YXI vs. SPY
YXI (ProShares Short FTSE China 50) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - YXI is a Inverse Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-100%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, YXI returned -7.78%/yr vs 15.53%/yr for SPY. At a correlation of -0.54, they often move in opposite directions. YXI charges 0.95%/yr vs 0.09%/yr for SPY.
Performance
YXI vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, YXI achieves a 16.30% return, which is significantly higher than SPY's 8.15% return. Over the past 10 years, YXI has underperformed SPY with an annualized return of -7.78%, while SPY has yielded a comparatively higher 15.53% annualized return.
YXI
- 1D
- 1.77%
- 1M
- 7.38%
- YTD
- 16.30%
- 6M
- 16.98%
- 1Y
- 9.55%
- 3Y*
- -10.15%
- 5Y*
- -1.37%
- 10Y*
- -7.78%
SPY
- 1D
- -1.45%
- 1M
- -1.36%
- YTD
- 8.15%
- 6M
- 7.20%
- 1Y
- 23.59%
- 3Y*
- 20.68%
- 5Y*
- 13.05%
- 10Y*
- 15.53%
YXI vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YXI ProShares Short FTSE China 50 | 16.30% | -22.87% | -25.36% | 12.40% | 4.78% | 13.94% | -17.95% | -14.35% | 9.63% | -28.43% |
SPY State Street SPDR S&P 500 ETF | 8.15% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between YXI and SPY is -0.47, 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 | -0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.40 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.49 |
Correlation (All Time) Calculated using the full available price history since Mar 18, 2010 | -0.54 |
The correlation between YXI and SPY shifts across timeframes, from -0.54 (all time) to -0.38 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
YXI vs. SPY — Risk / Return Rank
YXI
SPY
YXI vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short FTSE China 50 (YXI) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.42 | ||
| Sortino ratioReturn per unit of downside risk | -1.77 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.34 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | 2.67 | -1.90 |
| Martin ratioReturn relative to average drawdown | 1.49 | 11.92 | -10.43 |
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Drawdowns
YXI vs. SPY - Drawdown Comparison
The maximum YXI drawdown since its inception was -81.15%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for YXI and SPY.
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Drawdown Indicators
| YXI | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.15% | -55.19% | -25.96% |
Max Drawdown (1Y)Largest decline over 1 year | -12.48% | -8.88% | -3.60% |
Max Drawdown (3Y)Largest decline over 3 years | -53.12% | -18.76% | -34.36% |
Max Drawdown (5Y)Largest decline over 5 years | -57.65% | -24.50% | -33.15% |
Max Drawdown (10Y)Largest decline over 10 years | -64.92% | -33.72% | -31.20% |
Current DrawdownCurrent decline from peak | -76.25% | -3.17% | -73.08% |
Average DrawdownAverage peak-to-trough decline | -54.37% | -9.04% | -45.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.88% | 1.98% | +4.90% |
Volatility
YXI vs. SPY - Volatility Comparison
ProShares Short FTSE China 50 (YXI) has a higher volatility of 6.62% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. This indicates that YXI's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YXI | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.62% | 4.87% | +1.75% |
Volatility (6M)Calculated over the trailing 6-month period | 15.49% | 9.85% | +5.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.12% | 12.50% | +7.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.48% | 17.15% | +14.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.43% | 17.95% | +9.48% |
YXI vs. SPY - Expense Ratio Comparison
YXI has a 0.95% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
YXI vs. SPY - Dividend Comparison
YXI's dividend yield for the trailing twelve months is around 2.64%, more than SPY's 1.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 1.03% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
YXI ProShares Short FTSE China 50 | 2.64% | 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 SPY have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YXI has higher volatility (6.62%) compared to SPY (4.87%). In terms of maximum drawdown, YXI dropped -81.15% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.53% vs -7.78% for YXI. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.53% return vs -7.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.95% for YXI.
YXI has the higher dividend yield at 2.64%, compared with 1.03% for SPY.
YXI is categorized as Inverse Equities, while SPY is S&P 500. YXI tracks FTSE China 50 Net Tax USD (TR) (-100%), while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for YXI and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.90 vs 0.48), 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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