PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
YXI vs. MCHI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

YXI vs. MCHI

Last updated Jun 3, 2026

YXI (ProShares Short FTSE China 50) and MCHI (iShares MSCI China ETF) are both exchange-traded funds - YXI is a Inverse Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-100%), while MCHI is a China Equities fund tracking the MSCI China Index. Both are passively managed. Over the past 10 years, YXI returned -8.43%/yr vs 4.90%/yr for MCHI. At a correlation of -0.92, they often move in opposite directions. YXI charges 0.95%/yr vs 0.59%/yr for MCHI.

Performance

YXI vs. MCHI - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, YXI achieves a 6.15% return, which is significantly higher than MCHI's -4.79% return. Over the past 10 years, YXI has underperformed MCHI with an annualized return of -8.43%, while MCHI has yielded a comparatively higher 4.90% 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%

MCHI

1D
3.23%
1M
-0.92%
YTD
-4.79%
6M
-6.99%
1Y
9.76%
3Y*
10.51%
5Y*
-5.11%
10Y*
4.90%
*Multi-year figures are annualized to reflect compound growth (CAGR)

YXI vs. MCHI - 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%
MCHI
iShares MSCI China ETF		-4.79%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 -0.91, 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

-0.91

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

-0.95

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

-0.96

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

-0.95

Correlation (All Time)
Calculated using the full available price history since Apr 1, 2011

-0.92

The correlation between YXI and MCHI has been stable across timeframes, ranging from -0.96 to -0.91 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Short FTSE China 50

iShares MSCI China ETF

Often compared with YXI:
YXI vs. FXPYXI vs. KWEBYXI vs. SPYYXI vs. CNYAYXI vs. EWTYXI vs. FXIYXI vs. VOO
Often compared with MCHI:
MCHI vs. FXIMCHI vs. KWEBMCHI vs. CQQQMCHI vs. GXCMCHI vs. ASHRMCHI vs. FLCHMCHI vs. CNYA

Return for Risk

YXI vs. MCHI — 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
MCHI
MCHI Risk / Return Rank: 1616
Overall Rank
MCHI Sharpe Ratio Rank: 1717
Sharpe Ratio Rank
MCHI Sortino Ratio Rank: 1717
Sortino Ratio Rank
MCHI Omega Ratio Rank: 1616
Omega Ratio Rank
MCHI Calmar Ratio Rank: 1616
Calmar Ratio Rank
MCHI Martin Ratio Rank: 1515
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. 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.

YXIMCHIDifference

Sharpe ratio

Return per unit of total volatility

-0.16

0.49

-0.65

Sortino ratio

Return per unit of downside risk

-0.09

0.82

-0.91

Omega ratio

Gain probability vs. loss probability

0.99

1.10

-0.11

Calmar ratio

Return relative to maximum drawdown

-0.24

0.62

-0.87

Martin ratio

Return relative to average drawdown

-0.42

1.30

-1.72

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. MCHI - Sharpe Ratio Comparison

The current YXI Sharpe Ratio is -0.16, which is lower than the MCHI Sharpe Ratio of 0.49. The chart below compares the historical Sharpe Ratios of YXI and MCHI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

YXIMCHIDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.16

0.49

-0.65

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.10

-0.17

+0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.31

0.18

-0.49

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.31

0.10

-0.41

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.

Loading charts...

Drawdown Indicators

YXIMCHIDifference

Max Drawdown

Largest peak-to-trough decline

-81.15%

-62.95%

-18.20%

Max Drawdown (1Y)

Largest decline over 1 year

-14.66%

-17.17%

+2.51%

Max Drawdown (3Y)

Largest decline over 3 years

-53.12%

-25.85%

-27.27%

Max Drawdown (5Y)

Largest decline over 5 years

-57.65%

-56.98%

-0.67%

Max Drawdown (10Y)

Largest decline over 10 years

-64.92%

-62.95%

-1.97%

Current Drawdown

Current decline from peak

-78.33%

-35.08%

-43.25%

Average Drawdown

Average peak-to-trough decline

-54.30%

-24.52%

-29.78%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.17%

8.25%

+0.92%

Volatility

YXI vs. MCHI - Volatility Comparison

ProShares Short FTSE China 50 (YXI) and iShares MSCI China ETF (MCHI) have volatilities of 7.00% and 6.98%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

YXIMCHIDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.00%

6.98%

+0.02%

Volatility (6M)

Calculated over the trailing 6-month period

14.75%

14.39%

+0.36%

Volatility (1Y)

Calculated over the trailing 1-year period

19.89%

20.07%

-0.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

31.40%

30.71%

+0.69%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.42%

27.39%

+0.03%

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 2.89%, more than MCHI's 2.22% yield.

PositionTTM20252024202320222021202020192018201720162015
MCHI
iShares MSCI China ETF		2.22%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		2.89%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 MCHI have a correlation of -0.91, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

YXI has higher volatility (7.00%) compared to MCHI (6.98%). In terms of maximum drawdown, YXI dropped -81.15% vs MCHI's -62.95%.

On 10-year performance, MCHI leads with 4.90% vs -8.43% for YXI. On fees, MCHI is cheaper at 0.59% per year. Their volatility is very similar. 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 4.90% return vs -8.43%. 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 2.89%, compared with 2.22% for MCHI.

YXI is categorized as Inverse Equities, while MCHI is China Equities. 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.

MCHI currently has the higher Sharpe Ratio (0.49 vs -0.16), 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.

Portfolio Optimizer

Find the right allocation for YXI and MCHI

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer