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 -7.40%/yr vs -72.05%/yr for UVXY. At a correlation of -0.48, they often move in opposite directions. 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 -26.96% return, which is significantly higher than UVXY's -32.31% return. Over the past 10 years, XPP has outperformed UVXY with an annualized return of -7.40%, while UVXY has yielded a comparatively lower -72.05% 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%
UVXY
- 1D
- 4.92%
- 1M
- -15.35%
- 6M
- -29.18%
- YTD
- -32.31%
- 1Y
- -71.44%
- 3Y*
- -61.73%
- 5Y*
- -67.56%
- 10Y*
- -72.05%
XPP vs. UVXY - 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -32.31% | -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 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 | -0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.36 |
Correlation (10Y) Calculated over the trailing 10-year period | -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 -0.33 (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 | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.93 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 0.83 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.48 | -0.98 | +0.50 |
| Martin ratioReturn relative to average drawdown | -1.06 | -1.46 | +0.40 |
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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% | -73.42% | +28.64% |
Max Drawdown (3Y)Largest decline over 3 years | -52.95% | -95.32% | +42.37% |
Max Drawdown (5Y)Largest decline over 5 years | -83.51% | -99.74% | +16.23% |
Max Drawdown (10Y)Largest decline over 10 years | -89.90% | -100.00% | +10.10% |
Current DrawdownCurrent decline from peak | -80.67% | -100.00% | +19.33% |
Average DrawdownAverage peak-to-trough decline | -48.01% | -98.75% | +50.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.17% | 48.91% | -28.74% |
Volatility
XPP vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra FTSE China 50 (XPP) is 12.70%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 21.23%. 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 | 12.70% | 21.23% | -8.53% |
Volatility (6M)Calculated over the trailing 6-month period | 29.45% | 66.69% | -37.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.94% | 85.49% | -45.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.76% | 103.84% | -41.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.77% | 112.03% | -57.26% |
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 2.86%, 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 | 2.86% | 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 (21.23%) compared to XPP (12.70%). In terms of maximum drawdown, XPP dropped -89.90% vs UVXY's -100.00%.
On 10-year performance, XPP leads with -7.40% vs -72.05% for UVXY. 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 -72.05%. 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 2.86%, 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 (-0.54 vs -0.84), 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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