CQQQ vs. KLIP

Last updated Aug 5, 2026

CQQQ (Invesco China Technology ETF) and KLIP (KraneShares China Internet and Covered Call Strategy ETF) are both China Equities funds. CQQQ is passively managed, while KLIP is actively managed. Over the past 3 years, CQQQ returned 7.52%/yr vs 6.46%/yr for KLIP. Their 0.79 correlation means they have sometimes moved together and sometimes differently. CQQQ charges 0.70%/yr vs 0.95%/yr for KLIP.

Performance

CQQQ vs. KLIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco China Technology ETF (CQQQ) and KraneShares China Internet and Covered Call Strategy ETF (KLIP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CQQQ achieves a -0.60% return, which is significantly higher than KLIP's -6.43% return.

CQQQ

• 1D: 2.99%
• 1M: -4.26%
• 6M: -4.67%
• YTD: -0.60%
• 1Y: 12.26%
• 3Y*: 7.52%
• 5Y*: -5.62%
• 10Y*: 4.42%
• ALL TIME*: 5.51%

KLIP

• 1D: 0.37%
• 1M: 7.28%
• 6M: -9.42%
• YTD: -6.43%
• 1Y: -3.80%
• 3Y*: 6.46%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.63%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CQQQ Invesco China Technology ETF	$53.35M	$63.10M	$77.04M
KLIP KraneShares China Internet and Covered Call Strategy ETF	$648.17K	$565.25K	$989.65K

CQQQ vs. KLIP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CQQQ Invesco China Technology ETF	-0.60%	34.96%	9.84%	-24.76%
KLIP KraneShares China Internet and Covered Call Strategy ETF	-6.43%	16.92%	3.37%	11.11%

Correlation

The correlation between CQQQ and KLIP is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.65
Correlation (3Y) Balances recent behavior with more history.	0.76
Correlation (All Time) Calculated using the full available price history since Jan 12, 2023	0.79

The correlation between CQQQ and KLIP shifts across timeframes, from 0.65 (1 year) to 0.79 (all time), reflecting how their relationship changes across market environments.

CQQQ vs. KLIP - Sectors Allocation Comparison

Sectors	CQQQ	KLIP
Technology	57.0%	4.2%
Communication Services	24.7%	45.8%
Consumer Cyclical	16.5%	34.2%
Industrials	1.2%	-
Financial Services	0.5%	2.0%
Basic Materials	0.1%	-
Consumer Defensive	-	4.0%
Energy	-	-
Healthcare	-	6.0%
Real Estate	-	3.9%
Utilities	-	-

Return for Risk

CQQQ vs. KLIP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CQQQ

CQQQ Risk / Return Rank: 18
CQQQ Sharpe Ratio Rank: 18
CQQQ Sortino Ratio Rank: 20
CQQQ Omega Ratio Rank: 19
CQQQ Calmar Ratio Rank: 18
CQQQ Martin Ratio Rank: 18

KLIP

KLIP Risk / Return Rank: 7
KLIP Sharpe Ratio Rank: 7
KLIP Sortino Ratio Rank: 7
KLIP Omega Ratio Rank: 7
KLIP Calmar Ratio Rank: 8
KLIP Martin Ratio Rank: 8

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. KLIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco China Technology ETF (CQQQ) and KraneShares China Internet and Covered Call Strategy ETF (KLIP). 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	KLIP	Difference
Sharpe ratio: Return per unit of total volatility	0.38	-0.23	+0.61
Sortino ratio: Return per unit of downside risk	0.76	-0.21	+0.97
Omega ratio: Gain probability vs. loss probability	1.09	0.97	+0.12
Calmar ratio: Return relative to maximum drawdown	0.50	-0.18	+0.68
Martin ratio: Return relative to average drawdown	1.08	-0.41	+1.50

CQQQ vs. KLIP - Sharpe Ratio Comparison

The current CQQQ Sharpe Ratio is 0.38, which is higher than the KLIP Sharpe Ratio of -0.23. The chart below compares the historical Sharpe Ratios of CQQQ and KLIP, 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. KLIP - Drawdown Comparison

The maximum CQQQ drawdown since its inception was -73.99%, which is greater than KLIP's maximum drawdown of -21.48%. Use the drawdown chart below to compare losses from any high point for CQQQ and KLIP.

Drawdown Indicators

	CQQQ	KLIP	Difference
Max Drawdown Largest peak-to-trough decline	-73.99%	-21.48%	-52.51%
Max Drawdown (1Y) Largest decline over 1 year	-24.41%	-21.48%	-2.93%
Max Drawdown (3Y) Largest decline over 3 years	-34.42%	-21.48%	-12.94%
Max Drawdown (5Y) Largest decline over 5 years	-62.09%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-73.99%	—	—
Current Drawdown Current decline from peak	-50.69%	-11.80%	-38.89%
Average Drawdown Average peak-to-trough decline	-28.50%	-4.34%	-24.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.34%	9.25%	+2.09%

Volatility

CQQQ vs. KLIP - Volatility Comparison

Invesco China Technology ETF (CQQQ) has a higher volatility of 11.42% compared to KraneShares China Internet and Covered Call Strategy ETF (KLIP) at 2.03%. This indicates that CQQQ's price experiences larger fluctuations and is considered to be riskier than KLIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CQQQ	KLIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.42%	2.03%	+9.39%
Volatility (6M) Calculated over the trailing 6-month period	24.86%	13.00%	+11.86%
Volatility (1Y) Calculated over the trailing 1-year period	32.60%	16.57%	+16.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.19%	17.97%	+20.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.57%	17.97%	+15.60%

CQQQ vs. KLIP - Expense Ratio Comparison

CQQQ has a 0.70% expense ratio, which is lower than KLIP's 0.95% expense ratio.

Dividends

CQQQ vs. KLIP - Dividend Comparison

CQQQ's dividend yield for the trailing twelve months is around 2.18%, less than KLIP's 27.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CQQQ Invesco China Technology ETF	2.18%	2.17%	0.28%	0.55%	0.08%	0.00%	0.47%	0.01%	0.43%	1.41%	1.69%	1.77%
KLIP KraneShares China Internet and Covered Call Strategy ETF	27.43%	25.14%	54.26%	61.22%	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 KLIP in my portfolio?

CQQQ and KLIP 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 KLIP?

CQQQ has higher volatility (11.42%) compared to KLIP (2.03%). In terms of maximum drawdown, CQQQ dropped -73.99% vs KLIP's -21.48%.

Which ETF is better, CQQQ or KLIP?

On 3-year performance, CQQQ leads with 7.52% vs 6.46% for KLIP. On fees, CQQQ is cheaper at 0.70% per year. On volatility, KLIP has been the lower-risk option at 2.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CQQQ or KLIP?

Over the 3-year period, CQQQ has performed better with a 7.52% return vs 6.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CQQQ or KLIP?

CQQQ is cheaper with a 0.70% expense ratio, compared with 0.95% for KLIP.

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

KLIP has the higher dividend yield at 27.43%, compared with 2.18% for CQQQ.

What is the main difference between CQQQ and KLIP?

They also come from different issuers: Invesco and KraneShares. Their fees differ too: 0.70% for CQQQ and 0.95% for KLIP.

Which has better risk-adjusted returns?

CQQQ currently has the higher Sharpe Ratio (0.38 vs -0.23), 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.