KSTR vs. FXP
KSTR (KraneShares SSE STAR Market 50 Index ETF) and FXP (ProShares UltraShort FTSE China 50) are both exchange-traded funds - KSTR is a China Equities fund tracking the SSE Science and Technology Innovation Board 50 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, KSTR returned 1.14%/yr vs -13.32%/yr for FXP. At a correlation of -0.48, they often move in opposite directions. KSTR charges 0.89%/yr vs 0.95%/yr for FXP.
Performance
KSTR vs. FXP - Performance Comparison
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Returns By Period
In the year-to-date period, KSTR achieves a 50.99% return, which is significantly higher than FXP's 33.85% return.
KSTR
- 1D
- 2.14%
- 1M
- 9.85%
- YTD
- 50.99%
- 6M
- 50.59%
- 1Y
- 108.70%
- 3Y*
- 23.88%
- 5Y*
- 1.14%
- 10Y*
- —
FXP
- 1D
- 2.52%
- 1M
- 17.58%
- YTD
- 33.85%
- 6M
- 35.70%
- 1Y
- 21.62%
- 3Y*
- -26.91%
- 5Y*
- -13.32%
- 10Y*
- -22.09%
KSTR vs. FXP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
KSTR KraneShares SSE STAR Market 50 Index ETF | 50.99% | 42.82% | 6.12% | -17.93% | -38.51% | -2.01% |
FXP ProShares UltraShort FTSE China 50 | 33.85% | -45.32% | -52.46% | 12.74% | -11.73% | 59.66% |
Correlation
The correlation between KSTR and FXP is -0.47, 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 | -0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.47 |
Correlation (All Time) Calculated using the full available price history since Jan 27, 2021 | -0.48 |
The correlation between KSTR and FXP has been stable across timeframes, ranging from -0.52 to -0.47 - a consistent structural relationship.
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Return for Risk
KSTR vs. FXP — Risk / Return Rank
KSTR
FXP
KSTR vs. FXP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares SSE STAR Market 50 Index ETF (KSTR) 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.
| KSTR | FXP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.38 | ||
| Sortino ratioReturn per unit of downside risk | +2.48 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.12 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 6.18 | 0.88 | +5.30 |
| Martin ratioReturn relative to average drawdown | 15.24 | 1.54 | +13.70 |
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Drawdowns
KSTR vs. FXP - Drawdown Comparison
The maximum KSTR drawdown since its inception was -66.46%, smaller than the maximum FXP drawdown of -99.94%. Use the drawdown chart below to compare losses from any high point for KSTR and FXP.
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Drawdown Indicators
| KSTR | FXP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.46% | -99.94% | +33.48% |
Max Drawdown (1Y)Largest decline over 1 year | -17.70% | -24.73% | +7.03% |
Max Drawdown (3Y)Largest decline over 3 years | -41.55% | -82.34% | +40.79% |
Max Drawdown (5Y)Largest decline over 5 years | -66.46% | -87.85% | +21.39% |
Max Drawdown (10Y)Largest decline over 10 years | — | -94.71% | — |
Current DrawdownCurrent decline from peak | -0.25% | -99.90% | +99.65% |
Average DrawdownAverage peak-to-trough decline | -38.44% | -94.15% | +55.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.16% | 14.07% | -6.91% |
Volatility
KSTR vs. FXP - Volatility Comparison
KraneShares SSE STAR Market 50 Index ETF (KSTR) has a higher volatility of 16.13% compared to ProShares UltraShort FTSE China 50 (FXP) at 12.30%. This indicates that KSTR's price experiences larger fluctuations and is considered to be riskier 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
| KSTR | FXP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.13% | 12.30% | +3.83% |
Volatility (6M)Calculated over the trailing 6-month period | 28.67% | 29.50% | -0.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.32% | 39.64% | -2.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.61% | 63.21% | -24.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.86% | 54.77% | -16.91% |
KSTR vs. FXP - Expense Ratio Comparison
KSTR has a 0.89% expense ratio, which is lower than FXP's 0.95% expense ratio.
Dividends
KSTR vs. FXP - Dividend Comparison
KSTR has not paid dividends to shareholders, while FXP's dividend yield for the trailing twelve months is around 3.49%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 3.49% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% |
KSTR KraneShares SSE STAR Market 50 Index ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
KSTR and FXP have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KSTR has higher volatility (16.13%) compared to FXP (12.30%). In terms of maximum drawdown, KSTR dropped -66.46% vs FXP's -99.94%.
On 5-year performance, KSTR leads with 1.14% vs -13.32% for FXP. On fees, KSTR is cheaper at 0.89% per year. On volatility, FXP has been the lower-risk option at 12.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, KSTR has performed better with a 1.14% return vs -13.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KSTR is cheaper with a 0.89% expense ratio, compared with 0.95% for FXP.
FXP has the higher dividend yield at 3.49%, compared with 0.00% for KSTR.
KSTR is categorized as China Equities, while FXP is Leveraged Equities. KSTR tracks SSE Science and Technology Innovation Board 50 Index, while FXP tracks FTSE China 50 Net Tax USD (TR) (-200%). They also come from different issuers: KraneShares and ProShares. Their fees differ too: 0.89% for KSTR and 0.95% for FXP.
KSTR currently has the higher Sharpe Ratio (2.93 vs 0.55), 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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