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CQQQ vs. GXC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CQQQ vs. GXC

Last updated Aug 2, 2026
Documentation

CQQQ (Invesco China Technology ETF) and GXC (SPDR S&P China ETF) are both China Equities funds - CQQQ tracks the FTSE China Incl A 25% Technology Capped Index while GXC tracks the S&P China BMI Index. Both are passively managed. Over the past 10 years, CQQQ returned 4.48%/yr vs 4.69%/yr for GXC. Their correlation of 0.88 means they have usually moved in the same direction. CQQQ charges 0.70%/yr vs 0.59%/yr for GXC.

Performance

CQQQ vs. GXC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco China Technology ETF (CQQQ) and SPDR S&P China ETF (GXC). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CQQQ achieves a -3.27% return, which is significantly higher than GXC's -4.85% return. Both investments have delivered pretty close results over the past 10 years, with CQQQ having a 4.48% annualized return and GXC not far ahead at 4.69%.

CQQQ

1D
1.31%
1M
-6.83%
6M
-9.86%
YTD
-3.27%
1Y
11.64%
3Y*
6.42%
5Y*
-6.40%
10Y*
4.48%
ALL TIME*
5.34%

GXC

1D
0.38%
1M
6.09%
6M
-9.74%
YTD
-4.85%
1Y
3.49%
3Y*
7.77%
5Y*
-2.07%
10Y*
4.69%
ALL TIME*
4.93%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

CQQQ

Invesco China Technology ETF
$60.75M$69.64M$78.22M

GXC

SPDR S&P China ETF
$4.07M$2.78M$2.53M

CQQQ vs. GXC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CQQQ
Invesco China Technology ETF		-3.27%34.96%9.84%-16.71%-30.09%-24.54%57.33%33.57%-34.77%74.31%
GXC
SPDR S&P China ETF		-4.85%30.84%14.60%-9.93%-22.12%-19.70%28.31%23.07%-19.39%51.66%

Correlation

The correlation between CQQQ and GXC is 0.81, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.81

Correlation (3Y)
Balances recent behavior with more history.

0.88

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.91

Correlation (10Y)
Provides a long-term view across more market conditions.

0.91

Correlation (All Time)
Calculated using the full available price history since Dec 8, 2009

0.88

The correlation between CQQQ and GXC shifts across timeframes, from 0.81 (1 year) to 0.91 (5 years), reflecting how their relationship changes across market environments.

CQQQ vs. GXC - Sectors Allocation Comparison

Sectors
CQQQ
GXC

Technology

57.0%
9.6%

Communication Services

24.7%
13.4%

Consumer Cyclical

16.5%
20.1%

Industrials

1.2%
6.8%

Financial Services

0.5%
14.9%

Basic Materials

0.1%
4.5%

Consumer Defensive

-

2.5%

Energy

-

2.6%

Healthcare

-

6.0%

Real Estate

-

1.7%

Utilities

-

1.2%

Technology

CQQQ
57.0%
GXC
9.6%

Communication Services

CQQQ
24.7%
GXC
13.4%

Consumer Cyclical

CQQQ
16.5%
GXC
20.1%

Industrials

CQQQ
1.2%
GXC
6.8%

Financial Services

CQQQ
0.5%
GXC
14.9%

Basic Materials

CQQQ
0.1%
GXC
4.5%

Consumer Defensive

CQQQ

-

GXC
2.5%

Energy

CQQQ

-

GXC
2.6%

Healthcare

CQQQ

-

GXC
6.0%

Real Estate

CQQQ

-

GXC
1.7%

Utilities

CQQQ

-

GXC
1.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco China Technology ETF

SPDR S&P China ETF

Often compared with CQQQ:
CQQQ vs. KWEBCQQQ vs. MCHICQQQ vs. FXICQQQ vs. TCHICQQQ vs. VOOCQQQ vs. PGJCQQQ vs. CWEB
Often compared with GXC:
GXC vs. MCHIGXC vs. KWEBGXC vs. ASHRGXC vs. SPYGXC vs. FXIGXC vs. CNYAGXC vs. VOO

Return for Risk

CQQQ vs. GXC — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
CQQQ
CQQQ Risk / Return Rank: 1818
Overall Rank
CQQQ Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
CQQQ Sortino Ratio Rank: 1919
Sortino Ratio Rank
CQQQ Omega Ratio Rank: 1919
Omega Ratio Rank
CQQQ Calmar Ratio Rank: 1818
Calmar Ratio Rank
CQQQ Martin Ratio Rank: 1717
Martin Ratio Rank
GXC
GXC Risk / Return Rank: 1313
Overall Rank
GXC Sharpe Ratio Rank: 1313
Sharpe Ratio Rank
GXC Sortino Ratio Rank: 1313
Sortino Ratio Rank
GXC Omega Ratio Rank: 1313
Omega Ratio Rank
GXC Calmar Ratio Rank: 1313
Calmar Ratio Rank
GXC Martin Ratio Rank: 1212
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CQQQ vs. GXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco China Technology ETF (CQQQ) and SPDR S&P China ETF (GXC). 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.

