FXP vs. USD
FXP (ProShares UltraShort FTSE China 50) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - FXP is a China Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-200%), while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, FXP returned -22.22%/yr vs 55.47%/yr for USD. Their -0.51 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
FXP vs. USD - 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 USD's 71.41% return. Over the past 10 years, FXP has underperformed USD with an annualized return of -22.22%, while USD has yielded a comparatively higher 55.47% 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%
USD
- 1D
- 10.39%
- 1M
- 2.58%
- 6M
- 64.91%
- YTD
- 71.41%
- 1Y
- 106.91%
- 3Y*
- 102.00%
- 5Y*
- 57.55%
- 10Y*
- 55.47%
- ALL TIME*
- 28.92%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $103.24K | $95.91K | $96.09K | |
| $73.98M | $71.11M | $96.07M |
FXP vs. USD - 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% |
USD ProShares Ultra Semiconductors | 71.41% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Correlation
The correlation between FXP and USD is -0.33, 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. | -0.33 |
Correlation (3Y) Balances recent behavior with more history. | -0.30 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.35 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.43 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2007 | -0.51 |
The correlation between FXP and USD shifts across timeframes, from -0.51 (all time) to -0.30 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
FXP vs. USD — Risk / Return Rank
FXP
USD
FXP vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE China 50 (FXP) and ProShares Ultra Semiconductors (USD). 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 | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.48 | ||
| Sortino ratioReturn per unit of downside risk | -1.72 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.25 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 2.73 | -2.78 |
| Martin ratioReturn relative to average drawdown | -0.11 | 7.78 | -7.88 |
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Drawdowns
FXP vs. USD - Drawdown Comparison
The maximum FXP drawdown since its inception was -99.94%, which is greater than USD's maximum drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for FXP and USD.
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Drawdown Indicators
| FXP | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -88.63% | -11.31% |
Max Drawdown (1Y)Largest decline over 1 year | -25.65% | -39.33% | +13.68% |
Max Drawdown (3Y)Largest decline over 3 years | -82.34% | -64.46% | -17.88% |
Max Drawdown (5Y)Largest decline over 5 years | -87.85% | -77.85% | -10.00% |
Max Drawdown (10Y)Largest decline over 10 years | -93.56% | -77.85% | -15.71% |
Current DrawdownCurrent decline from peak | -99.92% | -20.81% | -79.11% |
Average DrawdownAverage peak-to-trough decline | -94.18% | -32.23% | -61.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.62% | 13.80% | -2.18% |
Volatility
FXP vs. USD - Volatility Comparison
The current volatility for ProShares UltraShort FTSE China 50 (FXP) is 10.97%, while ProShares Ultra Semiconductors (USD) has a volatility of 29.12%. This indicates that FXP experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXP | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.97% | 29.12% | -18.15% |
Volatility (6M)Calculated over the trailing 6-month period | 29.41% | 61.81% | -32.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.60% | 74.29% | -33.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.72% | 78.90% | -16.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.81% | 70.46% | -15.65% |
FXP vs. USD - Expense Ratio Comparison
Both FXP and USD have an expense ratio of 0.95%.
Dividends
FXP vs. USD - Dividend Comparison
FXP's dividend yield for the trailing twelve months is around 3.39%, more than USD's 0.34% 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% |
USD ProShares Ultra Semiconductors | 0.34% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
FXP and USD have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (29.12%) compared to FXP (10.97%). In terms of maximum drawdown, FXP dropped -99.94% vs USD's -88.63%.
On 10-year performance, USD leads with 55.47% vs -22.22% for FXP. Both ETFs have the same 0.95% expense ratio. 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, USD has performed better with a 55.47% return vs -22.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXP and USD have the same expense ratio: 0.95% per year.
FXP has the higher dividend yield at 3.39%, compared with 0.34% for USD.
FXP is categorized as China Equities, while USD is Leveraged Equities. FXP tracks FTSE China 50 Net Tax USD (TR) (-200%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).
USD currently has the higher Sharpe Ratio (1.45 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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