FXP vs. MCHI
FXP (ProShares UltraShort FTSE China 50) and MCHI (iShares MSCI China ETF) are both China Equities funds - FXP tracks the FTSE China 50 Net Tax USD (TR) (-200%) while MCHI tracks the MSCI China Index. Both are passively managed. Over the past 10 years, FXP returned -22.22%/yr vs 4.06%/yr for MCHI. Their -0.96 correlation means they have often moved in opposite directions in the past. FXP charges 0.95%/yr vs 0.59%/yr for MCHI.
Performance
FXP vs. MCHI - 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 MCHI's -6.01% return. Over the past 10 years, FXP has underperformed MCHI with an annualized return of -22.22%, while MCHI has yielded a comparatively higher 4.06% annualized 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%
MCHI
- 1D
- 0.34%
- 1M
- 10.17%
- 6M
- -7.55%
- YTD
- -6.01%
- 1Y
- -0.55%
- 3Y*
- 8.08%
- 5Y*
- -2.78%
- 10Y*
- 4.06%
- ALL TIME*
- 2.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $103.24K | $95.91K | $96.09K | |
| $131.82M | $143.06M | $173.02M |
FXP vs. MCHI - 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% | -49.76% |
MCHI iShares MSCI China ETF | -6.01% | 31.04% | 17.73% | -11.94% | -23.01% | -21.74% | 27.78% | 23.72% | -19.79% | 54.67% |
Correlation
The correlation between FXP and MCHI is -0.94, 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. | -0.94 |
Correlation (3Y) Balances recent behavior with more history. | -0.97 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.98 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.96 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2011 | -0.96 |
The correlation between FXP and MCHI has been stable across timeframes, ranging from -0.98 to -0.94 - a consistent structural relationship.
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Return for Risk
FXP vs. MCHI — Risk / Return Rank
FXP
MCHI
FXP vs. MCHI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE China 50 (FXP) and iShares MSCI China ETF (MCHI). 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 | MCHI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.01 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | -0.02 | -0.03 |
| Martin ratioReturn relative to average drawdown | -0.11 | -0.05 | -0.06 |
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Drawdowns
FXP vs. MCHI - Drawdown Comparison
The maximum FXP drawdown since its inception was -99.94%, which is greater than MCHI's maximum drawdown of -62.95%. Use the drawdown chart below to compare losses from any high point for FXP and MCHI.
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Drawdown Indicators
| FXP | MCHI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -62.95% | -36.99% |
Max Drawdown (1Y)Largest decline over 1 year | -25.65% | -23.22% | -2.43% |
Max Drawdown (3Y)Largest decline over 3 years | -82.34% | -25.35% | -56.99% |
Max Drawdown (5Y)Largest decline over 5 years | -87.85% | -51.41% | -36.44% |
Max Drawdown (10Y)Largest decline over 10 years | -93.56% | -62.95% | -30.61% |
Current DrawdownCurrent decline from peak | -99.92% | -35.91% | -64.01% |
Average DrawdownAverage peak-to-trough decline | -94.18% | -24.68% | -69.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.62% | 11.34% | +0.28% |
Volatility
FXP vs. MCHI - Volatility Comparison
ProShares UltraShort FTSE China 50 (FXP) has a higher volatility of 10.97% compared to iShares MSCI China ETF (MCHI) at 5.01%. This indicates that FXP's price experiences larger fluctuations and is considered to be riskier than MCHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXP | MCHI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.97% | 5.01% | +5.96% |
Volatility (6M)Calculated over the trailing 6-month period | 29.41% | 14.41% | +15.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.60% | 20.55% | +20.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.72% | 30.40% | +32.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.81% | 27.35% | +27.46% |
FXP vs. MCHI - Expense Ratio Comparison
FXP has a 0.95% expense ratio, which is higher than MCHI's 0.59% expense ratio.
Dividends
FXP vs. MCHI - Dividend Comparison
FXP's dividend yield for the trailing twelve months is around 3.39%, more than MCHI's 1.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 3.39% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% | 0.00% | 0.00% | 0.00% |
MCHI iShares MSCI China ETF | 1.95% | 2.12% | 2.31% | 2.66% | 1.78% | 1.04% | 1.04% | 1.45% | 1.60% | 1.56% | 1.66% | 2.76% |
Frequently Asked Questions
FXP and MCHI have a correlation of -0.94, 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 MCHI (5.01%). In terms of maximum drawdown, FXP dropped -99.94% vs MCHI's -62.95%.
On 10-year performance, MCHI leads with 4.06% vs -22.22% for FXP. On fees, MCHI is cheaper at 0.59% per year. On volatility, MCHI has been the lower-risk option at 5.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MCHI has performed better with a 4.06% return vs -22.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MCHI is cheaper with a 0.59% expense ratio, compared with 0.95% for FXP.
FXP has the higher dividend yield at 3.39%, compared with 1.95% for MCHI.
FXP tracks FTSE China 50 Net Tax USD (TR) (-200%), while MCHI tracks MSCI China Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for FXP and 0.59% for MCHI.
MCHI currently has the higher Sharpe Ratio (-0.03 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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