FXP vs SPY
ProShares Ultrashort FTSE China 50 vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | FXP | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.95% | 0.09% | |
| AUM | $5M | $814.4B | |
| Dividend Yield | 3.41% | 1.01% | |
| Holdings | 5 | 505 | |
| YTD Return | +21.52% | +12.10% | |
| 1Y Return | +14.52% | +20.30% | |
| 3Y Return (annualized) | -29.11% | +20.82% | |
| 5Y Return (annualized) | -19.23% | +12.53% | |
| Volatility (annualized) | 48.1% | 15.3% | |
| Max Drawdown | -99.9% | -56.5% | |
| Fund Family | ProShares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Nov 6, 2007 | Jan 22, 1993 |
FXP vs SPY Performance
ProShares Ultrashort FTSE China 50 (FXP) is a ETF from ProShares and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year FXP returned +14.52% while SPY returned +20.30%. Year to date, FXP is up 21.52% versus a gain of 12.10% for SPY.
Over three years, FXP compounded at -29.11% per year against +20.82% for SPY; over five years the annualized figures are -19.23% and +12.53% respectively. Across the full 19-year window we track, SPY has the edge at +8.78% annualized vs -28.46%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FXP has been the more volatile fund, with annualized monthly volatility of 48.1% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -99.9% for FXP and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.38. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
FXP charges 0.95% per year while SPY charges 0.09%. On a $10,000 position that is $95 vs $9 annually, a gap of $86 per year that compounds over a long holding period. On income, FXP currently yields 3.41% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, FXP or SPY?
FXP has an expense ratio of 0.95% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $86 per year of difference.
Which performed better, FXP or SPY?
Over the past year FXP returned +14.52% vs +20.30% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (19 years), FXP annualized -28.46% vs +8.78% for SPY. Past performance does not guarantee future results.
Which is riskier, FXP or SPY?
FXP has been the more volatile fund at 48.1% annualized versus 15.3% for SPY. Worst drawdown: FXP -99.9% vs SPY -56.5%.
Should I hold both FXP and SPY?
FXP and SPY have a monthly-return correlation of -0.38, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, FXP or SPY?
FXP yields 3.41% while SPY yields 1.01%, so FXP currently pays the higher dividend yield.
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