YXI vs. MCHI
YXI (ProShares Short FTSE China 50) and MCHI (iShares MSCI China ETF) are both China Equities funds - YXI tracks the FTSE China 50 Net Tax USD (TR) (-100%) while MCHI tracks the MSCI China Index. Both are passively managed. Over the past 10 years, YXI returned -7.95%/yr vs 4.22%/yr for MCHI. Their -0.92 correlation means they have often moved in opposite directions in the past. YXI charges 0.95%/yr vs 0.59%/yr for MCHI.
Performance
YXI vs. MCHI - 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 MCHI's -6.49% return. Over the past 10 years, YXI has underperformed MCHI with an annualized return of -7.95%, while MCHI has yielded a comparatively higher 4.22% 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%
MCHI
- 1D
- 0.54%
- 1M
- 9.61%
- 6M
- -9.98%
- YTD
- -6.49%
- 1Y
- 0.60%
- 3Y*
- 7.33%
- 5Y*
- -2.80%
- 10Y*
- 4.22%
- ALL TIME*
- 2.49%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $148.99M | $159.51M | $173.67M | |
| $27.49K | $29.99K | $33.82K |
YXI vs. MCHI - 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% |
MCHI iShares MSCI China ETF | -6.49% | 31.04% | 17.73% | -11.94% | -23.01% | -21.74% | 27.78% | 23.72% | -19.79% | 54.67% |
Correlation
The correlation between YXI and MCHI is -0.89, 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. | -0.89 |
Correlation (3Y) Balances recent behavior with more history. | -0.94 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.96 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.95 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2011 | -0.92 |
The correlation between YXI and MCHI has been stable across timeframes, ranging from -0.96 to -0.89 - a consistent structural relationship.
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Return for Risk
YXI vs. MCHI — Risk / Return Rank
YXI
MCHI
YXI vs. MCHI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short FTSE China 50 (YXI) and iShares MSCI China ETF (MCHI). 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 | MCHI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.01 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.21 | -0.04 | +0.25 |
| Martin ratioReturn relative to average drawdown | 0.46 | -0.09 | +0.55 |
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Drawdowns
YXI vs. MCHI - Drawdown Comparison
The maximum YXI drawdown since its inception was -81.15%, which is greater than MCHI's maximum drawdown of -62.95%. Use the drawdown chart below to compare losses from any high point for YXI and MCHI.
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Drawdown Indicators
| YXI | MCHI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.15% | -62.95% | -18.20% |
Max Drawdown (1Y)Largest decline over 1 year | -13.55% | -23.22% | +9.67% |
Max Drawdown (3Y)Largest decline over 3 years | -53.12% | -25.35% | -27.77% |
Max Drawdown (5Y)Largest decline over 5 years | -57.65% | -51.41% | -6.24% |
Max Drawdown (10Y)Largest decline over 10 years | -61.63% | -62.95% | +1.32% |
Current DrawdownCurrent decline from peak | -78.56% | -36.24% | -42.32% |
Average DrawdownAverage peak-to-trough decline | -54.51% | -24.67% | -29.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.08% | 11.26% | -5.18% |
Volatility
YXI vs. MCHI - Volatility Comparison
ProShares Short FTSE China 50 (YXI) has a higher volatility of 7.06% compared to iShares MSCI China ETF (MCHI) at 5.57%. This indicates that YXI's price experiences larger fluctuations and is considered to be riskier than MCHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YXI | MCHI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.06% | 5.57% | +1.49% |
Volatility (6M)Calculated over the trailing 6-month period | 16.10% | 14.73% | +1.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.18% | 20.62% | +0.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.28% | 30.41% | +0.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.47% | 27.35% | +0.12% |
YXI vs. MCHI - Expense Ratio Comparison
YXI has a 0.95% expense ratio, which is higher than MCHI's 0.59% expense ratio.
Dividends
YXI vs. MCHI - Dividend Comparison
YXI's dividend yield for the trailing twelve months is around 2.71%, more than MCHI's 1.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MCHI iShares MSCI China ETF | 1.96% | 2.12% | 2.31% | 2.66% | 1.78% | 1.04% | 1.04% | 1.45% | 1.60% | 1.56% | 1.66% | 2.76% |
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 MCHI have a correlation of -0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YXI has higher volatility (7.06%) compared to MCHI (5.57%). In terms of maximum drawdown, YXI dropped -81.15% vs MCHI's -62.95%.
On 10-year performance, MCHI leads with 4.22% vs -7.95% for YXI. On fees, MCHI is cheaper at 0.59% per year. On volatility, MCHI has been the lower-risk option at 5.57%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MCHI has performed better with a 4.22% return vs -7.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MCHI is cheaper with a 0.59% expense ratio, compared with 0.95% for YXI.
YXI has the higher dividend yield at 2.71%, compared with 1.96% for MCHI.
YXI tracks FTSE China 50 Net Tax USD (TR) (-100%), while MCHI tracks MSCI China Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for YXI and 0.59% for MCHI.
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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