CQQQ vs. FXP
CQQQ (Invesco China Technology ETF) and FXP (ProShares UltraShort FTSE China 50) are both China Equities funds - CQQQ tracks the FTSE China Incl A 25% Technology Capped Index while FXP tracks the FTSE China 50 Net Tax USD (TR) (-200%). Both are passively managed. Over the past 10 years, CQQQ returned 5.07%/yr vs -21.55%/yr for FXP. At a correlation of -0.80, they often move in opposite directions. CQQQ charges 0.70%/yr vs 0.95%/yr for FXP.
Performance
CQQQ vs. FXP - Performance Comparison
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Returns By Period
In the year-to-date period, CQQQ achieves a 1.94% return, which is significantly lower than FXP's 17.49% return. Over the past 10 years, CQQQ has outperformed FXP with an annualized return of 5.07%, while FXP has yielded a comparatively lower -21.55% annualized return.
CQQQ
- 1D
- -1.45%
- 1M
- 0.42%
- 6M
- -7.86%
- YTD
- 1.94%
- 1Y
- 19.42%
- 3Y*
- 9.49%
- 5Y*
- -6.78%
- 10Y*
- 5.07%
FXP
- 1D
- -0.83%
- 1M
- -0.77%
- 6M
- 29.15%
- YTD
- 17.49%
- 1Y
- 9.66%
- 3Y*
- -27.59%
- 5Y*
- -17.29%
- 10Y*
- -21.55%
CQQQ vs. FXP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CQQQ Invesco China Technology ETF | 1.94% | 34.96% | 9.84% | -16.71% | -30.09% | -24.54% | 57.33% | 33.57% | -34.77% | 74.31% |
FXP ProShares UltraShort FTSE China 50 | 17.49% | -45.32% | -52.46% | 12.74% | -11.73% | 23.56% | -39.47% | -29.01% | 12.45% | -49.76% |
Correlation
The correlation between CQQQ and FXP is -0.69, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.86 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.84 |
Correlation (All Time) Calculated using the full available price history since Dec 8, 2009 | -0.80 |
The correlation between CQQQ and FXP shifts across timeframes, from -0.86 (5 years) to -0.69 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CQQQ vs. FXP — Risk / Return Rank
CQQQ
FXP
CQQQ vs. FXP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco China Technology ETF (CQQQ) and ProShares UltraShort FTSE China 50 (FXP). 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 | FXP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.37 | ||
| Sortino ratioReturn per unit of downside risk | +0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.07 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.80 | 0.44 | +0.36 |
| Martin ratioReturn relative to average drawdown | 1.79 | 0.80 | +0.99 |
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Drawdowns
CQQQ vs. FXP - Drawdown Comparison
The maximum CQQQ drawdown since its inception was -73.99%, smaller than the maximum FXP drawdown of -99.94%. Use the drawdown chart below to compare losses from any high point for CQQQ and FXP.
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Drawdown Indicators
| CQQQ | FXP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.99% | -99.94% | +25.95% |
Max Drawdown (1Y)Largest decline over 1 year | -24.41% | -21.99% | -2.42% |
Max Drawdown (3Y)Largest decline over 3 years | -35.93% | -82.34% | +46.41% |
Max Drawdown (5Y)Largest decline over 5 years | -64.11% | -87.85% | +23.74% |
Max Drawdown (10Y)Largest decline over 10 years | -73.99% | -93.71% | +19.72% |
Current DrawdownCurrent decline from peak | -49.44% | -99.92% | +50.48% |
Average DrawdownAverage peak-to-trough decline | -28.43% | -94.17% | +65.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.86% | 12.04% | -1.18% |
Volatility
CQQQ vs. FXP - Volatility Comparison
The current volatility for Invesco China Technology ETF (CQQQ) is 11.22%, while ProShares UltraShort FTSE China 50 (FXP) has a volatility of 13.71%. This indicates that CQQQ experiences smaller price fluctuations and is considered to be less risky than FXP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CQQQ | FXP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.22% | 13.71% | -2.49% |
Volatility (6M)Calculated over the trailing 6-month period | 24.07% | 29.15% | -5.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.74% | 40.14% | -8.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.30% | 63.18% | -24.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.47% | 54.76% | -21.29% |
CQQQ vs. FXP - Expense Ratio Comparison
CQQQ has a 0.70% expense ratio, which is lower than FXP's 0.95% expense ratio.
Dividends
CQQQ vs. FXP - Dividend Comparison
CQQQ's dividend yield for the trailing twelve months is around 2.12%, less than FXP's 3.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CQQQ Invesco China Technology ETF | 2.12% | 2.17% | 0.28% | 0.55% | 0.08% | 0.00% | 0.47% | 0.01% | 0.43% | 1.41% | 1.69% | 1.77% |
FXP ProShares UltraShort FTSE China 50 | 3.06% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CQQQ and FXP have a correlation of -0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXP has higher volatility (13.71%) compared to CQQQ (11.22%). In terms of maximum drawdown, CQQQ dropped -73.99% vs FXP's -99.94%.
On 10-year performance, CQQQ leads with 5.07% vs -21.55% for FXP. On fees, CQQQ is cheaper at 0.70% per year. On volatility, CQQQ has been the lower-risk option at 11.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CQQQ has performed better with a 5.07% return vs -21.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CQQQ is cheaper with a 0.70% expense ratio, compared with 0.95% for FXP.
FXP has the higher dividend yield at 3.06%, compared with 2.12% for CQQQ.
CQQQ tracks FTSE China Incl A 25% Technology Capped Index, while FXP tracks FTSE China 50 Net Tax USD (TR) (-200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.70% for CQQQ and 0.95% for FXP.
CQQQ currently has the higher Sharpe Ratio (0.61 vs 0.24), 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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