KCAI vs. CNQQ

Last updated Jun 27, 2026

KCAI (KraneShares China Alpha Index ETF) and CNQQ (Rayliant-ChinaAMC Transformative China Tech ETF) are both China Equities funds - KCAI tracks the Qi China Alpha Index while CNQQ tracks the Solactive ChinaAMC Transformative China Tech. Both are passively managed. A 0.50 correlation means they provide meaningful diversification when combined. KCAI charges 0.79%/yr vs 0.75%/yr for CNQQ.

Performance

KCAI vs. CNQQ - Performance Comparison

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

Returns By Period

In the year-to-date period, KCAI achieves a 4.28% return, which is significantly lower than CNQQ's 10.87% return.

KCAI

• 1D: -1.13%
• 1M: -1.87%
• YTD: 4.28%
• 6M: 4.63%
• 1Y: 43.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CNQQ

• 1D: -1.91%
• 1M: 0.29%
• YTD: 10.87%
• 6M: 9.31%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KCAI vs. CNQQ - Yearly Performance Comparison

	2026 (YTD)	2025
KCAI KraneShares China Alpha Index ETF	4.28%	11.90%
CNQQ Rayliant-ChinaAMC Transformative China Tech ETF	10.87%	-5.22%

Correlation

The correlation between KCAI and CNQQ is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 26, 2025	0.50

Return for Risk

KCAI vs. CNQQ — Risk / Return Rank

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

KCAI

KCAI Risk / Return Rank: 95
KCAI Sharpe Ratio Rank: 95
KCAI Sortino Ratio Rank: 95
KCAI Omega Ratio Rank: 93
KCAI Calmar Ratio Rank: 97
KCAI Martin Ratio Rank: 96

CNQQ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

KCAI vs. CNQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares China Alpha Index ETF (KCAI) 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.

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.

	KCAI	CNQQ	Difference
Sharpe ratio: Return per unit of total volatility	3.20	—	—
Sortino ratio: Return per unit of downside risk	4.57	—	—
Omega ratio: Gain probability vs. loss probability	1.56	—	—
Calmar ratio: Return relative to maximum drawdown	9.93	—	—
Martin ratio: Return relative to average drawdown	28.09	—	—

Drawdowns

KCAI vs. CNQQ - Drawdown Comparison

The maximum KCAI drawdown since its inception was -25.48%, which is greater than CNQQ's maximum drawdown of -17.82%. Use the drawdown chart below to compare losses from any high point for KCAI and CNQQ.

Drawdown Indicators

	KCAI	CNQQ	Difference
Max Drawdown Largest peak-to-trough decline	-25.48%	-17.82%	-7.66%
Max Drawdown (1Y) Largest decline over 1 year	-4.41%	—	—
Current Drawdown Current decline from peak	-4.41%	-2.74%	-1.67%
Average Drawdown Average peak-to-trough decline	-6.99%	-8.70%	+1.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.55%	—	—

Volatility

Volatility by Period

	KCAI	CNQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.56%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.00%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.69%	25.35%	-11.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.02%	25.35%	-4.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.02%	25.35%	-4.33%

KCAI vs. CNQQ - Expense Ratio Comparison

KCAI has a 0.79% expense ratio, which is higher than CNQQ's 0.75% expense ratio.

Dividends

KCAI vs. CNQQ - Dividend Comparison

KCAI's dividend yield for the trailing twelve months is around 33.97%, more than CNQQ's 0.23% yield.

Position	TTM	2025	2024
CNQQ Rayliant-ChinaAMC Transformative China Tech ETF	0.23%	0.09%	0.00%
KCAI KraneShares China Alpha Index ETF	33.97%	35.42%	2.19%

Frequently Asked Questions

Can I hold both KCAI and CNQQ in my portfolio?

KCAI and CNQQ have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KCAI 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, KCAI or CNQQ?

CNQQ is cheaper with a 0.75% expense ratio, compared with 0.79% for KCAI.

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

KCAI has the higher dividend yield at 33.97%, compared with 0.23% for CNQQ.

What is the main difference between KCAI and CNQQ?

KCAI tracks Qi China Alpha Index, while CNQQ tracks Solactive ChinaAMC Transformative China Tech. They also come from different issuers: KraneShares and Rayliant. Their fees differ too: 0.79% for KCAI and 0.75% for CNQQ.