XPP vs. ARGT

Last updated Jun 4, 2026

XPP (ProShares Ultra FTSE China 50) and ARGT (Global X MSCI Argentina ETF) are both exchange-traded funds - XPP is a Leveraged Equities fund tracking the FTSE/Xinhua China 25 Index (200%), while ARGT is a Latin America Equities fund tracking the MSCI All Argentina 25/50. Both are passively managed. Over the past 10 years, XPP returned -5.30%/yr vs 17.46%/yr for ARGT. At a 0.44 correlation, their price movements are largely independent. XPP charges 0.95%/yr vs 0.60%/yr for ARGT.

Performance

XPP vs. ARGT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra FTSE China 50 (XPP) and Global X MSCI Argentina ETF (ARGT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XPP achieves a -17.68% return, which is significantly lower than ARGT's 3.65% return. Over the past 10 years, XPP has underperformed ARGT with an annualized return of -5.30%, while ARGT has yielded a comparatively higher 17.46% annualized return.

XPP

• 1D: -4.83%
• 1M: -6.40%
• YTD: -17.68%
• 6M: -20.01%
• 1Y: -5.89%
• 3Y*: 7.34%
• 5Y*: -20.12%
• 10Y*: -5.30%

ARGT

• 1D: -3.12%
• 1M: 5.42%
• YTD: 3.65%
• 6M: 0.81%
• 1Y: 5.86%
• 3Y*: 33.61%
• 5Y*: 26.82%
• 10Y*: 17.46%

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

XPP vs. ARGT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XPP ProShares Ultra FTSE China 50	-17.68%	45.84%	38.18%	-34.77%	-50.06%	-40.45%	7.07%	24.88%	-31.36%	80.21%
ARGT Global X MSCI Argentina ETF	3.65%	11.51%	63.46%	53.64%	11.80%	3.83%	14.58%	14.50%	-32.62%	53.87%

Correlation

The correlation between XPP and ARGT is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Mar 4, 2011	0.44

The correlation between XPP and ARGT shifts across timeframes, from 0.28 (3 years) to 0.44 (all time), reflecting how their relationship changes across market environments.

XPP vs. ARGT - Sectors Allocation Comparison

Sectors	XPP	ARGT
Financial Services	42.1%	13.7%
Basic Materials	-	13.3%
Communication Services	-	2.9%
Consumer Cyclical	-	26.3%
Consumer Defensive	-	6.9%
Energy	-	22.2%
Healthcare	-	-
Industrials	-	8.3%
Real Estate	-	1.3%
Technology	-	-
Utilities	-	5.1%

Return for Risk

XPP vs. ARGT — Risk / Return Rank

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

XPP

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

ARGT

ARGT Risk / Return Rank: 12
ARGT Sharpe Ratio Rank: 11
ARGT Sortino Ratio Rank: 12
ARGT Omega Ratio Rank: 12
ARGT Calmar Ratio Rank: 12
ARGT Martin Ratio Rank: 11

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.

XPP vs. ARGT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra FTSE China 50 (XPP) and Global X MSCI Argentina ETF (ARGT). 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.

	XPP	ARGT	Difference
Sharpe ratio Return per unit of total volatility	-0.15	0.16	-0.31
Sortino ratio Return per unit of downside risk	0.06	0.55	-0.49
Omega ratio Gain probability vs. loss probability	1.01	1.06	-0.06
Calmar ratio Return relative to maximum drawdown	-0.18	0.26	-0.44
Martin ratio Return relative to average drawdown	-0.37	0.57	-0.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XPP vs. ARGT - Sharpe Ratio Comparison

The current XPP Sharpe Ratio is -0.15, which is lower than the ARGT Sharpe Ratio of 0.16. The chart below compares the historical Sharpe Ratios of XPP and ARGT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XPP	ARGT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.15	0.16	-0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.32	0.84	-1.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.10	0.56	-0.65
Sharpe Ratio (All Time) Calculated using the full available price history	-0.09	0.30	-0.40

Drawdowns

XPP vs. ARGT - Drawdown Comparison

The maximum XPP drawdown since its inception was -89.90%, which is greater than ARGT's maximum drawdown of -61.68%. Use the drawdown chart below to compare losses from any high point for XPP and ARGT.

Drawdown Indicators

	XPP	ARGT	Difference
Max Drawdown Largest peak-to-trough decline	-89.90%	-61.68%	-28.22%
Max Drawdown (1Y) Largest decline over 1 year	-32.60%	-22.97%	-9.63%
Max Drawdown (3Y) Largest decline over 3 years	-52.95%	-28.46%	-24.49%
Max Drawdown (5Y) Largest decline over 5 years	-85.24%	-35.14%	-50.10%
Max Drawdown (10Y) Largest decline over 10 years	-89.90%	-61.68%	-28.22%
Current Drawdown Current decline from peak	-78.21%	-7.96%	-70.25%
Average Drawdown Average peak-to-trough decline	-47.82%	-22.05%	-25.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.95%	11.20%	+4.75%

Volatility

XPP vs. ARGT - Volatility Comparison

ProShares Ultra FTSE China 50 (XPP) has a higher volatility of 14.45% compared to Global X MSCI Argentina ETF (ARGT) at 10.43%. This indicates that XPP's price experiences larger fluctuations and is considered to be riskier than ARGT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XPP	ARGT	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.45%	10.43%	+4.02%
Volatility (6M) Calculated over the trailing 6-month period	28.79%	20.31%	+8.48%
Volatility (1Y) Calculated over the trailing 1-year period	39.27%	36.70%	+2.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.75%	31.92%	+30.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.91%	31.44%	+23.47%

XPP vs. ARGT - Expense Ratio Comparison

XPP has a 0.95% expense ratio, which is higher than ARGT's 0.60% expense ratio.

Dividends

XPP vs. ARGT - Dividend Comparison

XPP's dividend yield for the trailing twelve months is around 2.63%, more than ARGT's 0.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARGT Global X MSCI Argentina ETF	0.81%	0.84%	1.41%	1.59%	2.45%	0.93%	0.28%	1.21%	1.34%	0.49%	0.36%	0.89%
XPP ProShares Ultra FTSE China 50	2.63%	2.32%	2.96%	2.87%	0.00%	0.00%	0.00%	3.81%	1.47%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XPP and ARGT in my portfolio?

XPP and ARGT have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XPP or ARGT?

XPP has higher volatility (14.45%) compared to ARGT (10.43%). In terms of maximum drawdown, XPP dropped -89.90% vs ARGT's -61.68%.

Which ETF is better, XPP or ARGT?

On 10-year performance, ARGT leads with 17.46% vs -5.30% for XPP. On fees, ARGT is cheaper at 0.60% per year. On volatility, ARGT has been the lower-risk option at 10.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XPP or ARGT?

Over the 10-year period, ARGT has performed better with a 17.46% return vs -5.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XPP or ARGT?

ARGT is cheaper with a 0.60% expense ratio, compared with 0.95% for XPP.

Which ETF pays a higher dividend yield, XPP or ARGT?

XPP has the higher dividend yield at 2.63%, compared with 0.81% for ARGT.

What is the main difference between XPP and ARGT?

XPP is categorized as Leveraged Equities, while ARGT is Latin America Equities. XPP tracks FTSE/Xinhua China 25 Index (200%), while ARGT tracks MSCI All Argentina 25/50. They also come from different issuers: ProShares and Global X. Their fees differ too: 0.95% for XPP and 0.60% for ARGT.

Which has better risk-adjusted returns?

ARGT currently has the higher Sharpe Ratio (0.16 vs -0.15), 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.