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CNYA vs. FCA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CNYA vs. FCA

Last updated Jun 5, 2026

CNYA (iShares MSCI China A ETF) and FCA (First Trust China AlphaDEX Fund) are both China Equities funds - CNYA tracks the MSCI China A Inclusion Index while FCA tracks the NASDAQ AlphaDEX China Index. Both are passively managed. Over the past 5 years, CNYA returned -1.13%/yr vs 4.83%/yr for FCA. A 0.60 correlation means they provide meaningful diversification when combined. CNYA charges 0.60%/yr vs 0.80%/yr for FCA.

Performance

CNYA vs. FCA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI China A ETF (CNYA) and First Trust China AlphaDEX Fund (FCA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CNYA achieves a 8.91% return, which is significantly lower than FCA's 10.95% return.

CNYA

1D
-0.36%
1M
1.89%
YTD
8.91%
6M
13.45%
1Y
36.38%
3Y*
11.15%
5Y*
-1.13%
10Y*
—

FCA

1D
-0.93%
1M
-4.40%
YTD
10.95%
6M
9.35%
1Y
41.58%
3Y*
19.99%
5Y*
4.83%
10Y*
9.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CNYA vs. FCA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
FCA
First Trust China AlphaDEX Fund		10.95%45.20%14.07%-8.28%-17.61%-0.65%11.80%18.72%-18.30%60.26%

Correlation

The correlation between CNYA and FCA is 0.61, 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

0.61

Correlation (3Y)
Calculated over the trailing 3-year period

0.64

Correlation (5Y)
Calculated over the trailing 5-year period

0.62

Correlation (All Time)
Calculated using the full available price history since Jun 16, 2016

0.60

The correlation between CNYA and FCA has been stable across timeframes, ranging from 0.60 to 0.64 - a consistent structural relationship.

CNYA vs. FCA - Sectors Allocation Comparison

Sectors
CNYA
FCA

Technology

30.0%
10.3%

Industrials

18.3%
25.2%

Financial Services

17.0%
19.7%

Basic Materials

10.6%
19.1%

Consumer Defensive

6.7%
0.5%

Consumer Cyclical

5.7%
1.1%

Healthcare

3.8%
3.0%

Energy

3.2%
14.8%

Utilities

3.2%
2.4%

Real Estate

0.7%
1.1%

Communication Services

0.6%
2.9%

Technology

CNYA
30.0%
FCA
10.3%

Industrials

CNYA
18.3%
FCA
25.2%

Financial Services

CNYA
17.0%
FCA
19.7%

Basic Materials

CNYA
10.6%
FCA
19.1%

Consumer Defensive

CNYA
6.7%
FCA
0.5%

Consumer Cyclical

CNYA
5.7%
FCA
1.1%

Healthcare

CNYA
3.8%
FCA
3.0%

Energy

CNYA
3.2%
FCA
14.8%

Utilities

CNYA
3.2%
FCA
2.4%

Real Estate

CNYA
0.7%
FCA
1.1%

Communication Services

CNYA
0.6%
FCA
2.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI China A ETF

First Trust China AlphaDEX Fund

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Often compared with FCA:
FCA vs. KGRNFCA vs. KLIPFCA vs. SPYFCA vs. YINNFCA vs. SMINFCA vs. DIVOFCA vs. SCHD

Return for Risk

CNYA vs. FCA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CNYA
CNYA Risk / Return Rank: 7171
Overall Rank
CNYA Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
CNYA Sortino Ratio Rank: 6464
Sortino Ratio Rank
CNYA Omega Ratio Rank: 6464
Omega Ratio Rank
CNYA Calmar Ratio Rank: 8686
Calmar Ratio Rank
CNYA Martin Ratio Rank: 7575
Martin Ratio Rank
FCA
FCA Risk / Return Rank: 5959
Overall Rank
FCA Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
FCA Sortino Ratio Rank: 5151
Sortino Ratio Rank
FCA Omega Ratio Rank: 5252
Omega Ratio Rank
FCA Calmar Ratio Rank: 7575
Calmar Ratio Rank
FCA Martin Ratio Rank: 6060
Martin Ratio Rank
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. FCA - Risk-Adjusted Trends Comparison

