MCHI vs. FXP
MCHI (iShares MSCI China ETF) and FXP (ProShares UltraShort FTSE China 50) are both exchange-traded funds - MCHI is a China Equities fund tracking the MSCI China 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 10 years, MCHI returned 4.19%/yr vs -21.73%/yr for FXP. At a correlation of -0.96, they often move in opposite directions. MCHI charges 0.59%/yr vs 0.95%/yr for FXP.
Performance
MCHI vs. FXP - Performance Comparison
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Returns By Period
In the year-to-date period, MCHI achieves a -14.90% return, which is significantly lower than FXP's 41.49% return. Over the past 10 years, MCHI has outperformed FXP with an annualized return of 4.19%, while FXP has yielded a comparatively lower -21.73% annualized return.
MCHI
- 1D
- -1.26%
- 1M
- -8.88%
- YTD
- -14.90%
- 6M
- -15.66%
- 1Y
- -6.82%
- 3Y*
- 7.30%
- 5Y*
- -7.48%
- 10Y*
- 4.19%
FXP
- 1D
- 5.21%
- 1M
- 25.84%
- YTD
- 41.49%
- 6M
- 43.45%
- 1Y
- 28.98%
- 3Y*
- -25.26%
- 5Y*
- -12.36%
- 10Y*
- -21.73%
MCHI vs. FXP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MCHI iShares MSCI China ETF | -14.90% | 31.04% | 17.73% | -11.94% | -23.01% | -21.74% | 27.78% | 23.72% | -19.79% | 54.67% |
FXP ProShares UltraShort FTSE China 50 | 41.49% | -45.32% | -52.46% | 12.74% | -11.73% | 23.56% | -39.47% | -29.01% | 12.45% | -49.76% |
Correlation
The correlation between MCHI and FXP is -0.96, 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 | -0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.97 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2011 | -0.96 |
The correlation between MCHI and FXP has been stable across timeframes, ranging from -0.98 to -0.96 - a consistent structural relationship.
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Return for Risk
MCHI vs. FXP — Risk / Return Rank
MCHI
FXP
MCHI vs. FXP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China ETF (MCHI) 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.
| MCHI | FXP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.07 | ||
| Sortino ratioReturn per unit of downside risk | -1.60 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.15 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.30 | 1.18 | -1.48 |
| Martin ratioReturn relative to average drawdown | -0.72 | 2.07 | -2.79 |
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Drawdowns
MCHI vs. FXP - Drawdown Comparison
The maximum MCHI drawdown since its inception was -62.95%, smaller than the maximum FXP drawdown of -99.94%. Use the drawdown chart below to compare losses from any high point for MCHI and FXP.
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Drawdown Indicators
| MCHI | FXP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.95% | -99.94% | +36.99% |
Max Drawdown (1Y)Largest decline over 1 year | -22.76% | -24.73% | +1.97% |
Max Drawdown (3Y)Largest decline over 3 years | -25.85% | -82.34% | +56.49% |
Max Drawdown (5Y)Largest decline over 5 years | -56.98% | -87.85% | +30.87% |
Max Drawdown (10Y)Largest decline over 10 years | -62.95% | -94.44% | +31.49% |
Current DrawdownCurrent decline from peak | -41.97% | -99.90% | +57.93% |
Average DrawdownAverage peak-to-trough decline | -24.57% | -94.15% | +69.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.49% | 14.07% | -4.58% |
Volatility
MCHI vs. FXP - Volatility Comparison
The current volatility for iShares MSCI China ETF (MCHI) is 6.05%, while ProShares UltraShort FTSE China 50 (FXP) has a volatility of 12.89%. This indicates that MCHI 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
| MCHI | FXP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.05% | 12.89% | -6.84% |
Volatility (6M)Calculated over the trailing 6-month period | 14.90% | 29.92% | -15.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.15% | 39.64% | -19.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.74% | 63.24% | -32.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.34% | 54.79% | -27.45% |
MCHI vs. FXP - Expense Ratio Comparison
MCHI has a 0.59% expense ratio, which is lower than FXP's 0.95% expense ratio.
Dividends
MCHI vs. FXP - Dividend Comparison
MCHI's dividend yield for the trailing twelve months is around 2.16%, less than FXP's 2.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 2.54% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% | 0.00% | 0.00% | 0.00% |
MCHI iShares MSCI China ETF | 2.16% | 2.12% | 2.31% | 2.66% | 1.78% | 1.04% | 1.04% | 1.45% | 1.60% | 1.56% | 1.66% | 2.76% |
Frequently Asked Questions
MCHI and FXP have a correlation of -0.96, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXP has higher volatility (12.89%) compared to MCHI (6.05%). In terms of maximum drawdown, MCHI dropped -62.95% vs FXP's -99.94%.
On 10-year performance, MCHI leads with 4.19% vs -21.73% for FXP. On fees, MCHI is cheaper at 0.59% per year. On volatility, MCHI has been the lower-risk option at 6.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MCHI has performed better with a 4.19% return vs -21.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MCHI is cheaper with a 0.59% expense ratio, compared with 0.95% for FXP.
FXP has the higher dividend yield at 2.54%, compared with 2.16% for MCHI.
MCHI is categorized as China Equities, while FXP is Leveraged Equities. MCHI tracks MSCI China Index, while FXP tracks FTSE China 50 Net Tax USD (TR) (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.59% for MCHI and 0.95% for FXP.
FXP currently has the higher Sharpe Ratio (0.73 vs -0.34), 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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