YXI vs. CNYA
YXI (ProShares Short FTSE China 50) and CNYA (iShares MSCI China A ETF) are both exchange-traded funds - YXI is a Inverse Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-100%), while CNYA is a China Equities fund tracking the MSCI China A Inclusion Index. Both are passively managed. Over the past 10 years, YXI returned -7.94%/yr vs 6.81%/yr for CNYA. At a correlation of -0.69, they often move in opposite directions. YXI charges 0.95%/yr vs 0.60%/yr for CNYA.
Performance
YXI vs. CNYA - Performance Comparison
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Returns By Period
In the year-to-date period, YXI achieves a 14.28% return, which is significantly higher than CNYA's 12.12% return. Over the past 10 years, YXI has underperformed CNYA with an annualized return of -7.94%, while CNYA has yielded a comparatively higher 6.81% annualized return.
YXI
- 1D
- -1.16%
- 1M
- 5.51%
- YTD
- 14.28%
- 6M
- 15.46%
- 1Y
- 6.22%
- 3Y*
- -10.67%
- 5Y*
- -1.92%
- 10Y*
- -7.94%
CNYA
- 1D
- 2.38%
- 1M
- 4.73%
- YTD
- 12.12%
- 6M
- 13.24%
- 1Y
- 41.13%
- 3Y*
- 13.23%
- 5Y*
- 0.25%
- 10Y*
- 6.81%
YXI vs. CNYA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YXI ProShares Short FTSE China 50 | 14.28% | -22.87% | -25.36% | 12.40% | 4.78% | 13.94% | -17.95% | -14.35% | 9.63% | -28.43% |
CNYA iShares MSCI China A ETF | 12.12% | 26.48% | 10.78% | -13.76% | -26.51% | 3.53% | 41.54% | 35.95% | -26.56% | 30.99% |
Correlation
The correlation between YXI and CNYA is -0.59, 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 | -0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.69 |
Correlation (All Time) Calculated using the full available price history since Jun 15, 2016 | -0.69 |
The correlation between YXI and CNYA shifts across timeframes, from -0.69 (5 years) to -0.59 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
YXI vs. CNYA — Risk / Return Rank
YXI
CNYA
YXI vs. CNYA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short FTSE China 50 (YXI) and iShares MSCI China A ETF (CNYA). 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.
| YXI | CNYA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.97 | ||
| Sortino ratioReturn per unit of downside risk | -2.51 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.41 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | 0.48 | 5.44 | -4.97 |
| Martin ratioReturn relative to average drawdown | 0.91 | 14.99 | -14.09 |
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Drawdowns
YXI vs. CNYA - Drawdown Comparison
The maximum YXI drawdown since its inception was -81.15%, which is greater than CNYA's maximum drawdown of -49.49%. Use the drawdown chart below to compare losses from any high point for YXI and CNYA.
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Drawdown Indicators
| YXI | CNYA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.15% | -49.49% | -31.66% |
Max Drawdown (1Y)Largest decline over 1 year | -13.05% | -7.59% | -5.46% |
Max Drawdown (3Y)Largest decline over 3 years | -53.12% | -33.35% | -19.77% |
Max Drawdown (5Y)Largest decline over 5 years | -57.65% | -44.65% | -13.00% |
Max Drawdown (10Y)Largest decline over 10 years | -64.92% | -49.49% | -15.43% |
Current DrawdownCurrent decline from peak | -76.67% | -11.18% | -65.49% |
Average DrawdownAverage peak-to-trough decline | -54.36% | -20.65% | -33.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.79% | 2.75% | +5.04% |
Volatility
YXI vs. CNYA - Volatility Comparison
ProShares Short FTSE China 50 (YXI) and iShares MSCI China A ETF (CNYA) have volatilities of 6.46% and 6.78%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YXI | CNYA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.46% | 6.78% | -0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 15.45% | 13.22% | +2.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.08% | 18.11% | +1.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.47% | 23.88% | +7.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.45% | 23.51% | +3.94% |
YXI vs. CNYA - Expense Ratio Comparison
YXI has a 0.95% expense ratio, which is higher than CNYA's 0.60% expense ratio.
Dividends
YXI vs. CNYA - Dividend Comparison
YXI's dividend yield for the trailing twelve months is around 2.69%, more than CNYA's 1.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
CNYA iShares MSCI China A ETF | 1.68% | 1.92% | 2.51% | 4.23% | 2.69% | 1.11% | 1.06% | 1.21% | 3.92% | 0.97% | 1.38% |
YXI ProShares Short FTSE China 50 | 2.69% | 3.60% | 4.35% | 2.66% | 0.27% | 0.00% | 0.08% | 1.01% | 0.25% | 0.00% | 0.00% |
Frequently Asked Questions
YXI and CNYA have a correlation of -0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CNYA has higher volatility (6.78%) compared to YXI (6.46%). In terms of maximum drawdown, YXI dropped -81.15% vs CNYA's -49.49%.
On 10-year performance, CNYA leads with 6.81% vs -7.94% for YXI. On fees, CNYA is cheaper at 0.60% per year. On volatility, YXI has been the lower-risk option at 6.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CNYA has performed better with a 6.81% return vs -7.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CNYA is cheaper with a 0.60% expense ratio, compared with 0.95% for YXI.
YXI has the higher dividend yield at 2.69%, compared with 1.68% for CNYA.
YXI is categorized as Inverse Equities, while CNYA is China Equities. YXI tracks FTSE China 50 Net Tax USD (TR) (-100%), while CNYA tracks MSCI China A Inclusion Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for YXI and 0.60% for CNYA.
CNYA currently has the higher Sharpe Ratio (2.29 vs 0.31), 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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