AAXJ vs. CQQQ

Last updated Aug 2, 2026

AAXJ (iShares MSCI All Country Asia ex-Japan ETF) and CQQQ (Invesco China Technology ETF) are both exchange-traded funds - AAXJ is a Asia Pacific Equities fund tracking the MSCI All Country Asia ex Japan Index, while CQQQ is a China Equities fund tracking the FTSE China Incl A 25% Technology Capped Index. Both are passively managed. Over the past 10 years, AAXJ returned 8.75%/yr vs 4.48%/yr for CQQQ. Their 0.79 correlation means they have sometimes moved together and sometimes differently. AAXJ charges 0.68%/yr vs 0.70%/yr for CQQQ.

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.

Returns By Period

In the year-to-date period, AAXJ achieves a 19.33% return, which is significantly higher than CQQQ's -3.27% return. Over the past 10 years, AAXJ has outperformed CQQQ with an annualized return of 8.75%, while CQQQ has yielded a comparatively lower 4.48% annualized return.

AAXJ

• 1D: 0.80%
• 1M: -2.83%
• 6M: 10.80%
• YTD: 19.33%
• 1Y: 35.70%
• 3Y*: 18.95%
• 5Y*: 6.77%
• 10Y*: 8.75%
• ALL TIME*: 6.37%

CQQQ

• 1D: 1.31%
• 1M: -6.83%
• 6M: -9.86%
• YTD: -3.27%
• 1Y: 11.64%
• 3Y*: 6.42%
• 5Y*: -6.40%
• 10Y*: 4.48%
• ALL TIME*: 5.34%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AAXJ iShares MSCI All Country Asia ex-Japan ETF	$47.53M	$66.28M	$77.79M
CQQQ Invesco China Technology ETF	$60.75M	$69.64M	$78.22M

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	19.33%	31.53%	10.41%	4.79%	-20.35%	-5.73%	23.35%	17.93%	-15.04%	41.76%
CQQQ Invesco China Technology ETF	-3.27%	34.96%	9.84%	-16.71%	-30.09%	-24.54%	57.33%	33.57%	-34.77%	74.31%

Correlation

The correlation between AAXJ and CQQQ is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.73
Correlation (3Y) Balances recent behavior with more history.	0.74
Correlation (5Y) Shows whether the relationship held over a longer period.	0.80
Correlation (10Y) Provides a long-term view across more market conditions.	0.81
Correlation (All Time) Calculated using the full available price history since Dec 8, 2009	0.79

The correlation between AAXJ and CQQQ has been stable across timeframes, ranging from 0.73 to 0.81 - a consistent structural relationship.

AAXJ vs. CQQQ - Sectors Allocation Comparison

Sectors	AAXJ	CQQQ
Technology	51.1%	57.0%
Financial Services	16.1%	0.5%
Consumer Cyclical	7.8%	16.5%
Industrials	6.8%	1.2%
Communication Services	5.9%	24.7%
Basic Materials	2.9%	0.1%
Healthcare	2.6%	-
Energy	2.1%	-
Consumer Defensive	1.9%	-
Utilities	1.5%	-
Real Estate	1.3%	-

Return for Risk

AAXJ vs. CQQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AAXJ

AAXJ Risk / Return Rank: 60
AAXJ Sharpe Ratio Rank: 58
AAXJ Sortino Ratio Rank: 54
AAXJ Omega Ratio Rank: 61
AAXJ Calmar Ratio Rank: 67
AAXJ Martin Ratio Rank: 61

CQQQ

CQQQ Risk / Return Rank: 18
CQQQ Sharpe Ratio Rank: 18
CQQQ Sortino Ratio Rank: 19
CQQQ Omega Ratio Rank: 19
CQQQ Calmar Ratio Rank: 18
CQQQ Martin Ratio Rank: 17

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

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.

	AAXJ	CQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.37	0.30	+1.07
Sortino ratio: Return per unit of downside risk	1.87	0.66	+1.21
Omega ratio: Gain probability vs. loss probability	1.26	1.08	+0.18
Calmar ratio: Return relative to maximum drawdown	2.31	0.41	+1.91
Martin ratio: Return relative to average drawdown	7.25	0.88	+6.38

AAXJ vs. CQQQ - Sharpe Ratio Comparison

The current AAXJ Sharpe Ratio is 1.37, which is higher than the CQQQ Sharpe Ratio of 0.30. The chart below compares the historical Sharpe Ratios of AAXJ and CQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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	-14.94%	-24.41%	+9.47%
Max Drawdown (3Y) Largest decline over 3 years	-19.74%	-34.42%	+14.68%
Max Drawdown (5Y) Largest decline over 5 years	-37.74%	-62.09%	+24.35%
Max Drawdown (10Y) Largest decline over 10 years	-44.52%	-73.99%	+29.47%
Current Drawdown Current decline from peak	-10.86%	-52.02%	+41.16%
Average Drawdown Average peak-to-trough decline	-13.97%	-28.49%	+14.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.76%	11.28%	-6.52%

Volatility

AAXJ vs. CQQQ - Volatility Comparison

The current volatility for iShares MSCI All Country Asia ex-Japan ETF (AAXJ) is 9.50%, while Invesco China Technology ETF (CQQQ) has a volatility of 12.09%. This indicates that AAXJ experiences smaller price fluctuations and is considered to be less risky than CQQQ based on this measure. 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	9.50%	12.09%	-2.59%
Volatility (6M) Calculated over the trailing 6-month period	23.01%	24.80%	-1.79%
Volatility (1Y) Calculated over the trailing 1-year period	25.22%	32.54%	-7.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.92%	38.19%	-17.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.69%	33.56%	-12.87%

AAXJ vs. CQQQ - Expense Ratio Comparison

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

Dividends

AAXJ vs. CQQQ - Dividend Comparison

AAXJ's dividend yield for the trailing twelve months is around 1.40%, less than CQQQ's 2.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAXJ iShares MSCI All Country Asia ex-Japan ETF	1.40%	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	2.24%	2.17%	0.28%	0.55%	0.08%	0.00%	0.47%	0.01%	0.43%	1.41%	1.69%	1.77%

Frequently Asked Questions

Can I hold both AAXJ and CQQQ in my portfolio?

AAXJ and CQQQ have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAXJ or CQQQ?

CQQQ has higher volatility (12.09%) compared to AAXJ (9.50%). In terms of maximum drawdown, AAXJ dropped -49.37% vs CQQQ's -73.99%.

Which ETF is better, AAXJ or CQQQ?

On 10-year performance, AAXJ leads with 8.75% vs 4.48% for CQQQ. On fees, AAXJ is cheaper at 0.68% per year. On volatility, AAXJ has been the lower-risk option at 9.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAXJ or CQQQ?

Over the 10-year period, AAXJ has performed better with a 8.75% return vs 4.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAXJ or CQQQ?

AAXJ is cheaper with a 0.68% expense ratio, compared with 0.70% for CQQQ.

Which ETF pays a higher dividend yield, AAXJ or CQQQ?

CQQQ has the higher dividend yield at 2.24%, compared with 1.40% for AAXJ.

What is the main difference between AAXJ and CQQQ?

AAXJ is categorized as Asia Pacific Equities, while CQQQ is China Equities. AAXJ tracks MSCI All Country Asia ex Japan Index, while CQQQ tracks FTSE China Incl A 25% Technology Capped Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.68% for AAXJ and 0.70% for CQQQ.

Which has better risk-adjusted returns?

AAXJ currently has the higher Sharpe Ratio (1.37 vs 0.30), 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.