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 -7.40%/yr vs -7.09%/yr for YXI. At a correlation of -0.95, they often move in opposite directions. 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 -26.96% return, which is significantly lower than YXI's 14.77% return. Both investments have delivered pretty close results over the past 10 years, with XPP having a -7.40% annualized return and YXI not far ahead at -7.09%.
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%
YXI
- 1D
- 0.36%
- 1M
- 4.81%
- 6M
- 21.88%
- YTD
- 14.77%
- 1Y
- 9.36%
- 3Y*
- -8.77%
- 5Y*
- -2.35%
- 10Y*
- -7.09%
XPP vs. YXI - 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% |
YXI ProShares Short FTSE China 50 | 14.77% | -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 -0.92, 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 | -0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | -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 -0.92 - 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 | -0.99 | ||
| Sortino ratioReturn per unit of downside risk | -1.34 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.09 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.48 | 0.83 | -1.30 |
| Martin ratioReturn relative to average drawdown | -1.06 | 1.66 | -2.71 |
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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% | -11.39% | -33.39% |
Max Drawdown (3Y)Largest decline over 3 years | -52.95% | -53.12% | +0.17% |
Max Drawdown (5Y)Largest decline over 5 years | -83.51% | -57.65% | -25.86% |
Max Drawdown (10Y)Largest decline over 10 years | -89.90% | -61.79% | -28.11% |
Current DrawdownCurrent decline from peak | -80.67% | -76.57% | -4.10% |
Average DrawdownAverage peak-to-trough decline | -48.01% | -54.43% | +6.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.17% | 6.14% | +14.03% |
Volatility
XPP vs. YXI - Volatility Comparison
ProShares Ultra FTSE China 50 (XPP) has a higher volatility of 12.70% compared to ProShares Short FTSE China 50 (YXI) at 7.41%. 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 | 12.70% | 7.41% | +5.29% |
Volatility (6M)Calculated over the trailing 6-month period | 29.45% | 15.74% | +13.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.94% | 20.65% | +19.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.76% | 31.47% | +31.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.77% | 27.44% | +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 2.86%, more than YXI's 2.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
XPP ProShares Ultra FTSE China 50 | 2.86% | 2.32% | 2.96% | 2.87% | 0.00% | 0.00% | 0.00% | 3.81% | 1.47% |
YXI ProShares Short FTSE China 50 | 2.48% | 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 -0.92, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XPP has higher volatility (12.70%) compared to YXI (7.41%). In terms of maximum drawdown, XPP dropped -89.90% vs YXI's -81.15%.
On 10-year performance, YXI leads with -7.09% vs -7.40% for XPP. Both ETFs have the same 0.95% expense ratio. On volatility, YXI has been the lower-risk option at 7.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, YXI has performed better with a -7.09% return vs -7.40%. 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.
XPP has the higher dividend yield at 2.86%, compared with 2.48% for YXI.
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 (0.46 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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