XPP vs. UVXY
XPP (ProShares Ultra FTSE China 50) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - XPP is a China Equities fund tracking the FTSE/Xinhua China 25 Index (200%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, XPP returned -5.62%/yr vs -71.50%/yr for UVXY. Their -0.48 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
XPP vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, XPP achieves a -13.25% return, which is significantly higher than UVXY's -35.24% return. Over the past 10 years, XPP has outperformed UVXY with an annualized return of -5.62%, while UVXY has yielded a comparatively lower -71.50% annualized return.
XPP
- 1D
- -0.03%
- 1M
- 29.99%
- 6M
- -18.24%
- YTD
- -13.25%
- 1Y
- -7.90%
- 3Y*
- 4.02%
- 5Y*
- -14.42%
- 10Y*
- -5.62%
- ALL TIME*
- -4.67%
UVXY
- 1D
- -4.24%
- 1M
- -6.17%
- 6M
- -37.50%
- YTD
- -35.24%
- 1Y
- -73.24%
- 3Y*
- -61.42%
- 5Y*
- -68.18%
- 10Y*
- -71.50%
- ALL TIME*
- -80.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $190.03M | $191.90M | $239.87M | |
| $97.64K | $74.04K | $132.37K |
XPP vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XPP ProShares Ultra FTSE China 50 | -13.25% | 45.84% | 38.18% | -34.77% | -50.06% | -40.45% | 7.07% | 24.88% | -31.36% | 80.21% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -35.24% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between XPP and UVXY is -0.35, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.35 |
Correlation (3Y) Balances recent behavior with more history. | -0.32 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.36 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.44 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.48 |
The correlation between XPP and UVXY shifts across timeframes, from -0.48 (all time) to -0.32 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
XPP vs. UVXY — Risk / Return Rank
XPP
UVXY
XPP vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra FTSE China 50 (XPP) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.53 | ||
| Sortino ratioReturn per unit of downside risk | +1.24 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 0.85 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | -0.95 | +0.70 |
| Martin ratioReturn relative to average drawdown | -0.50 | -1.35 | +0.85 |
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Drawdowns
XPP vs. UVXY - Drawdown Comparison
The maximum XPP drawdown since its inception was -89.90%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for XPP and UVXY.
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Drawdown Indicators
| XPP | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.90% | -100.00% | +10.10% |
Max Drawdown (1Y)Largest decline over 1 year | -44.78% | -73.88% | +29.10% |
Max Drawdown (3Y)Largest decline over 3 years | -48.56% | -95.42% | +46.86% |
Max Drawdown (5Y)Largest decline over 5 years | -81.38% | -99.68% | +18.30% |
Max Drawdown (10Y)Largest decline over 10 years | -89.90% | -100.00% | +10.10% |
Current DrawdownCurrent decline from peak | -77.04% | -100.00% | +22.96% |
Average DrawdownAverage peak-to-trough decline | -48.11% | -98.76% | +50.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.55% | 51.60% | -30.05% |
Volatility
XPP vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra FTSE China 50 (XPP) is 10.66%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 22.30%. This indicates that XPP experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XPP | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.66% | 22.30% | -11.64% |
Volatility (6M)Calculated over the trailing 6-month period | 29.57% | 65.55% | -35.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.39% | 87.28% | -46.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.33% | 103.39% | -41.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.80% | 112.09% | -57.29% |
XPP vs. UVXY - Expense Ratio Comparison
Both XPP and UVXY have an expense ratio of 0.95%.
Dividends
XPP vs. UVXY - Dividend Comparison
XPP's dividend yield for the trailing twelve months is around 2.41%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XPP ProShares Ultra FTSE China 50 | 2.41% | 2.32% | 2.96% | 2.87% | 0.00% | 0.00% | 0.00% | 3.81% | 1.47% |
Frequently Asked Questions
XPP and UVXY have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (22.30%) compared to XPP (10.66%). In terms of maximum drawdown, XPP dropped -89.90% vs UVXY's -100.00%.
On 10-year performance, XPP leads with -5.62% vs -71.50% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, XPP has been the lower-risk option at 10.66%. 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 -5.62% return vs -71.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XPP and UVXY have the same expense ratio: 0.95% per year.
XPP has the higher dividend yield at 2.41%, compared with 0.00% for UVXY.
XPP is categorized as China Equities, while UVXY is Volatility. XPP tracks FTSE/Xinhua China 25 Index (200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
XPP currently has the higher Sharpe Ratio (-0.27 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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