YXI vs. FXP
YXI (ProShares Short FTSE China 50) and FXP (ProShares UltraShort FTSE China 50) are both exchange-traded funds - YXI is a Inverse Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-100%), while FXP is a Leveraged Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-200%). Both are passively managed. Over the past 10 years, YXI returned -8.43%/yr vs -23.39%/yr for FXP. With a 0.95 correlation, they move nearly in lockstep. Both charge a 0.95% expense ratio.
Performance
YXI vs. FXP - 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 FXP's 8.59% return. Over the past 10 years, YXI has outperformed FXP with an annualized return of -8.43%, while FXP has yielded a comparatively lower -23.39% annualized 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%
FXP
- 1D
- -5.83%
- 1M
- 2.41%
- YTD
- 8.59%
- 6M
- 13.43%
- 1Y
- -12.53%
- 3Y*
- -31.27%
- 5Y*
- -17.61%
- 10Y*
- -23.39%
YXI vs. FXP - 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% |
FXP ProShares UltraShort FTSE China 50 | 8.59% | -45.32% | -52.46% | 12.74% | -11.73% | 23.56% | -39.47% | -29.01% | 12.45% | -49.76% |
Correlation
The correlation between YXI and FXP is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Mar 19, 2010 | 0.95 |
The correlation between YXI and FXP has been stable across timeframes, ranging from 0.93 to 0.98 - a consistent structural relationship.
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Return for Risk
YXI vs. FXP — Risk / Return Rank
YXI
FXP
YXI vs. FXP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short FTSE China 50 (YXI) and ProShares UltraShort FTSE China 50 (FXP). 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 | FXP | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.16 | -0.32 | +0.16 |
Sortino ratioReturn per unit of downside risk | -0.09 | -0.21 | +0.12 |
Omega ratioGain probability vs. loss probability | 0.99 | 0.98 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | -0.24 | -0.48 | +0.24 |
Martin ratioReturn relative to average drawdown | -0.42 | -0.75 | +0.33 |
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 | FXP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.16 | -0.32 | +0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.10 | -0.28 | +0.18 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.31 | -0.43 | +0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.31 | -0.44 | +0.14 |
Drawdowns
YXI vs. FXP - Drawdown Comparison
The maximum YXI drawdown since its inception was -81.15%, smaller than the maximum FXP drawdown of -99.94%. Use the drawdown chart below to compare losses from any high point for YXI and FXP.
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Drawdown Indicators
| YXI | FXP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.15% | -99.94% | +18.79% |
Max Drawdown (1Y)Largest decline over 1 year | -14.66% | -28.62% | +13.96% |
Max Drawdown (3Y)Largest decline over 3 years | -53.12% | -82.34% | +29.22% |
Max Drawdown (5Y)Largest decline over 5 years | -57.65% | -87.85% | +30.20% |
Max Drawdown (10Y)Largest decline over 10 years | -64.92% | -94.71% | +29.79% |
Current DrawdownCurrent decline from peak | -78.33% | -99.92% | +21.59% |
Average DrawdownAverage peak-to-trough decline | -54.30% | -94.15% | +39.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.17% | 19.27% | -10.10% |
Volatility
YXI vs. FXP - Volatility Comparison
The current volatility for ProShares Short FTSE China 50 (YXI) is 7.00%, while ProShares UltraShort FTSE China 50 (FXP) has a volatility of 14.45%. This indicates that YXI experiences smaller price fluctuations and is considered to be less risky than FXP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YXI | FXP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.00% | 14.45% | -7.45% |
Volatility (6M)Calculated over the trailing 6-month period | 14.75% | 28.53% | -13.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.89% | 39.08% | -19.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.40% | 63.11% | -31.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.42% | 54.90% | -27.48% |
YXI vs. FXP - Expense Ratio Comparison
Both YXI and FXP have an expense ratio of 0.95%.
Dividends
YXI vs. FXP - Dividend Comparison
YXI's dividend yield for the trailing twelve months is around 2.89%, less than FXP's 4.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 4.31% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% |
YXI ProShares Short FTSE China 50 | 2.89% | 3.60% | 4.35% | 2.66% | 0.27% | 0.00% | 0.08% | 1.01% | 0.25% |
Frequently Asked Questions
With a correlation of 0.93, YXI and FXP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
FXP has higher volatility (14.45%) compared to YXI (7.00%). In terms of maximum drawdown, YXI dropped -81.15% vs FXP's -99.94%.
On 10-year performance, YXI leads with -8.43% vs -23.39% for FXP. Both ETFs have the same 0.95% expense ratio. On volatility, YXI has been the lower-risk option at 7.00%. 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 -8.43% return vs -23.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
YXI and FXP have the same expense ratio: 0.95% per year.
FXP has the higher dividend yield at 4.31%, compared with 2.89% for YXI.
YXI is categorized as Inverse Equities, while FXP is Leveraged Equities. YXI tracks FTSE China 50 Net Tax USD (TR) (-100%), while FXP tracks FTSE China 50 Net Tax USD (TR) (-200%).
YXI currently has the higher Sharpe Ratio (-0.16 vs -0.32), 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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