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 5 years, YXI returned -3.21%/yr vs -0.82%/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 6.15% return, which is significantly lower than CNYA's 9.25% return.
YXI
- 1D
- -2.58%
- 1M
- 1.58%
- YTD
- 6.15%
- 6M
- 8.60%
- 1Y
- -3.19%
- 3Y*
- -12.24%
- 5Y*
- -3.21%
- 10Y*
- -8.43%
CNYA
- 1D
- 2.38%
- 1M
- 1.83%
- YTD
- 9.25%
- 6M
- 13.58%
- 1Y
- 39.08%
- 3Y*
- 10.99%
- 5Y*
- -0.82%
- 10Y*
- —
YXI vs. CNYA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YXI ProShares Short FTSE China 50 | 6.15% | -22.87% | -25.36% | 12.40% | 4.78% | 13.94% | -17.95% | -14.35% | 9.63% | -28.43% |
CNYA iShares MSCI China A ETF | 9.25% | 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 (All Time) Calculated using the full available price history since Jun 16, 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.
| YXI | CNYA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.16 | 2.27 | -2.43 |
Sortino ratioReturn per unit of downside risk | -0.09 | 3.10 | -3.19 |
Omega ratioGain probability vs. loss probability | 0.99 | 1.40 | -0.42 |
Calmar ratioReturn relative to maximum drawdown | -0.24 | 5.18 | -5.43 |
Martin ratioReturn relative to average drawdown | -0.42 | 15.37 | -15.79 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| YXI | CNYA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.16 | 2.27 | -2.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.10 | -0.03 | -0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.31 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.31 | 0.28 | -0.58 |
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 | -14.66% | -7.59% | -7.07% |
Max Drawdown (3Y)Largest decline over 3 years | -53.12% | -33.35% | -19.77% |
Max Drawdown (5Y)Largest decline over 5 years | -57.65% | -44.70% | -12.95% |
Max Drawdown (10Y)Largest decline over 10 years | -64.92% | — | — |
Current DrawdownCurrent decline from peak | -78.33% | -13.45% | -64.88% |
Average DrawdownAverage peak-to-trough decline | -54.30% | -20.69% | -33.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.17% | 2.56% | +6.61% |
Volatility
YXI vs. CNYA - Volatility Comparison
ProShares Short FTSE China 50 (YXI) has a higher volatility of 7.00% compared to iShares MSCI China A ETF (CNYA) at 6.44%. This indicates that YXI's price experiences larger fluctuations and is considered to be riskier than CNYA based on this measure. 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 | 7.00% | 6.44% | +0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 14.75% | 12.32% | +2.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.89% | 17.32% | +2.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.40% | 23.81% | +7.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.42% | 23.56% | +3.86% |
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 2.89%, more than CNYA's 1.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
CNYA iShares MSCI China A ETF | 1.75% | 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 | 2.89% | 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.
YXI has higher volatility (7.00%) compared to CNYA (6.44%). In terms of maximum drawdown, YXI dropped -81.15% vs CNYA's -49.49%.
On 5-year performance, CNYA leads with -0.82% vs -3.21% for YXI. On fees, CNYA is cheaper at 0.60% per year. On volatility, CNYA has been the lower-risk option at 6.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, CNYA has performed better with a -0.82% return vs -3.21%. 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 2.89%, compared with 1.75% 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 (2.27 vs -0.16), 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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