CQQQ vs. MCHI

Last updated Aug 2, 2026

CQQQ (Invesco China Technology ETF) and MCHI (iShares MSCI China ETF) are both China Equities funds - CQQQ tracks the FTSE China Incl A 25% Technology Capped Index while MCHI tracks the MSCI China Index. Both are passively managed. Over the past 10 years, CQQQ returned 4.48%/yr vs 4.22%/yr for MCHI. Their correlation of 0.86 means they have usually moved in the same direction. CQQQ charges 0.70%/yr vs 0.59%/yr for MCHI.

Performance

CQQQ vs. MCHI - Performance Comparison

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

Returns By Period

In the year-to-date period, CQQQ achieves a -3.27% return, which is significantly higher than MCHI's -6.49% return. Over the past 10 years, CQQQ has outperformed MCHI with an annualized return of 4.48%, while MCHI has yielded a comparatively lower 4.22% annualized return.

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%

MCHI

• 1D: 0.54%
• 1M: 9.61%
• 6M: -9.98%
• YTD: -6.49%
• 1Y: 0.60%
• 3Y*: 7.33%
• 5Y*: -2.80%
• 10Y*: 4.22%
• ALL TIME*: 2.49%

*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	$60.75M	$69.64M	$78.22M
MCHI iShares MSCI China ETF	$148.99M	$159.51M	$173.67M

CQQQ vs. MCHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
MCHI iShares MSCI China ETF	-6.49%	31.04%	17.73%	-11.94%	-23.01%	-21.74%	27.78%	23.72%	-19.79%	54.67%

Correlation

The correlation between CQQQ and MCHI is 0.79, 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.	0.79
Correlation (3Y) Balances recent behavior with more history.	0.86
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (10Y) Provides a long-term view across more market conditions.	0.90
Correlation (All Time) Calculated using the full available price history since Mar 31, 2011	0.86

The correlation between CQQQ and MCHI shifts across timeframes, from 0.79 (1 year) to 0.90 (5 years), reflecting how their relationship changes across market environments.

CQQQ vs. MCHI - Sectors Allocation Comparison

Sectors	CQQQ	MCHI
Technology	57.0%	13.9%
Communication Services	24.7%	19.3%
Consumer Cyclical	16.5%	22.4%
Industrials	1.2%	5.4%
Financial Services	0.5%	19.2%
Basic Materials	0.1%	5.1%
Consumer Defensive	-	2.9%
Energy	-	3.4%
Healthcare	-	5.3%
Real Estate	-	1.5%
Utilities	-	1.6%

Return for Risk

CQQQ vs. MCHI — 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: 19
CQQQ Omega Ratio Rank: 19
CQQQ Calmar Ratio Rank: 18
CQQQ Martin Ratio Rank: 17

MCHI

MCHI Risk / Return Rank: 10
MCHI Sharpe Ratio Rank: 10
MCHI Sortino Ratio Rank: 10
MCHI Omega Ratio Rank: 10
MCHI Calmar Ratio Rank: 10
MCHI Martin Ratio Rank: 10

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. MCHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco China Technology ETF (CQQQ) and iShares MSCI China ETF (MCHI). 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	MCHI	Difference
Sharpe ratio: Return per unit of total volatility	0.30	-0.05	+0.35
Sortino ratio: Return per unit of downside risk	0.66	0.08	+0.58
Omega ratio: Gain probability vs. loss probability	1.08	1.01	+0.07
Calmar ratio: Return relative to maximum drawdown	0.41	-0.04	+0.45
Martin ratio: Return relative to average drawdown	0.88	-0.09	+0.96

CQQQ vs. MCHI - Sharpe Ratio Comparison

The current CQQQ Sharpe Ratio is 0.30, which is higher than the MCHI Sharpe Ratio of -0.05. The chart below compares the historical Sharpe Ratios of CQQQ and MCHI, 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. MCHI - Drawdown Comparison

The maximum CQQQ drawdown since its inception was -73.99%, which is greater than MCHI's maximum drawdown of -62.95%. Use the drawdown chart below to compare losses from any high point for CQQQ and MCHI.

Drawdown Indicators

	CQQQ	MCHI	Difference
Max Drawdown Largest peak-to-trough decline	-73.99%	-62.95%	-11.04%
Max Drawdown (1Y) Largest decline over 1 year	-24.41%	-23.22%	-1.19%
Max Drawdown (3Y) Largest decline over 3 years	-34.42%	-25.35%	-9.07%
Max Drawdown (5Y) Largest decline over 5 years	-62.09%	-51.41%	-10.68%
Max Drawdown (10Y) Largest decline over 10 years	-73.99%	-62.95%	-11.04%
Current Drawdown Current decline from peak	-52.02%	-36.24%	-15.78%
Average Drawdown Average peak-to-trough decline	-28.49%	-24.67%	-3.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.28%	11.26%	+0.02%

Volatility

CQQQ vs. MCHI - Volatility Comparison

Invesco China Technology ETF (CQQQ) has a higher volatility of 12.09% compared to iShares MSCI China ETF (MCHI) at 5.57%. This indicates that CQQQ's price experiences larger fluctuations and is considered to be riskier than MCHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CQQQ	MCHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.09%	5.57%	+6.52%
Volatility (6M) Calculated over the trailing 6-month period	24.80%	14.73%	+10.07%
Volatility (1Y) Calculated over the trailing 1-year period	32.54%	20.62%	+11.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.19%	30.41%	+7.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.56%	27.35%	+6.21%

CQQQ vs. MCHI - Expense Ratio Comparison

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

Dividends

CQQQ vs. MCHI - Dividend Comparison

CQQQ's dividend yield for the trailing twelve months is around 2.24%, more than MCHI's 1.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
MCHI iShares MSCI China ETF	1.96%	2.12%	2.31%	2.66%	1.78%	1.04%	1.04%	1.45%	1.60%	1.56%	1.66%	2.76%

Frequently Asked Questions

Can I hold both CQQQ and MCHI in my portfolio?

CQQQ and MCHI have a correlation of 0.79, 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 MCHI?

CQQQ has higher volatility (12.09%) compared to MCHI (5.57%). In terms of maximum drawdown, CQQQ dropped -73.99% vs MCHI's -62.95%.

Which ETF is better, CQQQ or MCHI?

On 10-year performance, CQQQ leads with 4.48% vs 4.22% for MCHI. On fees, MCHI is cheaper at 0.59% per year. On volatility, MCHI has been the lower-risk option at 5.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CQQQ or MCHI?

Over the 10-year period, CQQQ has performed better with a 4.48% return vs 4.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CQQQ or MCHI?

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

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

CQQQ has the higher dividend yield at 2.24%, compared with 1.96% for MCHI.

What is the main difference between CQQQ and MCHI?

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

Which has better risk-adjusted returns?

CQQQ currently has the higher Sharpe Ratio (0.30 vs -0.05), 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.