PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
CQQQ vs. YANG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CQQQ vs. YANG

Last updated Jun 5, 2026

CQQQ (Invesco China Technology ETF) and YANG (Direxion Daily China 3x Bear Shares) are both exchange-traded funds - CQQQ is a China Equities fund tracking the FTSE China Incl A 25% Technology Capped Index, while YANG is a Leveraged Equities fund tracking the FTSE China 50 Index (-300%). Both are passively managed. Over the past 10 years, CQQQ returned 5.38%/yr vs -38.45%/yr for YANG. At a correlation of -0.82, they often move in opposite directions. CQQQ charges 0.70%/yr vs 1.07%/yr for YANG.

Performance

CQQQ vs. YANG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco China Technology ETF (CQQQ) and Direxion Daily China 3x Bear Shares (YANG). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, CQQQ achieves a 3.52% return, which is significantly lower than YANG's 19.18% return. Over the past 10 years, CQQQ has outperformed YANG with an annualized return of 5.38%, while YANG has yielded a comparatively lower -38.45% annualized return.

CQQQ

1D
1.03%
1M
5.51%
YTD
3.52%
6M
5.44%
1Y
31.50%
3Y*
11.27%
5Y*
-7.31%
10Y*
5.38%

YANG

1D
0.64%
1M
6.83%
YTD
19.18%
6M
25.26%
1Y
-7.77%
3Y*
-47.00%
5Y*
-33.67%
10Y*
-38.45%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CQQQ vs. YANG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CQQQ
Invesco China Technology ETF		3.52%34.96%9.84%-16.71%-30.09%-24.54%57.33%33.57%-34.77%74.31%
YANG
Direxion Daily China 3x Bear Shares		19.18%-62.77%-71.41%11.95%-41.34%25.90%-58.66%-40.72%13.14%-64.93%

Correlation

The correlation between CQQQ and YANG is -0.78, 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

-0.78

Correlation (3Y)
Calculated over the trailing 3-year period

-0.83

Correlation (5Y)
Calculated over the trailing 5-year period

-0.88

Correlation (10Y)
Calculated over the trailing 10-year period

-0.85

Correlation (All Time)
Calculated using the full available price history since Dec 9, 2009

-0.82

The correlation between CQQQ and YANG has been stable across timeframes, ranging from -0.88 to -0.78 - a consistent structural relationship.

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

Direxion Daily China 3x Bear Shares

Often compared with CQQQ:
CQQQ vs. KWEBCQQQ vs. MCHICQQQ vs. FXICQQQ vs. TCHICQQQ vs. VOOCQQQ vs. PGJCQQQ vs. CWEB
Often compared with YANG:
YANG vs. YINNYANG vs. CWEBYANG vs. FXPYANG vs. GLLYANG vs. TYOYANG vs. KLIPYANG vs. EDZ

Return for Risk

CQQQ vs. YANG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CQQQ
CQQQ Risk / Return Rank: 2929
Overall Rank
CQQQ Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
CQQQ Sortino Ratio Rank: 3131
Sortino Ratio Rank
CQQQ Omega Ratio Rank: 3030
Omega Ratio Rank
CQQQ Calmar Ratio Rank: 2727
Calmar Ratio Rank
CQQQ Martin Ratio Rank: 2424
Martin Ratio Rank
YANG
YANG Risk / Return Rank: 99
Overall Rank
YANG Sharpe Ratio Rank: 88
Sharpe Ratio Rank
YANG Sortino Ratio Rank: 1010
Sortino Ratio Rank
YANG Omega Ratio Rank: 1010
Omega Ratio Rank
YANG Calmar Ratio Rank: 77
Calmar Ratio Rank
YANG Martin Ratio Rank: 88
Martin Ratio Rank
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. YANG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco China Technology ETF (CQQQ) and Direxion Daily China 3x Bear Shares (YANG). 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.

