CNQQ vs. KCAI

Last updated Jun 23, 2026

CNQQ (Rayliant-ChinaAMC Transformative China Tech ETF) and KCAI (KraneShares China Alpha Index ETF) are both China Equities funds - CNQQ tracks the Solactive ChinaAMC Transformative China Tech while KCAI tracks the Qi China Alpha Index. Both are passively managed. At a 0.49 correlation, their price movements are largely independent. CNQQ charges 0.75%/yr vs 0.79%/yr for KCAI.

Performance

CNQQ vs. KCAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rayliant-ChinaAMC Transformative China Tech ETF (CNQQ) and KraneShares China Alpha Index ETF (KCAI). 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 KCAI's 7.28% return.

CNQQ

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

KCAI

• 1D: 1.90%
• 1M: 2.49%
• YTD: 7.28%
• 6M: 8.32%
• 1Y: 50.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CNQQ vs. KCAI - Yearly Performance Comparison

	2026 (YTD)	2025
CNQQ Rayliant-ChinaAMC Transformative China Tech ETF	13.99%	-5.22%
KCAI KraneShares China Alpha Index ETF	7.28%	11.90%

Correlation

The correlation between CNQQ and KCAI is 0.49, 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	0.49

Return for Risk

CNQQ vs. KCAI — 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.

KCAI

KCAI Risk / Return Rank: 96
KCAI Sharpe Ratio Rank: 96
KCAI Sortino Ratio Rank: 96
KCAI Omega Ratio Rank: 94
KCAI Calmar Ratio Rank: 98
KCAI Martin Ratio Rank: 96

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. KCAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rayliant-ChinaAMC Transformative China Tech ETF (CNQQ) and KraneShares China Alpha Index ETF (KCAI). 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	KCAI	Difference
Sharpe ratio: Return per unit of total volatility	—	3.80	—
Sortino ratio: Return per unit of downside risk	—	5.39	—
Omega ratio: Gain probability vs. loss probability	—	1.67	—
Calmar ratio: Return relative to maximum drawdown	—	12.08	—
Martin ratio: Return relative to average drawdown	—	34.38	—

Drawdowns

CNQQ vs. KCAI - Drawdown Comparison

The maximum CNQQ drawdown since its inception was -17.82%, smaller than the maximum KCAI drawdown of -25.48%. Use the drawdown chart below to compare losses from any high point for CNQQ and KCAI.

Drawdown Indicators

	CNQQ	KCAI	Difference
Max Drawdown Largest peak-to-trough decline	-17.82%	-25.48%	+7.66%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.23%	—
Current Drawdown Current decline from peak	0.00%	-1.65%	+1.65%
Average Drawdown Average peak-to-trough decline	-8.84%	-7.02%	-1.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.48%	—

Volatility

Volatility by Period

	CNQQ	KCAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.13%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.71%	—
Volatility (1Y) Calculated over the trailing 1-year period	25.06%	13.47%	+11.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.06%	21.01%	+4.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.06%	21.01%	+4.05%

CNQQ vs. KCAI - Expense Ratio Comparison

CNQQ has a 0.75% expense ratio, which is lower than KCAI's 0.79% expense ratio.

Dividends

CNQQ vs. KCAI - Dividend Comparison

CNQQ's dividend yield for the trailing twelve months is around 0.22%, less than KCAI's 33.02% yield.

Position	TTM	2025	2024
CNQQ Rayliant-ChinaAMC Transformative China Tech ETF	0.22%	0.09%	0.00%
KCAI KraneShares China Alpha Index ETF	33.02%	35.42%	2.19%

Frequently Asked Questions

Can I hold both CNQQ and KCAI in my portfolio?

CNQQ and KCAI have a correlation of 0.49, 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 KCAI?

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 KCAI?

CNQQ is cheaper with a 0.75% expense ratio, compared with 0.79% for KCAI.

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

KCAI has the higher dividend yield at 33.02%, compared with 0.22% for CNQQ.

What is the main difference between CNQQ and KCAI?

CNQQ tracks Solactive ChinaAMC Transformative China Tech, while KCAI tracks Qi China Alpha Index. They also come from different issuers: Rayliant and KraneShares. Their fees differ too: 0.75% for CNQQ and 0.79% for KCAI.