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XPP vs. FXI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XPP vs. FXI

Last updated Jun 26, 2026

XPP (ProShares Ultra FTSE China 50) and FXI (iShares China Large-Cap ETF) are both exchange-traded funds - XPP is a Leveraged Equities fund tracking the FTSE/Xinhua China 25 Index (200%), while FXI is a China Equities fund tracking the FTSE China 50 Index. Both are passively managed. Over the past 10 years, XPP returned -6.70%/yr vs 2.22%/yr for FXI. With a 1.00 correlation, they move nearly in lockstep. XPP charges 0.95%/yr vs 0.74%/yr for FXI.

Performance

XPP vs. FXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra FTSE China 50 (XPP) and iShares China Large-Cap ETF (FXI). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XPP achieves a -34.24% return, which is significantly lower than FXI's -16.64% return. Over the past 10 years, XPP has underperformed FXI with an annualized return of -6.70%, while FXI has yielded a comparatively higher 2.22% annualized return.

XPP

1D
-4.68%
1M
-21.13%
YTD
-34.24%
6M
-35.23%
1Y
-31.54%
3Y*
0.47%
5Y*
-23.89%
10Y*
-6.70%

FXI

1D
-2.10%
1M
-10.72%
YTD
-16.64%
6M
-17.20%
1Y
-12.94%
3Y*
8.16%
5Y*
-5.43%
10Y*
2.22%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XPP vs. FXI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XPP
ProShares Ultra FTSE China 50		-34.24%45.84%38.18%-34.77%-50.06%-40.45%7.07%24.88%-31.36%80.21%
FXI
iShares China Large-Cap ETF		-16.64%28.95%28.98%-12.42%-20.66%-20.06%8.92%14.90%-13.28%36.26%

Correlation

The correlation between XPP and FXI is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.99

Correlation (3Y)
Calculated over the trailing 3-year period

0.99

Correlation (5Y)
Calculated over the trailing 5-year period

1.00

Correlation (10Y)
Calculated over the trailing 10-year period

0.99

Correlation (All Time)
Calculated using the full available price history since Jun 4, 2009

1.00

The correlation between XPP and FXI has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

XPP vs. FXI - Sectors Allocation Comparison

Sectors
XPP
FXI

Financial Services

48.1%
34.8%

Basic Materials

-

3.9%

Communication Services

-

16.3%

Consumer Cyclical

-

26.4%

Consumer Defensive

-

0.9%

Energy

-

5.3%

Healthcare

-

2.3%

Industrials

-

3.2%

Real Estate

-

1.1%

Technology

-

5.4%

Utilities

-

0.4%

Financial Services

XPP
48.1%
FXI
34.8%

Basic Materials

XPP

-

FXI
3.9%

Communication Services

XPP

-

FXI
16.3%

Consumer Cyclical

XPP

-

FXI
26.4%

Consumer Defensive

XPP

-

FXI
0.9%

Energy

XPP

-

FXI
5.3%

Healthcare

XPP

-

FXI
2.3%

Industrials

XPP

-

FXI
3.2%

Real Estate

XPP

-

FXI
1.1%

Technology

XPP

-

FXI
5.4%

Utilities

XPP

-

FXI
0.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Ultra FTSE China 50

iShares China Large-Cap ETF

Often compared with XPP:
XPP vs. YINNXPP vs. EETXPP vs. KLIPXPP vs. QQQXPP vs. TSLLXPP vs. VTIXPP vs. SSO
Often compared with FXI:
FXI vs. MCHIFXI vs. KWEBFXI vs. CQQQFXI vs. ASHRFXI vs. EWHFXI vs. EEMFXI vs. GXC

Return for Risk

XPP vs. FXI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XPP
XPP Risk / Return Rank: 33
Overall Rank
XPP Sharpe Ratio Rank: 33
Sharpe Ratio Rank
XPP Sortino Ratio Rank: 33
Sortino Ratio Rank
XPP Omega Ratio Rank: 33
Omega Ratio Rank
XPP Calmar Ratio Rank: 44
Calmar Ratio Rank
XPP Martin Ratio Rank: 00
Martin Ratio Rank
FXI
FXI Risk / Return Rank: 44
Overall Rank
FXI Sharpe Ratio Rank: 44
Sharpe Ratio Rank
FXI Sortino Ratio Rank: 44
Sortino Ratio Rank
FXI Omega Ratio Rank: 44
Omega Ratio Rank
FXI Calmar Ratio Rank: 55
Calmar Ratio Rank
FXI Martin Ratio Rank: 11
Martin Ratio Rank
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. FXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra FTSE China 50 (XPP) and iShares China Large-Cap ETF (FXI). 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.

XPPFXIDifference
Sharpe ratioReturn per unit of total volatility
-0.80
-0.65

-0.15

Sortino ratioReturn per unit of downside risk
-1.05
-0.82

-0.23

Omega ratioGain probability vs. loss probability

0.88

0.90

-0.02

Calmar ratioReturn relative to maximum drawdown

-0.71

-0.57

-0.14

Martin ratioReturn relative to average drawdown

-1.73

-1.55

-0.18

XPP vs. FXI - Sharpe Ratio Comparison

The current XPP Sharpe Ratio is -0.80, which is comparable to the FXI Sharpe Ratio of -0.65. The chart below compares the historical Sharpe Ratios of XPP and FXI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

XPP vs. FXI - Drawdown Comparison

The maximum XPP drawdown since its inception was -89.90%, which is greater than FXI's maximum drawdown of -72.68%. Use the drawdown chart below to compare losses from any high point for XPP and FXI.

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Drawdown Indicators

XPPFXIDifference

Max Drawdown

Largest peak-to-trough decline

-89.90%

-72.68%

-17.22%

Max Drawdown (1Y)

Largest decline over 1 year

-44.65%

-22.72%

-21.93%

Max Drawdown (3Y)

Largest decline over 3 years

-52.95%

-28.72%

-24.23%

Max Drawdown (5Y)

Largest decline over 5 years

-85.24%

-54.94%

-30.30%

Max Drawdown (10Y)

Largest decline over 10 years

-89.90%

-60.81%

-29.09%

Current Drawdown

Current decline from peak

-82.59%

-34.36%

-48.23%

Average Drawdown

Average peak-to-trough decline

-47.92%

-31.21%

-16.71%

Ulcer Index

Depth and duration of drawdowns from previous peaks

18.20%

8.36%

+9.84%

Volatility

XPP vs. FXI - Volatility Comparison

ProShares Ultra FTSE China 50 (XPP) has a higher volatility of 13.07% compared to iShares China Large-Cap ETF (FXI) at 6.21%. This indicates that XPP's price experiences larger fluctuations and is considered to be riskier than FXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XPPFXIDifference

Volatility (1M)

Calculated over the trailing 1-month period

13.07%

6.21%

+6.86%

Volatility (6M)

Calculated over the trailing 6-month period

29.87%

14.81%

+15.06%

Volatility (1Y)

Calculated over the trailing 1-year period

39.37%

19.88%

+19.49%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

62.86%

31.72%

+31.14%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

54.80%

27.60%

+27.20%

XPP vs. FXI - Expense Ratio Comparison

XPP has a 0.95% expense ratio, which is higher than FXI's 0.74% expense ratio.

Dividends

XPP vs. FXI - Dividend Comparison

XPP's dividend yield for the trailing twelve months is around 3.18%, more than FXI's 2.14% yield.

PositionTTM20252024202320222021202020192018201720162015
FXI
iShares China Large-Cap ETF		2.14%2.42%1.76%3.17%2.61%1.60%2.19%2.74%2.69%2.31%2.69%2.90%
XPP
ProShares Ultra FTSE China 50		3.18%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

With a correlation of 0.99, XPP and FXI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

XPP has higher volatility (13.07%) compared to FXI (6.21%). In terms of maximum drawdown, XPP dropped -89.90% vs FXI's -72.68%.

On 10-year performance, FXI leads with 2.22% vs -6.70% for XPP. On fees, FXI is cheaper at 0.74% per year. On volatility, FXI has been the lower-risk option at 6.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FXI has performed better with a 2.22% return vs -6.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FXI is cheaper with a 0.74% expense ratio, compared with 0.95% for XPP.

XPP has the higher dividend yield at 3.18%, compared with 2.14% for FXI.

XPP is categorized as Leveraged Equities, while FXI is China Equities. XPP tracks FTSE/Xinhua China 25 Index (200%), while FXI tracks FTSE China 50 Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for XPP and 0.74% for FXI.

FXI currently has the higher Sharpe Ratio (-0.65 vs -0.80), 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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