CNQQ vs. DRGN

Last updated Jun 5, 2026

CNQQ (Rayliant-ChinaAMC Transformative China Tech ETF) and DRGN (Themes China Generative Artificial Intelligence ETF) are both exchange-traded funds - CNQQ is a China Equities fund tracking the Solactive ChinaAMC Transformative China Tech, while DRGN is a Technology Equities fund tracking the BITA China Generative AI Select Index. Both are passively managed. Their correlation of 0.85 suggests significant overlap in exposure. CNQQ charges 0.75%/yr vs 0.39%/yr for DRGN.

Performance

CNQQ vs. DRGN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rayliant-ChinaAMC Transformative China Tech ETF (CNQQ) and Themes China Generative Artificial Intelligence ETF (DRGN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNQQ achieves a 12.03% return, which is significantly lower than DRGN's 15.39% return.

CNQQ

• 1D: 0.38%
• 1M: 7.11%
• YTD: 12.03%
• 6M: 12.44%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

DRGN

• 1D: -1.00%
• 1M: 4.18%
• YTD: 15.39%
• 6M: 15.70%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CNQQ vs. DRGN - Yearly Performance Comparison

	2026 (YTD)	2025
CNQQ Rayliant-ChinaAMC Transformative China Tech ETF	12.03%	-5.96%
DRGN Themes China Generative Artificial Intelligence ETF	15.39%	-8.44%

Correlation

The correlation between CNQQ and DRGN is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 29, 2025	0.85

Return for Risk

CNQQ vs. DRGN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rayliant-ChinaAMC Transformative China Tech ETF (CNQQ) and Themes China Generative Artificial Intelligence ETF (DRGN). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	CNQQ	DRGN	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	1.52	-1.20

Drawdowns

CNQQ vs. DRGN - Drawdown Comparison

The maximum CNQQ drawdown since its inception was -17.82%, smaller than the maximum DRGN drawdown of -20.86%. Use the drawdown chart below to compare losses from any high point for CNQQ and DRGN.

Drawdown Indicators

	CNQQ	DRGN	Difference
Max Drawdown Largest peak-to-trough decline	-17.82%	-20.86%	+3.04%
Current Drawdown Current decline from peak	-1.09%	-7.97%	+6.88%
Average Drawdown Average peak-to-trough decline	-9.19%	-7.93%	-1.26%

Volatility

Volatility by Period

	CNQQ	DRGN	Difference
Volatility (1Y) Calculated over the trailing 1-year period	24.37%	34.79%	-10.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.37%	34.79%	-10.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.37%	34.79%	-10.42%

CNQQ vs. DRGN - Expense Ratio Comparison

CNQQ has a 0.75% expense ratio, which is higher than DRGN's 0.39% expense ratio.

Dividends

CNQQ vs. DRGN - Dividend Comparison

CNQQ's dividend yield for the trailing twelve months is around 0.23%, less than DRGN's 1.05% yield.

Position	TTM	2025
CNQQ Rayliant-ChinaAMC Transformative China Tech ETF	0.23%	0.09%
DRGN Themes China Generative Artificial Intelligence ETF	1.05%	1.22%

Frequently Asked Questions

Can I hold both CNQQ and DRGN in my portfolio?

CNQQ and DRGN have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CNQQ or DRGN?

On fees, DRGN is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CNQQ or DRGN?

DRGN is cheaper with a 0.39% expense ratio, compared with 0.75% for CNQQ.

Which ETF pays a higher dividend yield, CNQQ or DRGN?

DRGN has the higher dividend yield at 1.05%, compared with 0.23% for CNQQ.

What is the main difference between CNQQ and DRGN?

CNQQ is categorized as China Equities, while DRGN is Technology Equities. CNQQ tracks Solactive ChinaAMC Transformative China Tech, while DRGN tracks BITA China Generative AI Select Index. They also come from different issuers: Rayliant and Themes. Their fees differ too: 0.75% for CNQQ and 0.39% for DRGN.