XPP vs. DRGN
XPP (ProShares Ultra FTSE China 50) and DRGN (Themes China Generative Artificial Intelligence ETF) are both exchange-traded funds - XPP is a China Equities fund tracking the FTSE/Xinhua China 25 Index (200%), while DRGN is a Artificial Intelligence fund tracking the BITA China Generative AI Select Index. Both are passively managed. Over the past year, XPP returned -7.90% vs 34.63% for DRGN. Their 0.51 correlation means they have sometimes moved together and sometimes differently. XPP charges 0.95%/yr vs 0.39%/yr for DRGN.
Performance
XPP vs. DRGN - Performance Comparison
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Returns By Period
In the year-to-date period, XPP achieves a -13.25% return, which is significantly lower than DRGN's 8.73% return.
XPP
- 1D
- -0.03%
- 1M
- 29.99%
- 6M
- -18.24%
- YTD
- -13.25%
- 1Y
- -7.90%
- 3Y*
- 4.02%
- 5Y*
- -14.42%
- 10Y*
- -5.62%
- ALL TIME*
- -4.67%
DRGN
- 1D
- 3.34%
- 1M
- -0.11%
- 6M
- -2.24%
- YTD
- 8.73%
- 1Y
- 34.63%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 36.21%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $390.32K | $398.54K | $552.05K | |
| $97.64K | $74.04K | $132.37K |
XPP vs. DRGN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
XPP ProShares Ultra FTSE China 50 | -13.25% | 5.36% |
DRGN Themes China Generative Artificial Intelligence ETF | 8.73% | 26.96% |
Correlation
The correlation between XPP and DRGN is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.53 |
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025 | 0.51 |
The correlation between XPP and DRGN has been stable across timeframes, ranging from 0.51 to 0.53 - a consistent structural relationship.
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Return for Risk
XPP vs. DRGN — Risk / Return Rank
XPP
DRGN
XPP vs. DRGN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra FTSE China 50 (XPP) and Themes China Generative Artificial Intelligence ETF (DRGN). 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.
| XPP | DRGN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.15 | ||
| Sortino ratioReturn per unit of downside risk | -1.55 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.17 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | 1.55 | -1.79 |
| Martin ratioReturn relative to average drawdown | -0.50 | 3.10 | -3.60 |
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Drawdowns
XPP vs. DRGN - Drawdown Comparison
The maximum XPP drawdown since its inception was -89.90%, which is greater than DRGN's maximum drawdown of -20.86%. Use the drawdown chart below to compare losses from any high point for XPP and DRGN.
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Drawdown Indicators
| XPP | DRGN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.90% | -20.86% | -69.04% |
Max Drawdown (1Y)Largest decline over 1 year | -44.78% | -20.86% | -23.92% |
Max Drawdown (3Y)Largest decline over 3 years | -48.56% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -81.38% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -89.90% | — | — |
Current DrawdownCurrent decline from peak | -77.04% | -13.29% | -63.75% |
Average DrawdownAverage peak-to-trough decline | -48.11% | -8.39% | -39.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.55% | 10.42% | +11.13% |
Volatility
XPP vs. DRGN - Volatility Comparison
The current volatility for ProShares Ultra FTSE China 50 (XPP) is 10.66%, while Themes China Generative Artificial Intelligence ETF (DRGN) has a volatility of 12.89%. This indicates that XPP experiences smaller price fluctuations and is considered to be less risky than DRGN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XPP | DRGN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.66% | 12.89% | -2.23% |
Volatility (6M)Calculated over the trailing 6-month period | 29.57% | 25.82% | +3.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.39% | 36.63% | +3.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.33% | 36.03% | +26.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.80% | 36.03% | +18.77% |
XPP vs. DRGN - Expense Ratio Comparison
XPP has a 0.95% expense ratio, which is higher than DRGN's 0.39% expense ratio.
Dividends
XPP vs. DRGN - Dividend Comparison
XPP's dividend yield for the trailing twelve months is around 2.41%, more than DRGN's 1.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DRGN Themes China Generative Artificial Intelligence ETF | 1.12% | 1.22% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XPP ProShares Ultra FTSE China 50 | 2.41% | 2.32% | 2.96% | 2.87% | 0.00% | 0.00% | 0.00% | 3.81% | 1.47% |
Frequently Asked Questions
XPP and DRGN have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DRGN has higher volatility (12.89%) compared to XPP (10.66%). In terms of maximum drawdown, XPP dropped -89.90% vs DRGN's -20.86%.
On 1-year performance, DRGN leads with 34.63% vs -7.90% for XPP. On fees, DRGN is cheaper at 0.39% per year. On volatility, XPP has been the lower-risk option at 10.66%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, DRGN has performed better with a 34.63% return vs -7.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DRGN is cheaper with a 0.39% expense ratio, compared with 0.95% for XPP.
XPP has the higher dividend yield at 2.41%, compared with 1.12% for DRGN.
XPP is categorized as China Equities, while DRGN is Artificial Intelligence. XPP tracks FTSE/Xinhua China 25 Index (200%), while DRGN tracks BITA China Generative AI Select Index. They also come from different issuers: ProShares and Themes. Their fees differ too: 0.95% for XPP and 0.39% for DRGN.
DRGN currently has the higher Sharpe Ratio (0.88 vs -0.27), 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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