XPP vs. MCHI

Last updated Jun 4, 2026

XPP (ProShares Ultra FTSE China 50) and MCHI (iShares MSCI China ETF) are both exchange-traded funds - XPP is a Leveraged Equities fund tracking the FTSE/Xinhua China 25 Index (200%), while MCHI is a China Equities fund tracking the MSCI China Index. Both are passively managed. Over the past 10 years, XPP returned -5.30%/yr vs 4.68%/yr for MCHI. With a 0.96 correlation, they move nearly in lockstep. XPP charges 0.95%/yr vs 0.59%/yr for MCHI.

Performance

XPP vs. MCHI - Performance Comparison

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

Returns By Period

In the year-to-date period, XPP achieves a -17.68% return, which is significantly lower than MCHI's -6.81% return. Over the past 10 years, XPP has underperformed MCHI with an annualized return of -5.30%, while MCHI has yielded a comparatively higher 4.68% annualized return.

XPP

• 1D: -4.83%
• 1M: -6.40%
• YTD: -17.68%
• 6M: -20.01%
• 1Y: -5.89%
• 3Y*: 7.34%
• 5Y*: -20.12%
• 10Y*: -5.30%

MCHI

• 1D: -2.12%
• 1M: -2.30%
• YTD: -6.81%
• 6M: -8.43%
• 1Y: 6.44%
• 3Y*: 9.73%
• 5Y*: -5.67%
• 10Y*: 4.68%

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

XPP vs. MCHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XPP ProShares Ultra FTSE China 50	-17.68%	45.84%	38.18%	-34.77%	-50.06%	-40.45%	7.07%	24.88%	-31.36%	80.21%
MCHI iShares MSCI China ETF	-6.81%	31.04%	17.73%	-11.94%	-23.01%	-21.74%	27.78%	23.72%	-19.79%	54.67%

Correlation

The correlation between XPP and MCHI is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Apr 1, 2011	0.96

The correlation between XPP and MCHI has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

XPP vs. MCHI - Sectors Allocation Comparison

Sectors	XPP	MCHI
Financial Services	42.1%	19.1%
Basic Materials	-	5.5%
Communication Services	-	18.8%
Consumer Cyclical	-	26.4%
Consumer Defensive	-	3.2%
Energy	-	3.7%
Healthcare	-	5.4%
Industrials	-	5.0%
Real Estate	-	1.5%
Technology	-	9.6%
Utilities	-	1.7%

Return for Risk

XPP vs. MCHI — Risk / Return Rank

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

XPP

XPP Risk / Return Rank: 7
XPP Sharpe Ratio Rank: 7
XPP Sortino Ratio Rank: 8
XPP Omega Ratio Rank: 8
XPP Calmar Ratio Rank: 7
XPP Martin Ratio Rank: 7

MCHI

MCHI Risk / Return Rank: 13
MCHI Sharpe Ratio Rank: 13
MCHI Sortino Ratio Rank: 13
MCHI Omega Ratio Rank: 13
MCHI Calmar Ratio Rank: 13
MCHI Martin Ratio Rank: 12

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. MCHI - Risk-Adjusted Trends Comparison

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

	XPP	MCHI	Difference
Sharpe ratio: Return per unit of total volatility	-0.15	0.32	-0.47
Sortino ratio: Return per unit of downside risk	0.06	0.59	-0.54
Omega ratio: Gain probability vs. loss probability	1.01	1.07	-0.06
Calmar ratio: Return relative to maximum drawdown	-0.18	0.38	-0.56
Martin ratio: Return relative to average drawdown	-0.37	0.78	-1.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XPP vs. MCHI - Sharpe Ratio Comparison

The current XPP Sharpe Ratio is -0.15, which is lower than the MCHI Sharpe Ratio of 0.32. The chart below compares the historical Sharpe Ratios of XPP and MCHI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XPP	MCHI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.15	0.32	-0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.32	-0.19	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.10	0.17	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	-0.09	0.09	-0.19

Drawdowns

XPP vs. MCHI - Drawdown Comparison

The maximum XPP drawdown since its inception was -89.90%, which is greater than MCHI's maximum drawdown of -62.95%. Use the drawdown chart below to compare losses from any high point for XPP and MCHI.

Drawdown Indicators

	XPP	MCHI	Difference
Max Drawdown Largest peak-to-trough decline	-89.90%	-62.95%	-26.95%
Max Drawdown (1Y) Largest decline over 1 year	-32.60%	-17.17%	-15.43%
Max Drawdown (3Y) Largest decline over 3 years	-52.95%	-25.85%	-27.10%
Max Drawdown (5Y) Largest decline over 5 years	-85.24%	-56.98%	-28.26%
Max Drawdown (10Y) Largest decline over 10 years	-89.90%	-62.95%	-26.95%
Current Drawdown Current decline from peak	-78.21%	-36.45%	-41.76%
Average Drawdown Average peak-to-trough decline	-47.82%	-24.52%	-23.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.95%	8.30%	+7.65%

Volatility

XPP vs. MCHI - Volatility Comparison

ProShares Ultra FTSE China 50 (XPP) has a higher volatility of 14.45% compared to iShares MSCI China ETF (MCHI) at 7.26%. This indicates that XPP's price experiences larger fluctuations and is considered to be riskier than MCHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XPP	MCHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.45%	7.26%	+7.19%
Volatility (6M) Calculated over the trailing 6-month period	28.79%	14.51%	+14.28%
Volatility (1Y) Calculated over the trailing 1-year period	39.27%	20.17%	+19.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.75%	30.71%	+32.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.91%	27.39%	+27.52%

XPP vs. MCHI - Expense Ratio Comparison

XPP has a 0.95% expense ratio, which is higher than MCHI's 0.59% expense ratio.

Dividends

XPP vs. MCHI - Dividend Comparison

XPP's dividend yield for the trailing twelve months is around 2.63%, more than MCHI's 2.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MCHI iShares MSCI China ETF	2.27%	2.12%	2.31%	2.66%	1.78%	1.04%	1.04%	1.45%	1.60%	1.56%	1.66%	2.76%
XPP ProShares Ultra FTSE China 50	2.63%	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

Can I hold both XPP and MCHI in my portfolio?

With a correlation of 0.96, XPP and MCHI 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.

Which is riskier, XPP or MCHI?

XPP has higher volatility (14.45%) compared to MCHI (7.26%). In terms of maximum drawdown, XPP dropped -89.90% vs MCHI's -62.95%.

Which ETF is better, XPP or MCHI?

On 10-year performance, MCHI leads with 4.68% vs -5.30% for XPP. On fees, MCHI is cheaper at 0.59% per year. On volatility, MCHI has been the lower-risk option at 7.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XPP or MCHI?

Over the 10-year period, MCHI has performed better with a 4.68% return vs -5.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XPP or MCHI?

MCHI is cheaper with a 0.59% expense ratio, compared with 0.95% for XPP.

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

XPP has the higher dividend yield at 2.63%, compared with 2.27% for MCHI.

What is the main difference between XPP and MCHI?

XPP is categorized as Leveraged Equities, while MCHI is China Equities. XPP tracks FTSE/Xinhua China 25 Index (200%), while MCHI tracks MSCI China Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for XPP and 0.59% for MCHI.

Which has better risk-adjusted returns?

MCHI currently has the higher Sharpe Ratio (0.32 vs -0.15), 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.