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KBA vs. FXP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

KBA vs. FXP

Last updated Jun 4, 2026

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 10.15%/yr vs -23.04%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares Bosera MSCI China A Share ETF (KBA) and ProShares UltraShort FTSE China 50 (FXP). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, KBA achieves a 12.62% return, which is significantly lower than FXP's 13.64% return. Over the past 10 years, KBA has outperformed FXP with an annualized return of 10.15%, while FXP has yielded a comparatively lower -23.04% annualized return.

KBA

1D
0.14%
1M
4.32%
YTD
12.62%
6M
16.80%
1Y
49.12%
3Y*
16.22%
5Y*
6.46%
10Y*
10.15%

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

KBA vs. FXP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
KBA
KraneShares Bosera MSCI China A Share ETF		12.62%33.88%15.73%-16.77%-3.49%3.17%41.62%35.44%-26.28%30.69%
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%

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 6, 2014

-0.70

The correlation between KBA and FXP shifts across timeframes, from -0.73 (10 years) to -0.63 (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.

KraneShares Bosera MSCI China A Share ETF

ProShares UltraShort FTSE China 50

Often compared with KBA:
KBA vs. ASHRKBA vs. CNYAKBA vs. KGRNKBA vs. EWTKBA vs. MCHIKBA vs. HEZUKBA vs. ASHS
Often compared with FXP:
FXP vs. YXIFXP vs. FXIFXP vs. YANGFXP vs. KLIPFXP vs. FNILXFXP vs. RLBGXFXP vs. CQQQ

Return for Risk

KBA vs. FXP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
KBA
KBA Risk / Return Rank: 8585
Overall Rank
KBA Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
KBA Sortino Ratio Rank: 8484
Sortino Ratio Rank
KBA Omega Ratio Rank: 8383
Omega Ratio Rank
KBA Calmar Ratio Rank: 9393
Calmar Ratio Rank
KBA Martin Ratio Rank: 8484
Martin Ratio Rank
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
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.

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.

KBAFXPDifference

Sharpe ratio

Return per unit of total volatility

2.80

-0.16

+2.96

Sortino ratio

Return per unit of downside risk

3.80

0.04

+3.76

Omega ratio

Gain probability vs. loss probability

1.50

1.00

+0.50

Calmar ratio

Return relative to maximum drawdown

6.45

-0.24

+6.69

Martin ratio

Return relative to average drawdown

17.29

-0.40

+17.69

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KBA vs. FXP - Sharpe Ratio Comparison

The current KBA Sharpe Ratio is 2.80, which is higher than the FXP Sharpe Ratio of -0.16. The chart below compares the historical Sharpe Ratios of KBA and FXP, 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

KBAFXPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.80

-0.16

+2.96

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.24

-0.26

+0.50

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.40

-0.42

+0.82

Sharpe Ratio (All Time)

Calculated using the full available price history

0.35

-0.44

+0.80

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

KBAFXPDifference

Max Drawdown

Largest peak-to-trough decline

-53.24%

-99.94%

+46.70%

Max Drawdown (1Y)

Largest decline over 1 year

-7.65%

-27.21%

+19.56%

Max Drawdown (3Y)

Largest decline over 3 years

-31.23%

-82.34%

+51.11%

Max Drawdown (5Y)

Largest decline over 5 years

-39.95%

-87.85%

+47.90%

Max Drawdown (10Y)

Largest decline over 10 years

-45.32%

-94.71%

+49.39%

Current Drawdown

Current decline from peak

-1.25%

-99.92%

+98.67%

Average Drawdown

Average peak-to-trough decline

-25.81%

-94.15%

+68.34%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.85%

17.66%

-14.81%

Volatility

KBA vs. FXP - Volatility Comparison

The current volatility for KraneShares Bosera MSCI China A Share ETF (KBA) is 7.29%, while ProShares UltraShort FTSE China 50 (FXP) has a volatility of 15.06%. 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

KBAFXPDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.29%

15.06%

-7.77%

Volatility (6M)

Calculated over the trailing 6-month period

12.44%

28.87%

-16.43%

Volatility (1Y)

Calculated over the trailing 1-year period

17.65%

39.29%

-21.64%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

27.20%

63.12%

-35.92%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.32%

54.91%

-29.59%

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 1.39%, less than FXP's 4.12% 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%
KBA
KraneShares Bosera MSCI China A Share ETF		1.39%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 (15.06%) compared to KBA (7.29%). In terms of maximum drawdown, KBA dropped -53.24% vs FXP's -99.94%.

On 10-year performance, KBA leads with 10.15% vs -23.04% for FXP. On fees, KBA is cheaper at 0.60% per year. On volatility, KBA has been the lower-risk option at 7.29%. 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 10.15% return vs -23.04%. 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 4.12%, compared with 1.39% 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 (2.80 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.

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