CQQQYANGDifference
Sharpe ratioReturn per unit of total volatility
1.06
-0.13

+1.20

Sortino ratioReturn per unit of downside risk
1.63
0.22

+1.42

Omega ratioGain probability vs. loss probability

1.20

1.03

+0.17

Calmar ratioReturn relative to maximum drawdown

1.30

-0.20

+1.50

Martin ratioReturn relative to average drawdown

3.04

-0.32

+3.36

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CQQQ vs. YANG - Sharpe Ratio Comparison

The current CQQQ Sharpe Ratio is 1.06, which is higher than the YANG Sharpe Ratio of -0.13. The chart below compares the historical Sharpe Ratios of CQQQ and YANG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

CQQQYANGDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.06

-0.13

+1.20

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.19

-0.36

+0.16

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.16

-0.47

+0.63

Sharpe Ratio (All Time)

Calculated using the full available price history

0.19

-0.49

+0.68

Drawdowns

CQQQ vs. YANG - Drawdown Comparison

The maximum CQQQ drawdown since its inception was -73.99%, smaller than the maximum YANG drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for CQQQ and YANG.

Loading charts...

Drawdown Indicators

CQQQYANGDifference

Max Drawdown

Largest peak-to-trough decline

-73.99%

-99.98%

+25.99%

Max Drawdown (1Y)

Largest decline over 1 year

-24.41%

-38.85%

+14.44%

Max Drawdown (3Y)

Largest decline over 3 years

-35.93%

-94.02%

+58.09%

Max Drawdown (5Y)

Largest decline over 5 years

-66.96%

-97.38%

+30.42%

Max Drawdown (10Y)

Largest decline over 10 years

-73.99%

-99.53%

+25.54%

Current Drawdown

Current decline from peak

-48.65%

-99.97%

+51.32%

Average Drawdown

Average peak-to-trough decline

-28.30%

-90.52%

+62.22%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.40%

24.39%

-13.99%

Volatility

CQQQ vs. YANG - Volatility Comparison

The current volatility for Invesco China Technology ETF (CQQQ) is 11.62%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 21.22%. This indicates that CQQQ experiences smaller price fluctuations and is considered to be less risky than YANG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

CQQQYANGDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.62%

21.22%

-9.60%

Volatility (6M)

Calculated over the trailing 6-month period

21.86%

42.61%

-20.75%

Volatility (1Y)

Calculated over the trailing 1-year period

29.79%

58.74%

-28.95%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

38.02%

94.43%

-56.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

33.29%

82.10%

-48.81%

CQQQ vs. YANG - Expense Ratio Comparison

CQQQ has a 0.70% expense ratio, which is lower than YANG's 1.07% expense ratio.

Dividends

CQQQ vs. YANG - Dividend Comparison

CQQQ's dividend yield for the trailing twelve months is around 2.09%, less than YANG's 3.43% yield.

PositionTTM20252024202320222021202020192018201720162015
CQQQ
Invesco China Technology ETF		2.09%2.17%0.28%0.55%0.08%0.00%0.47%0.01%0.43%1.41%1.69%1.77%
YANG
Direxion Daily China 3x Bear Shares		3.43%4.03%9.42%3.66%0.00%0.00%0.67%1.54%0.56%0.00%0.00%0.00%

Frequently Asked Questions

CQQQ and YANG have a correlation of -0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

YANG has higher volatility (21.22%) compared to CQQQ (11.62%). In terms of maximum drawdown, CQQQ dropped -73.99% vs YANG's -99.98%.

On 10-year performance, CQQQ leads with 5.38% vs -38.45% for YANG. On fees, CQQQ is cheaper at 0.70% per year. On volatility, CQQQ has been the lower-risk option at 11.62%. 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 5.38% return vs -38.45%. 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 1.07% for YANG.

YANG has the higher dividend yield at 3.43%, compared with 2.09% for CQQQ.

CQQQ is categorized as China Equities, while YANG is Leveraged Equities. CQQQ tracks FTSE China Incl A 25% Technology Capped Index, while YANG tracks FTSE China 50 Index (-300%). They also come from different issuers: Invesco and Direxion. Their fees differ too: 0.70% for CQQQ and 1.07% for YANG.

CQQQ currently has the higher Sharpe Ratio (1.06 vs -0.13), 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.

Portfolio Optimizer

Find the right allocation for CQQQ and YANG

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer