KLIP vs. FXP
KLIP (KraneShares China Internet and Covered Call Strategy ETF) and FXP (ProShares UltraShort FTSE China 50) are both China Equities funds. KLIP is actively managed, while FXP is passively managed. Over the past 3 years, KLIP returned 6.19%/yr vs -27.39%/yr for FXP. Their -0.85 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
KLIP vs. FXP - Performance Comparison
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Returns By Period
In the year-to-date period, KLIP achieves a -7.10% return, which is significantly lower than FXP's 5.19% return.
KLIP
- 1D
- 0.31%
- 1M
- 6.50%
- 6M
- -11.47%
- YTD
- -7.10%
- 1Y
- -3.45%
- 3Y*
- 6.19%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 6.43%
FXP
- 1D
- -0.50%
- 1M
- -24.68%
- 6M
- 13.80%
- YTD
- 5.19%
- 1Y
- -5.35%
- 3Y*
- -27.39%
- 5Y*
- -21.54%
- 10Y*
- -22.63%
- ALL TIME*
- -28.50%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $93.29K | $87.96K | $94.48K | |
| $623.83K | $609.30K | $993.79K |
KLIP vs. FXP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
KLIP KraneShares China Internet and Covered Call Strategy ETF | -7.10% | 16.92% | 3.37% | 11.11% |
FXP ProShares UltraShort FTSE China 50 | 5.19% | -45.32% | -52.46% | 45.72% |
Correlation
The correlation between KLIP and FXP is -0.82, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.82 |
Correlation (3Y) Balances recent behavior with more history. | -0.83 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2023 | -0.85 |
The correlation between KLIP and FXP has been stable across timeframes, ranging from -0.85 to -0.82 - a consistent structural relationship.
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Return for Risk
KLIP vs. FXP — Risk / Return Rank
KLIP
FXP
KLIP vs. FXP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares China Internet and Covered Call Strategy ETF (KLIP) 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.
| KLIP | FXP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.46 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.03 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | -0.08 | -0.12 |
| Martin ratioReturn relative to average drawdown | -0.46 | -0.17 | -0.30 |
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Drawdowns
KLIP vs. FXP - Drawdown Comparison
The maximum KLIP drawdown since its inception was -21.48%, smaller than the maximum FXP drawdown of -99.94%. Use the drawdown chart below to compare losses from any high point for KLIP and FXP.
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Drawdown Indicators
| KLIP | FXP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.48% | -99.94% | +78.46% |
Max Drawdown (1Y)Largest decline over 1 year | -21.48% | -25.65% | +4.17% |
Max Drawdown (3Y)Largest decline over 3 years | -21.48% | -82.34% | +60.86% |
Max Drawdown (5Y)Largest decline over 5 years | — | -87.85% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -93.59% | — |
Current DrawdownCurrent decline from peak | -12.44% | -99.92% | +87.48% |
Average DrawdownAverage peak-to-trough decline | -4.32% | -94.18% | +89.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.19% | 12.70% | -3.51% |
Volatility
KLIP vs. FXP - Volatility Comparison
The current volatility for KraneShares China Internet and Covered Call Strategy ETF (KLIP) is 2.40%, while ProShares UltraShort FTSE China 50 (FXP) has a volatility of 11.52%. This indicates that KLIP 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
| KLIP | FXP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.40% | 11.52% | -9.12% |
Volatility (6M)Calculated over the trailing 6-month period | 13.02% | 29.92% | -16.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.59% | 40.77% | -24.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.99% | 62.72% | -44.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.99% | 54.80% | -36.81% |
KLIP vs. FXP - Expense Ratio Comparison
Both KLIP and FXP have an expense ratio of 0.95%.
Dividends
KLIP vs. FXP - Dividend Comparison
KLIP's dividend yield for the trailing twelve months is around 27.63%, more than FXP's 3.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 3.42% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% |
KLIP KraneShares China Internet and Covered Call Strategy ETF | 27.63% | 25.14% | 54.26% | 61.22% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
KLIP and FXP have a correlation of -0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXP has higher volatility (11.52%) compared to KLIP (2.40%). In terms of maximum drawdown, KLIP dropped -21.48% vs FXP's -99.94%.
On 3-year performance, KLIP leads with 6.19% vs -27.39% for FXP. Both ETFs have the same 0.95% expense ratio. On volatility, KLIP has been the lower-risk option at 2.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, KLIP has performed better with a 6.19% return vs -27.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KLIP and FXP have the same expense ratio: 0.95% per year.
KLIP has the higher dividend yield at 27.63%, compared with 3.42% for FXP.
They also come from different issuers: KraneShares and ProShares.
FXP currently has the higher Sharpe Ratio (-0.05 vs -0.26), 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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