XPP vs. EET

Last updated Jun 25, 2026

XPP (ProShares Ultra FTSE China 50) and EET (ProShares Ultra MSCI Emerging Markets) are both Leveraged Equities funds from ProShares - XPP tracks the FTSE/Xinhua China 25 Index (200%) while EET tracks the MSCI Emerging Markets Index (200%). Both are passively managed. Over the past 10 years, XPP returned -6.44%/yr vs 10.67%/yr for EET. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.95% expense ratio.

Performance

XPP vs. EET - Performance Comparison

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

Returns By Period

In the year-to-date period, XPP achieves a -31.49% return, which is significantly lower than EET's 41.10% return. Over the past 10 years, XPP has underperformed EET with an annualized return of -6.44%, while EET has yielded a comparatively higher 10.67% annualized return.

XPP

• 1D: -3.69%
• 1M: -16.86%
• YTD: -31.49%
• 6M: -32.53%
• 1Y: -28.66%
• 3Y*: 2.25%
• 5Y*: -23.26%
• 10Y*: -6.44%

EET

• 1D: -0.60%
• 1M: 2.69%
• YTD: 41.10%
• 6M: 42.83%
• 1Y: 81.79%
• 3Y*: 34.98%
• 5Y*: 2.48%
• 10Y*: 10.67%

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

XPP vs. EET - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XPP ProShares Ultra FTSE China 50	-31.49%	45.84%	38.18%	-34.77%	-50.06%	-40.45%	7.07%	24.88%	-31.36%	80.21%
EET ProShares Ultra MSCI Emerging Markets	41.10%	63.14%	2.88%	7.06%	-43.07%	-10.93%	18.92%	31.87%	-33.84%	82.41%

Correlation

The correlation between XPP and EET is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jun 4, 2009	0.84

The correlation between XPP and EET shifts across timeframes, from 0.65 (1 year) to 0.84 (all time), reflecting how their relationship changes across market environments.

XPP vs. EET - Sectors Allocation Comparison

Sectors	XPP	EET
Financial Services	48.1%	41.4%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

XPP vs. EET — Risk / Return Rank

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

XPP

XPP Risk / Return Rank: 3
XPP Sharpe Ratio Rank: 3
XPP Sortino Ratio Rank: 4
XPP Omega Ratio Rank: 4
XPP Calmar Ratio Rank: 3
XPP Martin Ratio Rank: 1

EET

EET Risk / Return Rank: 62
EET Sharpe Ratio Rank: 63
EET Sortino Ratio Rank: 51
EET Omega Ratio Rank: 61
EET Calmar Ratio Rank: 70
EET Martin Ratio Rank: 67

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. EET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra FTSE China 50 (XPP) and ProShares Ultra MSCI Emerging Markets (EET). 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	EET	Difference
Sharpe ratio: Return per unit of total volatility	-0.73	1.83	-2.56
Sortino ratio: Return per unit of downside risk	-0.92	2.24	-3.16
Omega ratio: Gain probability vs. loss probability	0.89	1.33	-0.43
Calmar ratio: Return relative to maximum drawdown	-0.68	3.12	-3.80
Martin ratio: Return relative to average drawdown	-1.60	10.84	-12.44

XPP vs. EET - Sharpe Ratio Comparison

The current XPP Sharpe Ratio is -0.73, which is lower than the EET Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of XPP and EET, 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

XPP vs. EET - Drawdown Comparison

The maximum XPP drawdown since its inception was -89.90%, which is greater than EET's maximum drawdown of -71.66%. Use the drawdown chart below to compare losses from any high point for XPP and EET.

Drawdown Indicators

	XPP	EET	Difference
Max Drawdown Largest peak-to-trough decline	-89.90%	-71.66%	-18.24%
Max Drawdown (1Y) Largest decline over 1 year	-42.34%	-26.38%	-15.96%
Max Drawdown (3Y) Largest decline over 3 years	-52.95%	-34.89%	-18.06%
Max Drawdown (5Y) Largest decline over 5 years	-85.24%	-64.51%	-20.73%
Max Drawdown (10Y) Largest decline over 10 years	-89.90%	-69.07%	-20.83%
Current Drawdown Current decline from peak	-81.87%	-11.38%	-70.49%
Average Drawdown Average peak-to-trough decline	-47.91%	-37.16%	-10.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.99%	7.57%	+10.42%

Volatility

XPP vs. EET - Volatility Comparison

The current volatility for ProShares Ultra FTSE China 50 (XPP) is 12.82%, while ProShares Ultra MSCI Emerging Markets (EET) has a volatility of 25.42%. This indicates that XPP experiences smaller price fluctuations and is considered to be less risky than EET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XPP	EET	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.82%	25.42%	-12.60%
Volatility (6M) Calculated over the trailing 6-month period	29.60%	41.30%	-11.70%
Volatility (1Y) Calculated over the trailing 1-year period	39.55%	45.20%	-5.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.86%	39.04%	+23.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.79%	40.96%	+13.83%

XPP vs. EET - Expense Ratio Comparison

Both XPP and EET have an expense ratio of 0.95%.

Dividends

XPP vs. EET - Dividend Comparison

XPP's dividend yield for the trailing twelve months is around 3.17%, more than EET's 1.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EET ProShares Ultra MSCI Emerging Markets	1.34%	1.82%	3.85%	2.14%	0.00%	0.00%	0.01%	1.40%	0.16%
XPP ProShares Ultra FTSE China 50	3.17%	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 EET in my portfolio?

XPP and EET have a correlation of 0.65, 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 EET?

EET has higher volatility (25.42%) compared to XPP (12.82%). In terms of maximum drawdown, XPP dropped -89.90% vs EET's -71.66%.

Which ETF is better, XPP or EET?

On 10-year performance, EET leads with 10.67% vs -6.44% for XPP. Both ETFs have the same 0.95% expense ratio. On volatility, XPP has been the lower-risk option at 12.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XPP or EET?

Over the 10-year period, EET has performed better with a 10.67% return vs -6.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XPP or EET?

XPP and EET have the same expense ratio: 0.95% per year.

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

XPP has the higher dividend yield at 3.17%, compared with 1.34% for EET.

What is the main difference between XPP and EET?

XPP tracks FTSE/Xinhua China 25 Index (200%), while EET tracks MSCI Emerging Markets Index (200%).

Which has better risk-adjusted returns?

EET currently has the higher Sharpe Ratio (1.83 vs -0.73), 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.