CNYA vs. CQQQ

Last updated Jun 24, 2026

CNYA (iShares MSCI China A ETF) and CQQQ (Invesco China Technology ETF) are both China Equities funds - CNYA tracks the MSCI China A Inclusion Index while CQQQ tracks the FTSE China Incl A 25% Technology Capped Index. Both are passively managed. Over the past 10 years, CNYA returned 6.50%/yr vs 5.85%/yr for CQQQ. A 0.71 correlation means they provide meaningful diversification when combined. CNYA charges 0.60%/yr vs 0.70%/yr for CQQQ.

Performance

CNYA vs. CQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI China A ETF (CNYA) 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, CNYA achieves a 8.91% return, which is significantly higher than CQQQ's 2.98% return. Over the past 10 years, CNYA has outperformed CQQQ with an annualized return of 6.50%, while CQQQ has yielded a comparatively lower 5.85% annualized return.

CNYA

• 1D: -2.87%
• 1M: 1.73%
• YTD: 8.91%
• 6M: 9.76%
• 1Y: 36.56%
• 3Y*: 12.14%
• 5Y*: -0.49%
• 10Y*: 6.50%

CQQQ

• 1D: -2.80%
• 1M: 1.48%
• YTD: 2.98%
• 6M: 3.86%
• 1Y: 28.75%
• 3Y*: 11.40%
• 5Y*: -7.83%
• 10Y*: 5.85%

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

CNYA vs. CQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNYA iShares MSCI China A ETF	8.91%	26.48%	10.78%	-13.76%	-26.51%	3.53%	41.54%	35.95%	-26.56%	30.99%
CQQQ Invesco China Technology ETF	2.98%	34.96%	9.84%	-16.71%	-30.09%	-24.54%	57.33%	33.57%	-34.77%	74.31%

Correlation

The correlation between CNYA and CQQQ is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Jun 15, 2016	0.71

The correlation between CNYA and CQQQ has been stable across timeframes, ranging from 0.71 to 0.78 - a consistent structural relationship.

CNYA vs. CQQQ - Sectors Allocation Comparison

Sectors	CNYA	CQQQ
Technology	31.7%	61.0%
Financial Services	17.6%	8.5%
Industrials	15.4%	1.3%
Basic Materials	11.2%	0.1%
Consumer Defensive	6.8%	-
Consumer Cyclical	5.2%	13.0%
Healthcare	3.9%	-
Utilities	3.3%	-
Energy	3.1%	-
Communication Services	1.3%	20.6%
Real Estate	0.6%	-

Return for Risk

CNYA vs. CQQQ — Risk / Return Rank

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

CNYA

CNYA Risk / Return Rank: 70
CNYA Sharpe Ratio Rank: 64
CNYA Sortino Ratio Rank: 61
CNYA Omega Ratio Rank: 62
CNYA Calmar Ratio Rank: 88
CNYA Martin Ratio Rank: 74

CQQQ

CQQQ Risk / Return Rank: 26
CQQQ Sharpe Ratio Rank: 27
CQQQ Sortino Ratio Rank: 28
CQQQ Omega Ratio Rank: 27
CQQQ Calmar Ratio Rank: 25
CQQQ Martin Ratio Rank: 22

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.

CNYA vs. CQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China A ETF (CNYA) 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.

	CNYA	CQQQ	Difference
Sharpe ratio: Return per unit of total volatility	2.00	0.94	+1.06
Sortino ratio: Return per unit of downside risk	2.73	1.48	+1.25
Omega ratio: Gain probability vs. loss probability	1.36	1.18	+0.18
Calmar ratio: Return relative to maximum drawdown	4.84	1.18	+3.66
Martin ratio: Return relative to average drawdown	13.30	2.70	+10.60

CNYA vs. CQQQ - Sharpe Ratio Comparison

The current CNYA Sharpe Ratio is 2.00, which is higher than the CQQQ Sharpe Ratio of 0.94. The chart below compares the historical Sharpe Ratios of CNYA 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

CNYA vs. CQQQ - Drawdown Comparison

The maximum CNYA drawdown since its inception was -49.49%, smaller than the maximum CQQQ drawdown of -73.99%. Use the drawdown chart below to compare losses from any high point for CNYA and CQQQ.

Drawdown Indicators

	CNYA	CQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-49.49%	-73.99%	+24.50%
Max Drawdown (1Y) Largest decline over 1 year	-7.59%	-24.41%	+16.82%
Max Drawdown (3Y) Largest decline over 3 years	-33.35%	-35.93%	+2.58%
Max Drawdown (5Y) Largest decline over 5 years	-44.65%	-66.96%	+22.31%
Max Drawdown (10Y) Largest decline over 10 years	-49.49%	-73.99%	+24.50%
Current Drawdown Current decline from peak	-13.73%	-48.92%	+35.19%
Average Drawdown Average peak-to-trough decline	-20.65%	-28.35%	+7.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	10.68%	-7.92%

Volatility

CNYA vs. CQQQ - Volatility Comparison

The current volatility for iShares MSCI China A ETF (CNYA) is 7.35%, while Invesco China Technology ETF (CQQQ) has a volatility of 10.74%. This indicates that CNYA 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

	CNYA	CQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.35%	10.74%	-3.39%
Volatility (6M) Calculated over the trailing 6-month period	13.56%	23.33%	-9.77%
Volatility (1Y) Calculated over the trailing 1-year period	18.32%	30.65%	-12.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.91%	38.16%	-14.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.52%	33.38%	-9.86%

CNYA vs. CQQQ - Expense Ratio Comparison

CNYA has a 0.60% expense ratio, which is lower than CQQQ's 0.70% expense ratio.

Dividends

CNYA vs. CQQQ - Dividend Comparison

CNYA's dividend yield for the trailing twelve months is around 1.73%, less than CQQQ's 2.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNYA iShares MSCI China A ETF	1.73%	1.92%	2.51%	4.23%	2.69%	1.11%	1.06%	1.21%	3.92%	0.97%	1.38%	0.00%
CQQQ Invesco China Technology ETF	2.10%	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 CNYA and CQQQ in my portfolio?

CNYA 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, CNYA or CQQQ?

CQQQ has higher volatility (10.74%) compared to CNYA (7.35%). In terms of maximum drawdown, CNYA dropped -49.49% vs CQQQ's -73.99%.

Which ETF is better, CNYA or CQQQ?

On 10-year performance, CNYA leads with 6.50% vs 5.85% for CQQQ. On fees, CNYA is cheaper at 0.60% per year. On volatility, CNYA has been the lower-risk option at 7.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CNYA or CQQQ?

Over the 10-year period, CNYA has performed better with a 6.50% return vs 5.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CNYA or CQQQ?

CNYA is cheaper with a 0.60% expense ratio, compared with 0.70% for CQQQ.

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

CQQQ has the higher dividend yield at 2.10%, compared with 1.73% for CNYA.

What is the main difference between CNYA and CQQQ?

CNYA tracks MSCI China A Inclusion 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: 0.60% for CNYA and 0.70% for CQQQ.

Which has better risk-adjusted returns?

CNYA currently has the higher Sharpe Ratio (2.00 vs 0.94), 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.