CQQQ vs. DRGN

Last updated Jul 16, 2026

CQQQ (Invesco China Technology ETF) and DRGN (Themes China Generative Artificial Intelligence ETF) are both China Equities funds - CQQQ tracks the FTSE China Incl A 25% Technology Capped Index while DRGN tracks the BITA China Generative AI Select Index. Both are passively managed. Over the past year, CQQQ returned 20.14% vs 44.44% for DRGN. Their correlation of 0.86 suggests significant overlap in exposure. CQQQ charges 0.70%/yr vs 0.39%/yr for DRGN.

Performance

CQQQ vs. DRGN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco China Technology ETF (CQQQ) and Themes China Generative Artificial Intelligence ETF (DRGN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CQQQ achieves a 3.44% return, which is significantly lower than DRGN's 14.26% return.

CQQQ

• 1D: -0.41%
• 1M: 0.24%
• 6M: -6.27%
• YTD: 3.44%
• 1Y: 20.14%
• 3Y*: 9.89%
• 5Y*: -6.51%
• 10Y*: 5.33%

DRGN

• 1D: -0.54%
• 1M: 1.83%
• 6M: -0.75%
• YTD: 14.26%
• 1Y: 44.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CQQQ vs. DRGN - Yearly Performance Comparison

	2026 (YTD)	2025
CQQQ Invesco China Technology ETF	3.44%	19.87%
DRGN Themes China Generative Artificial Intelligence ETF	14.26%	26.96%

Correlation

The correlation between CQQQ and DRGN is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.86

The correlation between CQQQ and DRGN has been stable across timeframes, ranging from 0.86 to 0.87 - a consistent structural relationship.

Return for Risk

CQQQ vs. DRGN — Risk / Return Rank

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

CQQQ

CQQQ Risk / Return Rank: 22
CQQQ Sharpe Ratio Rank: 22
CQQQ Sortino Ratio Rank: 23
CQQQ Omega Ratio Rank: 22
CQQQ Calmar Ratio Rank: 22
CQQQ Martin Ratio Rank: 20

DRGN

DRGN Risk / Return Rank: 42
DRGN Sharpe Ratio Rank: 42
DRGN Sortino Ratio Rank: 43
DRGN Omega Ratio Rank: 39
DRGN Calmar Ratio Rank: 52
DRGN Martin Ratio Rank: 36

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. DRGN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco China Technology ETF (CQQQ) and Themes China Generative Artificial Intelligence ETF (DRGN). 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.

	CQQQ	DRGN	Difference
Sharpe ratio: Return per unit of total volatility	0.64	1.25	-0.61
Sortino ratio: Return per unit of downside risk	1.09	1.84	-0.75
Omega ratio: Gain probability vs. loss probability	1.13	1.22	-0.09
Calmar ratio: Return relative to maximum drawdown	0.83	2.14	-1.31
Martin ratio: Return relative to average drawdown	1.86	4.45	-2.58

CQQQ vs. DRGN - Sharpe Ratio Comparison

The current CQQQ Sharpe Ratio is 0.64, which is lower than the DRGN Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of CQQQ and DRGN, 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

CQQQ vs. DRGN - Drawdown Comparison

The maximum CQQQ drawdown since its inception was -73.99%, which is greater than DRGN's maximum drawdown of -20.86%. Use the drawdown chart below to compare losses from any high point for CQQQ and DRGN.

Drawdown Indicators

	CQQQ	DRGN	Difference
Max Drawdown Largest peak-to-trough decline	-73.99%	-20.86%	-53.13%
Max Drawdown (1Y) Largest decline over 1 year	-24.41%	-20.86%	-3.55%
Max Drawdown (3Y) Largest decline over 3 years	-35.93%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-64.11%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-73.99%	—	—
Current Drawdown Current decline from peak	-48.69%	-8.88%	-39.81%
Average Drawdown Average peak-to-trough decline	-28.42%	-8.16%	-20.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.84%	10.02%	+0.82%

Volatility

CQQQ vs. DRGN - Volatility Comparison

The current volatility for Invesco China Technology ETF (CQQQ) is 12.00%, while Themes China Generative Artificial Intelligence ETF (DRGN) has a volatility of 13.08%. This indicates that CQQQ experiences smaller price fluctuations and is considered to be less risky than DRGN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CQQQ	DRGN	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.00%	13.08%	-1.08%
Volatility (6M) Calculated over the trailing 6-month period	24.26%	25.46%	-1.20%
Volatility (1Y) Calculated over the trailing 1-year period	31.85%	35.74%	-3.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.31%	35.74%	+2.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.48%	35.74%	-2.26%

CQQQ vs. DRGN - Expense Ratio Comparison

CQQQ has a 0.70% expense ratio, which is higher than DRGN's 0.39% expense ratio.

Dividends

CQQQ vs. DRGN - Dividend Comparison

CQQQ's dividend yield for the trailing twelve months is around 2.09%, more than DRGN's 1.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
DRGN Themes China Generative Artificial Intelligence ETF	1.06%	1.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CQQQ and DRGN in my portfolio?

CQQQ and DRGN have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CQQQ or DRGN?

DRGN has higher volatility (13.08%) compared to CQQQ (12.00%). In terms of maximum drawdown, CQQQ dropped -73.99% vs DRGN's -20.86%.

Which ETF is better, CQQQ or DRGN?

On 1-year performance, DRGN leads with 44.44% vs 20.14% for CQQQ. On fees, DRGN is cheaper at 0.39% per year. On volatility, CQQQ has been the lower-risk option at 12.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CQQQ or DRGN?

Over the 1-year period, DRGN has performed better with a 44.44% return vs 20.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CQQQ or DRGN?

DRGN is cheaper with a 0.39% expense ratio, compared with 0.70% for CQQQ.

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

CQQQ has the higher dividend yield at 2.09%, compared with 1.06% for DRGN.

What is the main difference between CQQQ and DRGN?

CQQQ tracks FTSE China Incl A 25% Technology Capped Index, while DRGN tracks BITA China Generative AI Select Index. They also come from different issuers: Invesco and Themes. Their fees differ too: 0.70% for CQQQ and 0.39% for DRGN.

Which has better risk-adjusted returns?

DRGN currently has the higher Sharpe Ratio (1.25 vs 0.64), 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.