KGRN vs. FXP
KGRN (KraneShares MSCI China Clean Technology Index ETF) and FXP (ProShares UltraShort FTSE China 50) are both China Equities funds - KGRN tracks the MSCI China IMI Environment 10/40 Index while FXP tracks the FTSE China 50 Net Tax USD (TR) (-200%). Both are passively managed. Over the past 5 years, KGRN returned -11.63%/yr vs -16.78%/yr for FXP. At a correlation of -0.69, they often move in opposite directions. KGRN charges 0.79%/yr vs 0.95%/yr for FXP.
Performance
KGRN vs. FXP - Performance Comparison
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Returns By Period
In the year-to-date period, KGRN achieves a -13.08% return, which is significantly lower than FXP's 21.13% return.
KGRN
- 1D
- -1.48%
- 1M
- -5.65%
- 6M
- -15.15%
- YTD
- -13.08%
- 1Y
- -14.85%
- 3Y*
- -4.18%
- 5Y*
- -11.63%
- 10Y*
- —
FXP
- 1D
- 3.10%
- 1M
- -2.64%
- 6M
- 28.79%
- YTD
- 21.13%
- 1Y
- 13.33%
- 3Y*
- -27.94%
- 5Y*
- -16.78%
- 10Y*
- -21.59%
KGRN vs. FXP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KGRN KraneShares MSCI China Clean Technology Index ETF | -13.08% | 21.45% | -1.11% | -14.75% | -40.45% | 5.91% | 138.49% | 12.12% | -29.32% | -0.37% |
FXP ProShares UltraShort FTSE China 50 | 21.13% | -45.32% | -52.46% | 12.74% | -11.73% | 23.56% | -39.47% | -29.01% | 12.45% | -6.91% |
Correlation
The correlation between KGRN and FXP is -0.73, 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 | -0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.75 |
Correlation (All Time) Calculated using the full available price history since Oct 13, 2017 | -0.69 |
The correlation between KGRN and FXP has been stable across timeframes, ranging from -0.76 to -0.69 - a consistent structural relationship.
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Return for Risk
KGRN vs. FXP — Risk / Return Rank
KGRN
FXP
KGRN vs. FXP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares MSCI China Clean Technology Index ETF (KGRN) 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.
| KGRN | FXP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.97 | ||
| Sortino ratioReturn per unit of downside risk | -1.52 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.09 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | 0.61 | -1.13 |
| Martin ratioReturn relative to average drawdown | -1.13 | 1.11 | -2.24 |
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Drawdowns
KGRN vs. FXP - Drawdown Comparison
The maximum KGRN drawdown since its inception was -66.24%, smaller than the maximum FXP drawdown of -99.94%. Use the drawdown chart below to compare losses from any high point for KGRN and FXP.
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Drawdown Indicators
| KGRN | FXP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.24% | -99.94% | +33.70% |
Max Drawdown (1Y)Largest decline over 1 year | -28.36% | -21.99% | -6.37% |
Max Drawdown (3Y)Largest decline over 3 years | -42.19% | -82.34% | +40.15% |
Max Drawdown (5Y)Largest decline over 5 years | -63.60% | -87.85% | +24.25% |
Max Drawdown (10Y)Largest decline over 10 years | — | -93.66% | — |
Current DrawdownCurrent decline from peak | -54.48% | -99.91% | +45.43% |
Average DrawdownAverage peak-to-trough decline | -34.19% | -94.17% | +59.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.20% | 12.07% | +1.13% |
Volatility
KGRN vs. FXP - Volatility Comparison
The current volatility for KraneShares MSCI China Clean Technology Index ETF (KGRN) is 5.99%, while ProShares UltraShort FTSE China 50 (FXP) has a volatility of 13.73%. This indicates that KGRN 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
| KGRN | FXP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.99% | 13.73% | -7.74% |
Volatility (6M)Calculated over the trailing 6-month period | 15.46% | 29.28% | -13.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.59% | 40.25% | -16.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.60% | 63.17% | -28.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.74% | 54.77% | -22.03% |
KGRN vs. FXP - Expense Ratio Comparison
KGRN has a 0.79% expense ratio, which is lower than FXP's 0.95% expense ratio.
Dividends
KGRN vs. FXP - Dividend Comparison
KGRN's dividend yield for the trailing twelve months is around 0.98%, less than FXP's 2.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 2.97% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% |
KGRN KraneShares MSCI China Clean Technology Index ETF | 0.98% | 0.85% | 1.49% | 0.74% | 1.98% | 0.41% | 0.01% | 5.88% | 2.04% |
Frequently Asked Questions
KGRN and FXP have a correlation of -0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXP has higher volatility (13.73%) compared to KGRN (5.99%). In terms of maximum drawdown, KGRN dropped -66.24% vs FXP's -99.94%.
On 5-year performance, KGRN leads with -11.63% vs -16.78% for FXP. On fees, KGRN is cheaper at 0.79% per year. On volatility, KGRN has been the lower-risk option at 5.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, KGRN has performed better with a -11.63% return vs -16.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KGRN is cheaper with a 0.79% expense ratio, compared with 0.95% for FXP.
FXP has the higher dividend yield at 2.97%, compared with 0.98% for KGRN.
KGRN tracks MSCI China IMI Environment 10/40 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: 0.79% for KGRN and 0.95% for FXP.
FXP currently has the higher Sharpe Ratio (0.33 vs -0.63), 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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