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 -17.15%/yr vs -11.43%/yr for KGRN. At a correlation of -0.69, they often move in opposite directions. 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 18.47% return, which is significantly higher than KGRN's -12.09% return.
FXP
- 1D
- -3.86%
- 1M
- 3.05%
- 6M
- 30.45%
- YTD
- 18.47%
- 1Y
- 11.32%
- 3Y*
- -27.15%
- 5Y*
- -17.15%
- 10Y*
- -21.61%
KGRN
- 1D
- 1.16%
- 1M
- -7.68%
- 6M
- -15.14%
- YTD
- -12.09%
- 1Y
- -13.95%
- 3Y*
- -4.28%
- 5Y*
- -11.43%
- 10Y*
- —
FXP vs. KGRN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 18.47% | -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 | -12.09% | 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 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 | -0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.76 |
Correlation (5Y) Calculated over the trailing 5-year 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 -0.76 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 | +0.88 | ||
| Sortino ratioReturn per unit of downside risk | +1.39 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 0.92 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.52 | -0.49 | +1.01 |
| Martin ratioReturn relative to average drawdown | 0.95 | -1.08 | +2.02 |
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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 | -21.99% | -28.36% | +6.37% |
Max Drawdown (3Y)Largest decline over 3 years | -82.34% | -42.19% | -40.15% |
Max Drawdown (5Y)Largest decline over 5 years | -87.85% | -63.60% | -24.25% |
Max Drawdown (10Y)Largest decline over 10 years | -93.71% | — | — |
Current DrawdownCurrent decline from peak | -99.91% | -53.97% | -45.94% |
Average DrawdownAverage peak-to-trough decline | -94.16% | -34.17% | -59.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.99% | 12.98% | -0.99% |
Volatility
FXP vs. KGRN - Volatility Comparison
ProShares UltraShort FTSE China 50 (FXP) has a higher volatility of 13.69% compared to KraneShares MSCI China Clean Technology Index ETF (KGRN) at 6.03%. 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 | 13.69% | 6.03% | +7.66% |
Volatility (6M)Calculated over the trailing 6-month period | 29.20% | 15.44% | +13.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.34% | 23.67% | +16.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.18% | 34.61% | +28.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.77% | 32.75% | +22.02% |
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 3.04%, more than KGRN's 0.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 3.04% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% |
KGRN KraneShares MSCI China Clean Technology Index ETF | 0.97% | 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 (13.69%) compared to KGRN (6.03%). In terms of maximum drawdown, FXP dropped -99.94% vs KGRN's -66.24%.
On 5-year performance, KGRN leads with -11.43% vs -17.15% for FXP. On fees, KGRN is cheaper at 0.79% per year. On volatility, KGRN has been the lower-risk option at 6.03%. 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 -11.43% return vs -17.15%. 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 3.04%, compared with 0.97% 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 (0.28 vs -0.59), 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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