CNQQ vs. FXP
CNQQ (Rayliant-ChinaAMC Transformative China Tech ETF) and FXP (ProShares UltraShort FTSE China 50) are both China Equities funds - CNQQ tracks the Solactive ChinaAMC Transformative China Tech while FXP tracks the FTSE China 50 Net Tax USD (TR) (-200%). Both are passively managed. Their -0.60 correlation means they have often moved in opposite directions in the past. CNQQ charges 0.75%/yr vs 0.95%/yr for FXP.
Performance
CNQQ vs. FXP - Performance Comparison
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Returns By Period
In the year-to-date period, CNQQ achieves a 1.50% return, which is significantly lower than FXP's 5.19% return.
CNQQ
- 1D
- 0.73%
- 1M
- -4.81%
- 6M
- -0.44%
- YTD
- 1.50%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
FXP
- 1D
- -0.50%
- 1M
- -24.68%
- 6M
- 13.80%
- YTD
- 5.19%
- 1Y
- -5.35%
- 3Y*
- -27.39%
- 5Y*
- -21.54%
- 10Y*
- -22.63%
- ALL TIME*
- -28.50%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $685.05K | $467.08K | $508.55K | |
| $93.29K | $87.96K | $94.48K |
CNQQ vs. FXP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CNQQ Rayliant-ChinaAMC Transformative China Tech ETF | 1.50% | -5.22% |
FXP ProShares UltraShort FTSE China 50 | 5.19% | 9.79% |
Correlation
The correlation between CNQQ and FXP is -0.60, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 26, 2025 | -0.60 |
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Return for Risk
CNQQ vs. FXP — Risk / Return Rank
CNQQ
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
FXP
CNQQ vs. FXP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Rayliant-ChinaAMC Transformative China Tech ETF (CNQQ) and ProShares UltraShort FTSE China 50 (FXP). 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 | FXP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.03 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -0.08 | — |
| Martin ratioReturn relative to average drawdown | — | -0.17 | — |
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Drawdowns
CNQQ vs. FXP - Drawdown Comparison
The maximum CNQQ drawdown since its inception was -17.82%, smaller than the maximum FXP drawdown of -99.94%. Use the drawdown chart below to compare losses from any high point for CNQQ and FXP.
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Drawdown Indicators
| CNQQ | FXP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.82% | -99.94% | +82.12% |
Max Drawdown (1Y)Largest decline over 1 year | — | -25.65% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -82.34% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -87.85% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -93.59% | — |
Current DrawdownCurrent decline from peak | -12.07% | -99.92% | +87.85% |
Average DrawdownAverage peak-to-trough decline | -8.56% | -94.18% | +85.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 12.70% | — |
Volatility
CNQQ vs. FXP - Volatility Comparison
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Volatility by Period
| CNQQ | FXP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 11.52% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 29.92% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 27.77% | 40.77% | -13.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.77% | 62.72% | -34.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.77% | 54.80% | -27.03% |
CNQQ vs. FXP - Expense Ratio Comparison
CNQQ has a 0.75% expense ratio, which is lower than FXP's 0.95% expense ratio.
Dividends
CNQQ vs. FXP - Dividend Comparison
CNQQ's dividend yield for the trailing twelve months is around 0.39%, less than FXP's 3.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CNQQ Rayliant-ChinaAMC Transformative China Tech ETF | 0.39% | 0.09% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FXP ProShares UltraShort FTSE China 50 | 3.42% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% |
Frequently Asked Questions
CNQQ and FXP have a correlation of -0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
CNQQ is cheaper with a 0.75% expense ratio, compared with 0.95% for FXP.
FXP has the higher dividend yield at 3.42%, compared with 0.39% for CNQQ.
CNQQ tracks Solactive ChinaAMC Transformative China Tech, while FXP tracks FTSE China 50 Net Tax USD (TR) (-200%). They also come from different issuers: Rayliant and ProShares. Their fees differ too: 0.75% for CNQQ and 0.95% for FXP.
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