FXP vs. USD
FXP (ProShares UltraShort FTSE China 50) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds from ProShares - FXP tracks the FTSE China 50 Net Tax USD (TR) (-200%) while USD tracks the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, FXP returned -23.04%/yr vs 62.16%/yr for USD. At a correlation of -0.51, they often move in opposite directions. 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 13.64% return, which is significantly lower than USD's 114.00% return. Over the past 10 years, FXP has underperformed USD with an annualized return of -23.04%, while USD has yielded a comparatively higher 62.16% 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%
USD
- 1D
- -1.14%
- 1M
- 44.53%
- YTD
- 114.00%
- 6M
- 111.06%
- 1Y
- 274.62%
- 3Y*
- 127.67%
- 5Y*
- 69.52%
- 10Y*
- 62.16%
FXP vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
USD ProShares Ultra Semiconductors | 114.00% | 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 -0.39, 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 | -0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.45 |
Correlation (All Time) Calculated using the full available price history since Nov 9, 2007 | -0.51 |
The correlation between FXP and USD shifts across timeframes, from -0.51 (all time) to -0.33 (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.
| FXP | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.70 | ||
| Sortino ratioReturn per unit of downside risk | -3.77 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.51 | -0.51 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | 8.70 | -8.93 |
| Martin ratioReturn relative to average drawdown | -0.40 | 25.16 | -25.56 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FXP | USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.16 | 4.53 | -4.70 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.26 | 0.91 | -1.18 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.42 | 0.90 | -1.32 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.44 | 0.49 | -0.93 |
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 | -27.21% | -31.80% | +4.59% |
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 | -94.71% | -77.85% | -16.86% |
Current DrawdownCurrent decline from peak | -99.92% | -1.14% | -98.78% |
Average DrawdownAverage peak-to-trough decline | -94.15% | -32.35% | -61.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.66% | 10.97% | +6.69% |
Volatility
FXP vs. USD - Volatility Comparison
The current volatility for ProShares UltraShort FTSE China 50 (FXP) is 15.06%, while ProShares Ultra Semiconductors (USD) has a volatility of 20.36%. 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 | 15.06% | 20.36% | -5.30% |
Volatility (6M)Calculated over the trailing 6-month period | 28.87% | 46.39% | -17.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.29% | 61.22% | -21.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.12% | 76.55% | -13.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.91% | 69.23% | -14.32% |
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 4.12%, more than USD's 0.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
USD ProShares Ultra Semiconductors | 0.21% | 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 -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (20.36%) compared to FXP (15.06%). In terms of maximum drawdown, FXP dropped -99.94% vs USD's -88.63%.
On 10-year performance, USD leads with 62.16% vs -23.04% for FXP. Both ETFs have the same 0.95% expense ratio. 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.
Over the 10-year period, USD has performed better with a 62.16% return vs -23.04%. 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 4.12%, compared with 0.21% for USD.
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 (4.53 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.
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