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FXP vs. SPEM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FXP vs. SPEM

Last updated Jun 4, 2026

FXP (ProShares UltraShort FTSE China 50) and SPEM (SPDR Portfolio Emerging Markets ETF) are both exchange-traded funds - FXP is a Leveraged Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-200%), while SPEM is a Emerging Markets Equities fund tracking the S&P Emerging Markets BMI. Both are passively managed. Over the past 10 years, FXP returned -23.04%/yr vs 9.45%/yr for SPEM. At a correlation of -0.84, they often move in opposite directions. FXP charges 0.95%/yr vs 0.11%/yr for SPEM.

Performance

FXP vs. SPEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort FTSE China 50 (FXP) and SPDR Portfolio Emerging Markets ETF (SPEM). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FXP achieves a 13.64% return, which is significantly higher than SPEM's 12.45% return. Over the past 10 years, FXP has underperformed SPEM with an annualized return of -23.04%, while SPEM has yielded a comparatively higher 9.45% annualized 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%

SPEM

1D
-1.40%
1M
3.20%
YTD
12.45%
6M
14.11%
1Y
31.35%
3Y*
18.73%
5Y*
5.70%
10Y*
9.45%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FXP vs. SPEM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FXP
ProShares UltraShort FTSE China 50		13.64%-45.32%-52.46%12.74%-11.73%23.56%-39.47%-29.01%12.45%-49.76%
SPEM
SPDR Portfolio Emerging Markets ETF		12.45%25.63%11.40%10.51%-17.90%1.51%14.55%19.69%-13.26%34.82%

Correlation

The correlation between FXP and SPEM is -0.73, 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

-0.73

Correlation (3Y)
Calculated over the trailing 3-year period

-0.79

Correlation (5Y)
Calculated over the trailing 5-year period

-0.83

Correlation (10Y)
Calculated over the trailing 10-year period

-0.85

Correlation (All Time)
Calculated using the full available price history since Nov 9, 2007

-0.84

The correlation between FXP and SPEM shifts across timeframes, from -0.85 (10 years) to -0.73 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraShort FTSE China 50

SPDR Portfolio Emerging Markets ETF

Often compared with FXP:
FXP vs. YXIFXP vs. FXIFXP vs. YANGFXP vs. KLIPFXP vs. FNILXFXP vs. RLBGXFXP vs. CQQQ
Often compared with SPEM:
SPEM vs. VWOSPEM vs. EEMSPEM vs. EMXCSPEM vs. ESGESPEM vs. EMGFSPEM vs. EMCRSPEM vs. BKEM

Return for Risk

FXP vs. SPEM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FXP
FXP Risk / Return Rank: 77
Overall Rank
FXP Sharpe Ratio Rank: 77
Sharpe Ratio Rank
FXP Sortino Ratio Rank: 88
Sortino Ratio Rank
FXP Omega Ratio Rank: 88
Omega Ratio Rank
FXP Calmar Ratio Rank: 77
Calmar Ratio Rank
FXP Martin Ratio Rank: 77
Martin Ratio Rank
SPEM
SPEM Risk / Return Rank: 5757
Overall Rank
SPEM Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
SPEM Sortino Ratio Rank: 5656
Sortino Ratio Rank
SPEM Omega Ratio Rank: 5858
Omega Ratio Rank
SPEM Calmar Ratio Rank: 5555
Calmar Ratio Rank
SPEM Martin Ratio Rank: 5757
Martin Ratio Rank
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. SPEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE China 50 (FXP) and SPDR Portfolio Emerging Markets ETF (SPEM). 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.

