KBA vs. FXP
KBA (KraneShares Bosera MSCI China A Share ETF) and FXP (ProShares UltraShort FTSE China 50) are both exchange-traded funds - KBA is a China Equities fund tracking the MSCI China A Index, while FXP is a Leveraged Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-200%). Both are passively managed. Over the past 10 years, KBA returned 10.40%/yr vs -22.28%/yr for FXP. At a correlation of -0.70, they often move in opposite directions. KBA charges 0.60%/yr vs 0.95%/yr for FXP.
Performance
KBA vs. FXP - Performance Comparison
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Returns By Period
In the year-to-date period, KBA achieves a 10.36% return, which is significantly lower than FXP's 30.56% return. Over the past 10 years, KBA has outperformed FXP with an annualized return of 10.40%, while FXP has yielded a comparatively lower -22.28% annualized return.
KBA
- 1D
- -3.67%
- 1M
- 2.74%
- YTD
- 10.36%
- 6M
- 10.50%
- 1Y
- 45.45%
- 3Y*
- 16.25%
- 5Y*
- 6.66%
- 10Y*
- 10.40%
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%
KBA vs. FXP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KBA KraneShares Bosera MSCI China A Share ETF | 10.36% | 33.88% | 15.73% | -16.77% | -3.49% | 3.17% | 41.62% | 35.44% | -26.28% | 30.69% |
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% |
Correlation
The correlation between KBA and FXP is -0.63, 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 | -0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.73 |
Correlation (All Time) Calculated using the full available price history since Mar 5, 2014 | -0.70 |
The correlation between KBA and FXP has been stable across timeframes, ranging from -0.73 to -0.63 - a consistent structural relationship.
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Return for Risk
KBA vs. FXP — Risk / Return Rank
KBA
FXP
KBA vs. FXP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares Bosera MSCI China A Share ETF (KBA) 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.
| KBA | FXP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.09 | ||
| Sortino ratioReturn per unit of downside risk | +2.49 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.09 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 5.97 | 0.51 | +5.46 |
| Martin ratioReturn relative to average drawdown | 15.15 | 0.89 | +14.26 |
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Drawdowns
KBA vs. FXP - Drawdown Comparison
The maximum KBA drawdown since its inception was -53.24%, smaller than the maximum FXP drawdown of -99.94%. Use the drawdown chart below to compare losses from any high point for KBA and FXP.
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Drawdown Indicators
| KBA | FXP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.24% | -99.94% | +46.70% |
Max Drawdown (1Y)Largest decline over 1 year | -7.65% | -24.73% | +17.08% |
Max Drawdown (3Y)Largest decline over 3 years | -31.23% | -82.34% | +51.11% |
Max Drawdown (5Y)Largest decline over 5 years | -39.76% | -87.85% | +48.09% |
Max Drawdown (10Y)Largest decline over 10 years | -45.32% | -94.71% | +49.39% |
Current DrawdownCurrent decline from peak | -3.67% | -99.91% | +96.24% |
Average DrawdownAverage peak-to-trough decline | -25.71% | -94.15% | +68.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.01% | 14.56% | -11.55% |
Volatility
KBA vs. FXP - Volatility Comparison
The current volatility for KraneShares Bosera MSCI China A Share ETF (KBA) is 8.89%, while ProShares UltraShort FTSE China 50 (FXP) has a volatility of 12.22%. This indicates that KBA experiences smaller price fluctuations and is considered to be less risky than FXP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KBA | FXP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.89% | 12.22% | -3.33% |
Volatility (6M)Calculated over the trailing 6-month period | 14.20% | 29.48% | -15.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.00% | 39.65% | -20.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.35% | 63.21% | -35.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.39% | 54.78% | -29.39% |
KBA vs. FXP - Expense Ratio Comparison
KBA has a 0.60% expense ratio, which is lower than FXP's 0.95% expense ratio.
Dividends
KBA vs. FXP - Dividend Comparison
KBA's dividend yield for the trailing twelve months is around 1.42%, less than FXP's 3.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 3.58% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% | 0.00% | 0.00% | 0.00% |
KBA KraneShares Bosera MSCI China A Share ETF | 1.42% | 1.56% | 2.18% | 2.34% | 49.05% | 9.07% | 0.65% | 1.53% | 3.77% | 1.46% | 6.62% | 29.08% |
Frequently Asked Questions
KBA and FXP have a correlation of -0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXP has higher volatility (12.22%) compared to KBA (8.89%). In terms of maximum drawdown, KBA dropped -53.24% vs FXP's -99.94%.
On 10-year performance, KBA leads with 10.40% vs -22.28% for FXP. On fees, KBA is cheaper at 0.60% per year. On volatility, KBA has been the lower-risk option at 8.89%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, KBA has performed better with a 10.40% return vs -22.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KBA is cheaper with a 0.60% expense ratio, compared with 0.95% for FXP.
FXP has the higher dividend yield at 3.58%, compared with 1.42% for KBA.
KBA is categorized as China Equities, while FXP is Leveraged Equities. KBA tracks MSCI China A Index, while FXP tracks FTSE China 50 Net Tax USD (TR) (-200%). They also come from different issuers: CICC and ProShares. Their fees differ too: 0.60% for KBA and 0.95% for FXP.
KBA currently has the higher Sharpe Ratio (2.40 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.
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