Utilizing the 2017 China LOF stock fund from 2017 to 2019 as samples, this study bases on the CPAM model, incorporates volatility timing factor and income timing factor into the model, and controls the scale effect and the value effect, so as to build a model by which we can evaluate the volatility timing ability of China funds. The empirical results suggest that, whenever in the rising period, the dumping period or the whole period, there are very few funds that are equipped with the volatility timing ability; with further observation, we could find that these funds are not come from the funds with stock selection ability, the outcome which could mean that the short-selling mechanism in the Chinese market is not enough satisfying in the sample period, or that the Chinese fund managers' ability to predict market trends needs to be enhanced. As a conclusion, this study suggests that when trading funds in Chinese market, investors could start from the stock selection ability, choosing funds that both outperform the market and do that persistently.