NBCE vs. FXP

Last updated Jun 24, 2026

NBCE (Neuberger Berman China Equity ETF) and FXP (ProShares UltraShort FTSE China 50) are both exchange-traded funds - NBCE is a China Equities fund actively managed by Neuberger Berman, while FXP is a Leveraged Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-200%). NBCE is actively managed, while FXP is passively managed. Over the past year, NBCE returned 68.17% vs 12.48% for FXP. At a correlation of -0.68, they often move in opposite directions. NBCE charges 0.74%/yr vs 0.95%/yr for FXP.

Performance

NBCE vs. FXP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman China Equity ETF (NBCE) and ProShares UltraShort FTSE China 50 (FXP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with NBCE having a 32.09% return and FXP slightly lower at 30.56%.

NBCE

• 1D: -3.12%
• 1M: 7.62%
• YTD: 32.09%
• 6M: 32.92%
• 1Y: 68.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FXP

• 1D: 4.04%
• 1M: 14.69%
• YTD: 30.56%
• 6M: 32.48%
• 1Y: 12.48%
• 3Y*: -27.51%
• 5Y*: -14.41%
• 10Y*: -22.28%

*Multi-year figures are annualized to reflect compound growth (CAGR)

NBCE vs. FXP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NBCE Neuberger Berman China Equity ETF	32.09%	39.08%	3.35%	-2.22%
FXP ProShares UltraShort FTSE China 50	30.56%	-45.32%	-52.46%	13.14%

Correlation

The correlation between NBCE and FXP is -0.59, 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	-0.59
Correlation (All Time) Calculated using the full available price history since Oct 16, 2023	-0.68

The correlation between NBCE and FXP has been stable across timeframes, ranging from -0.68 to -0.59 - a consistent structural relationship.

Return for Risk

NBCE vs. FXP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NBCE

NBCE Risk / Return Rank: 94
NBCE Sharpe Ratio Rank: 95
NBCE Sortino Ratio Rank: 93
NBCE Omega Ratio Rank: 92
NBCE Calmar Ratio Rank: 95
NBCE Martin Ratio Rank: 94

FXP

FXP Risk / Return Rank: 14
FXP Sharpe Ratio Rank: 13
FXP Sortino Ratio Rank: 15
FXP Omega Ratio Rank: 14
FXP Calmar Ratio Rank: 15
FXP Martin Ratio Rank: 13

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NBCE vs. FXP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman China Equity ETF (NBCE) 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.

	NBCE	FXP	Difference
Sharpe ratio: Return per unit of total volatility	3.36	0.32	+3.04
Sortino ratio: Return per unit of downside risk	4.21	0.72	+3.50
Omega ratio: Gain probability vs. loss probability	1.58	1.09	+0.50
Calmar ratio: Return relative to maximum drawdown	7.43	0.51	+6.92
Martin ratio: Return relative to average drawdown	24.33	0.89	+23.44

NBCE vs. FXP - Sharpe Ratio Comparison

The current NBCE Sharpe Ratio is 3.36, which is higher than the FXP Sharpe Ratio of 0.32. The chart below compares the historical Sharpe Ratios of NBCE and FXP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NBCE vs. FXP - Drawdown Comparison

The maximum NBCE drawdown since its inception was -28.42%, smaller than the maximum FXP drawdown of -99.94%. Use the drawdown chart below to compare losses from any high point for NBCE and FXP.

Drawdown Indicators

	NBCE	FXP	Difference
Max Drawdown Largest peak-to-trough decline	-28.42%	-99.94%	+71.52%
Max Drawdown (1Y) Largest decline over 1 year	-9.23%	-24.73%	+15.50%
Max Drawdown (3Y) Largest decline over 3 years	—	-82.34%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-87.85%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-94.71%	—
Current Drawdown Current decline from peak	-3.12%	-99.91%	+96.79%
Average Drawdown Average peak-to-trough decline	-8.98%	-94.15%	+85.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.81%	14.56%	-11.75%

Volatility

NBCE vs. FXP - Volatility Comparison

The current volatility for Neuberger Berman China Equity ETF (NBCE) is 9.69%, while ProShares UltraShort FTSE China 50 (FXP) has a volatility of 12.22%. This indicates that NBCE 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.

Volatility by Period

	NBCE	FXP	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.69%	12.22%	-2.53%
Volatility (6M) Calculated over the trailing 6-month period	15.74%	29.48%	-13.74%
Volatility (1Y) Calculated over the trailing 1-year period	20.40%	39.65%	-19.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.39%	63.21%	-38.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.39%	54.78%	-30.39%

NBCE vs. FXP - Expense Ratio Comparison

NBCE has a 0.74% expense ratio, which is lower than FXP's 0.95% expense ratio.

Dividends

NBCE vs. FXP - Dividend Comparison

NBCE's dividend yield for the trailing twelve months is around 1.00%, less than FXP's 3.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FXP ProShares UltraShort FTSE China 50	3.58%	9.57%	3.55%	2.20%	0.06%	0.00%	0.06%	1.20%	0.16%
NBCE Neuberger Berman China Equity ETF	1.00%	1.32%	1.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NBCE and FXP in my portfolio?

NBCE and FXP have a correlation of -0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NBCE or FXP?

FXP has higher volatility (12.22%) compared to NBCE (9.69%). In terms of maximum drawdown, NBCE dropped -28.42% vs FXP's -99.94%.

Which ETF is better, NBCE or FXP?

On 1-year performance, NBCE leads with 68.17% vs 12.48% for FXP. On fees, NBCE is cheaper at 0.74% per year. On volatility, NBCE has been the lower-risk option at 9.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NBCE or FXP?

Over the 1-year period, NBCE has performed better with a 68.17% return vs 12.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NBCE or FXP?

NBCE is cheaper with a 0.74% expense ratio, compared with 0.95% for FXP.

Which ETF pays a higher dividend yield, NBCE or FXP?

FXP has the higher dividend yield at 3.58%, compared with 1.00% for NBCE.

What is the main difference between NBCE and FXP?

NBCE is categorized as China Equities, while FXP is Leveraged Equities. They also come from different issuers: Neuberger Berman and ProShares. Their fees differ too: 0.74% for NBCE and 0.95% for FXP.

Which has better risk-adjusted returns?

NBCE currently has the higher Sharpe Ratio (3.36 vs 0.32), 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.