YXI vs. FXP
YXI (ProShares Short FTSE China 50) and FXP (ProShares UltraShort FTSE China 50) are both China Equities funds from ProShares - YXI tracks the FTSE China 50 Net Tax USD (TR) (-100%) while FXP tracks the FTSE China 50 Net Tax USD (TR) (-200%). Both are passively managed. Over the past 10 years, YXI returned -7.95%/yr vs -22.63%/yr for FXP. Their 0.95 correlation means they have historically moved very closely together. Both charge a 0.95% expense ratio.
Performance
YXI vs. FXP - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with YXI having a 4.98% return and FXP slightly higher at 5.19%. Over the past 10 years, YXI has outperformed FXP with an annualized return of -7.95%, while FXP has yielded a comparatively lower -22.63% annualized return.
YXI
- 1D
- 0.15%
- 1M
- -12.91%
- 6M
- 8.66%
- YTD
- 4.98%
- 1Y
- 0.78%
- 3Y*
- -9.91%
- 5Y*
- -5.56%
- 10Y*
- -7.95%
- ALL TIME*
- -8.26%
FXP
- 1D
- -0.50%
- 1M
- -24.68%
- 6M
- 13.80%
- YTD
- 5.19%
- 1Y
- -5.35%
- 3Y*
- -27.39%
- 5Y*
- -21.54%
- 10Y*
- -22.63%
- ALL TIME*
- -28.50%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $93.29K | $87.96K | $94.48K | |
| $27.49K | $29.99K | $33.82K |
YXI vs. FXP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YXI ProShares Short FTSE China 50 | 4.98% | -22.87% | -25.36% | 12.40% | 4.78% | 13.94% | -17.95% | -14.35% | 9.63% | -28.43% |
FXP ProShares UltraShort FTSE China 50 | 5.19% | -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 0.92, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.92 |
Correlation (3Y) Balances recent behavior with more history. | 0.96 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.98 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.98 |
Correlation (All Time) Calculated using the full available price history since Mar 18, 2010 | 0.95 |
The correlation between YXI and FXP has been stable across timeframes, ranging from 0.92 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.
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 | FXP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.03 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.21 | -0.08 | +0.29 |
| Martin ratioReturn relative to average drawdown | 0.46 | -0.17 | +0.62 |
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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 | -13.55% | -25.65% | +12.10% |
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 | -61.63% | -93.56% | +31.93% |
Current DrawdownCurrent decline from peak | -78.56% | -99.92% | +21.36% |
Average DrawdownAverage peak-to-trough decline | -54.51% | -94.18% | +39.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.08% | 12.70% | -6.62% |
Volatility
YXI vs. FXP - Volatility Comparison
The current volatility for ProShares Short FTSE China 50 (YXI) is 7.06%, while ProShares UltraShort FTSE China 50 (FXP) has a volatility of 11.52%. 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 | 7.06% | 11.52% | -4.46% |
Volatility (6M)Calculated over the trailing 6-month period | 16.10% | 29.92% | -13.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.18% | 40.77% | -19.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.28% | 62.72% | -31.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.47% | 54.80% | -27.33% |
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 2.71%, less than FXP's 3.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 3.42% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% |
YXI ProShares Short FTSE China 50 | 2.71% | 3.60% | 4.35% | 2.66% | 0.27% | 0.00% | 0.08% | 1.01% | 0.25% |
Frequently Asked Questions
With a correlation of 0.92, 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 (11.52%) compared to YXI (7.06%). In terms of maximum drawdown, YXI dropped -81.15% vs FXP's -99.94%.
On 10-year performance, YXI leads with -7.95% vs -22.63% for FXP. Both ETFs have the same 0.95% expense ratio. On volatility, YXI has been the lower-risk option at 7.06%. 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 -7.95% return vs -22.63%. 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 3.42%, compared with 2.71% for YXI.
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 (0.13 vs -0.05), 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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