CQQQGXCDifference
Sharpe ratioReturn per unit of total volatility
0.30
0.10

+0.20

Sortino ratioReturn per unit of downside risk
0.66
0.28

+0.38

Omega ratioGain probability vs. loss probability

1.08

1.03

+0.04

Calmar ratioReturn relative to maximum drawdown

0.41

0.11

+0.29

Martin ratioReturn relative to average drawdown

0.88

0.24

+0.64

CQQQ vs. GXC - Sharpe Ratio Comparison

The current CQQQ Sharpe Ratio is 0.30, which is higher than the GXC Sharpe Ratio of 0.10. The chart below compares the historical Sharpe Ratios of CQQQ and GXC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

CQQQ vs. GXC - Drawdown Comparison

The maximum CQQQ drawdown since its inception was -73.99%, roughly equal to the maximum GXC drawdown of -71.96%. Use the drawdown chart below to compare losses from any high point for CQQQ and GXC.

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Drawdown Indicators

CQQQGXCDifference

Max Drawdown

Largest peak-to-trough decline

-73.99%

-71.96%

-2.03%

Max Drawdown (1Y)

Largest decline over 1 year

-24.41%

-17.77%

-6.64%

Max Drawdown (3Y)

Largest decline over 3 years

-34.42%

-25.54%

-8.88%

Max Drawdown (5Y)

Largest decline over 5 years

-62.09%

-48.78%

-13.31%

Max Drawdown (10Y)

Largest decline over 10 years

-73.99%

-60.23%

-13.76%

Current Drawdown

Current decline from peak

-52.02%

-32.76%

-19.26%

Average Drawdown

Average peak-to-trough decline

-28.49%

-28.86%

+0.37%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.28%

8.51%

+2.77%

Volatility

CQQQ vs. GXC - Volatility Comparison

Invesco China Technology ETF (CQQQ) has a higher volatility of 12.09% compared to SPDR S&P China ETF (GXC) at 5.39%. This indicates that CQQQ's price experiences larger fluctuations and is considered to be riskier than GXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CQQQGXCDifference

Volatility (1M)

Calculated over the trailing 1-month period

12.09%

5.39%

+6.70%

Volatility (6M)

Calculated over the trailing 6-month period

24.80%

13.92%

+10.88%

Volatility (1Y)

Calculated over the trailing 1-year period

32.54%

19.44%

+13.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

38.19%

28.70%

+9.49%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

33.56%

26.05%

+7.51%

CQQQ vs. GXC - Expense Ratio Comparison

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

Dividends

CQQQ vs. GXC - Dividend Comparison

CQQQ's dividend yield for the trailing twelve months is around 2.24%, more than GXC's 2.18% yield.

PositionTTM20252024202320222021202020192018201720162015
CQQQ
Invesco China Technology ETF		2.24%2.17%0.28%0.55%0.08%0.00%0.47%0.01%0.43%1.41%1.69%1.77%
GXC
SPDR S&P China ETF		2.18%2.40%2.81%3.70%2.67%1.35%1.04%1.60%2.03%1.84%2.05%2.85%

Frequently Asked Questions

CQQQ and GXC have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

CQQQ has higher volatility (12.09%) compared to GXC (5.39%). In terms of maximum drawdown, CQQQ dropped -73.99% vs GXC's -71.96%.

On 10-year performance, GXC leads with 4.69% vs 4.48% for CQQQ. On fees, GXC is cheaper at 0.59% per year. On volatility, GXC has been the lower-risk option at 5.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, GXC has performed better with a 4.69% return vs 4.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

CQQQ has the higher dividend yield at 2.24%, compared with 2.18% for GXC.

CQQQ tracks FTSE China Incl A 25% Technology Capped Index, while GXC tracks S&P China BMI Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.70% for CQQQ and 0.59% for GXC.

CQQQ currently has the higher Sharpe Ratio (0.30 vs 0.10), 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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