VALG vs. FXP

Last updated Jun 4, 2026

VALG (Leverage Shares 2X Long VALE Daily ETF) and FXP (ProShares UltraShort FTSE China 50) are both Leveraged Equities funds - VALG tracks the Vale S.A. (VALE) while FXP tracks the FTSE China 50 Net Tax USD (TR) (-200%). Both are passively managed. At a correlation of -0.45, they often move in opposite directions. VALG charges 0.75%/yr vs 0.95%/yr for FXP.

Performance

VALG vs. FXP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long VALE Daily ETF (VALG) and ProShares UltraShort FTSE China 50 (FXP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VALG achieves a 35.93% return, which is significantly higher than FXP's 13.64% return.

VALG

• 1D: -9.01%
• 1M: 1.55%
• YTD: 35.93%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FXP

• 1D: 4.65%
• 1M: 5.53%
• YTD: 13.64%
• 6M: 16.82%
• 1Y: -6.43%
• 3Y*: -30.22%
• 5Y*: -16.52%
• 10Y*: -23.04%

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

VALG vs. FXP - Yearly Performance Comparison

	2026 (YTD)	2025
VALG Leverage Shares 2X Long VALE Daily ETF	35.93%	3.65%
FXP ProShares UltraShort FTSE China 50	13.64%	-0.28%

Correlation

The correlation between VALG and FXP is -0.45, 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 (All Time) Calculated using the full available price history since Dec 19, 2025	-0.45

Return for Risk

VALG vs. FXP — Risk / Return Rank

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

FXP

FXP Risk / Return Rank: 7
FXP Sharpe Ratio Rank: 7
FXP Sortino Ratio Rank: 8
FXP Omega Ratio Rank: 8
FXP Calmar Ratio Rank: 7
FXP Martin Ratio Rank: 7

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.

VALG vs. FXP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long VALE Daily ETF (VALG) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	VALG	FXP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.16	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.26	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.42	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.52	-0.44	+1.96

Drawdowns

VALG vs. FXP - Drawdown Comparison

The maximum VALG drawdown since its inception was -36.93%, smaller than the maximum FXP drawdown of -99.94%. Use the drawdown chart below to compare losses from any high point for VALG and FXP.

Drawdown Indicators

	VALG	FXP	Difference
Max Drawdown Largest peak-to-trough decline	-36.93%	-99.94%	+63.01%
Max Drawdown (1Y) Largest decline over 1 year	—	-27.21%	—
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	-21.33%	-99.92%	+78.59%
Average Drawdown Average peak-to-trough decline	-11.74%	-94.15%	+82.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	17.66%	—

Volatility

Volatility by Period

	VALG	FXP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	15.06%	—
Volatility (6M) Calculated over the trailing 6-month period	—	28.87%	—
Volatility (1Y) Calculated over the trailing 1-year period	75.74%	39.29%	+36.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	75.74%	63.12%	+12.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	75.74%	54.91%	+20.83%

VALG vs. FXP - Expense Ratio Comparison

VALG has a 0.75% expense ratio, which is lower than FXP's 0.95% expense ratio.

Dividends

VALG vs. FXP - Dividend Comparison

VALG has not paid dividends to shareholders, while FXP's dividend yield for the trailing twelve months is around 4.12%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FXP ProShares UltraShort FTSE China 50	4.12%	9.57%	3.55%	2.20%	0.06%	0.00%	0.06%	1.20%	0.16%
VALG Leverage Shares 2X Long VALE Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VALG and FXP in my portfolio?

VALG and FXP have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VALG or FXP?

On fees, VALG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VALG or FXP?

VALG is cheaper with a 0.75% expense ratio, compared with 0.95% for FXP.

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

FXP has the higher dividend yield at 4.12%, compared with 0.00% for VALG.

What is the main difference between VALG and FXP?

VALG tracks Vale S.A. (VALE), while FXP tracks FTSE China 50 Net Tax USD (TR) (-200%). They also come from different issuers: Leverage Shares and ProShares. Their fees differ too: 0.75% for VALG and 0.95% for FXP.