YXI vs. FLYD

Last updated Jun 25, 2026

YXI (ProShares Short FTSE China 50) and FLYD (MicroSectors Travel -3X Inverse Leveraged ETNs) are both Inverse Equities funds - YXI tracks the FTSE China 50 Net Tax USD (TR) (-100%) while FLYD tracks the MerQube MicroSectors U.S. Travel Index. Both are passively managed. Over the past 3 years, YXI returned -9.65%/yr vs -56.79%/yr for FLYD. At a 0.37 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

YXI vs. FLYD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short FTSE China 50 (YXI) and MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, YXI achieves a 18.26% return, which is significantly higher than FLYD's -32.89% return.

YXI

• 1D: 1.68%
• 1M: 9.19%
• YTD: 18.26%
• 6M: 18.90%
• 1Y: 13.74%
• 3Y*: -9.65%
• 5Y*: -0.64%
• 10Y*: -7.62%

FLYD

• 1D: -9.30%
• 1M: -31.47%
• YTD: -32.89%
• 6M: -29.32%
• 1Y: -55.37%
• 3Y*: -56.79%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

YXI vs. FLYD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
YXI ProShares Short FTSE China 50	18.26%	-22.87%	-25.36%	12.40%	7.75%
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs	-32.89%	-60.42%	-54.13%	-75.14%	-46.63%

Correlation

The correlation between YXI and FLYD is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (All Time) Calculated using the full available price history since Jun 22, 2022	0.37

Return for Risk

YXI vs. FLYD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

YXI

YXI Risk / Return Rank: 21
YXI Sharpe Ratio Rank: 21
YXI Sortino Ratio Rank: 21
YXI Omega Ratio Rank: 20
YXI Calmar Ratio Rank: 25
YXI Martin Ratio Rank: 20

FLYD

FLYD Risk / Return Rank: 2
FLYD Sharpe Ratio Rank: 4
FLYD Sortino Ratio Rank: 4
FLYD Omega Ratio Rank: 4
FLYD Calmar Ratio Rank: 0
FLYD Martin Ratio Rank: 0

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

YXI vs. FLYD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short FTSE China 50 (YXI) and MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD). 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	FLYD	Difference
Sharpe ratio: Return per unit of total volatility	0.69	-0.73	+1.42
Sortino ratio: Return per unit of downside risk	1.10	-0.90	+2.00
Omega ratio: Gain probability vs. loss probability	1.13	0.89	+0.24
Calmar ratio: Return relative to maximum drawdown	1.11	-0.98	+2.08
Martin ratio: Return relative to average drawdown	2.14	-1.86	+4.00

YXI vs. FLYD - Sharpe Ratio Comparison

The current YXI Sharpe Ratio is 0.69, which is higher than the FLYD Sharpe Ratio of -0.73. The chart below compares the historical Sharpe Ratios of YXI and FLYD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

YXI vs. FLYD - Drawdown Comparison

The maximum YXI drawdown since its inception was -81.15%, smaller than the maximum FLYD drawdown of -98.45%. Use the drawdown chart below to compare losses from any high point for YXI and FLYD.

Drawdown Indicators

	YXI	FLYD	Difference
Max Drawdown Largest peak-to-trough decline	-81.15%	-98.45%	+17.30%
Max Drawdown (1Y) Largest decline over 1 year	-12.48%	-56.92%	+44.44%
Max Drawdown (3Y) Largest decline over 3 years	-53.12%	-94.61%	+41.49%
Max Drawdown (5Y) Largest decline over 5 years	-57.65%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-64.92%	—	—
Current Drawdown Current decline from peak	-75.85%	-98.45%	+22.60%
Average Drawdown Average peak-to-trough decline	-54.37%	-83.25%	+28.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.43%	29.82%	-23.39%

Volatility

YXI vs. FLYD - Volatility Comparison

The current volatility for ProShares Short FTSE China 50 (YXI) is 6.72%, while MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) has a volatility of 25.88%. This indicates that YXI experiences smaller price fluctuations and is considered to be less risky than FLYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YXI	FLYD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.72%	25.88%	-19.16%
Volatility (6M) Calculated over the trailing 6-month period	15.53%	62.99%	-47.46%
Volatility (1Y) Calculated over the trailing 1-year period	20.14%	76.25%	-56.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.48%	83.85%	-52.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.43%	83.85%	-56.42%

YXI vs. FLYD - Expense Ratio Comparison

Both YXI and FLYD have an expense ratio of 0.95%.

Dividends

YXI vs. FLYD - Dividend Comparison

YXI's dividend yield for the trailing twelve months is around 2.60%, while FLYD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
YXI ProShares Short FTSE China 50	2.60%	3.60%	4.35%	2.66%	0.27%	0.00%	0.08%	1.01%	0.25%

Frequently Asked Questions

Can I hold both YXI and FLYD in my portfolio?

YXI and FLYD have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YXI or FLYD?

FLYD has higher volatility (25.88%) compared to YXI (6.72%). In terms of maximum drawdown, YXI dropped -81.15% vs FLYD's -98.45%.

Which ETF is better, YXI or FLYD?

On 3-year performance, YXI leads with -9.65% vs -56.79% for FLYD. Both ETFs have the same 0.95% expense ratio. On volatility, YXI has been the lower-risk option at 6.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YXI or FLYD?

Over the 3-year period, YXI has performed better with a -9.65% return vs -56.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YXI or FLYD?

YXI and FLYD have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, YXI or FLYD?

YXI has the higher dividend yield at 2.60%, compared with 0.00% for FLYD.

What is the main difference between YXI and FLYD?

YXI tracks FTSE China 50 Net Tax USD (TR) (-100%), while FLYD tracks MerQube MicroSectors U.S. Travel Index. They also come from different issuers: ProShares and REX.

Which has better risk-adjusted returns?

YXI currently has the higher Sharpe Ratio (0.69 vs -0.73), 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.