) (-200%), while KGRN tracks MSCI China IMI Environment 10/40 Index. They also come from different issuers: ProShares and CICC. Their fees differ too: 0.95% for FXP and 0.79% for KGRN.
FXP currently has the higher Sharpe Ratio (-0.03 vs -0.42), 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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