KGRN vs. FXP
KGRN (KraneShares MSCI China Clean Technology Index ETF) and FXP (ProShares UltraShort FTSE China 50) are both exchange-traded funds - KGRN is a China Equities fund tracking the MSCI China IMI Environment 10/40 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 5 years, KGRN returned -7.84%/yr vs -16.43%/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 0.04% return, which is significantly lower than FXP's 14.26% return.
KGRN
- 1D
- -0.84%
- 1M
- -6.12%
- YTD
- 0.04%
- 6M
- -2.21%
- 1Y
- 4.70%
- 3Y*
- 2.68%
- 5Y*
- -7.84%
- 10Y*
- —
FXP
- 1D
- 0.54%
- 1M
- 5.35%
- YTD
- 14.26%
- 6M
- 18.02%
- 1Y
- -2.68%
- 3Y*
- -30.16%
- 5Y*
- -16.43%
- 10Y*
- -22.80%
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 | 0.04% | 21.45% | -1.11% | -14.75% | -40.45% | 5.91% | 138.49% | 12.12% | -29.32% | -0.37% |
FXP ProShares UltraShort FTSE China 50 | 14.26% | -45.32% | -52.46% | 12.74% | -11.73% | 23.56% | -39.47% | -29.01% | 12.45% | -5.42% |
Correlation
The correlation between KGRN and FXP is -0.72, 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 | -0.72 |
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 16, 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.
| KGRN | FXP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.02 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.27 | -0.10 | +0.37 |
| Martin ratioReturn relative to average drawdown | 0.46 | -0.17 | +0.63 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| KGRN | FXP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.20 | -0.07 | +0.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.23 | -0.26 | +0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.42 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.07 | -0.44 | +0.51 |
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 | -17.26% | -27.21% | +9.95% |
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 | — | -94.71% | — |
Current DrawdownCurrent decline from peak | -47.62% | -99.92% | +52.30% |
Average DrawdownAverage peak-to-trough decline | -33.96% | -94.15% | +60.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.13% | 16.21% | -6.08% |
Volatility
KGRN vs. FXP - Volatility Comparison
The current volatility for KraneShares MSCI China Clean Technology Index ETF (KGRN) is 7.36%, while ProShares UltraShort FTSE China 50 (FXP) has a volatility of 15.05%. 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 | 7.36% | 15.05% | -7.69% |
Volatility (6M)Calculated over the trailing 6-month period | 15.12% | 28.87% | -13.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.05% | 39.24% | -16.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.75% | 63.12% | -28.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.86% | 54.90% | -22.04% |
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 0.85%, less than FXP's 4.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 4.09% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% |
KGRN KraneShares MSCI China Clean Technology Index ETF | 0.85% | 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 -0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXP has higher volatility (15.05%) compared to KGRN (7.36%). In terms of maximum drawdown, KGRN dropped -66.24% vs FXP's -99.94%.
On 5-year performance, KGRN leads with -7.84% vs -16.43% for FXP. On fees, KGRN is cheaper at 0.79% per year. On volatility, KGRN has been the lower-risk option at 7.36%. 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 -7.84% return vs -16.43%. 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 4.09%, compared with 0.85% for KGRN.
KGRN is categorized as China Equities, while FXP is Leveraged Equities. 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.
KGRN currently has the higher Sharpe Ratio (0.20 vs -0.07), 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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