CQQQ vs. ECNS

Last updated Jul 16, 2026

CQQQ (Invesco China Technology ETF) and ECNS (iShares MSCI China Small-Cap ETF) are both China Equities funds - CQQQ tracks the FTSE China Incl A 25% Technology Capped Index while ECNS tracks the MSCI China Small Cap Index. Both are passively managed. Over the past 10 years, CQQQ returned 5.33%/yr vs 1.05%/yr for ECNS. A 0.74 correlation means they provide meaningful diversification when combined. CQQQ charges 0.70%/yr vs 0.59%/yr for ECNS.

Performance

CQQQ vs. ECNS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco China Technology ETF (CQQQ) and iShares MSCI China Small-Cap ETF (ECNS). 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 higher than ECNS's -10.59% return. Over the past 10 years, CQQQ has outperformed ECNS with an annualized return of 5.33%, while ECNS has yielded a comparatively lower 1.05% annualized 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%

ECNS

• 1D: 1.44%
• 1M: -5.96%
• 6M: -16.21%
• YTD: -10.59%
• 1Y: -9.16%
• 3Y*: 4.68%
• 5Y*: -7.96%
• 10Y*: 1.05%

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

CQQQ vs. ECNS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CQQQ Invesco China Technology ETF	3.44%	34.96%	9.84%	-16.71%	-30.09%	-24.54%	57.33%	33.57%	-34.77%	74.31%
ECNS iShares MSCI China Small-Cap ETF	-10.59%	36.49%	5.64%	-23.05%	-24.58%	2.11%	25.42%	7.84%	-18.27%	27.55%

Correlation

The correlation between CQQQ and ECNS is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Sep 29, 2010	0.74

The correlation between CQQQ and ECNS shifts across timeframes, from 0.65 (1 year) to 0.80 (5 years), reflecting how their relationship changes across market environments.

CQQQ vs. ECNS - Sectors Allocation Comparison

Sectors	CQQQ	ECNS
Technology	58.4%	11.6%
Communication Services	25.1%	6.0%
Consumer Cyclical	14.4%	7.5%
Industrials	1.5%	21.9%
Financial Services	0.6%	5.3%
Basic Materials	0.1%	8.9%
Consumer Defensive	-	4.1%
Energy	-	2.4%
Healthcare	-	20.5%
Real Estate	-	7.8%
Utilities	-	1.5%

Return for Risk

CQQQ vs. ECNS — 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

ECNS

ECNS Risk / Return Rank: 6
ECNS Sharpe Ratio Rank: 5
ECNS Sortino Ratio Rank: 5
ECNS Omega Ratio Rank: 5
ECNS Calmar Ratio Rank: 6
ECNS Martin Ratio Rank: 6

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. ECNS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco China Technology ETF (CQQQ) and iShares MSCI China Small-Cap ETF (ECNS). 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	ECNS	Difference
Sharpe ratio: Return per unit of total volatility	0.64	-0.44	+1.08
Sortino ratio: Return per unit of downside risk	1.09	-0.47	+1.56
Omega ratio: Gain probability vs. loss probability	1.13	0.94	+0.19
Calmar ratio: Return relative to maximum drawdown	0.83	-0.36	+1.19
Martin ratio: Return relative to average drawdown	1.86	-0.78	+2.64

CQQQ vs. ECNS - Sharpe Ratio Comparison

The current CQQQ Sharpe Ratio is 0.64, which is higher than the ECNS Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of CQQQ and ECNS, 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. ECNS - Drawdown Comparison

The maximum CQQQ drawdown since its inception was -73.99%, which is greater than ECNS's maximum drawdown of -63.43%. Use the drawdown chart below to compare losses from any high point for CQQQ and ECNS.

Drawdown Indicators

	CQQQ	ECNS	Difference
Max Drawdown Largest peak-to-trough decline	-73.99%	-63.43%	-10.56%
Max Drawdown (1Y) Largest decline over 1 year	-24.41%	-25.73%	+1.32%
Max Drawdown (3Y) Largest decline over 3 years	-35.93%	-31.72%	-4.21%
Max Drawdown (5Y) Largest decline over 5 years	-64.11%	-58.03%	-6.08%
Max Drawdown (10Y) Largest decline over 10 years	-73.99%	-63.43%	-10.56%
Current Drawdown Current decline from peak	-48.69%	-42.44%	-6.25%
Average Drawdown Average peak-to-trough decline	-28.42%	-29.47%	+1.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.84%	11.83%	-0.99%

Volatility

CQQQ vs. ECNS - Volatility Comparison

Invesco China Technology ETF (CQQQ) has a higher volatility of 12.00% compared to iShares MSCI China Small-Cap ETF (ECNS) at 6.60%. This indicates that CQQQ's price experiences larger fluctuations and is considered to be riskier than ECNS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CQQQ	ECNS	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.00%	6.60%	+5.40%
Volatility (6M) Calculated over the trailing 6-month period	24.26%	14.00%	+10.26%
Volatility (1Y) Calculated over the trailing 1-year period	31.85%	20.94%	+10.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.31%	29.48%	+8.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.48%	25.80%	+7.68%

CQQQ vs. ECNS - Expense Ratio Comparison

CQQQ has a 0.70% expense ratio, which is higher than ECNS's 0.59% expense ratio.

Dividends

CQQQ vs. ECNS - Dividend Comparison

CQQQ's dividend yield for the trailing twelve months is around 2.09%, less than ECNS's 6.58% 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%
ECNS iShares MSCI China Small-Cap ETF	6.58%	6.20%	5.98%	4.89%	3.54%	4.87%	3.59%	3.23%	6.16%	3.18%	4.29%	3.58%

Frequently Asked Questions

Can I hold both CQQQ and ECNS in my portfolio?

CQQQ and ECNS have a correlation of 0.65, 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 ECNS?

CQQQ has higher volatility (12.00%) compared to ECNS (6.60%). In terms of maximum drawdown, CQQQ dropped -73.99% vs ECNS's -63.43%.

Which ETF is better, CQQQ or ECNS?

On 10-year performance, CQQQ leads with 5.33% vs 1.05% for ECNS. On fees, ECNS is cheaper at 0.59% per year. On volatility, ECNS has been the lower-risk option at 6.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CQQQ or ECNS?

Over the 10-year period, CQQQ has performed better with a 5.33% return vs 1.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CQQQ or ECNS?

ECNS is cheaper with a 0.59% expense ratio, compared with 0.70% for CQQQ.

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

ECNS has the higher dividend yield at 6.58%, compared with 2.09% for CQQQ.

What is the main difference between CQQQ and ECNS?

CQQQ tracks FTSE China Incl A 25% Technology Capped Index, while ECNS tracks MSCI China Small Cap Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.70% for CQQQ and 0.59% for ECNS.

Which has better risk-adjusted returns?

CQQQ currently has the higher Sharpe Ratio (0.64 vs -0.44), 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.