FXP vs. YXI
FXP (ProShares UltraShort FTSE China 50) and YXI (ProShares Short FTSE China 50) are both China Equities funds from ProShares - FXP tracks the FTSE China 50 Net Tax USD (TR) (-200%) while YXI tracks the FTSE China 50 Net Tax USD (TR) (-100%). Both are passively managed. Over the past 10 years, FXP returned -22.63%/yr vs -7.95%/yr for YXI. Their 0.95 correlation means they have historically moved very closely together. Both charge a 0.95% expense ratio.
Performance
FXP vs. YXI - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with FXP having a 5.19% return and YXI slightly lower at 4.98%. Over the past 10 years, FXP has underperformed YXI with an annualized return of -22.63%, while YXI has yielded a comparatively higher -7.95% annualized return.
FXP
- 1D
- -0.50%
- 1M
- -24.68%
- 6M
- 13.80%
- YTD
- 5.19%
- 1Y
- -5.35%
- 3Y*
- -27.39%
- 5Y*
- -21.54%
- 10Y*
- -22.63%
- ALL TIME*
- -28.50%
YXI
- 1D
- 0.15%
- 1M
- -12.91%
- 6M
- 8.66%
- YTD
- 4.98%
- 1Y
- 0.78%
- 3Y*
- -9.91%
- 5Y*
- -5.56%
- 10Y*
- -7.95%
- ALL TIME*
- -8.26%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $93.29K | $87.96K | $94.48K | |
| $27.49K | $29.99K | $33.82K |
FXP vs. YXI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 5.19% | -45.32% | -52.46% | 12.74% | -11.73% | 23.56% | -39.47% | -29.01% | 12.45% | -49.76% |
YXI ProShares Short FTSE China 50 | 4.98% | -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, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.92 |
Correlation (3Y) Balances recent behavior with more history. | 0.96 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.98 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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.
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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 | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.04 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.08 | 0.21 | -0.29 |
| Martin ratioReturn relative to average drawdown | -0.17 | 0.46 | -0.62 |
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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.
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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 | -25.65% | -13.55% | -12.10% |
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 | -93.59% | -61.63% | -31.96% |
Current DrawdownCurrent decline from peak | -99.92% | -78.56% | -21.36% |
Average DrawdownAverage peak-to-trough decline | -94.18% | -54.51% | -39.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.70% | 6.08% | +6.62% |
Volatility
FXP vs. YXI - Volatility Comparison
ProShares UltraShort FTSE China 50 (FXP) has a higher volatility of 11.52% compared to ProShares Short FTSE China 50 (YXI) at 7.06%. 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.
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Volatility by Period
| FXP | YXI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.52% | 7.06% | +4.46% |
Volatility (6M)Calculated over the trailing 6-month period | 29.92% | 16.10% | +13.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.77% | 21.18% | +19.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.72% | 31.28% | +31.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.80% | 27.47% | +27.33% |
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 3.42%, more than YXI's 2.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 3.42% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% |
YXI ProShares Short FTSE China 50 | 2.71% | 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 (11.52%) compared to YXI (7.06%). In terms of maximum drawdown, FXP dropped -99.94% vs YXI's -81.15%.
On 10-year performance, YXI leads with -7.95% vs -22.63% for FXP. Both ETFs have the same 0.95% expense ratio. On volatility, YXI has been the lower-risk option at 7.06%. 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 -7.95% return vs -22.63%. 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 3.42%, compared with 2.71% for YXI.
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 (0.13 vs -0.05), 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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