GLWG vs. FXP

Last updated Jun 25, 2026

GLWG (Leverage Shares 2X Long GLW Daily ETF) and FXP (ProShares UltraShort FTSE China 50) are both Leveraged Equities funds - GLWG tracks the Corning Incorporated (GLW) while FXP tracks the FTSE China 50 Net Tax USD (TR) (-200%). Both are passively managed. At a correlation of -0.42, they often move in opposite directions. GLWG charges 0.75%/yr vs 0.95%/yr for FXP.

Performance

GLWG vs. FXP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long GLW Daily ETF (GLWG) and ProShares UltraShort FTSE China 50 (FXP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GLWG

• 1D: 12.39%
• 1M: 3.72%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FXP

• 1D: 2.52%
• 1M: 17.58%
• YTD: 33.85%
• 6M: 35.70%
• 1Y: 21.62%
• 3Y*: -26.91%
• 5Y*: -13.32%
• 10Y*: -22.09%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GLWG vs. FXP - Yearly Performance Comparison

	2026 (YTD)
GLWG Leverage Shares 2X Long GLW Daily ETF	91.93%
FXP ProShares UltraShort FTSE China 50	22.72%

Correlation

The correlation between GLWG and FXP is -0.42, 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 (All Time) Calculated using the full available price history since Mar 10, 2026	-0.42

Return for Risk

GLWG vs. FXP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GLWG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

FXP

FXP Risk / Return Rank: 19
FXP Sharpe Ratio Rank: 18
FXP Sortino Ratio Rank: 20
FXP Omega Ratio Rank: 19
FXP Calmar Ratio Rank: 21
FXP Martin Ratio Rank: 17

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.

GLWG vs. FXP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long GLW Daily ETF (GLWG) and ProShares UltraShort FTSE China 50 (FXP). 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.

	GLWG	FXP	Difference
Sharpe ratio: Return per unit of total volatility	—	0.55	—
Sortino ratio: Return per unit of downside risk	—	1.02	—
Omega ratio: Gain probability vs. loss probability	—	1.12	—
Calmar ratio: Return relative to maximum drawdown	—	0.88	—
Martin ratio: Return relative to average drawdown	—	1.54	—

Drawdowns

GLWG vs. FXP - Drawdown Comparison

The maximum GLWG drawdown since its inception was -39.12%, smaller than the maximum FXP drawdown of -99.94%. Use the drawdown chart below to compare losses from any high point for GLWG and FXP.

Drawdown Indicators

	GLWG	FXP	Difference
Max Drawdown Largest peak-to-trough decline	-39.12%	-99.94%	+60.82%
Max Drawdown (1Y) Largest decline over 1 year	—	-24.73%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-82.34%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-87.85%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-94.71%	—
Current Drawdown Current decline from peak	-11.97%	-99.90%	+87.93%
Average Drawdown Average peak-to-trough decline	-13.36%	-94.15%	+80.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	14.07%	—

Volatility

Volatility by Period

	GLWG	FXP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	12.30%	—
Volatility (6M) Calculated over the trailing 6-month period	—	29.50%	—
Volatility (1Y) Calculated over the trailing 1-year period	160.96%	39.64%	+121.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	160.96%	63.21%	+97.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	160.96%	54.77%	+106.19%

GLWG vs. FXP - Expense Ratio Comparison

GLWG has a 0.75% expense ratio, which is lower than FXP's 0.95% expense ratio.

Dividends

GLWG vs. FXP - Dividend Comparison

GLWG has not paid dividends to shareholders, while FXP's dividend yield for the trailing twelve months is around 3.49%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FXP ProShares UltraShort FTSE China 50	3.49%	9.57%	3.55%	2.20%	0.06%	0.00%	0.06%	1.20%	0.16%
GLWG Leverage Shares 2X Long GLW Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLWG and FXP in my portfolio?

GLWG and FXP have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GLWG or FXP?

On fees, GLWG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GLWG or FXP?

GLWG is cheaper with a 0.75% expense ratio, compared with 0.95% for FXP.

Which ETF pays a higher dividend yield, GLWG or FXP?

FXP has the higher dividend yield at 3.49%, compared with 0.00% for GLWG.

What is the main difference between GLWG and FXP?

GLWG tracks Corning Incorporated (GLW), while FXP tracks FTSE China 50 Net Tax USD (TR) (-200%). They also come from different issuers: Leverage Shares and ProShares. Their fees differ too: 0.75% for GLWG and 0.95% for FXP.