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CQQQ vs. CNYA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CQQQ vs. CNYA

Last updated Jun 5, 2026

CQQQ (Invesco China Technology ETF) and CNYA (iShares MSCI China A ETF) are both China Equities funds - CQQQ tracks the AlphaShares China Technology Index while CNYA tracks the MSCI China A Inclusion Index. Both are passively managed. Over the past 5 years, CQQQ returned -7.31%/yr vs -1.13%/yr for CNYA. A 0.71 correlation means they provide meaningful diversification when combined. CQQQ charges 0.70%/yr vs 0.60%/yr for CNYA.

Performance

CQQQ vs. CNYA - Performance Comparison

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

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Returns By Period

In the year-to-date period, CQQQ achieves a 3.52% return, which is significantly lower than CNYA's 8.91% return.

CQQQ

1D
1.03%
1M
5.51%
YTD
3.52%
6M
5.44%
1Y
31.50%
3Y*
11.27%
5Y*
-7.31%
10Y*
5.38%

CNYA

1D
-0.36%
1M
1.89%
YTD
8.91%
6M
13.45%
1Y
36.38%
3Y*
11.15%
5Y*
-1.13%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

CQQQ vs. CNYA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CQQQ
Invesco China Technology ETF		3.52%34.96%9.84%-16.71%-30.09%-24.54%57.33%33.57%-34.77%74.31%
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%

Correlation

The correlation between CQQQ and CNYA is 0.72, 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

0.72

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

0.78

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

0.76

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

0.71

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

CQQQ vs. CNYA - Sectors Allocation Comparison

Sectors
CQQQ
CNYA

Technology

58.2%
30.0%

Communication Services

21.9%
0.6%

Consumer Cyclical

13.8%
5.7%

Industrials

1.3%
18.3%

Financial Services

0.1%
17.0%

Basic Materials

0.1%
10.6%

Consumer Defensive

-

6.7%

Energy

-

3.2%

Healthcare

-

3.8%

Real Estate

-

0.7%

Utilities

-

3.2%

Technology

CQQQ
58.2%
CNYA
30.0%

Communication Services

CQQQ
21.9%
CNYA
0.6%

Consumer Cyclical

CQQQ
13.8%
CNYA
5.7%

Industrials

CQQQ
1.3%
CNYA
18.3%

Financial Services

CQQQ
0.1%
CNYA
17.0%

Basic Materials

CQQQ
0.1%
CNYA
10.6%

Consumer Defensive

CQQQ

-

CNYA
6.7%

Energy

CQQQ

-

CNYA
3.2%

Healthcare

CQQQ

-

CNYA
3.8%

Real Estate

CQQQ

-

CNYA
0.7%

Utilities

CQQQ

-

CNYA
3.2%

Compare stocks, funds, or ETFs

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

Invesco China Technology ETF

iShares MSCI China A ETF

Often compared with CQQQ:
CQQQ vs. KWEBCQQQ vs. MCHICQQQ vs. FXICQQQ vs. TCHICQQQ vs. VOOCQQQ vs. PGJCQQQ vs. CWEB
Often compared with CNYA:
CNYA vs. MCHICNYA vs. ASHRCNYA vs. ICHN.ASCNYA vs. KBACNYA vs. FLCHCNYA vs. ICGA.DECNYA vs. GXC

Return for Risk

CQQQ vs. CNYA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CQQQ
CQQQ Risk / Return Rank: 2929
Overall Rank
CQQQ Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
CQQQ Sortino Ratio Rank: 3131
Sortino Ratio Rank
CQQQ Omega Ratio Rank: 3030
Omega Ratio Rank
CQQQ Calmar Ratio Rank: 2727
Calmar Ratio Rank
CQQQ Martin Ratio Rank: 2424
Martin Ratio Rank
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
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.

CQQQ vs. CNYA - Risk-Adjusted Trends Comparison

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

CQQQCNYADifference
Sharpe ratioReturn per unit of total volatility
1.06
2.11

-1.05

Sortino ratioReturn per unit of downside risk
1.63
2.92

-1.28

Omega ratioGain probability vs. loss probability

1.20

1.38

-0.18

Calmar ratioReturn relative to maximum drawdown

1.30

4.81

-3.52

Martin ratioReturn relative to average drawdown

3.04

14.19

-11.16

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

CQQQ vs. CNYA - Sharpe Ratio Comparison

The current CQQQ Sharpe Ratio is 1.06, which is lower than the CNYA Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of CQQQ and CNYA, 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

CQQQCNYADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.06

2.11

-1.05

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.19

-0.05

-0.15

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.16

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.19

0.27

-0.09

Drawdowns

CQQQ vs. CNYA - Drawdown Comparison

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

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Drawdown Indicators

CQQQCNYADifference

Max Drawdown

Largest peak-to-trough decline

-73.99%

-49.49%

-24.50%

Max Drawdown (1Y)

Largest decline over 1 year

-24.41%

-7.59%

-16.82%

Max Drawdown (3Y)

Largest decline over 3 years

-35.93%

-33.35%

-2.58%

Max Drawdown (5Y)

Largest decline over 5 years

-66.96%

-44.70%

-22.26%

Max Drawdown (10Y)

Largest decline over 10 years

-73.99%

—

—

Current Drawdown

Current decline from peak

-48.65%

-13.73%

-34.92%

Average Drawdown

Average peak-to-trough decline

-28.30%

-20.68%

-7.62%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.40%

2.57%

+7.83%

Volatility

CQQQ vs. CNYA - Volatility Comparison

Invesco China Technology ETF (CQQQ) has a higher volatility of 11.62% compared to iShares MSCI China A ETF (CNYA) at 6.44%. This indicates that CQQQ's price experiences larger fluctuations and is considered to be riskier than CNYA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

CQQQCNYADifference

Volatility (1M)

Calculated over the trailing 1-month period

11.62%

6.44%

+5.18%

Volatility (6M)

Calculated over the trailing 6-month period

21.86%

12.23%

+9.63%

Volatility (1Y)

Calculated over the trailing 1-year period

29.79%

17.31%

+12.48%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

38.02%

23.80%

+14.22%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

33.29%

23.55%

+9.74%

CQQQ vs. CNYA - Expense Ratio Comparison

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

Dividends

CQQQ vs. CNYA - Dividend Comparison

CQQQ's dividend yield for the trailing twelve months is around 2.09%, more than CNYA's 1.76% 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%
CQQQ
Invesco China Technology ETF		2.09%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

CQQQ and CNYA have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

CQQQ has higher volatility (11.62%) compared to CNYA (6.44%). In terms of maximum drawdown, CQQQ dropped -73.99% vs CNYA's -49.49%.

On 5-year performance, CNYA leads with -1.13% vs -7.31% for CQQQ. 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, CNYA has performed better with a -1.13% return vs -7.31%. 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 0.70% for CQQQ.

CQQQ has the higher dividend yield at 2.09%, compared with 1.76% for CNYA.

CQQQ tracks AlphaShares China Technology Index, while CNYA tracks MSCI China A Inclusion Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.70% for CQQQ and 0.60% for CNYA.

CNYA currently has the higher Sharpe Ratio (2.11 vs 1.06), 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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