CNQQ vs. FCA

Last updated Jun 23, 2026

CNQQ (Rayliant-ChinaAMC Transformative China Tech ETF) and FCA (First Trust China AlphaDEX Fund) are both China Equities funds - CNQQ tracks the Solactive ChinaAMC Transformative China Tech while FCA tracks the NASDAQ AlphaDEX China Index. Both are passively managed. At a 0.47 correlation, their price movements are largely independent. CNQQ charges 0.75%/yr vs 0.80%/yr for FCA.

Performance

CNQQ vs. FCA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rayliant-ChinaAMC Transformative China Tech ETF (CNQQ) and First Trust China AlphaDEX Fund (FCA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNQQ achieves a 13.99% return, which is significantly higher than FCA's 6.15% return.

CNQQ

• 1D: 0.95%
• 1M: 4.74%
• YTD: 13.99%
• 6M: 13.47%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FCA

• 1D: 3.34%
• 1M: -4.18%
• YTD: 6.15%
• 6M: 4.13%
• 1Y: 33.09%
• 3Y*: 20.01%
• 5Y*: 3.82%
• 10Y*: 9.52%

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

CNQQ vs. FCA - Yearly Performance Comparison

	2026 (YTD)	2025
CNQQ Rayliant-ChinaAMC Transformative China Tech ETF	13.99%	-5.22%
FCA First Trust China AlphaDEX Fund	6.15%	2.07%

Correlation

The correlation between CNQQ and FCA is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 26, 2025	0.47

Return for Risk

CNQQ vs. FCA — Risk / Return Rank

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

CNQQ

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

FCA

FCA Risk / Return Rank: 42
FCA Sharpe Ratio Rank: 43
FCA Sortino Ratio Rank: 39
FCA Omega Ratio Rank: 40
FCA Calmar Ratio Rank: 43
FCA Martin Ratio Rank: 44

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.

CNQQ vs. FCA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rayliant-ChinaAMC Transformative China Tech ETF (CNQQ) and First Trust China AlphaDEX Fund (FCA). 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.

	CNQQ	FCA	Difference
Sharpe ratio: Return per unit of total volatility	—	1.45	—
Sortino ratio: Return per unit of downside risk	—	1.95	—
Omega ratio: Gain probability vs. loss probability	—	1.25	—
Calmar ratio: Return relative to maximum drawdown	—	2.07	—
Martin ratio: Return relative to average drawdown	—	6.93	—

Drawdowns

CNQQ vs. FCA - Drawdown Comparison

The maximum CNQQ drawdown since its inception was -17.82%, smaller than the maximum FCA drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for CNQQ and FCA.

Drawdown Indicators

	CNQQ	FCA	Difference
Max Drawdown Largest peak-to-trough decline	-17.82%	-45.56%	+27.74%
Max Drawdown (1Y) Largest decline over 1 year	—	-16.07%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-26.13%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-42.47%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.47%	—
Current Drawdown Current decline from peak	0.00%	-13.27%	+13.27%
Average Drawdown Average peak-to-trough decline	-8.84%	-21.61%	+12.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.79%	—

Volatility

Volatility by Period

	CNQQ	FCA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.72%	—
Volatility (6M) Calculated over the trailing 6-month period	—	17.46%	—
Volatility (1Y) Calculated over the trailing 1-year period	25.06%	22.93%	+2.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.06%	27.71%	-2.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.06%	26.69%	-1.63%

CNQQ vs. FCA - Expense Ratio Comparison

CNQQ has a 0.75% expense ratio, which is lower than FCA's 0.80% expense ratio.

Dividends

CNQQ vs. FCA - Dividend Comparison

CNQQ's dividend yield for the trailing twelve months is around 0.22%, less than FCA's 2.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNQQ Rayliant-ChinaAMC Transformative China Tech ETF	0.22%	0.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FCA First Trust China AlphaDEX Fund	2.43%	2.67%	5.17%	5.70%	6.00%	4.91%	4.12%	3.73%	3.10%	2.30%	2.51%	4.13%

Frequently Asked Questions

Can I hold both CNQQ and FCA in my portfolio?

CNQQ and FCA have a correlation of 0.47, 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 FCA?

On fees, CNQQ is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CNQQ or FCA?

CNQQ is cheaper with a 0.75% expense ratio, compared with 0.80% for FCA.

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

FCA has the higher dividend yield at 2.43%, compared with 0.22% for CNQQ.

What is the main difference between CNQQ and FCA?

CNQQ tracks Solactive ChinaAMC Transformative China Tech, while FCA tracks NASDAQ AlphaDEX China Index. They also come from different issuers: Rayliant and First Trust. Their fees differ too: 0.75% for CNQQ and 0.80% for FCA.