FCA vs. CNQQ

Last updated Jun 3, 2026

FCA (First Trust China AlphaDEX Fund) and CNQQ (Rayliant-ChinaAMC Transformative China Tech ETF) are both China Equities funds - FCA tracks the NASDAQ AlphaDEX China Index while CNQQ tracks the Solactive ChinaAMC Transformative China Tech. Both are passively managed. At a 0.49 correlation, their price movements are largely independent. FCA charges 0.80%/yr vs 0.75%/yr for CNQQ.

Performance

FCA vs. CNQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust China AlphaDEX Fund (FCA) and Rayliant-ChinaAMC Transformative China Tech ETF (CNQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FCA having a 11.53% return and CNQQ slightly higher at 12.03%.

FCA

• 1D: 2.01%
• 1M: -4.08%
• YTD: 11.53%
• 6M: 9.85%
• 1Y: 44.90%
• 3Y*: 20.06%
• 5Y*: 5.02%
• 10Y*: 9.89%

CNQQ

• 1D: 3.82%
• 1M: 7.31%
• YTD: 12.03%
• 6M: 12.59%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FCA vs. CNQQ - Yearly Performance Comparison

	2026 (YTD)	2025
FCA First Trust China AlphaDEX Fund	11.53%	1.37%
CNQQ Rayliant-ChinaAMC Transformative China Tech ETF	12.03%	-5.96%

Correlation

The correlation between FCA and CNQQ is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 29, 2025	0.49

Return for Risk

FCA vs. CNQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FCA

FCA Risk / Return Rank: 62
FCA Sharpe Ratio Rank: 59
FCA Sortino Ratio Rank: 53
FCA Omega Ratio Rank: 55
FCA Calmar Ratio Rank: 80
FCA Martin Ratio Rank: 65

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.

FCA vs. CNQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust China AlphaDEX Fund (FCA) and Rayliant-ChinaAMC Transformative China Tech ETF (CNQQ). 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.

	FCA	CNQQ	Difference
Sharpe ratio Return per unit of total volatility	2.02	—	—
Sortino ratio Return per unit of downside risk	2.58	—	—
Omega ratio Gain probability vs. loss probability	1.34	—	—
Calmar ratio Return relative to maximum drawdown	4.19	—	—
Martin ratio Return relative to average drawdown	12.06	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	FCA	CNQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	0.33	-0.20

Drawdowns

FCA vs. CNQQ - Drawdown Comparison

The maximum FCA drawdown since its inception was -45.56%, which is greater than CNQQ's maximum drawdown of -17.82%. Use the drawdown chart below to compare losses from any high point for FCA and CNQQ.

Drawdown Indicators

	FCA	CNQQ	Difference
Max Drawdown Largest peak-to-trough decline	-45.56%	-17.82%	-27.74%
Max Drawdown (1Y) Largest decline over 1 year	-11.13%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-26.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-42.47%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.47%	—	—
Current Drawdown Current decline from peak	-8.87%	-1.09%	-7.78%
Average Drawdown Average peak-to-trough decline	-21.62%	-9.28%	-12.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.87%	—	—

Volatility

Volatility by Period

	FCA	CNQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.36%	—	—
Volatility (6M) Calculated over the trailing 6-month period	16.57%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	22.31%	24.50%	-2.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.59%	24.50%	+3.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.63%	24.50%	+2.13%

FCA vs. CNQQ - Expense Ratio Comparison

FCA has a 0.80% expense ratio, which is higher than CNQQ's 0.75% expense ratio.

Dividends

FCA vs. CNQQ - Dividend Comparison

FCA's dividend yield for the trailing twelve months is around 2.31%, more than CNQQ's 0.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNQQ Rayliant-ChinaAMC Transformative China Tech ETF	0.23%	0.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FCA First Trust China AlphaDEX Fund	2.31%	2.67%	5.17%	5.70%	6.00%	4.91%	4.12%	3.73%	3.10%	2.30%	2.51%	4.13%

Frequently Asked Questions

Can I hold both FCA and CNQQ in my portfolio?

FCA and CNQQ have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FCA or CNQQ?

On fees, CNQQ is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FCA or CNQQ?

CNQQ is cheaper with a 0.75% expense ratio, compared with 0.80% for FCA.

Which ETF pays a higher dividend yield, FCA or CNQQ?

FCA has the higher dividend yield at 2.31%, compared with 0.23% for CNQQ.

What is the main difference between FCA and CNQQ?

FCA tracks NASDAQ AlphaDEX China Index, while CNQQ tracks Solactive ChinaAMC Transformative China Tech. They also come from different issuers: First Trust and Rayliant. Their fees differ too: 0.80% for FCA and 0.75% for CNQQ.