FXP vs. PXH
FXP (ProShares UltraShort FTSE China 50) and PXH (Invesco FTSE RAFI Emerging Markets ETF) are both exchange-traded funds - FXP is a China Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-200%), while PXH is a Emerging Markets Equities fund tracking the FTSE RAFI Emerging Markets Index. Both are passively managed. Over the past 10 years, FXP returned -22.22%/yr vs 9.41%/yr for PXH. Their -0.81 correlation means they have often moved in opposite directions in the past. FXP charges 0.95%/yr vs 0.50%/yr for PXH.
Performance
FXP vs. PXH - 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 PXH's 15.66% return. Over the past 10 years, FXP has underperformed PXH with an annualized return of -22.22%, while PXH has yielded a comparatively higher 9.41% 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%
PXH
- 1D
- 1.07%
- 1M
- 6.14%
- 6M
- 7.96%
- YTD
- 15.66%
- 1Y
- 29.76%
- 3Y*
- 20.70%
- 5Y*
- 10.44%
- 10Y*
- 9.41%
- ALL TIME*
- 3.74%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $103.24K | $95.91K | $96.09K | |
| $5.95M | $7.15M | $6.85M |
FXP vs. PXH - 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% |
PXH Invesco FTSE RAFI Emerging Markets ETF | 15.66% | 31.44% | 12.09% | 13.93% | -15.18% | 8.31% | -1.91% | 16.77% | -8.68% | 26.60% |
Correlation
The correlation between FXP and PXH is -0.71, 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. | -0.71 |
Correlation (3Y) Balances recent behavior with more history. | -0.80 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.80 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.80 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2007 | -0.81 |
The correlation between FXP and PXH has been stable across timeframes, ranging from -0.81 to -0.71 - a consistent structural relationship.
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Return for Risk
FXP vs. PXH — Risk / Return Rank
FXP
PXH
FXP vs. PXH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE China 50 (FXP) and Invesco FTSE RAFI Emerging Markets ETF (PXH). 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 | PXH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.85 | ||
| Sortino ratioReturn per unit of downside risk | -2.20 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.33 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 2.92 | -2.97 |
| Martin ratioReturn relative to average drawdown | -0.11 | 9.10 | -9.21 |
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Drawdowns
FXP vs. PXH - Drawdown Comparison
The maximum FXP drawdown since its inception was -99.94%, which is greater than PXH's maximum drawdown of -63.63%. Use the drawdown chart below to compare losses from any high point for FXP and PXH.
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Drawdown Indicators
| FXP | PXH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -63.63% | -36.31% |
Max Drawdown (1Y)Largest decline over 1 year | -25.65% | -10.24% | -15.41% |
Max Drawdown (3Y)Largest decline over 3 years | -82.34% | -17.72% | -64.62% |
Max Drawdown (5Y)Largest decline over 5 years | -87.85% | -29.59% | -58.26% |
Max Drawdown (10Y)Largest decline over 10 years | -93.56% | -40.42% | -53.14% |
Current DrawdownCurrent decline from peak | -99.92% | -0.75% | -99.17% |
Average DrawdownAverage peak-to-trough decline | -94.18% | -16.75% | -77.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.62% | 3.28% | +8.34% |
Volatility
FXP vs. PXH - Volatility Comparison
ProShares UltraShort FTSE China 50 (FXP) has a higher volatility of 10.97% compared to Invesco FTSE RAFI Emerging Markets ETF (PXH) at 4.33%. This indicates that FXP's price experiences larger fluctuations and is considered to be riskier than PXH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXP | PXH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.97% | 4.33% | +6.64% |
Volatility (6M)Calculated over the trailing 6-month period | 29.41% | 13.42% | +15.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.60% | 16.44% | +24.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.72% | 17.94% | +44.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.81% | 19.86% | +34.95% |
FXP vs. PXH - Expense Ratio Comparison
FXP has a 0.95% expense ratio, which is higher than PXH's 0.50% expense ratio.
Dividends
FXP vs. PXH - Dividend Comparison
FXP's dividend yield for the trailing twelve months is around 3.39%, less than PXH's 4.15% 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% |
PXH Invesco FTSE RAFI Emerging Markets ETF | 4.15% | 4.02% | 4.43% | 4.84% | 5.33% | 4.69% | 2.79% | 3.28% | 3.30% | 2.74% | 1.97% | 3.44% |
Frequently Asked Questions
FXP and PXH have a correlation of -0.71, 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 PXH (4.33%). In terms of maximum drawdown, FXP dropped -99.94% vs PXH's -63.63%.
On 10-year performance, PXH leads with 9.41% vs -22.22% for FXP. On fees, PXH is cheaper at 0.50% per year. On volatility, PXH has been the lower-risk option at 4.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PXH has performed better with a 9.41% return vs -22.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PXH is cheaper with a 0.50% expense ratio, compared with 0.95% for FXP.
PXH has the higher dividend yield at 4.15%, compared with 3.39% for FXP.
FXP is categorized as China Equities, while PXH is Emerging Markets Equities. FXP tracks FTSE China 50 Net Tax USD (TR) (-200%), while PXH tracks FTSE RAFI Emerging Markets Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for FXP and 0.50% for PXH.
PXH currently has the higher Sharpe Ratio (1.82 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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