YXI vs. KWEB
YXI (ProShares Short FTSE China 50) and KWEB (KraneShares CSI China Internet ETF) are both China Equities funds - YXI tracks the FTSE China 50 Net Tax USD (TR) (-100%) while KWEB tracks the CSI Overseas China Internet Index. Both are passively managed. Over the past 10 years, YXI returned -7.95%/yr vs 0.31%/yr for KWEB. Their -0.78 correlation means they have often moved in opposite directions in the past. YXI charges 0.95%/yr vs 0.70%/yr for KWEB.
Performance
YXI vs. KWEB - Performance Comparison
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Returns By Period
In the year-to-date period, YXI achieves a 4.98% return, which is significantly higher than KWEB's -16.33% return. Over the past 10 years, YXI has underperformed KWEB with an annualized return of -7.95%, while KWEB has yielded a comparatively higher 0.31% 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%
KWEB
- 1D
- 1.53%
- 1M
- 14.01%
- 6M
- -19.47%
- YTD
- -16.33%
- 1Y
- -12.39%
- 3Y*
- 0.77%
- 5Y*
- -7.53%
- 10Y*
- 0.31%
- ALL TIME*
- 2.65%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $554.38M | $548.17M | $693.22M | |
| $27.49K | $29.99K | $33.82K |
YXI vs. KWEB - 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% |
KWEB KraneShares CSI China Internet ETF | -16.33% | 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 have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.84 |
Correlation (3Y) Balances recent behavior with more history. | -0.89 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.91 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.85 |
Correlation (All Time) Calculated using the full available price history since Aug 1, 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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Return for Risk
YXI vs. KWEB — Risk / Return Rank
YXI
KWEB
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.
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 | KWEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.66 | ||
| Sortino ratioReturn per unit of downside risk | +0.95 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 0.93 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.21 | -0.35 | +0.56 |
| Martin ratioReturn relative to average drawdown | 0.46 | -0.67 | +1.13 |
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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
| YXI | KWEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.15% | -80.92% | -0.23% |
Max Drawdown (1Y)Largest decline over 1 year | -13.55% | -41.62% | +28.07% |
Max Drawdown (3Y)Largest decline over 3 years | -53.12% | -41.62% | -11.50% |
Max Drawdown (5Y)Largest decline over 5 years | -57.65% | -63.96% | +6.31% |
Max Drawdown (10Y)Largest decline over 10 years | -61.63% | -80.92% | +19.29% |
Current DrawdownCurrent decline from peak | -78.56% | -67.05% | -11.51% |
Average DrawdownAverage peak-to-trough decline | -54.51% | -35.65% | -18.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.08% | 21.98% | -15.90% |
Volatility
YXI vs. KWEB - Volatility Comparison
The current volatility for ProShares Short FTSE China 50 (YXI) is 7.06%, while KraneShares CSI China Internet ETF (KWEB) has a volatility of 7.76%. 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
| YXI | KWEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.06% | 7.76% | -0.70% |
Volatility (6M)Calculated over the trailing 6-month period | 16.10% | 20.68% | -4.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.18% | 27.82% | -6.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.28% | 46.99% | -15.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.47% | 40.04% | -12.57% |
YXI vs. KWEB - Expense Ratio Comparison
YXI has a 0.95% expense ratio, which is higher than KWEB's 0.70% expense ratio.
Dividends
YXI vs. KWEB - Dividend Comparison
YXI's dividend yield for the trailing twelve months is around 2.71%, less than KWEB's 7.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KWEB KraneShares CSI China Internet ETF | 7.36% | 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 | 2.71% | 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 (7.76%) compared to YXI (7.06%). In terms of maximum drawdown, YXI dropped -81.15% vs KWEB's -80.92%.
On 10-year performance, KWEB leads with 0.31% vs -7.95% for YXI. On fees, KWEB is cheaper at 0.70% per year. 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, KWEB has performed better with a 0.31% return vs -7.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KWEB is cheaper with a 0.70% expense ratio, compared with 0.95% for YXI.
KWEB has the higher dividend yield at 7.36%, compared with 2.71% for YXI.
YXI tracks FTSE China 50 Net Tax USD (TR) (-100%), while KWEB tracks CSI Overseas China Internet Index. They also come from different issuers: ProShares and KraneShares. Their fees differ too: 0.95% for YXI and 0.70% for KWEB.
YXI currently has the higher Sharpe Ratio (0.13 vs -0.53), 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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