FXP vs. YXI
FXP (ProShares UltraShort FTSE China 50) and YXI (ProShares Short FTSE China 50) are both exchange-traded funds - FXP is a Leveraged Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-200%), while YXI is a Inverse Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-100%). Both are passively managed. Over the past 10 years, FXP returned -22.28%/yr vs -7.78%/yr for YXI. With a 0.95 correlation, they move nearly in lockstep. Both charge a 0.95% expense ratio.
Performance
FXP vs. YXI - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FXP achieves a 30.56% return, which is significantly higher than YXI's 16.30% return. Over the past 10 years, FXP has underperformed YXI with an annualized return of -22.28%, while YXI has yielded a comparatively higher -7.78% annualized return.
FXP
- 1D
- 4.04%
- 1M
- 14.69%
- YTD
- 30.56%
- 6M
- 32.48%
- 1Y
- 12.48%
- 3Y*
- -27.51%
- 5Y*
- -14.41%
- 10Y*
- -22.28%
YXI
- 1D
- 1.77%
- 1M
- 7.38%
- YTD
- 16.30%
- 6M
- 16.98%
- 1Y
- 9.55%
- 3Y*
- -10.15%
- 5Y*
- -1.37%
- 10Y*
- -7.78%
FXP vs. YXI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 30.56% | -45.32% | -52.46% | 12.74% | -11.73% | 23.56% | -39.47% | -29.01% | 12.45% | -49.76% |
YXI ProShares Short FTSE China 50 | 16.30% | -22.87% | -25.36% | 12.40% | 4.78% | 13.94% | -17.95% | -14.35% | 9.63% | -28.43% |
Correlation
The correlation between FXP and YXI is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Mar 18, 2010 | 0.95 |
The correlation between FXP and YXI has been stable across timeframes, ranging from 0.92 to 0.98 - a consistent structural relationship.
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. YXI — Risk / Return Rank
FXP
YXI
FXP vs. YXI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE China 50 (FXP) and ProShares Short FTSE China 50 (YXI). 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 | YXI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.10 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.51 | 0.77 | -0.26 |
| Martin ratioReturn relative to average drawdown | 0.89 | 1.49 | -0.60 |
Loading charts...
Drawdowns
FXP vs. YXI - Drawdown Comparison
The maximum FXP drawdown since its inception was -99.94%, which is greater than YXI's maximum drawdown of -81.15%. Use the drawdown chart below to compare losses from any high point for FXP and YXI.
Loading charts...
Drawdown Indicators
| FXP | YXI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -81.15% | -18.79% |
Max Drawdown (1Y)Largest decline over 1 year | -24.73% | -12.48% | -12.25% |
Max Drawdown (3Y)Largest decline over 3 years | -82.34% | -53.12% | -29.22% |
Max Drawdown (5Y)Largest decline over 5 years | -87.85% | -57.65% | -30.20% |
Max Drawdown (10Y)Largest decline over 10 years | -94.71% | -64.92% | -29.79% |
Current DrawdownCurrent decline from peak | -99.91% | -76.25% | -23.66% |
Average DrawdownAverage peak-to-trough decline | -94.15% | -54.37% | -39.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.56% | 6.88% | +7.68% |
Volatility
FXP vs. YXI - Volatility Comparison
ProShares UltraShort FTSE China 50 (FXP) has a higher volatility of 12.22% compared to ProShares Short FTSE China 50 (YXI) at 6.62%. This indicates that FXP's price experiences larger fluctuations and is considered to be riskier than YXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FXP | YXI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.22% | 6.62% | +5.60% |
Volatility (6M)Calculated over the trailing 6-month period | 29.48% | 15.49% | +13.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.65% | 20.12% | +19.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.21% | 31.48% | +31.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.78% | 27.43% | +27.35% |
FXP vs. YXI - Expense Ratio Comparison
Both FXP and YXI have an expense ratio of 0.95%.
Dividends
FXP vs. YXI - Dividend Comparison
FXP's dividend yield for the trailing twelve months is around 3.58%, more than YXI's 2.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 3.58% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% |
YXI ProShares Short FTSE China 50 | 2.64% | 3.60% | 4.35% | 2.66% | 0.27% | 0.00% | 0.08% | 1.01% | 0.25% |
Frequently Asked Questions
With a correlation of 0.92, FXP and YXI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
FXP has higher volatility (12.22%) compared to YXI (6.62%). In terms of maximum drawdown, FXP dropped -99.94% vs YXI's -81.15%.
On 10-year performance, YXI leads with -7.78% vs -22.28% for FXP. Both ETFs have the same 0.95% expense ratio. On volatility, YXI has been the lower-risk option at 6.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, YXI has performed better with a -7.78% return vs -22.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXP and YXI have the same expense ratio: 0.95% per year.
FXP has the higher dividend yield at 3.58%, compared with 2.64% for YXI.
FXP is categorized as Leveraged Equities, while YXI is Inverse Equities. FXP tracks FTSE China 50 Net Tax USD (TR) (-200%), while YXI tracks FTSE China 50 Net Tax USD (TR) (-100%).
YXI currently has the higher Sharpe Ratio (0.48 vs 0.32), 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 YXI
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