FHKAX vs. CQQQ

Last updated Aug 2, 2026

FHKAX (Fidelity Advisor China Region Fund Class A) and CQQQ (Invesco China Technology ETF) are both China Equities funds. Over the past 10 years, FHKAX returned 13.06%/yr vs 4.48%/yr for CQQQ. Their 0.80 correlation means they have sometimes moved together and sometimes differently. FHKAX charges 1.21%/yr vs 0.70%/yr for CQQQ.

Performance

FHKAX vs. CQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor China Region Fund Class A (FHKAX) 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, FHKAX achieves a 25.60% return, which is significantly higher than CQQQ's -3.27% return. Over the past 10 years, FHKAX has outperformed CQQQ with an annualized return of 13.06%, while CQQQ has yielded a comparatively lower 4.48% annualized return.

FHKAX

• 1D: 2.48%
• 1M: -4.88%
• 6M: 13.37%
• YTD: 25.60%
• 1Y: 52.27%
• 3Y*: 26.74%
• 5Y*: 8.62%
• 10Y*: 13.06%
• ALL TIME*: 8.32%

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%

*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
FHKAX Fidelity Advisor China Region Fund Class A	$0.00	$0.00	$0.00

FHKAX vs. CQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FHKAX Fidelity Advisor China Region Fund Class A	25.60%	42.19%	22.84%	-0.60%	-24.09%	-13.95%	47.37%	34.71%	-17.67%	51.46%
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%

Correlation

The correlation between FHKAX and CQQQ is 0.77, 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.	0.77
Correlation (3Y) Balances recent behavior with more history.	0.78
Correlation (5Y) Shows whether the relationship held over a longer period.	0.84
Correlation (10Y) Provides a long-term view across more market conditions.	0.85
Correlation (All Time) Calculated using the full available price history since Dec 8, 2009	0.80

The correlation between FHKAX and CQQQ has been stable across timeframes, ranging from 0.77 to 0.85 - a consistent structural relationship.

FHKAX vs. CQQQ - Sectors Allocation Comparison

Sectors	FHKAX	CQQQ
Technology	59.9%	57.0%
Consumer Cyclical	8.9%	16.5%
Industrials	7.4%	1.2%
Financial Services	7.0%	0.5%
Communication Services	6.0%	24.7%
Basic Materials	5.5%	0.1%
Healthcare	3.6%	-
Consumer Defensive	1.3%	-
Real Estate	0.3%	-
Energy	-	-
Utilities	-	-

Return for Risk

FHKAX vs. CQQQ — Risk / Return Rank

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

FHKAX

FHKAX Risk / Return Rank: 83
FHKAX Sharpe Ratio Rank: 83
FHKAX Sortino Ratio Rank: 75
FHKAX Omega Ratio Rank: 77
FHKAX Calmar Ratio Rank: 94
FHKAX Martin Ratio Rank: 88

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

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.

FHKAX vs. CQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor China Region Fund Class A (FHKAX) 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.

	FHKAX	CQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.99	0.30	+1.68
Sortino ratio: Return per unit of downside risk	2.55	0.66	+1.89
Omega ratio: Gain probability vs. loss probability	1.34	1.08	+0.26
Calmar ratio: Return relative to maximum drawdown	4.00	0.41	+3.59
Martin ratio: Return relative to average drawdown	11.39	0.88	+10.51

FHKAX vs. CQQQ - Sharpe Ratio Comparison

The current FHKAX Sharpe Ratio is 1.99, which is higher than the CQQQ Sharpe Ratio of 0.30. The chart below compares the historical Sharpe Ratios of FHKAX 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

FHKAX vs. CQQQ - Drawdown Comparison

The maximum FHKAX drawdown since its inception was -58.62%, smaller than the maximum CQQQ drawdown of -73.99%. Use the drawdown chart below to compare losses from any high point for FHKAX and CQQQ.

Drawdown Indicators

	FHKAX	CQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-58.62%	-73.99%	+15.37%
Max Drawdown (1Y) Largest decline over 1 year	-12.29%	-24.41%	+12.12%
Max Drawdown (3Y) Largest decline over 3 years	-22.15%	-34.42%	+12.27%
Max Drawdown (5Y) Largest decline over 5 years	-48.34%	-62.09%	+13.75%
Max Drawdown (10Y) Largest decline over 10 years	-58.62%	-73.99%	+15.37%
Current Drawdown Current decline from peak	-10.12%	-52.02%	+41.90%
Average Drawdown Average peak-to-trough decline	-18.87%	-28.49%	+9.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.31%	11.28%	-6.97%

Volatility

FHKAX vs. CQQQ - Volatility Comparison

The current volatility for Fidelity Advisor China Region Fund Class A (FHKAX) is 8.72%, while Invesco China Technology ETF (CQQQ) has a volatility of 12.09%. This indicates that FHKAX 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

	FHKAX	CQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.72%	12.09%	-3.37%
Volatility (6M) Calculated over the trailing 6-month period	20.80%	24.80%	-4.00%
Volatility (1Y) Calculated over the trailing 1-year period	24.78%	32.54%	-7.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.69%	38.19%	-13.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.65%	33.56%	-10.91%

FHKAX vs. CQQQ - Expense Ratio Comparison

FHKAX has a 1.21% expense ratio, which is higher than CQQQ's 0.70% expense ratio.

Dividends

FHKAX vs. CQQQ - Dividend Comparison

FHKAX's dividend yield for the trailing twelve months is around 1.27%, less than CQQQ's 2.24% 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%
FHKAX Fidelity Advisor China Region Fund Class A	1.27%	1.59%	1.22%	1.58%	0.59%	10.80%	4.71%	0.38%	0.39%	0.21%	0.99%	15.33%

Frequently Asked Questions

Can I hold both FHKAX and CQQQ in my portfolio?

FHKAX and CQQQ have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FHKAX or CQQQ?

CQQQ has higher volatility (12.09%) compared to FHKAX (8.72%). In terms of maximum drawdown, FHKAX dropped -58.62% vs CQQQ's -73.99%.

Which has better risk-adjusted returns?

FHKAX currently has the higher Sharpe Ratio (1.99 vs 0.30), 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.