XPP vs. DRGN

Last updated Jul 14, 2026

XPP (ProShares Ultra FTSE China 50) and DRGN (Themes China Generative Artificial Intelligence ETF) are both China Equities funds - XPP tracks the FTSE/Xinhua China 25 Index (200%) while DRGN tracks the BITA China Generative AI Select Index. Both are passively managed. A 0.55 correlation means they provide meaningful diversification when combined. XPP charges 0.95%/yr vs 0.39%/yr for DRGN.

Performance

XPP vs. DRGN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra FTSE China 50 (XPP) and Themes China Generative Artificial Intelligence ETF (DRGN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XPP achieves a -26.96% return, which is significantly lower than DRGN's 13.24% return.

XPP

• 1D: -0.25%
• 1M: -9.77%
• 6M: -34.75%
• YTD: -26.96%
• 1Y: -21.29%
• 3Y*: 1.14%
• 5Y*: -20.34%
• 10Y*: -7.40%

DRGN

• 1D: -4.05%
• 1M: 4.96%
• 6M: -2.23%
• YTD: 13.24%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XPP vs. DRGN - Yearly Performance Comparison

	2026 (YTD)	2025
XPP ProShares Ultra FTSE China 50	-26.96%	5.36%
DRGN Themes China Generative Artificial Intelligence ETF	13.24%	26.96%

Correlation

The correlation between XPP and DRGN is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.55

Return for Risk

XPP vs. DRGN — Risk / Return Rank

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

XPP

XPP Risk / Return Rank: 5
XPP Sharpe Ratio Rank: 5
XPP Sortino Ratio Rank: 5
XPP Omega Ratio Rank: 5
XPP Calmar Ratio Rank: 5
XPP Martin Ratio Rank: 4

DRGN

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

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. 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 ratio: Return per unit of total volatility	-0.54	—	—
Sortino ratio: Return per unit of downside risk	-0.56	—	—
Omega ratio: Gain probability vs. loss probability	0.94	—	—
Calmar ratio: Return relative to maximum drawdown	-0.48	—	—
Martin ratio: Return relative to average drawdown	-1.06	—	—

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.

Drawdown Indicators

	XPP	DRGN	Difference
Max Drawdown Largest peak-to-trough decline	-89.90%	-20.86%	-69.04%
Max Drawdown (1Y) Largest decline over 1 year	-44.78%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-52.95%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-83.51%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-89.90%	—	—
Current Drawdown Current decline from peak	-80.67%	-9.69%	-70.98%
Average Drawdown Average peak-to-trough decline	-48.01%	-8.16%	-39.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.17%	—	—

Volatility

Volatility by Period

	XPP	DRGN	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.70%	—	—
Volatility (6M) Calculated over the trailing 6-month period	29.45%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	39.94%	35.86%	+4.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.76%	35.86%	+26.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.77%	35.86%	+18.91%

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 2.86%, more than DRGN's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DRGN Themes China Generative Artificial Intelligence ETF	1.07%	1.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XPP ProShares Ultra FTSE China 50	2.86%	2.32%	2.96%	2.87%	0.00%	0.00%	0.00%	3.81%	1.47%

Frequently Asked Questions

Can I hold both XPP and DRGN in my portfolio?

XPP and DRGN have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XPP or DRGN?

On fees, DRGN is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XPP or DRGN?

DRGN is cheaper with a 0.39% expense ratio, compared with 0.95% for XPP.

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

XPP has the higher dividend yield at 2.86%, compared with 1.07% for DRGN.

What is the main difference between XPP and DRGN?

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.