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YXI vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

YXI vs. SPY

Last updated Jun 3, 2026

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 -8.43%/yr vs 15.57%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short FTSE China 50 (YXI) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, YXI achieves a 6.15% return, which is significantly lower than SPY's 11.69% return. Over the past 10 years, YXI has underperformed SPY with an annualized return of -8.43%, while SPY has yielded a comparatively higher 15.57% 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%

SPY

1D
0.14%
1M
5.40%
YTD
11.69%
6M
12.09%
1Y
29.62%
3Y*
22.64%
5Y*
14.20%
10Y*
15.57%
*Multi-year figures are annualized to reflect compound growth (CAGR)

YXI vs. SPY - 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%
SPY
State Street SPDR S&P 500 ETF		11.69%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 -0.46, 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

-0.46

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

-0.38

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

-0.39

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

-0.49

Correlation (All Time)
Calculated using the full available price history since Mar 19, 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.

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

State Street SPDR S&P 500 ETF

Often compared with YXI:
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Return for Risk

YXI vs. SPY — 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
SPY
SPY Risk / Return Rank: 7575
Overall Rank
SPY Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 7575
Sortino Ratio Rank
SPY Omega Ratio Rank: 7676
Omega Ratio Rank
SPY Calmar Ratio Rank: 6868
Calmar Ratio Rank
SPY Martin Ratio Rank: 8080
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. 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.

YXISPYDifference

Sharpe ratio

Return per unit of total volatility

-0.16

2.52

-2.68

Sortino ratio

Return per unit of downside risk

-0.09

3.42

-3.51

Omega ratio

Gain probability vs. loss probability

0.99

1.46

-0.47

Calmar ratio

Return relative to maximum drawdown

-0.24

3.42

-3.66

Martin ratio

Return relative to average drawdown

-0.42

15.93

-16.35

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. SPY - Sharpe Ratio Comparison

The current YXI Sharpe Ratio is -0.16, which is lower than the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of YXI and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

YXISPYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.16

2.52

-2.68

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.10

0.84

-0.94

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.31

0.87

-1.18

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.31

0.59

-0.90

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

YXISPYDifference

Max Drawdown

Largest peak-to-trough decline

-81.15%

-55.19%

-25.96%

Max Drawdown (1Y)

Largest decline over 1 year

-14.66%

-8.88%

-5.78%

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 Drawdown

Current decline from peak

-78.33%

0.00%

-78.33%

Average Drawdown

Average peak-to-trough decline

-54.30%

-9.05%

-45.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.17%

1.91%

+7.26%

Volatility

YXI vs. SPY - Volatility Comparison

ProShares Short FTSE China 50 (YXI) has a higher volatility of 7.00% compared to State Street SPDR S&P 500 ETF (SPY) at 2.75%. 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

YXISPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.00%

2.75%

+4.25%

Volatility (6M)

Calculated over the trailing 6-month period

14.75%

8.89%

+5.86%

Volatility (1Y)

Calculated over the trailing 1-year period

19.89%

11.81%

+8.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

31.40%

17.05%

+14.35%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.42%

17.94%

+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 2.89%, more than SPY's 0.97% yield.

PositionTTM20252024202320222021202020192018201720162015
SPY
State Street SPDR S&P 500 ETF		0.97%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		2.89%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 SPY have a correlation of -0.46, 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 SPY (2.75%). In terms of maximum drawdown, YXI dropped -81.15% vs SPY's -55.19%.

On 10-year performance, SPY leads with 15.57% vs -8.43% for YXI. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.75%. 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 15.57% return vs -8.43%. 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 2.89%, compared with 0.97% 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 (2.52 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

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