FXPSPEMDifference
Sharpe ratioReturn per unit of total volatility
-0.16
1.98

-2.14

Sortino ratioReturn per unit of downside risk
0.04
2.73

-2.70

Omega ratioGain probability vs. loss probability

1.00

1.36

-0.36

Calmar ratioReturn relative to maximum drawdown

-0.24

2.77

-3.01

Martin ratioReturn relative to average drawdown

-0.40

10.14

-10.53

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. SPEM - Sharpe Ratio Comparison

The current FXP Sharpe Ratio is -0.16, which is lower than the SPEM Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of FXP and SPEM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

FXPSPEMDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.16

1.98

-2.14

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.26

0.33

-0.60

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.42

0.50

-0.93

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.44

0.23

-0.67

Drawdowns

FXP vs. SPEM - Drawdown Comparison

The maximum FXP drawdown since its inception was -99.94%, which is greater than SPEM's maximum drawdown of -64.41%. Use the drawdown chart below to compare losses from any high point for FXP and SPEM.

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Drawdown Indicators

FXPSPEMDifference

Max Drawdown

Largest peak-to-trough decline

-99.94%

-64.41%

-35.53%

Max Drawdown (1Y)

Largest decline over 1 year

-27.21%

-11.36%

-15.85%

Max Drawdown (3Y)

Largest decline over 3 years

-82.34%

-17.62%

-64.72%

Max Drawdown (5Y)

Largest decline over 5 years

-87.85%

-31.88%

-55.97%

Max Drawdown (10Y)

Largest decline over 10 years

-94.71%

-36.06%

-58.65%

Current Drawdown

Current decline from peak

-99.92%

-1.40%

-98.52%

Average Drawdown

Average peak-to-trough decline

-94.15%

-14.75%

-79.40%

Ulcer Index

Depth and duration of drawdowns from previous peaks

17.66%

3.10%

+14.56%

Volatility

FXP vs. SPEM - Volatility Comparison

ProShares UltraShort FTSE China 50 (FXP) has a higher volatility of 15.06% compared to SPDR Portfolio Emerging Markets ETF (SPEM) at 5.69%. This indicates that FXP's price experiences larger fluctuations and is considered to be riskier than SPEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FXPSPEMDifference

Volatility (1M)

Calculated over the trailing 1-month period

15.06%

5.69%

+9.37%

Volatility (6M)

Calculated over the trailing 6-month period

28.87%

13.29%

+15.58%

Volatility (1Y)

Calculated over the trailing 1-year period

39.29%

15.92%

+23.37%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

63.12%

17.13%

+45.99%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

54.91%

18.80%

+36.11%

FXP vs. SPEM - Expense Ratio Comparison

FXP has a 0.95% expense ratio, which is higher than SPEM's 0.11% expense ratio.

Dividends

FXP vs. SPEM - Dividend Comparison

FXP's dividend yield for the trailing twelve months is around 4.12%, more than SPEM's 2.47% yield.

PositionTTM20252024202320222021202020192018201720162015
FXP
ProShares UltraShort FTSE China 50		4.12%9.57%3.55%2.20%0.06%0.00%0.06%1.20%0.16%0.00%0.00%0.00%
SPEM
SPDR Portfolio Emerging Markets ETF		2.47%2.77%2.78%2.80%3.38%3.14%1.92%2.94%2.34%1.12%1.51%2.40%

Frequently Asked Questions

FXP and SPEM have a correlation of -0.73, 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 SPEM (5.69%). In terms of maximum drawdown, FXP dropped -99.94% vs SPEM's -64.41%.

On 10-year performance, SPEM leads with 9.45% vs -23.04% for FXP. On fees, SPEM is cheaper at 0.11% per year. On volatility, SPEM has been the lower-risk option at 5.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPEM has performed better with a 9.45% return vs -23.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPEM is cheaper with a 0.11% expense ratio, compared with 0.95% for FXP.

FXP has the higher dividend yield at 4.12%, compared with 2.47% for SPEM.

FXP is categorized as Leveraged Equities, while SPEM is Emerging Markets Equities. FXP tracks FTSE China 50 Net Tax USD (TR) (-200%), while SPEM tracks S&P Emerging Markets BMI. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for FXP and 0.11% for SPEM.

SPEM currently has the higher Sharpe Ratio (1.98 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.

Portfolio Optimizer

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