CQQQ vs. DRGN

Last updated Jun 4, 2026

CQQQ (Invesco China Technology ETF) and DRGN (Themes China Generative Artificial Intelligence ETF) are both exchange-traded funds - CQQQ is a China Equities fund tracking the AlphaShares China Technology Index, while DRGN is a Technology Equities fund tracking the BITA China Generative AI Select Index. Both are passively managed. Their correlation of 0.87 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 2.46% return, which is significantly lower than DRGN's 16.56% return.

CQQQ

• 1D: -1.50%
• 1M: 4.43%
• YTD: 2.46%
• 6M: 5.43%
• 1Y: 32.76%
• 3Y*: 10.55%
• 5Y*: -7.50%
• 10Y*: 5.40%

DRGN

• 1D: 0.42%
• 1M: 5.53%
• YTD: 16.56%
• 6M: 18.46%
• 1Y: —
• 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	2.46%	16.15%
DRGN Themes China Generative Artificial Intelligence ETF	16.56%	26.41%

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 (All Time) Calculated using the full available price history since Jul 16, 2025	0.87

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: 28
CQQQ Sharpe Ratio Rank: 30
CQQQ Sortino Ratio Rank: 31
CQQQ Omega Ratio Rank: 30
CQQQ Calmar Ratio Rank: 27
CQQQ Martin Ratio Rank: 24

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.

	CQQQ	DRGN	Difference
Sharpe ratio: Return per unit of total volatility	1.11	—	—
Sortino ratio: Return per unit of downside risk	1.68	—	—
Omega ratio: Gain probability vs. loss probability	1.20	—	—
Calmar ratio: Return relative to maximum drawdown	1.35	—	—
Martin ratio: Return relative to average drawdown	3.16	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CQQQ	DRGN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.11	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.20	—	—
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	1.58	-1.39

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%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-35.93%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-66.96%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-73.99%	—	—
Current Drawdown Current decline from peak	-49.18%	-7.05%	-42.13%
Average Drawdown Average peak-to-trough decline	-28.29%	-7.93%	-20.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.39%	—	—

Volatility

Volatility by Period

	CQQQ	DRGN	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.60%	—	—
Volatility (6M) Calculated over the trailing 6-month period	21.88%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	29.78%	34.85%	-5.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.02%	34.85%	+3.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.30%	34.85%	-1.55%

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 2.11%, more than DRGN's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CQQQ Invesco China Technology ETF	2.11%	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	1.04%	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 ETF is better, CQQQ or DRGN?

On fees, DRGN is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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 2.11%, compared with 1.04% for DRGN.

What is the main difference between CQQQ and DRGN?

CQQQ is categorized as China Equities, while DRGN is Technology Equities. CQQQ tracks AlphaShares China Technology 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.