FCA vs. CQQQ

Last updated Jun 24, 2026

FCA (First Trust China AlphaDEX Fund) and CQQQ (Invesco China Technology ETF) are both China Equities funds - FCA tracks the NASDAQ AlphaDEX China Index while CQQQ tracks the FTSE China Incl A 25% Technology Capped Index. Both are passively managed. Over the past 10 years, FCA returned 9.27%/yr vs 5.85%/yr for CQQQ. A 0.57 correlation means they provide meaningful diversification when combined. FCA charges 0.80%/yr vs 0.70%/yr for CQQQ.

Performance

FCA vs. CQQQ - Performance Comparison

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

Returns By Period

In the year-to-date period, FCA achieves a 3.82% return, which is significantly higher than CQQQ's 2.98% return. Over the past 10 years, FCA has outperformed CQQQ with an annualized return of 9.27%, while CQQQ has yielded a comparatively lower 5.85% annualized return.

FCA

• 1D: -2.20%
• 1M: -6.29%
• YTD: 3.82%
• 6M: 2.03%
• 1Y: 28.89%
• 3Y*: 19.12%
• 5Y*: 3.23%
• 10Y*: 9.27%

CQQQ

• 1D: -2.80%
• 1M: 1.48%
• YTD: 2.98%
• 6M: 3.86%
• 1Y: 28.75%
• 3Y*: 11.40%
• 5Y*: -7.83%
• 10Y*: 5.85%

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

FCA vs. CQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCA First Trust China AlphaDEX Fund	3.82%	45.20%	14.07%	-8.28%	-17.61%	-0.65%	11.80%	18.72%	-18.30%	60.26%
CQQQ Invesco China Technology ETF	2.98%	34.96%	9.84%	-16.71%	-30.09%	-24.54%	57.33%	33.57%	-34.77%	74.31%

Correlation

The correlation between FCA and CQQQ is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Apr 21, 2011	0.57

The correlation between FCA and CQQQ shifts across timeframes, from 0.45 (1 year) to 0.59 (3 years), reflecting how their relationship changes across market environments.

FCA vs. CQQQ - Sectors Allocation Comparison

Sectors	FCA	CQQQ
Industrials	23.6%	1.3%
Financial Services	20.2%	8.5%
Basic Materials	18.7%	0.1%
Energy	14.4%	-
Technology	12.1%	61.0%
Healthcare	2.9%	-
Communication Services	2.7%	20.6%
Utilities	2.7%	-
Real Estate	1.2%	-
Consumer Cyclical	1.0%	13.0%
Consumer Defensive	0.5%	-

Return for Risk

FCA vs. CQQQ — Risk / Return Rank

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

FCA

FCA Risk / Return Rank: 37
FCA Sharpe Ratio Rank: 38
FCA Sortino Ratio Rank: 35
FCA Omega Ratio Rank: 35
FCA Calmar Ratio Rank: 38
FCA Martin Ratio Rank: 40

CQQQ

CQQQ Risk / Return Rank: 26
CQQQ Sharpe Ratio Rank: 27
CQQQ Sortino Ratio Rank: 28
CQQQ Omega Ratio Rank: 27
CQQQ Calmar Ratio Rank: 25
CQQQ Martin Ratio Rank: 22

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. CQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust China AlphaDEX Fund (FCA) and Invesco China Technology ETF (CQQQ). 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.

	FCA	CQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.26	0.94	+0.32
Sortino ratio: Return per unit of downside risk	1.74	1.48	+0.25
Omega ratio: Gain probability vs. loss probability	1.22	1.18	+0.04
Calmar ratio: Return relative to maximum drawdown	1.81	1.18	+0.62
Martin ratio: Return relative to average drawdown	5.93	2.70	+3.23

FCA vs. CQQQ - Sharpe Ratio Comparison

The current FCA Sharpe Ratio is 1.26, which is higher than the CQQQ Sharpe Ratio of 0.94. The chart below compares the historical Sharpe Ratios of FCA and CQQQ, 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

FCA vs. CQQQ - Drawdown Comparison

The maximum FCA drawdown since its inception was -45.56%, smaller than the maximum CQQQ drawdown of -73.99%. Use the drawdown chart below to compare losses from any high point for FCA and CQQQ.

Drawdown Indicators

	FCA	CQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-45.56%	-73.99%	+28.43%
Max Drawdown (1Y) Largest decline over 1 year	-16.07%	-24.41%	+8.34%
Max Drawdown (3Y) Largest decline over 3 years	-26.13%	-35.93%	+9.80%
Max Drawdown (5Y) Largest decline over 5 years	-42.47%	-66.96%	+24.49%
Max Drawdown (10Y) Largest decline over 10 years	-42.47%	-73.99%	+31.52%
Current Drawdown Current decline from peak	-15.17%	-48.92%	+33.75%
Average Drawdown Average peak-to-trough decline	-21.61%	-28.35%	+6.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.88%	10.68%	-5.80%

Volatility

FCA vs. CQQQ - Volatility Comparison

The current volatility for First Trust China AlphaDEX Fund (FCA) is 7.95%, while Invesco China Technology ETF (CQQQ) has a volatility of 10.74%. This indicates that FCA experiences smaller price fluctuations and is considered to be less risky than CQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCA	CQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.95%	10.74%	-2.79%
Volatility (6M) Calculated over the trailing 6-month period	17.58%	23.33%	-5.75%
Volatility (1Y) Calculated over the trailing 1-year period	23.00%	30.65%	-7.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.72%	38.16%	-10.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.69%	33.38%	-6.69%

FCA vs. CQQQ - Expense Ratio Comparison

FCA has a 0.80% expense ratio, which is higher than CQQQ's 0.70% expense ratio.

Dividends

FCA vs. CQQQ - Dividend Comparison

FCA's dividend yield for the trailing twelve months is around 2.48%, more than CQQQ's 2.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CQQQ Invesco China Technology ETF	2.10%	2.17%	0.28%	0.55%	0.08%	0.00%	0.47%	0.01%	0.43%	1.41%	1.69%	1.77%
FCA First Trust China AlphaDEX Fund	2.48%	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 CQQQ in my portfolio?

FCA and CQQQ have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCA or CQQQ?

CQQQ has higher volatility (10.74%) compared to FCA (7.95%). In terms of maximum drawdown, FCA dropped -45.56% vs CQQQ's -73.99%.

Which ETF is better, FCA or CQQQ?

On 10-year performance, FCA leads with 9.27% vs 5.85% for CQQQ. On fees, CQQQ is cheaper at 0.70% per year. On volatility, FCA has been the lower-risk option at 7.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FCA or CQQQ?

Over the 10-year period, FCA has performed better with a 9.27% return vs 5.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FCA or CQQQ?

CQQQ is cheaper with a 0.70% expense ratio, compared with 0.80% for FCA.

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

FCA has the higher dividend yield at 2.48%, compared with 2.10% for CQQQ.

What is the main difference between FCA and CQQQ?

FCA tracks NASDAQ AlphaDEX China Index, while CQQQ tracks FTSE China Incl A 25% Technology Capped Index. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.80% for FCA and 0.70% for CQQQ.

Which has better risk-adjusted returns?

FCA currently has the higher Sharpe Ratio (1.26 vs 0.94), 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.