KTEC vs. FXP
KTEC (KraneShares Hang Seng TECH Index ETF) and FXP (ProShares UltraShort FTSE China 50) are both China Equities funds - KTEC tracks the Hang Seng Tech Index while FXP tracks the FTSE China 50 Net Tax USD (TR) (-200%). Both are passively managed. Over the past 5 years, KTEC returned -10.84%/yr vs -16.22%/yr for FXP. At a correlation of -0.93, they often move in opposite directions. KTEC charges 0.69%/yr vs 0.95%/yr for FXP.
Performance
KTEC vs. FXP - Performance Comparison
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Returns By Period
In the year-to-date period, KTEC achieves a -17.62% return, which is significantly lower than FXP's 26.04% return.
KTEC
- 1D
- -1.07%
- 1M
- -1.75%
- 6M
- -25.13%
- YTD
- -17.62%
- 1Y
- -15.81%
- 3Y*
- 1.41%
- 5Y*
- -10.84%
- 10Y*
- —
FXP
- 1D
- 0.07%
- 1M
- 9.06%
- 6M
- 42.91%
- YTD
- 26.04%
- 1Y
- 11.22%
- 3Y*
- -25.63%
- 5Y*
- -16.22%
- 10Y*
- -21.13%
KTEC vs. FXP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
KTEC KraneShares Hang Seng TECH Index ETF | -17.62% | 21.01% | 16.13% | -10.41% | -26.12% | -29.98% |
FXP ProShares UltraShort FTSE China 50 | 26.04% | -45.32% | -52.46% | 12.74% | -11.73% | 33.72% |
Correlation
The correlation between KTEC and FXP is -0.88, 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 | -0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.93 |
Correlation (All Time) Calculated using the full available price history since Jun 9, 2021 | -0.93 |
The correlation between KTEC and FXP has been stable across timeframes, ranging from -0.93 to -0.88 - a consistent structural relationship.
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Return for Risk
KTEC vs. FXP — Risk / Return Rank
KTEC
FXP
KTEC vs. FXP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares Hang Seng TECH Index ETF (KTEC) 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.
| KTEC | FXP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.85 | ||
| Sortino ratioReturn per unit of downside risk | -1.35 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.08 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.43 | 0.51 | -0.95 |
| Martin ratioReturn relative to average drawdown | -0.82 | 0.94 | -1.76 |
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Drawdowns
KTEC vs. FXP - Drawdown Comparison
The maximum KTEC drawdown since its inception was -66.90%, smaller than the maximum FXP drawdown of -99.94%. Use the drawdown chart below to compare losses from any high point for KTEC and FXP.
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Drawdown Indicators
| KTEC | FXP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.90% | -99.94% | +33.04% |
Max Drawdown (1Y)Largest decline over 1 year | -36.49% | -21.99% | -14.50% |
Max Drawdown (3Y)Largest decline over 3 years | -36.49% | -82.34% | +45.85% |
Max Drawdown (5Y)Largest decline over 5 years | -64.03% | -87.85% | +23.82% |
Max Drawdown (10Y)Largest decline over 10 years | — | -93.71% | — |
Current DrawdownCurrent decline from peak | -48.02% | -99.91% | +51.89% |
Average DrawdownAverage peak-to-trough decline | -44.03% | -94.16% | +50.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.26% | 13.15% | +6.11% |
Volatility
KTEC vs. FXP - Volatility Comparison
The current volatility for KraneShares Hang Seng TECH Index ETF (KTEC) is 6.94%, while ProShares UltraShort FTSE China 50 (FXP) has a volatility of 12.93%. This indicates that KTEC 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
| KTEC | FXP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.94% | 12.93% | -5.99% |
Volatility (6M)Calculated over the trailing 6-month period | 20.53% | 29.64% | -9.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.05% | 40.22% | -12.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.14% | 63.15% | -20.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.89% | 54.76% | -11.87% |
KTEC vs. FXP - Expense Ratio Comparison
KTEC has a 0.69% expense ratio, which is lower than FXP's 0.95% expense ratio.
Dividends
KTEC vs. FXP - Dividend Comparison
KTEC's dividend yield for the trailing twelve months is around 4.07%, more than FXP's 2.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 2.85% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% |
KTEC KraneShares Hang Seng TECH Index ETF | 4.07% | 3.36% | 0.27% | 0.81% | 0.16% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
KTEC and FXP have a correlation of -0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXP has higher volatility (12.93%) compared to KTEC (6.94%). In terms of maximum drawdown, KTEC dropped -66.90% vs FXP's -99.94%.
On 5-year performance, KTEC leads with -10.84% vs -16.22% for FXP. On fees, KTEC is cheaper at 0.69% per year. On volatility, KTEC has been the lower-risk option at 6.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, KTEC has performed better with a -10.84% return vs -16.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KTEC is cheaper with a 0.69% expense ratio, compared with 0.95% for FXP.
KTEC has the higher dividend yield at 4.07%, compared with 2.85% for FXP.
KTEC tracks Hang Seng Tech 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: 0.69% for KTEC and 0.95% for FXP.
FXP currently has the higher Sharpe Ratio (0.28 vs -0.57), 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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