FXP vs. KWEB
FXP (ProShares UltraShort FTSE China 50) and KWEB (KraneShares CSI China Internet ETF) are both China Equities funds - FXP tracks the FTSE China 50 Net Tax USD (TR) (-200%) while KWEB tracks the CSI Overseas China Internet Index. Both are passively managed. Over the past 10 years, FXP returned -21.13%/yr vs -0.41%/yr for KWEB. At a correlation of -0.80, they often move in opposite directions. FXP charges 0.95%/yr vs 0.70%/yr for KWEB.
Performance
FXP vs. KWEB - Performance Comparison
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Returns By Period
In the year-to-date period, FXP achieves a 26.04% return, which is significantly higher than KWEB's -22.97% return. Over the past 10 years, FXP has underperformed KWEB with an annualized return of -21.13%, while KWEB has yielded a comparatively higher -0.41% annualized return.
FXP
- 1D
- 0.07%
- 1M
- 9.06%
- 6M
- 42.91%
- YTD
- 26.04%
- 1Y
- 11.22%
- 3Y*
- -25.63%
- 5Y*
- -16.22%
- 10Y*
- -21.13%
KWEB
- 1D
- -0.57%
- 1M
- -0.98%
- 6M
- -30.35%
- YTD
- -22.97%
- 1Y
- -17.81%
- 3Y*
- 0.03%
- 5Y*
- -13.12%
- 10Y*
- -0.41%
FXP vs. KWEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 26.04% | -45.32% | -52.46% | 12.74% | -11.73% | 23.56% | -39.47% | -29.01% | 12.45% | -49.76% |
KWEB KraneShares CSI China Internet ETF | -22.97% | 23.55% | 12.01% | -9.06% | -17.24% | -49.01% | 58.23% | 29.92% | -33.80% | 69.73% |
Correlation
The correlation between FXP and KWEB is -0.90, 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 | -0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.86 |
Correlation (All Time) Calculated using the full available price history since Aug 1, 2013 | -0.80 |
The correlation between FXP and KWEB shifts across timeframes, from -0.93 (5 years) to -0.80 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FXP vs. KWEB — Risk / Return Rank
FXP
KWEB
FXP vs. KWEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE China 50 (FXP) and KraneShares CSI China Internet ETF (KWEB). 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 | KWEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.93 | ||
| Sortino ratioReturn per unit of downside risk | +1.49 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 0.91 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.51 | -0.43 | +0.94 |
| Martin ratioReturn relative to average drawdown | 0.94 | -0.87 | +1.81 |
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Drawdowns
FXP vs. KWEB - Drawdown Comparison
The maximum FXP drawdown since its inception was -99.94%, which is greater than KWEB's maximum drawdown of -80.92%. Use the drawdown chart below to compare losses from any high point for FXP and KWEB.
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Drawdown Indicators
| FXP | KWEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -80.92% | -19.02% |
Max Drawdown (1Y)Largest decline over 1 year | -21.99% | -41.62% | +19.63% |
Max Drawdown (3Y)Largest decline over 3 years | -82.34% | -41.62% | -40.72% |
Max Drawdown (5Y)Largest decline over 5 years | -87.85% | -68.90% | -18.95% |
Max Drawdown (10Y)Largest decline over 10 years | -93.71% | -80.92% | -12.79% |
Current DrawdownCurrent decline from peak | -99.91% | -69.66% | -30.25% |
Average DrawdownAverage peak-to-trough decline | -94.16% | -35.51% | -58.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.15% | 20.57% | -7.42% |
Volatility
FXP vs. KWEB - Volatility Comparison
ProShares UltraShort FTSE China 50 (FXP) has a higher volatility of 12.93% compared to KraneShares CSI China Internet ETF (KWEB) at 7.71%. This indicates that FXP's price experiences larger fluctuations and is considered to be riskier than KWEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXP | KWEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.93% | 7.71% | +5.22% |
Volatility (6M)Calculated over the trailing 6-month period | 29.64% | 20.51% | +9.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.22% | 27.59% | +12.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.15% | 47.58% | +15.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.76% | 40.01% | +14.75% |
FXP vs. KWEB - Expense Ratio Comparison
FXP has a 0.95% expense ratio, which is higher than KWEB's 0.70% expense ratio.
Dividends
FXP vs. KWEB - Dividend Comparison
FXP's dividend yield for the trailing twelve months is around 2.85%, less than KWEB's 7.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 2.85% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% | 0.00% | 0.00% | 0.00% |
KWEB KraneShares CSI China Internet ETF | 7.99% | 6.16% | 3.51% | 1.71% | 0.00% | 7.07% | 0.29% | 0.08% | 3.40% | 0.58% | 1.19% | 0.46% |
Frequently Asked Questions
FXP and KWEB have a correlation of -0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXP has higher volatility (12.93%) compared to KWEB (7.71%). In terms of maximum drawdown, FXP dropped -99.94% vs KWEB's -80.92%.
On 10-year performance, KWEB leads with -0.41% vs -21.13% for FXP. On fees, KWEB is cheaper at 0.70% per year. On volatility, KWEB has been the lower-risk option at 7.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, KWEB has performed better with a -0.41% return vs -21.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KWEB is cheaper with a 0.70% expense ratio, compared with 0.95% for FXP.
KWEB has the higher dividend yield at 7.99%, compared with 2.85% for FXP.
FXP tracks FTSE China 50 Net Tax USD (TR) (-200%), while KWEB tracks CSI Overseas China Internet Index. They also come from different issuers: ProShares and KraneShares. Their fees differ too: 0.95% for FXP and 0.70% for KWEB.
FXP currently has the higher Sharpe Ratio (0.28 vs -0.65), 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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