FXP vs. KSTR
FXP (ProShares UltraShort FTSE China 50) and KSTR (KraneShares SSE STAR Market 50 Index ETF) are both China Equities funds - FXP tracks the FTSE China 50 Net Tax USD (TR) (-200%) while KSTR tracks the SSE Science and Technology Innovation Board 50 Index. Both are passively managed. Over the past 5 years, FXP returned -21.08%/yr vs -2.88%/yr for KSTR. Their -0.46 correlation means they have often moved in opposite directions in the past. FXP charges 0.95%/yr vs 0.89%/yr for KSTR.
Performance
FXP vs. KSTR - Performance Comparison
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Returns By Period
In the year-to-date period, FXP achieves a 6.18% return, which is significantly lower than KSTR's 27.19% 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%
KSTR
- 1D
- 4.60%
- 1M
- -16.03%
- 6M
- 15.46%
- YTD
- 27.19%
- 1Y
- 65.41%
- 3Y*
- 18.39%
- 5Y*
- -2.88%
- 10Y*
- —
- ALL TIME*
- -0.86%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $103.24K | $95.91K | $96.09K | |
| $30.69M | $26.02M | $20.24M |
FXP vs. KSTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 6.18% | -45.32% | -52.46% | 12.74% | -11.73% | 59.66% |
KSTR KraneShares SSE STAR Market 50 Index ETF | 27.19% | 42.82% | 6.12% | -17.93% | -38.51% | -2.01% |
Correlation
The correlation between FXP and KSTR is -0.38, 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. | -0.38 |
Correlation (3Y) Balances recent behavior with more history. | -0.49 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.45 |
Correlation (All Time) Calculated using the full available price history since Jan 27, 2021 | -0.46 |
The correlation between FXP and KSTR shifts across timeframes, from -0.49 (3 years) to -0.38 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FXP vs. KSTR — Risk / Return Rank
FXP
KSTR
FXP vs. KSTR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE China 50 (FXP) and KraneShares SSE STAR Market 50 Index ETF (KSTR). 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 | KSTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.51 | ||
| Sortino ratioReturn per unit of downside risk | -1.86 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.27 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 2.19 | -2.24 |
| Martin ratioReturn relative to average drawdown | -0.11 | 7.07 | -7.18 |
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Drawdowns
FXP vs. KSTR - Drawdown Comparison
The maximum FXP drawdown since its inception was -99.94%, which is greater than KSTR's maximum drawdown of -66.46%. Use the drawdown chart below to compare losses from any high point for FXP and KSTR.
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Drawdown Indicators
| FXP | KSTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -66.46% | -33.48% |
Max Drawdown (1Y)Largest decline over 1 year | -25.65% | -30.05% | +4.40% |
Max Drawdown (3Y)Largest decline over 3 years | -82.34% | -41.55% | -40.79% |
Max Drawdown (5Y)Largest decline over 5 years | -87.85% | -65.86% | -21.99% |
Max Drawdown (10Y)Largest decline over 10 years | -93.56% | — | — |
Current DrawdownCurrent decline from peak | -99.92% | -26.83% | -73.09% |
Average DrawdownAverage peak-to-trough decline | -94.18% | -37.97% | -56.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.62% | 9.28% | +2.34% |
Volatility
FXP vs. KSTR - Volatility Comparison
The current volatility for ProShares UltraShort FTSE China 50 (FXP) is 10.97%, while KraneShares SSE STAR Market 50 Index ETF (KSTR) has a volatility of 20.78%. This indicates that FXP experiences smaller price fluctuations and is considered to be less risky than KSTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXP | KSTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.97% | 20.78% | -9.81% |
Volatility (6M)Calculated over the trailing 6-month period | 29.41% | 36.50% | -7.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.60% | 44.32% | -3.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.72% | 39.91% | +22.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.81% | 38.91% | +15.90% |
FXP vs. KSTR - Expense Ratio Comparison
FXP has a 0.95% expense ratio, which is higher than KSTR's 0.89% expense ratio.
Dividends
FXP vs. KSTR - Dividend Comparison
FXP's dividend yield for the trailing twelve months is around 3.39%, while KSTR has not paid dividends to shareholders.
| 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% |
KSTR KraneShares SSE STAR Market 50 Index ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXP and KSTR have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KSTR has higher volatility (20.78%) compared to FXP (10.97%). In terms of maximum drawdown, FXP dropped -99.94% vs KSTR's -66.46%.
On 5-year performance, KSTR leads with -2.88% vs -21.08% for FXP. On fees, KSTR is cheaper at 0.89% per year. On volatility, FXP has been the lower-risk option at 10.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, KSTR has performed better with a -2.88% return vs -21.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KSTR is cheaper with a 0.89% expense ratio, compared with 0.95% for FXP.
FXP has the higher dividend yield at 3.39%, compared with 0.00% for KSTR.
FXP tracks FTSE China 50 Net Tax USD (TR) (-200%), while KSTR tracks SSE Science and Technology Innovation Board 50 Index. They also come from different issuers: ProShares and KraneShares. Their fees differ too: 0.95% for FXP and 0.89% for KSTR.
KSTR currently has the higher Sharpe Ratio (1.48 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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