FXP vs. MCHS
FXP (ProShares UltraShort FTSE China 50) and MCHS (Matthews China Discovery Active ETF) are both exchange-traded funds - FXP is a Leveraged Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-200%), while MCHS is a China Equities fund actively managed by Matthews. FXP is passively managed, while MCHS is actively managed. Over the past year, FXP returned -6.43% vs 74.61% for MCHS. At a correlation of -0.67, they often move in opposite directions. FXP charges 0.95%/yr vs 0.89%/yr for MCHS.
Performance
FXP vs. MCHS - Performance Comparison
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Returns By Period
In the year-to-date period, FXP achieves a 13.64% return, which is significantly lower than MCHS's 44.10% return.
FXP
- 1D
- 4.65%
- 1M
- 5.53%
- YTD
- 13.64%
- 6M
- 16.82%
- 1Y
- -6.43%
- 3Y*
- -30.22%
- 5Y*
- -16.52%
- 10Y*
- -23.04%
MCHS
- 1D
- 0.03%
- 1M
- 8.54%
- YTD
- 44.10%
- 6M
- 45.75%
- 1Y
- 74.61%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FXP vs. MCHS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 13.64% | -45.32% | -56.94% |
MCHS Matthews China Discovery Active ETF | 44.10% | 31.19% | 6.53% |
Correlation
The correlation between FXP and MCHS is -0.50, 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 | -0.50 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024 | -0.67 |
The correlation between FXP and MCHS shifts across timeframes, from -0.67 (all time) to -0.50 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FXP vs. MCHS — Risk / Return Rank
FXP
MCHS
FXP vs. MCHS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE China 50 (FXP) and Matthews China Discovery Active ETF (MCHS). 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.
| FXP | MCHS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.46 | ||
| Sortino ratioReturn per unit of downside risk | -4.08 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.55 | -0.55 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | 6.17 | -6.41 |
| Martin ratioReturn relative to average drawdown | -0.40 | 18.64 | -19.04 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FXP | MCHS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.16 | 3.30 | -3.46 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.26 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.42 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.44 | 1.21 | -1.65 |
Drawdowns
FXP vs. MCHS - Drawdown Comparison
The maximum FXP drawdown since its inception was -99.94%, which is greater than MCHS's maximum drawdown of -23.75%. Use the drawdown chart below to compare losses from any high point for FXP and MCHS.
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Drawdown Indicators
| FXP | MCHS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -23.75% | -76.19% |
Max Drawdown (1Y)Largest decline over 1 year | -27.21% | -12.15% | -15.06% |
Max Drawdown (3Y)Largest decline over 3 years | -82.34% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -87.85% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -94.71% | — | — |
Current DrawdownCurrent decline from peak | -99.92% | -3.27% | -96.65% |
Average DrawdownAverage peak-to-trough decline | -94.15% | -7.61% | -86.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.66% | 4.02% | +13.64% |
Volatility
FXP vs. MCHS - Volatility Comparison
ProShares UltraShort FTSE China 50 (FXP) has a higher volatility of 15.06% compared to Matthews China Discovery Active ETF (MCHS) at 10.80%. This indicates that FXP's price experiences larger fluctuations and is considered to be riskier than MCHS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXP | MCHS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.06% | 10.80% | +4.26% |
Volatility (6M)Calculated over the trailing 6-month period | 28.87% | 18.20% | +10.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.29% | 22.74% | +16.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.12% | 28.24% | +34.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.91% | 28.24% | +26.67% |
FXP vs. MCHS - Expense Ratio Comparison
FXP has a 0.95% expense ratio, which is higher than MCHS's 0.89% expense ratio.
Dividends
FXP vs. MCHS - Dividend Comparison
FXP's dividend yield for the trailing twelve months is around 4.12%, more than MCHS's 2.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 4.12% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% |
MCHS Matthews China Discovery Active ETF | 2.47% | 3.56% | 5.48% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXP and MCHS have a correlation of -0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXP has higher volatility (15.06%) compared to MCHS (10.80%). In terms of maximum drawdown, FXP dropped -99.94% vs MCHS's -23.75%.
On 1-year performance, MCHS leads with 74.61% vs -6.43% for FXP. On fees, MCHS is cheaper at 0.89% per year. On volatility, MCHS has been the lower-risk option at 10.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MCHS has performed better with a 74.61% return vs -6.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MCHS is cheaper with a 0.89% expense ratio, compared with 0.95% for FXP.
FXP has the higher dividend yield at 4.12%, compared with 2.47% for MCHS.
FXP is categorized as Leveraged Equities, while MCHS is China Equities. They also come from different issuers: ProShares and Matthews. Their fees differ too: 0.95% for FXP and 0.89% for MCHS.
MCHS currently has the higher Sharpe Ratio (3.30 vs -0.16), 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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