CQQQ vs. FGM

Last updated Jun 13, 2026

CQQQ (Invesco China Technology ETF) and FGM (First Trust Germany AlphaDEX Fund) are both exchange-traded funds - CQQQ is a China Equities fund tracking the FTSE China Incl A 25% Technology Capped Index, while FGM is a Europe Equities fund tracking the NASDAQ AlphaDEX Germany Index. Both are passively managed. Over the past 10 years, CQQQ returned 5.36%/yr vs 8.76%/yr for FGM. At a 0.46 correlation, their price movements are largely independent. CQQQ charges 0.70%/yr vs 0.80%/yr for FGM.

Performance

CQQQ vs. FGM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco China Technology ETF (CQQQ) and First Trust Germany AlphaDEX Fund (FGM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CQQQ achieves a -1.35% return, which is significantly lower than FGM's 3.19% return. Over the past 10 years, CQQQ has underperformed FGM with an annualized return of 5.36%, while FGM has yielded a comparatively higher 8.76% annualized return.

CQQQ

• 1D: -1.27%
• 1M: -8.85%
• YTD: -1.35%
• 6M: -0.24%
• 1Y: 21.23%
• 3Y*: 8.01%
• 5Y*: -8.12%
• 10Y*: 5.36%

FGM

• 1D: 1.21%
• 1M: -2.27%
• YTD: 3.19%
• 6M: 4.60%
• 1Y: 17.41%
• 3Y*: 20.38%
• 5Y*: 4.13%
• 10Y*: 8.76%

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

CQQQ vs. FGM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CQQQ Invesco China Technology ETF	-1.35%	34.96%	9.84%	-16.71%	-30.09%	-24.54%	57.33%	33.57%	-34.77%	74.31%
FGM First Trust Germany AlphaDEX Fund	3.19%	63.60%	1.36%	13.28%	-30.46%	6.10%	17.26%	20.77%	-25.14%	44.28%

Correlation

The correlation between CQQQ and FGM is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Feb 17, 2012	0.46

The correlation between CQQQ and FGM has been stable across timeframes, ranging from 0.43 to 0.52 - a consistent structural relationship.

CQQQ vs. FGM - Sectors Allocation Comparison

Sectors	CQQQ	FGM
Technology	58.2%	-
Communication Services	21.9%	3.2%
Consumer Cyclical	13.8%	16.6%
Industrials	1.3%	40.5%
Financial Services	0.1%	8.2%
Basic Materials	0.1%	9.0%
Consumer Defensive	-	2.2%
Energy	-	-
Healthcare	-	6.4%
Real Estate	-	10.8%
Utilities	-	3.2%

Return for Risk

CQQQ vs. FGM — 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: 23
CQQQ Sortino Ratio Rank: 24
CQQQ Omega Ratio Rank: 23
CQQQ Calmar Ratio Rank: 22
CQQQ Martin Ratio Rank: 20

FGM

FGM Risk / Return Rank: 25
FGM Sharpe Ratio Rank: 26
FGM Sortino Ratio Rank: 26
FGM Omega Ratio Rank: 25
FGM Calmar Ratio Rank: 24
FGM Martin Ratio Rank: 25

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. FGM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco China Technology ETF (CQQQ) and First Trust Germany AlphaDEX Fund (FGM). 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	FGM	Difference
Sharpe ratio: Return per unit of total volatility	0.71	0.84	-0.13
Sortino ratio: Return per unit of downside risk	1.18	1.28	-0.10
Omega ratio: Gain probability vs. loss probability	1.14	1.16	-0.01
Calmar ratio: Return relative to maximum drawdown	0.87	0.98	-0.11
Martin ratio: Return relative to average drawdown	2.01	3.01	-1.00

CQQQ vs. FGM - Sharpe Ratio Comparison

The current CQQQ Sharpe Ratio is 0.71, which is comparable to the FGM Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of CQQQ and FGM, 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. FGM - Drawdown Comparison

The maximum CQQQ drawdown since its inception was -73.99%, which is greater than FGM's maximum drawdown of -51.58%. Use the drawdown chart below to compare losses from any high point for CQQQ and FGM.

Drawdown Indicators

	CQQQ	FGM	Difference
Max Drawdown Largest peak-to-trough decline	-73.99%	-51.58%	-22.41%
Max Drawdown (1Y) Largest decline over 1 year	-24.41%	-17.76%	-6.65%
Max Drawdown (3Y) Largest decline over 3 years	-35.93%	-17.93%	-18.00%
Max Drawdown (5Y) Largest decline over 5 years	-66.96%	-50.45%	-16.51%
Max Drawdown (10Y) Largest decline over 10 years	-73.99%	-51.58%	-22.41%
Current Drawdown Current decline from peak	-51.07%	-8.26%	-42.81%
Average Drawdown Average peak-to-trough decline	-28.32%	-14.72%	-13.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.60%	5.81%	+4.79%

Volatility

CQQQ vs. FGM - Volatility Comparison

Invesco China Technology ETF (CQQQ) has a higher volatility of 10.63% compared to First Trust Germany AlphaDEX Fund (FGM) at 6.75%. This indicates that CQQQ's price experiences larger fluctuations and is considered to be riskier than FGM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CQQQ	FGM	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.63%	6.75%	+3.88%
Volatility (6M) Calculated over the trailing 6-month period	22.55%	17.55%	+5.00%
Volatility (1Y) Calculated over the trailing 1-year period	30.20%	20.94%	+9.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.09%	24.54%	+13.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.33%	23.11%	+10.22%

CQQQ vs. FGM - Expense Ratio Comparison

CQQQ has a 0.70% expense ratio, which is lower than FGM's 0.80% expense ratio.

Dividends

CQQQ vs. FGM - Dividend Comparison

CQQQ's dividend yield for the trailing twelve months is around 2.20%, more than FGM's 0.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CQQQ Invesco China Technology ETF	2.20%	2.17%	0.28%	0.55%	0.08%	0.00%	0.47%	0.01%	0.43%	1.41%	1.69%	1.77%
FGM First Trust Germany AlphaDEX Fund	0.64%	0.66%	2.56%	2.82%	5.44%	1.43%	1.33%	2.30%	2.18%	2.11%	1.33%	1.13%

Frequently Asked Questions

Can I hold both CQQQ and FGM in my portfolio?

CQQQ and FGM have a correlation of 0.52, 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 FGM?

CQQQ has higher volatility (10.63%) compared to FGM (6.75%). In terms of maximum drawdown, CQQQ dropped -73.99% vs FGM's -51.58%.

Which ETF is better, CQQQ or FGM?

On 10-year performance, FGM leads with 8.76% vs 5.36% for CQQQ. On fees, CQQQ is cheaper at 0.70% per year. On volatility, FGM has been the lower-risk option at 6.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CQQQ or FGM?

Over the 10-year period, FGM has performed better with a 8.76% return vs 5.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CQQQ or FGM?

CQQQ is cheaper with a 0.70% expense ratio, compared with 0.80% for FGM.

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

CQQQ has the higher dividend yield at 2.20%, compared with 0.64% for FGM.

What is the main difference between CQQQ and FGM?

CQQQ is categorized as China Equities, while FGM is Europe Equities. CQQQ tracks FTSE China Incl A 25% Technology Capped Index, while FGM tracks NASDAQ AlphaDEX Germany Index. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.70% for CQQQ and 0.80% for FGM.

Which has better risk-adjusted returns?

FGM currently has the higher Sharpe Ratio (0.84 vs 0.71), 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.