YXI vs. KWEB
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 Index. Both are passively managed. Over the past 10 years, YXI returned -7.94%/yr vs -0.35%/yr for KWEB. At a correlation of -0.78, they often move in opposite directions. 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 14.28% return, which is significantly higher than KWEB's -26.43% return. Over the past 10 years, YXI has underperformed KWEB with an annualized return of -7.94%, while KWEB has yielded a comparatively higher -0.35% annualized return.
YXI
- 1D
- -1.16%
- 1M
- 5.51%
- YTD
- 14.28%
- 6M
- 15.46%
- 1Y
- 6.22%
- 3Y*
- -10.67%
- 5Y*
- -1.92%
- 10Y*
- -7.94%
KWEB
- 1D
- -0.75%
- 1M
- -6.91%
- YTD
- -26.43%
- 6M
- -27.93%
- 1Y
- -20.19%
- 3Y*
- 1.48%
- 5Y*
- -15.02%
- 10Y*
- -0.35%
YXI vs. KWEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YXI ProShares Short FTSE China 50 | 14.28% | -22.87% | -25.36% | 12.40% | 4.78% | 13.94% | -17.95% | -14.35% | 9.63% | -28.43% |
KWEB KraneShares CSI China Internet ETF | -26.43% | 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 -0.82, 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 | -0.83 |
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 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 | +1.06 | ||
| Sortino ratioReturn per unit of downside risk | +1.57 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 0.89 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.48 | -0.53 | +1.01 |
| Martin ratioReturn relative to average drawdown | 0.91 | -1.09 | +2.00 |
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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 | -13.05% | -38.11% | +25.06% |
Max Drawdown (3Y)Largest decline over 3 years | -53.12% | -38.11% | -15.01% |
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 DrawdownCurrent decline from peak | -76.67% | -71.03% | -5.64% |
Average DrawdownAverage peak-to-trough decline | -54.36% | -35.35% | -19.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.79% | 18.53% | -10.74% |
Volatility
YXI vs. KWEB - Volatility Comparison
The current volatility for ProShares Short FTSE China 50 (YXI) is 6.46%, while KraneShares CSI China Internet ETF (KWEB) has a volatility of 8.24%. 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 | 6.46% | 8.24% | -1.78% |
Volatility (6M)Calculated over the trailing 6-month period | 15.45% | 20.40% | -4.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.08% | 27.13% | -7.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.47% | 47.70% | -16.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.45% | 40.01% | -12.56% |
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 2.69%, less than KWEB's 8.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KWEB KraneShares CSI China Internet ETF | 8.37% | 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 | 2.69% | 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 -0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KWEB has higher volatility (8.24%) compared to YXI (6.46%). In terms of maximum drawdown, YXI dropped -81.15% vs KWEB's -80.92%.
On 10-year performance, KWEB leads with -0.35% vs -7.94% for YXI. On fees, KWEB is cheaper at 0.70% per year. On volatility, YXI has been the lower-risk option at 6.46%. 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 -0.35% return vs -7.94%. 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 8.37%, compared with 2.69% 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 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 (0.31 vs -0.75), 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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