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

CNYAFCADifference
Sharpe ratioReturn per unit of total volatility
2.11
1.87

+0.24

Sortino ratioReturn per unit of downside risk
2.92
2.43

+0.49

Omega ratioGain probability vs. loss probability

1.38

1.32

+0.06

Calmar ratioReturn relative to maximum drawdown

4.81

3.75

+1.06

Martin ratioReturn relative to average drawdown

14.19

10.55

+3.64

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNYA vs. FCA - Sharpe Ratio Comparison

The current CNYA Sharpe Ratio is 2.11, which is comparable to the FCA Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of CNYA and FCA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

CNYAFCADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.11

1.87

+0.24

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.05

0.18

-0.22

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.36

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.27

0.13

+0.14

Drawdowns

CNYA vs. FCA - Drawdown Comparison

The maximum CNYA drawdown since its inception was -49.49%, which is greater than FCA's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for CNYA and FCA.

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Drawdown Indicators

CNYAFCADifference

Max Drawdown

Largest peak-to-trough decline

-49.49%

-45.56%

-3.93%

Max Drawdown (1Y)

Largest decline over 1 year

-7.59%

-11.13%

+3.54%

Max Drawdown (3Y)

Largest decline over 3 years

-33.35%

-26.13%

-7.22%

Max Drawdown (5Y)

Largest decline over 5 years

-44.70%

-42.47%

-2.23%

Max Drawdown (10Y)

Largest decline over 10 years

—

-42.47%

—

Current Drawdown

Current decline from peak

-13.73%

-9.35%

-4.38%

Average Drawdown

Average peak-to-trough decline

-20.68%

-21.62%

+0.94%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.57%

3.95%

-1.38%

Volatility

CNYA vs. FCA - Volatility Comparison

The current volatility for iShares MSCI China A ETF (CNYA) is 6.44%, while First Trust China AlphaDEX Fund (FCA) has a volatility of 8.31%. This indicates that CNYA experiences smaller price fluctuations and is considered to be less risky than FCA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CNYAFCADifference

Volatility (1M)

Calculated over the trailing 1-month period

6.44%

8.31%

-1.87%

Volatility (6M)

Calculated over the trailing 6-month period

12.23%

16.59%

-4.36%

Volatility (1Y)

Calculated over the trailing 1-year period

17.31%

22.31%

-5.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.80%

27.59%

-3.79%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.55%

26.62%

-3.07%

CNYA vs. FCA - Expense Ratio Comparison

CNYA has a 0.60% expense ratio, which is lower than FCA's 0.80% expense ratio.

Dividends

CNYA vs. FCA - Dividend Comparison

CNYA's dividend yield for the trailing twelve months is around 1.76%, less than FCA's 2.32% yield.

PositionTTM20252024202320222021202020192018201720162015
CNYA
iShares MSCI China A ETF		1.76%1.92%2.51%4.23%2.69%1.11%1.06%1.21%3.92%0.97%1.38%0.00%
FCA
First Trust China AlphaDEX Fund		2.32%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

CNYA and FCA have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FCA has higher volatility (8.31%) compared to CNYA (6.44%). In terms of maximum drawdown, CNYA dropped -49.49% vs FCA's -45.56%.

On 5-year performance, FCA leads with 4.83% vs -1.13% for CNYA. On fees, CNYA is cheaper at 0.60% per year. On volatility, CNYA has been the lower-risk option at 6.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, FCA has performed better with a 4.83% return vs -1.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

CNYA is cheaper with a 0.60% expense ratio, compared with 0.80% for FCA.

FCA has the higher dividend yield at 2.32%, compared with 1.76% for CNYA.

CNYA tracks MSCI China A Inclusion Index, while FCA tracks NASDAQ AlphaDEX China Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.60% for CNYA and 0.80% for FCA.

CNYA currently has the higher Sharpe Ratio (2.11 vs 1.87), 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.

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