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FXP vs. VWO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FXP vs. VWO

Last updated Jun 4, 2026

FXP (ProShares UltraShort FTSE China 50) and VWO (Vanguard FTSE 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 VWO is a Emerging Markets Equities fund tracking the FTSE Emerging Index. Both are passively managed. Over the past 10 years, FXP returned -23.04%/yr vs 8.85%/yr for VWO. At a correlation of -0.86, they often move in opposite directions. FXP charges 0.95%/yr vs 0.08%/yr for VWO.

Performance

FXP vs. VWO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort FTSE China 50 (FXP) and Vanguard FTSE Emerging Markets ETF (VWO). 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 VWO's 12.22% return. Over the past 10 years, FXP has underperformed VWO with an annualized return of -23.04%, while VWO has yielded a comparatively higher 8.85% 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%

VWO

1D
-1.41%
1M
2.72%
YTD
12.22%
6M
13.79%
1Y
30.72%
3Y*
18.02%
5Y*
5.17%
10Y*
8.85%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FXP vs. VWO - 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%
VWO
Vanguard FTSE Emerging Markets ETF		12.22%25.60%10.59%9.25%-17.98%1.26%15.17%20.75%-14.76%31.49%

Correlation

The correlation between FXP and VWO is -0.74, 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

-0.74

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

-0.80

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

-0.86

The correlation between FXP and VWO shifts across timeframes, from -0.86 (all time) to -0.74 (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

Vanguard FTSE 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 VWO:
VWO vs. VEAVWO vs. IEMGVWO vs. VXUSVWO vs. EEMVWO vs. VOOVWO vs. VTIVWO vs. VEMAX

Return for Risk

FXP vs. VWO — 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
VWO
VWO Risk / Return Rank: 5656
Overall Rank
VWO Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
VWO Sortino Ratio Rank: 5555
Sortino Ratio Rank
VWO Omega Ratio Rank: 5757
Omega Ratio Rank
VWO Calmar Ratio Rank: 5454
Calmar Ratio Rank
VWO Martin Ratio Rank: 5656
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. VWO - Risk-Adjusted Trends Comparison

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

FXPVWODifference
Sharpe ratioReturn per unit of total volatility
-0.16
1.94

-2.11

Sortino ratioReturn per unit of downside risk
0.04
2.69

-2.66

Omega ratioGain probability vs. loss probability

1.00

1.36

-0.35

Calmar ratioReturn relative to maximum drawdown

-0.24

2.76

-3.00

Martin ratioReturn relative to average drawdown

-0.40

9.96

-10.36

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. VWO - Sharpe Ratio Comparison

The current FXP Sharpe Ratio is -0.16, which is lower than the VWO Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of FXP and VWO, 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

FXPVWODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.16

1.94

-2.11

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.26

0.30

-0.56

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.42

0.46

-0.88

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.44

0.27

-0.71

Drawdowns

FXP vs. VWO - Drawdown Comparison

The maximum FXP drawdown since its inception was -99.94%, which is greater than VWO's maximum drawdown of -67.68%. Use the drawdown chart below to compare losses from any high point for FXP and VWO.

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Drawdown Indicators

FXPVWODifference

Max Drawdown

Largest peak-to-trough decline

-99.94%

-67.68%

-32.26%

Max Drawdown (1Y)

Largest decline over 1 year

-27.21%

-11.17%

-16.04%

Max Drawdown (3Y)

Largest decline over 3 years

-82.34%

-17.37%

-64.97%

Max Drawdown (5Y)

Largest decline over 5 years

-87.85%

-32.64%

-55.21%

Max Drawdown (10Y)

Largest decline over 10 years

-94.71%

-36.39%

-58.32%

Current Drawdown

Current decline from peak

-99.92%

-1.41%

-98.51%

Average Drawdown

Average peak-to-trough decline

-94.15%

-15.82%

-78.33%

Ulcer Index

Depth and duration of drawdowns from previous peaks

17.66%

3.09%

+14.57%

Volatility

FXP vs. VWO - Volatility Comparison

ProShares UltraShort FTSE China 50 (FXP) has a higher volatility of 15.06% compared to Vanguard FTSE Emerging Markets ETF (VWO) at 5.61%. This indicates that FXP's price experiences larger fluctuations and is considered to be riskier than VWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FXPVWODifference

Volatility (1M)

Calculated over the trailing 1-month period

15.06%

5.61%

+9.45%

Volatility (6M)

Calculated over the trailing 6-month period

28.87%

13.22%

+15.65%

Volatility (1Y)

Calculated over the trailing 1-year period

39.29%

15.89%

+23.40%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

63.12%

17.37%

+45.75%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

54.91%

19.20%

+35.71%

FXP vs. VWO - Expense Ratio Comparison

FXP has a 0.95% expense ratio, which is higher than VWO's 0.08% expense ratio.

Dividends

FXP vs. VWO - Dividend Comparison

FXP's dividend yield for the trailing twelve months is around 4.12%, more than VWO's 2.40% 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%
VWO
Vanguard FTSE Emerging Markets ETF		2.40%2.79%3.20%3.52%4.11%2.63%1.91%3.23%2.88%2.30%2.52%3.26%

Frequently Asked Questions

FXP and VWO have a correlation of -0.74, 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 VWO (5.61%). In terms of maximum drawdown, FXP dropped -99.94% vs VWO's -67.68%.

On 10-year performance, VWO leads with 8.85% vs -23.04% for FXP. On fees, VWO is cheaper at 0.08% per year. On volatility, VWO has been the lower-risk option at 5.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VWO has performed better with a 8.85% return vs -23.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VWO is cheaper with a 0.08% expense ratio, compared with 0.95% for FXP.

FXP has the higher dividend yield at 4.12%, compared with 2.40% for VWO.

FXP is categorized as Leveraged Equities, while VWO is Emerging Markets Equities. FXP tracks FTSE China 50 Net Tax USD (TR) (-200%), while VWO tracks FTSE Emerging Index. They also come from different issuers: ProShares and Vanguard. Their fees differ too: 0.95% for FXP and 0.08% for VWO.

VWO currently has the higher Sharpe Ratio (1.94 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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