XPP vs. YXI
XPP (ProShares Ultra FTSE China 50) and YXI (ProShares Short FTSE China 50) are both China Equities funds from ProShares - XPP tracks the FTSE/Xinhua China 25 Index (200%) while YXI tracks the FTSE China 50 Net Tax USD (TR) (-100%). Both are passively managed. Over the past 10 years, XPP returned -5.62%/yr vs -7.95%/yr for YXI. Their -0.95 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
XPP vs. YXI - Performance Comparison
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Returns By Period
In the year-to-date period, XPP achieves a -13.25% return, which is significantly lower than YXI's 4.98% return. Over the past 10 years, XPP has outperformed YXI with an annualized return of -5.62%, while YXI has yielded a comparatively lower -7.95% 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%
YXI
- 1D
- 0.15%
- 1M
- -12.91%
- 6M
- 8.66%
- YTD
- 4.98%
- 1Y
- 0.78%
- 3Y*
- -9.91%
- 5Y*
- -5.56%
- 10Y*
- -7.95%
- ALL TIME*
- -8.26%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $97.64K | $74.04K | $132.37K | |
| $27.49K | $29.99K | $33.82K |
XPP vs. YXI - 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% |
YXI ProShares Short FTSE China 50 | 4.98% | -22.87% | -25.36% | 12.40% | 4.78% | 13.94% | -17.95% | -14.35% | 9.63% | -28.43% |
Correlation
The correlation between XPP and YXI is -0.93, 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. | -0.93 |
Correlation (3Y) Balances recent behavior with more history. | -0.96 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.97 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.97 |
Correlation (All Time) Calculated using the full available price history since Mar 18, 2010 | -0.95 |
The correlation between XPP and YXI has been stable across timeframes, ranging from -0.97 to -0.93 - a consistent structural relationship.
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Return for Risk
XPP vs. YXI — Risk / Return Rank
XPP
YXI
XPP vs. YXI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra FTSE China 50 (XPP) and ProShares Short FTSE China 50 (YXI). 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 | YXI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.40 | ||
| Sortino ratioReturn per unit of downside risk | -0.45 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.04 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | 0.21 | -0.45 |
| Martin ratioReturn relative to average drawdown | -0.50 | 0.46 | -0.96 |
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Drawdowns
XPP vs. YXI - Drawdown Comparison
The maximum XPP drawdown since its inception was -89.90%, which is greater than YXI's maximum drawdown of -81.15%. Use the drawdown chart below to compare losses from any high point for XPP and YXI.
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Drawdown Indicators
| XPP | YXI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.90% | -81.15% | -8.75% |
Max Drawdown (1Y)Largest decline over 1 year | -44.78% | -13.55% | -31.23% |
Max Drawdown (3Y)Largest decline over 3 years | -48.56% | -53.12% | +4.56% |
Max Drawdown (5Y)Largest decline over 5 years | -81.38% | -57.65% | -23.73% |
Max Drawdown (10Y)Largest decline over 10 years | -89.90% | -61.63% | -28.27% |
Current DrawdownCurrent decline from peak | -77.04% | -78.56% | +1.52% |
Average DrawdownAverage peak-to-trough decline | -48.11% | -54.51% | +6.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.55% | 6.08% | +15.47% |
Volatility
XPP vs. YXI - Volatility Comparison
ProShares Ultra FTSE China 50 (XPP) has a higher volatility of 10.66% compared to ProShares Short FTSE China 50 (YXI) at 7.06%. This indicates that XPP's price experiences larger fluctuations and is considered to be riskier than YXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XPP | YXI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.66% | 7.06% | +3.60% |
Volatility (6M)Calculated over the trailing 6-month period | 29.57% | 16.10% | +13.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.39% | 21.18% | +19.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.33% | 31.28% | +31.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.80% | 27.47% | +27.33% |
XPP vs. YXI - Expense Ratio Comparison
Both XPP and YXI have an expense ratio of 0.95%.
Dividends
XPP vs. YXI - Dividend Comparison
XPP's dividend yield for the trailing twelve months is around 2.41%, less than YXI's 2.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
XPP ProShares Ultra FTSE China 50 | 2.41% | 2.32% | 2.96% | 2.87% | 0.00% | 0.00% | 0.00% | 3.81% | 1.47% |
YXI ProShares Short FTSE China 50 | 2.71% | 3.60% | 4.35% | 2.66% | 0.27% | 0.00% | 0.08% | 1.01% | 0.25% |
Frequently Asked Questions
XPP and YXI have a correlation of -0.93, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XPP has higher volatility (10.66%) compared to YXI (7.06%). In terms of maximum drawdown, XPP dropped -89.90% vs YXI's -81.15%.
On 10-year performance, XPP leads with -5.62% vs -7.95% for YXI. Both ETFs have the same 0.95% expense ratio. On volatility, YXI has been the lower-risk option at 7.06%. 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 -7.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XPP and YXI have the same expense ratio: 0.95% per year.
YXI has the higher dividend yield at 2.71%, compared with 2.41% for XPP.
XPP tracks FTSE/Xinhua China 25 Index (200%), while YXI tracks FTSE China 50 Net Tax USD (TR) (-100%).
YXI currently has the higher Sharpe Ratio (0.13 vs -0.27), 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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