AAXJ vs. CQQQ

Last updated Apr 2, 2026

Compare and contrast key facts about iShares MSCI All Country Asia ex-Japan ETF (AAXJ) and Invesco China Technology ETF (CQQQ).

AAXJ and CQQQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. AAXJ is a passively managed fund by iShares that tracks the performance of the MSCI All Country Asia ex Japan Index. It was launched on Aug 13, 2008. CQQQ is a passively managed fund by Invesco that tracks the performance of the AlphaShares China Technology Index. It was launched on Dec 8, 2009. Both AAXJ and CQQQ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

AAXJ vs. CQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI All Country Asia ex-Japan ETF (AAXJ) and Invesco China Technology ETF (CQQQ). The values are adjusted to include any dividend payments, if applicable.

AAXJ vs. CQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AAXJ iShares MSCI All Country Asia ex-Japan ETF	4.37%	31.53%	10.41%	4.79%	-20.35%	-5.73%	23.35%	17.93%	-15.04%	41.76%
CQQQ Invesco China Technology ETF	-11.77%	34.96%	9.84%	-16.71%	-30.09%	-24.54%	57.33%	33.57%	-34.77%	74.31%

Returns By Period

In the year-to-date period, AAXJ achieves a 4.37% return, which is significantly higher than CQQQ's -11.77% return. Over the past 10 years, AAXJ has outperformed CQQQ with an annualized return of 7.96%, while CQQQ has yielded a comparatively lower 3.73% annualized return.

AAXJ

• 1D: 0.93%
• 1M: -7.35%
• YTD: 4.37%
• 6M: 6.72%
• 1Y: 33.29%
• 3Y*: 14.88%
• 5Y*: 2.66%
• 10Y*: 7.96%

CQQQ

• 1D: -0.30%
• 1M: -10.16%
• YTD: -11.77%
• 6M: -21.47%
• 1Y: 5.59%
• 3Y*: 0.49%
• 5Y*: -10.79%
• 10Y*: 3.73%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AAXJ vs. CQQQ - Expense Ratio Comparison

AAXJ has a 0.68% expense ratio, which is lower than CQQQ's 0.70% expense ratio.

CQQQ

Invesco China Technology ETF

AAXJ

iShares MSCI All Country Asia ex-Japan ETF

Return for Risk

AAXJ vs. CQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AAXJ

AAXJ Risk / Return Rank: 81
AAXJ Sharpe Ratio Rank: 81
AAXJ Sortino Ratio Rank: 82
AAXJ Omega Ratio Rank: 80
AAXJ Calmar Ratio Rank: 82
AAXJ Martin Ratio Rank: 81

CQQQ

CQQQ Risk / Return Rank: 17
CQQQ Sharpe Ratio Rank: 16
CQQQ Sortino Ratio Rank: 18
CQQQ Omega Ratio Rank: 17
CQQQ Calmar Ratio Rank: 17
CQQQ Martin Ratio Rank: 16

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.

AAXJ vs. CQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI All Country Asia ex-Japan ETF (AAXJ) and Invesco China Technology ETF (CQQQ). 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.

	AAXJ	CQQQ	Difference
Sharpe ratio Return per unit of total volatility	1.61	0.18	+1.44
Sortino ratio Return per unit of downside risk	2.22	0.48	+1.74
Omega ratio Gain probability vs. loss probability	1.32	1.06	+0.26
Calmar ratio Return relative to maximum drawdown	2.48	0.24	+2.24
Martin ratio Return relative to average drawdown	9.35	0.64	+8.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AAXJ vs. CQQQ - Sharpe Ratio Comparison

The current AAXJ Sharpe Ratio is 1.61, which is higher than the CQQQ Sharpe Ratio of 0.18. The chart below compares the historical Sharpe Ratios of AAXJ and CQQQ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	AAXJ	CQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.61	0.18	+1.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	-0.29	+0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.11	+0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.16	+0.07

Correlation

The correlation between AAXJ and CQQQ is 0.79, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

AAXJ vs. CQQQ - Dividend Comparison

AAXJ's dividend yield for the trailing twelve months is around 1.73%, less than CQQQ's 2.45% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAXJ iShares MSCI All Country Asia ex-Japan ETF	1.73%	1.81%	1.86%	1.95%	1.74%	2.21%	1.06%	1.83%	2.10%	1.99%	1.77%	2.44%
CQQQ Invesco China Technology ETF	2.45%	2.17%	0.28%	0.55%	0.08%	0.00%	0.47%	0.01%	0.43%	1.41%	1.69%	1.77%

Drawdowns

AAXJ vs. CQQQ - Drawdown Comparison

The maximum AAXJ drawdown since its inception was -49.37%, smaller than the maximum CQQQ drawdown of -73.99%. Use the drawdown chart below to compare losses from any high point for AAXJ and CQQQ.

Drawdown Indicators

	AAXJ	CQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-49.37%	-73.99%	+24.62%
Max Drawdown (1Y) Largest decline over 1 year	-13.66%	-24.41%	+10.75%
Max Drawdown (5Y) Largest decline over 5 years	-41.04%	-67.04%	+26.00%
Max Drawdown (10Y) Largest decline over 10 years	-44.52%	-73.99%	+29.47%
Current Drawdown Current decline from peak	-9.76%	-56.24%	+46.48%
Average Drawdown Average peak-to-trough decline	-14.14%	-28.05%	+13.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.62%	9.10%	-5.48%

Volatility

AAXJ vs. CQQQ - Volatility Comparison

iShares MSCI All Country Asia ex-Japan ETF (AAXJ) and Invesco China Technology ETF (CQQQ) have volatilities of 9.10% and 9.50%, 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.

Volatility by Period

	AAXJ	CQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.10%	9.50%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	15.06%	20.69%	-5.63%
Volatility (1Y) Calculated over the trailing 1-year period	20.72%	31.94%	-11.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.42%	37.70%	-18.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.00%	33.05%	-13.05%