FXP vs. MVLL

Last updated Jun 4, 2026

FXP (ProShares UltraShort FTSE China 50) and MVLL (GraniteShares 2x Long MRVL Daily ETF) are both Leveraged Equities funds - FXP tracks the FTSE China 50 Net Tax USD (TR) (-200%) while MVLL tracks the Marvell Technology Inc. (MRVL). Both are passively managed. Over the past year, FXP returned -6.43% vs 1215.17% for MVLL. At a correlation of -0.39, they often move in opposite directions. FXP charges 0.95%/yr vs 1.50%/yr for MVLL.

Performance

FXP vs. MVLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort FTSE China 50 (FXP) and GraniteShares 2x Long MRVL Daily ETF (MVLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXP achieves a 13.64% return, which is significantly lower than MVLL's 842.68% 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%

MVLL

• 1D: 7.14%
• 1M: 201.84%
• YTD: 842.68%
• 6M: 558.01%
• 1Y: 1,215.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FXP vs. MVLL - Yearly Performance Comparison

	2026 (YTD)	2025
FXP ProShares UltraShort FTSE China 50	13.64%	-17.50%
MVLL GraniteShares 2x Long MRVL Daily ETF	842.68%	-10.19%

Correlation

The correlation between FXP and MVLL is -0.40, 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	-0.40
Correlation (All Time) Calculated using the full available price history since Mar 10, 2025	-0.39

Return for Risk

FXP vs. MVLL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FXP

FXP Risk / Return Rank: 7
FXP Sharpe Ratio Rank: 7
FXP Sortino Ratio Rank: 8
FXP Omega Ratio Rank: 8
FXP Calmar Ratio Rank: 7
FXP Martin Ratio Rank: 7

MVLL

MVLL Risk / Return Rank: 96
MVLL Sharpe Ratio Rank: 99
MVLL Sortino Ratio Rank: 94
MVLL Omega Ratio Rank: 92
MVLL Calmar Ratio Rank: 99
MVLL Martin Ratio Rank: 97

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FXP vs. MVLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE China 50 (FXP) and GraniteShares 2x Long MRVL Daily ETF (MVLL). 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	MVLL	Difference
Sharpe ratio: Return per unit of total volatility	-0.16	9.23	-9.40
Sortino ratio: Return per unit of downside risk	0.04	4.79	-4.76
Omega ratio: Gain probability vs. loss probability	1.00	1.63	-0.63
Calmar ratio: Return relative to maximum drawdown	-0.24	25.11	-25.35
Martin ratio: Return relative to average drawdown	-0.40	52.27	-52.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FXP vs. MVLL - Sharpe Ratio Comparison

The current FXP Sharpe Ratio is -0.16, which is lower than the MVLL Sharpe Ratio of 9.23. The chart below compares the historical Sharpe Ratios of FXP and MVLL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FXP	MVLL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.16	9.23	-9.40
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	3.33	-3.77

Drawdowns

FXP vs. MVLL - Drawdown Comparison

The maximum FXP drawdown since its inception was -99.94%, which is greater than MVLL's maximum drawdown of -59.02%. Use the drawdown chart below to compare losses from any high point for FXP and MVLL.

Drawdown Indicators

	FXP	MVLL	Difference
Max Drawdown Largest peak-to-trough decline	-99.94%	-59.02%	-40.92%
Max Drawdown (1Y) Largest decline over 1 year	-27.21%	-48.93%	+21.72%
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 Drawdown Current decline from peak	-99.92%	0.00%	-99.92%
Average Drawdown Average peak-to-trough decline	-94.15%	-22.42%	-71.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.66%	23.46%	-5.80%

Volatility

FXP vs. MVLL - Volatility Comparison

The current volatility for ProShares UltraShort FTSE China 50 (FXP) is 15.06%, while GraniteShares 2x Long MRVL Daily ETF (MVLL) has a volatility of 60.78%. This indicates that FXP experiences smaller price fluctuations and is considered to be less risky than MVLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXP	MVLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.06%	60.78%	-45.72%
Volatility (6M) Calculated over the trailing 6-month period	28.87%	96.08%	-67.21%
Volatility (1Y) Calculated over the trailing 1-year period	39.29%	133.11%	-93.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.12%	139.63%	-76.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.91%	139.63%	-84.72%

FXP vs. MVLL - Expense Ratio Comparison

FXP has a 0.95% expense ratio, which is lower than MVLL's 1.50% expense ratio.

Dividends

FXP vs. MVLL - Dividend Comparison

FXP's dividend yield for the trailing twelve months is around 4.12%, while MVLL has not paid dividends to shareholders.

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%
MVLL GraniteShares 2x Long MRVL Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FXP and MVLL in my portfolio?

FXP and MVLL have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXP or MVLL?

MVLL has higher volatility (60.78%) compared to FXP (15.06%). In terms of maximum drawdown, FXP dropped -99.94% vs MVLL's -59.02%.

Which ETF is better, FXP or MVLL?

On 1-year performance, MVLL leads with 1215.17% vs -6.43% for FXP. On fees, FXP is cheaper at 0.95% per year. On volatility, FXP has been the lower-risk option at 15.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXP or MVLL?

Over the 1-year period, MVLL has performed better with a 1215.17% return vs -6.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXP or MVLL?

FXP is cheaper with a 0.95% expense ratio, compared with 1.50% for MVLL.

Which ETF pays a higher dividend yield, FXP or MVLL?

FXP has the higher dividend yield at 4.12%, compared with 0.00% for MVLL.

What is the main difference between FXP and MVLL?

FXP tracks FTSE China 50 Net Tax USD (TR) (-200%), while MVLL tracks Marvell Technology Inc. (MRVL). They also come from different issuers: ProShares and GraniteShares. Their fees differ too: 0.95% for FXP and 1.50% for MVLL.

Which has better risk-adjusted returns?

MVLL currently has the higher Sharpe Ratio (9.23 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.