MCHI vs. FXP
MCHI (iShares MSCI China ETF) and FXP (ProShares UltraShort FTSE China 50) are both China Equities funds - MCHI tracks the MSCI China Index while FXP tracks the FTSE China 50 Net Tax USD (TR) (-200%). Both are passively managed. Over the past 10 years, MCHI returned 3.81%/yr vs -21.55%/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
Loading charts...
Returns By Period
In the year-to-date period, MCHI achieves a -9.27% return, which is significantly lower than FXP's 17.49% return. Over the past 10 years, MCHI has outperformed FXP with an annualized return of 3.81%, while FXP has yielded a comparatively lower -21.55% annualized return.
MCHI
- 1D
- -0.02%
- 1M
- 0.02%
- 6M
- -14.30%
- YTD
- -9.27%
- 1Y
- -2.38%
- 3Y*
- 8.00%
- 5Y*
- -5.12%
- 10Y*
- 3.81%
FXP
- 1D
- -0.83%
- 1M
- -0.77%
- 6M
- 29.15%
- YTD
- 17.49%
- 1Y
- 9.66%
- 3Y*
- -27.59%
- 5Y*
- -17.29%
- 10Y*
- -21.55%
MCHI vs. FXP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MCHI iShares MSCI China ETF | -9.27% | 31.04% | 17.73% | -11.94% | -23.01% | -21.74% | 27.78% | 23.72% | -19.79% | 54.67% |
FXP ProShares UltraShort FTSE China 50 | 17.49% | -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 -0.95, 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 | -0.95 |
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 | -0.96 |
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 -0.95 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | -0.36 | ||
| Sortino ratioReturn per unit of downside risk | -0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.07 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.10 | 0.44 | -0.54 |
| Martin ratioReturn relative to average drawdown | -0.22 | 0.80 | -1.03 |
Loading charts...
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.
Loading charts...
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 | -23.22% | -21.99% | -1.23% |
Max Drawdown (3Y)Largest decline over 3 years | -25.85% | -82.34% | +56.49% |
Max Drawdown (5Y)Largest decline over 5 years | -53.95% | -87.85% | +33.90% |
Max Drawdown (10Y)Largest decline over 10 years | -62.95% | -93.71% | +30.76% |
Current DrawdownCurrent decline from peak | -38.13% | -99.92% | +61.79% |
Average DrawdownAverage peak-to-trough decline | -24.63% | -94.17% | +69.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.66% | 12.04% | -1.38% |
Volatility
MCHI vs. FXP - Volatility Comparison
The current volatility for iShares MSCI China ETF (MCHI) is 5.77%, while ProShares UltraShort FTSE China 50 (FXP) has a volatility of 13.71%. 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.
Loading charts...
Volatility by Period
| MCHI | FXP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.77% | 13.71% | -7.94% |
Volatility (6M)Calculated over the trailing 6-month period | 14.49% | 29.15% | -14.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.41% | 40.14% | -19.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.70% | 63.18% | -32.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.33% | 54.76% | -27.43% |
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 2.02%, less than FXP's 3.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 3.06% | 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 | 2.02% | 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 -0.95, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXP has higher volatility (13.71%) compared to MCHI (5.77%). In terms of maximum drawdown, MCHI dropped -62.95% vs FXP's -99.94%.
On 10-year performance, MCHI leads with 3.81% vs -21.55% for FXP. On fees, MCHI is cheaper at 0.59% per year. On volatility, MCHI has been the lower-risk option at 5.77%. 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 3.81% return vs -21.55%. 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 3.06%, compared with 2.02% for MCHI.
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 (0.24 vs -0.12), 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.
Find the right allocation for MCHI and FXP
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer