XPP vs. FXP
XPP (ProShares Ultra FTSE China 50) and FXP (ProShares UltraShort FTSE China 50) are both China Equities funds from ProShares - XPP tracks the FTSE/Xinhua China 25 Index (200%) while FXP tracks the FTSE China 50 Net Tax USD (TR) (-200%). Both are passively managed. Over the past 10 years, XPP returned -7.40%/yr vs -21.13%/yr for FXP. At a correlation of -0.99, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
XPP vs. FXP - Performance Comparison
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Returns By Period
In the year-to-date period, XPP achieves a -26.96% return, which is significantly lower than FXP's 26.04% return. Over the past 10 years, XPP has outperformed FXP with an annualized return of -7.40%, while FXP has yielded a comparatively lower -21.13% annualized 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%
FXP
- 1D
- 0.07%
- 1M
- 9.06%
- 6M
- 42.91%
- YTD
- 26.04%
- 1Y
- 11.22%
- 3Y*
- -25.63%
- 5Y*
- -16.22%
- 10Y*
- -21.13%
XPP vs. FXP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XPP ProShares Ultra FTSE China 50 | -26.96% | 45.84% | 38.18% | -34.77% | -50.06% | -40.45% | 7.07% | 24.88% | -31.36% | 80.21% |
FXP ProShares UltraShort FTSE China 50 | 26.04% | -45.32% | -52.46% | 12.74% | -11.73% | 23.56% | -39.47% | -29.01% | 12.45% | -49.76% |
Correlation
The correlation between XPP and FXP is -0.98, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.99 |
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 | -0.99 |
The correlation between XPP and FXP has been stable across timeframes, ranging from -0.99 to -0.98 - a consistent structural relationship.
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Return for Risk
XPP vs. FXP — Risk / Return Rank
XPP
FXP
XPP vs. FXP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra FTSE China 50 (XPP) and ProShares UltraShort FTSE China 50 (FXP). 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 | FXP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.82 | ||
| Sortino ratioReturn per unit of downside risk | -1.24 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.08 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.48 | 0.51 | -0.99 |
| Martin ratioReturn relative to average drawdown | -1.06 | 0.94 | -2.00 |
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Drawdowns
XPP vs. FXP - Drawdown Comparison
The maximum XPP drawdown since its inception was -89.90%, smaller than the maximum FXP drawdown of -99.94%. Use the drawdown chart below to compare losses from any high point for XPP and FXP.
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Drawdown Indicators
| XPP | FXP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.90% | -99.94% | +10.04% |
Max Drawdown (1Y)Largest decline over 1 year | -44.78% | -21.99% | -22.79% |
Max Drawdown (3Y)Largest decline over 3 years | -52.95% | -82.34% | +29.39% |
Max Drawdown (5Y)Largest decline over 5 years | -83.51% | -87.85% | +4.34% |
Max Drawdown (10Y)Largest decline over 10 years | -89.90% | -93.71% | +3.81% |
Current DrawdownCurrent decline from peak | -80.67% | -99.91% | +19.24% |
Average DrawdownAverage peak-to-trough decline | -48.01% | -94.16% | +46.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.17% | 13.15% | +7.02% |
Volatility
XPP vs. FXP - Volatility Comparison
ProShares Ultra FTSE China 50 (XPP) and ProShares UltraShort FTSE China 50 (FXP) have volatilities of 12.70% and 12.93%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XPP | FXP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.70% | 12.93% | -0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 29.45% | 29.64% | -0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.94% | 40.22% | -0.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.76% | 63.15% | -0.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.77% | 54.76% | +0.01% |
XPP vs. FXP - Expense Ratio Comparison
Both XPP and FXP have an expense ratio of 0.95%.
Dividends
XPP vs. FXP - Dividend Comparison
XPP's dividend yield for the trailing twelve months is around 2.86%, which matches FXP's 2.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 2.85% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% |
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
XPP and FXP have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXP has higher volatility (12.93%) compared to XPP (12.70%). In terms of maximum drawdown, XPP dropped -89.90% vs FXP's -99.94%.
On 10-year performance, XPP leads with -7.40% vs -21.13% for FXP. Both ETFs have the same 0.95% expense ratio. On volatility, XPP has been the lower-risk option at 12.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XPP has performed better with a -7.40% return vs -21.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XPP and FXP have the same expense ratio: 0.95% per year.
XPP and FXP have nearly identical dividend yields, around 2.86%.
XPP tracks FTSE/Xinhua China 25 Index (200%), while FXP tracks FTSE China 50 Net Tax USD (TR) (-200%).
FXP currently has the higher Sharpe Ratio (0.28 vs -0.54), 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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