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YXI vs. KWEB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

YXI vs. KWEB

Last updated Jun 3, 2026

YXI (ProShares Short FTSE China 50) and KWEB (KraneShares CSI China Internet ETF) are both exchange-traded funds - YXI is a Inverse Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-100%), while KWEB is a China Equities fund tracking the CSI Overseas China Internet. Both are passively managed. Over the past 10 years, YXI returned -8.43%/yr vs 0.42%/yr for KWEB. At a correlation of -0.78, they often move in opposite directions. YXI charges 0.95%/yr vs 0.76%/yr for KWEB.

Performance

YXI vs. KWEB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short FTSE China 50 (YXI) and KraneShares CSI China Internet ETF (KWEB). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, YXI achieves a 6.15% return, which is significantly higher than KWEB's -16.80% return. Over the past 10 years, YXI has underperformed KWEB with an annualized return of -8.43%, while KWEB has yielded a comparatively higher 0.42% 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%

KWEB

1D
3.55%
1M
-1.56%
YTD
-16.80%
6M
-20.06%
1Y
-9.36%
3Y*
5.45%
5Y*
-13.45%
10Y*
0.42%
*Multi-year figures are annualized to reflect compound growth (CAGR)

YXI vs. KWEB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
KWEB
KraneShares CSI China Internet ETF		-16.80%23.55%12.01%-9.06%-17.24%-49.01%58.23%29.92%-33.80%69.73%

Correlation

The correlation between YXI and KWEB is -0.84, 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

-0.84

Correlation (3Y)
Calculated over the trailing 3-year period

-0.90

Correlation (5Y)
Calculated over the trailing 5-year period

-0.91

Correlation (10Y)
Calculated over the trailing 10-year period

-0.85

Correlation (All Time)
Calculated using the full available price history since Aug 2, 2013

-0.78

The correlation between YXI and KWEB shifts across timeframes, from -0.91 (5 years) to -0.78 (all time), reflecting how their relationship changes across market environments.

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ProShares Short FTSE China 50

KraneShares CSI China Internet ETF

Often compared with YXI:
YXI vs. FXPYXI vs. SPYYXI vs. CNYAYXI vs. EWTYXI vs. MCHIYXI vs. FXIYXI vs. VOO
Often compared with KWEB:
KWEB vs. CQQQKWEB vs. FXIKWEB vs. MCHIKWEB vs. KTECKWEB vs. CWEBKWEB vs. KLIPKWEB vs. YINN

Return for Risk

YXI vs. KWEB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
YXI
YXI Risk / Return Rank: 77
Overall Rank
YXI Sharpe Ratio Rank: 77
Sharpe Ratio Rank
YXI Sortino Ratio Rank: 77
Sortino Ratio Rank
YXI Omega Ratio Rank: 77
Omega Ratio Rank
YXI Calmar Ratio Rank: 66
Calmar Ratio Rank
YXI Martin Ratio Rank: 77
Martin Ratio Rank
KWEB
KWEB Risk / Return Rank: 66
Overall Rank
KWEB Sharpe Ratio Rank: 55
Sharpe Ratio Rank
KWEB Sortino Ratio Rank: 55
Sortino Ratio Rank
KWEB Omega Ratio Rank: 55
Omega Ratio Rank
KWEB Calmar Ratio Rank: 66
Calmar Ratio Rank
KWEB Martin Ratio Rank: 66
Martin Ratio Rank
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. KWEB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short FTSE China 50 (YXI) and KraneShares CSI China Internet ETF (KWEB). 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.

YXIKWEBDifference

Sharpe ratio

Return per unit of total volatility

-0.16

-0.35

+0.19

Sortino ratio

Return per unit of downside risk

-0.09

-0.33

+0.24

Omega ratio

Gain probability vs. loss probability

0.99

0.96

+0.03

Calmar ratio

Return relative to maximum drawdown

-0.24

-0.24

0.00

Martin ratio

Return relative to average drawdown

-0.42

-0.49

+0.07

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

YXI vs. KWEB - Sharpe Ratio Comparison

The current YXI Sharpe Ratio is -0.16, which is higher than the KWEB Sharpe Ratio of -0.35. The chart below compares the historical Sharpe Ratios of YXI and KWEB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

YXIKWEBDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.16

-0.35

+0.19

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

0.01

-0.32

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.31

0.07

-0.38

Drawdowns

YXI vs. KWEB - Drawdown Comparison

The maximum YXI drawdown since its inception was -81.15%, roughly equal to the maximum KWEB drawdown of -80.92%. Use the drawdown chart below to compare losses from any high point for YXI and KWEB.

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Drawdown Indicators

YXIKWEBDifference

Max Drawdown

Largest peak-to-trough decline

-81.15%

-80.92%

-0.23%

Max Drawdown (1Y)

Largest decline over 1 year

-14.66%

-34.13%

+19.47%

Max Drawdown (3Y)

Largest decline over 3 years

-53.12%

-34.13%

-18.99%

Max Drawdown (5Y)

Largest decline over 5 years

-57.65%

-72.17%

+14.52%

Max Drawdown (10Y)

Largest decline over 10 years

-64.92%

-80.92%

+16.00%

Current Drawdown

Current decline from peak

-78.33%

-67.23%

-11.10%

Average Drawdown

Average peak-to-trough decline

-54.30%

-35.23%

-19.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.17%

16.72%

-7.55%

Volatility

YXI vs. KWEB - Volatility Comparison

The current volatility for ProShares Short FTSE China 50 (YXI) is 7.00%, while KraneShares CSI China Internet ETF (KWEB) has a volatility of 10.84%. This indicates that YXI experiences smaller price fluctuations and is considered to be less risky than KWEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

YXIKWEBDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.00%

10.84%

-3.84%

Volatility (6M)

Calculated over the trailing 6-month period

14.75%

19.79%

-5.04%

Volatility (1Y)

Calculated over the trailing 1-year period

19.89%

27.00%

-7.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

31.40%

47.66%

-16.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.42%

39.98%

-12.56%

YXI vs. KWEB - Expense Ratio Comparison

YXI has a 0.95% expense ratio, which is higher than KWEB's 0.76% expense ratio.

Dividends

YXI vs. KWEB - Dividend Comparison

YXI's dividend yield for the trailing twelve months is around 2.89%, less than KWEB's 7.40% yield.

PositionTTM20252024202320222021202020192018201720162015
KWEB
KraneShares CSI China Internet ETF		7.40%6.16%3.51%1.71%0.00%7.07%0.29%0.08%3.40%0.58%1.19%0.46%
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%0.00%

Frequently Asked Questions

YXI and KWEB have a correlation of -0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

KWEB has higher volatility (10.84%) compared to YXI (7.00%). In terms of maximum drawdown, YXI dropped -81.15% vs KWEB's -80.92%.

On 10-year performance, KWEB leads with 0.42% vs -8.43% for YXI. On fees, KWEB is cheaper at 0.76% per year. 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, KWEB has performed better with a 0.42% return vs -8.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

KWEB is cheaper with a 0.76% expense ratio, compared with 0.95% for YXI.

KWEB has the higher dividend yield at 7.40%, compared with 2.89% for YXI.

YXI is categorized as Inverse Equities, while KWEB is China Equities. YXI tracks FTSE China 50 Net Tax USD (TR) (-100%), while KWEB tracks CSI Overseas China Internet. They also come from different issuers: ProShares and CICC. Their fees differ too: 0.95% for YXI and 0.76% for KWEB.

YXI currently has the higher Sharpe Ratio (-0.16 vs -0.35), 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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