FXP vs. UPRO
FXP (ProShares UltraShort FTSE China 50) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - FXP is a China Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-200%), while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, FXP returned -22.22%/yr vs 29.22%/yr for UPRO. Their -0.57 correlation means they have often moved in opposite directions in the past. FXP charges 0.95%/yr vs 0.89%/yr for UPRO.
Performance
FXP vs. UPRO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FXP achieves a 6.18% return, which is significantly lower than UPRO's 33.75% return. Over the past 10 years, FXP has underperformed UPRO with an annualized return of -22.22%, while UPRO has yielded a comparatively higher 29.22% 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%
UPRO
- 1D
- 5.34%
- 1M
- 9.50%
- 6M
- 30.93%
- YTD
- 33.75%
- 1Y
- 61.82%
- 3Y*
- 49.06%
- 5Y*
- 20.91%
- 10Y*
- 29.22%
- ALL TIME*
- 33.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $103.24K | $95.91K | $96.09K | |
| $337.28M | $304.70M | $362.53M |
FXP vs. UPRO - 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% |
UPRO ProShares UltraPro S&P 500 | 33.75% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
Correlation
The correlation between FXP and UPRO is -0.43, 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. | -0.43 |
Correlation (3Y) Balances recent behavior with more history. | -0.37 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.40 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.49 |
Correlation (All Time) Calculated using the full available price history since Jun 25, 2009 | -0.57 |
The correlation between FXP and UPRO shifts across timeframes, from -0.57 (all time) to -0.37 (3 years), 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.
Return for Risk
FXP vs. UPRO — Risk / Return Rank
FXP
UPRO
FXP vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE China 50 (FXP) and ProShares UltraPro S&P 500 (UPRO). 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 | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.65 | ||
| Sortino ratioReturn per unit of downside risk | -1.88 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.27 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 2.32 | -2.37 |
| Martin ratioReturn relative to average drawdown | -0.11 | 8.87 | -8.98 |
Loading charts...
Drawdowns
FXP vs. UPRO - Drawdown Comparison
The maximum FXP drawdown since its inception was -99.94%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for FXP and UPRO.
Loading charts...
Drawdown Indicators
| FXP | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -76.82% | -23.12% |
Max Drawdown (1Y)Largest decline over 1 year | -25.65% | -26.78% | +1.13% |
Max Drawdown (3Y)Largest decline over 3 years | -82.34% | -48.87% | -33.47% |
Max Drawdown (5Y)Largest decline over 5 years | -87.85% | -63.94% | -23.91% |
Max Drawdown (10Y)Largest decline over 10 years | -93.56% | -76.82% | -16.74% |
Current DrawdownCurrent decline from peak | -99.92% | 0.00% | -99.92% |
Average DrawdownAverage peak-to-trough decline | -94.18% | -14.34% | -79.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.62% | 6.99% | +4.63% |
Volatility
FXP vs. UPRO - Volatility Comparison
The current volatility for ProShares UltraShort FTSE China 50 (FXP) is 10.97%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 12.34%. This indicates that FXP experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FXP | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.97% | 12.34% | -1.37% |
Volatility (6M)Calculated over the trailing 6-month period | 29.41% | 30.99% | -1.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.60% | 38.70% | +1.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.72% | 50.79% | +11.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.81% | 53.83% | +0.98% |
FXP vs. UPRO - Expense Ratio Comparison
FXP has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.
Dividends
FXP vs. UPRO - Dividend Comparison
FXP's dividend yield for the trailing twelve months is around 3.39%, more than UPRO's 0.70% 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% |
UPRO ProShares UltraPro S&P 500 | 0.70% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
Frequently Asked Questions
FXP and UPRO have a correlation of -0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (12.34%) compared to FXP (10.97%). In terms of maximum drawdown, FXP dropped -99.94% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 29.22% vs -22.22% for FXP. On fees, UPRO is cheaper at 0.89% per year. On volatility, FXP has been the lower-risk option at 10.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UPRO has performed better with a 29.22% return vs -22.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for FXP.
FXP has the higher dividend yield at 3.39%, compared with 0.70% for UPRO.
FXP is categorized as China Equities, while UPRO is Leveraged Equities. FXP tracks FTSE China 50 Net Tax USD (TR) (-200%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for FXP and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (1.62 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.
Find the right allocation for FXP and UPRO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer