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FXI vs. PGJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FXI vs. PGJ

Last updated Aug 2, 2026
Documentation

FXI (iShares China Large-Cap ETF) and PGJ (Invesco Golden Dragon China ETF) are both China Equities funds - FXI tracks the FTSE China 50 Index while PGJ tracks the Halter USX China Index. Both are passively managed. Over the past 10 years, FXI returned 2.81%/yr vs 0.17%/yr for PGJ. Their correlation of 0.81 means they have usually moved in the same direction. FXI charges 0.74%/yr vs 0.70%/yr for PGJ.

Performance

FXI vs. PGJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares China Large-Cap ETF (FXI) and Invesco Golden Dragon China ETF (PGJ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FXI achieves a -3.96% return, which is significantly higher than PGJ's -11.25% return. Over the past 10 years, FXI has outperformed PGJ with an annualized return of 2.81%, while PGJ has yielded a comparatively lower 0.17% annualized return.

FXI

1D
-0.05%
1M
14.38%
6M
-7.16%
YTD
-3.96%
1Y
0.93%
3Y*
9.88%
5Y*
0.26%
10Y*
2.81%
ALL TIME*
5.58%

PGJ

1D
1.58%
1M
11.64%
6M
-13.65%
YTD
-11.25%
1Y
-8.34%
3Y*
-3.26%
5Y*
-9.61%
10Y*
0.17%
ALL TIME*
4.03%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

FXI

iShares China Large-Cap ETF
$773.89M$798.32M$975.73M

PGJ

Invesco Golden Dragon China ETF
$583.27K$580.37K$696.60K

FXI vs. PGJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FXI
iShares China Large-Cap ETF		-3.96%28.95%28.98%-12.42%-20.66%-20.06%8.92%14.90%-13.28%36.26%
PGJ
Invesco Golden Dragon China ETF		-11.25%13.66%5.91%-2.38%-24.50%-42.87%54.24%32.18%-29.51%60.27%

Correlation

The correlation between FXI and PGJ is 0.83, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.83

Correlation (3Y)
Balances recent behavior with more history.

0.87

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.89

Correlation (10Y)
Provides a long-term view across more market conditions.

0.82

Correlation (All Time)
Calculated using the full available price history since Dec 9, 2004

0.81

The correlation between FXI and PGJ has been stable across timeframes, ranging from 0.81 to 0.89 - a consistent structural relationship.

FXI vs. PGJ - Sectors Allocation Comparison

Sectors
FXI
PGJ

Financial Services

35.2%
6.8%

Consumer Cyclical

25.3%
43.7%

Communication Services

17.8%
13.0%

Technology

5.9%
17.6%

Energy

4.8%
0.6%

Basic Materials

3.4%
0.0%

Industrials

2.8%
6.7%

Healthcare

2.6%
0.7%

Real Estate

1.0%
2.3%

Consumer Defensive

0.8%
8.2%

Utilities

0.3%

-

Financial Services

FXI
35.2%
PGJ
6.8%

Consumer Cyclical

FXI
25.3%
PGJ
43.7%

Communication Services

FXI
17.8%
PGJ
13.0%

Technology

FXI
5.9%
PGJ
17.6%

Energy

FXI
4.8%
PGJ
0.6%

Basic Materials

FXI
3.4%
PGJ
0.0%

Industrials

FXI
2.8%
PGJ
6.7%

Healthcare

FXI
2.6%
PGJ
0.7%

Real Estate

FXI
1.0%
PGJ
2.3%

Consumer Defensive

FXI
0.8%
PGJ
8.2%

Utilities

FXI
0.3%
PGJ

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares China Large-Cap ETF

Invesco Golden Dragon China ETF

Often compared with FXI:
FXI vs. MCHIFXI vs. KWEBFXI vs. CQQQFXI vs. ASHRFXI vs. EWHFXI vs. EEMFXI vs. GXC
Often compared with PGJ:
PGJ vs. KWEBPGJ vs. CQQQPGJ vs. MCHIPGJ vs. CHIQPGJ vs. CXSEPGJ vs. VOOPGJ vs. URA

Return for Risk

FXI vs. PGJ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
FXI
FXI Risk / Return Rank: 1010
Overall Rank
FXI Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
FXI Sortino Ratio Rank: 1010
Sortino Ratio Rank
FXI Omega Ratio Rank: 1010
Omega Ratio Rank
FXI Calmar Ratio Rank: 1010
Calmar Ratio Rank
FXI Martin Ratio Rank: 1010
Martin Ratio Rank
PGJ
PGJ Risk / Return Rank: 66
Overall Rank
PGJ Sharpe Ratio Rank: 66
Sharpe Ratio Rank
PGJ Sortino Ratio Rank: 66
Sortino Ratio Rank
PGJ Omega Ratio Rank: 66
Omega Ratio Rank
PGJ Calmar Ratio Rank: 77
Calmar Ratio Rank
PGJ Martin Ratio Rank: 77
Martin Ratio Rank
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.

FXI vs. PGJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares China Large-Cap ETF (FXI) and Invesco Golden Dragon China ETF (PGJ). 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.

FXIPGJDifference
Sharpe ratioReturn per unit of total volatility
-0.04
-0.40

+0.36

Sortino ratioReturn per unit of downside risk
0.09
-0.42

+0.51

Omega ratioGain probability vs. loss probability

1.01

0.95

+0.06

Calmar ratioReturn relative to maximum drawdown

-0.03

-0.28

+0.25

Martin ratioReturn relative to average drawdown

-0.07

-0.56

+0.49

FXI vs. PGJ - Sharpe Ratio Comparison

The current FXI Sharpe Ratio is -0.04, which is higher than the PGJ Sharpe Ratio of -0.40. The chart below compares the historical Sharpe Ratios of FXI and PGJ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

FXI vs. PGJ - Drawdown Comparison

The maximum FXI drawdown since its inception was -72.68%, smaller than the maximum PGJ drawdown of -78.37%. Use the drawdown chart below to compare losses from any high point for FXI and PGJ.

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Drawdown Indicators

FXIPGJDifference

Max Drawdown

Largest peak-to-trough decline

-72.68%

-78.37%

+5.69%

Max Drawdown (1Y)

Largest decline over 1 year

-22.94%

-35.08%

+12.14%

Max Drawdown (3Y)

Largest decline over 3 years

-25.56%

-35.08%

+9.52%

Max Drawdown (5Y)

Largest decline over 5 years

-49.88%

-62.75%

+12.87%

Max Drawdown (10Y)

Largest decline over 10 years

-60.81%

-78.37%

+17.56%

Current Drawdown

Current decline from peak

-24.37%

-66.17%

+41.80%

Average Drawdown

Average peak-to-trough decline

-31.21%

-32.00%

+0.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.00%

17.80%

-7.80%

Volatility

FXI vs. PGJ - Volatility Comparison

The current volatility for iShares China Large-Cap ETF (FXI) is 5.14%, while Invesco Golden Dragon China ETF (PGJ) has a volatility of 6.58%. This indicates that FXI experiences smaller price fluctuations and is considered to be less risky than PGJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FXIPGJDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.14%

6.58%

-1.44%

Volatility (6M)

Calculated over the trailing 6-month period

14.61%

17.80%

-3.19%

Volatility (1Y)

Calculated over the trailing 1-year period

20.32%

24.97%

-4.65%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

31.44%

43.15%

-11.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.60%

36.74%

-9.14%

FXI vs. PGJ - Expense Ratio Comparison

FXI has a 0.74% expense ratio, which is higher than PGJ's 0.70% expense ratio.

Dividends

FXI vs. PGJ - Dividend Comparison

FXI's dividend yield for the trailing twelve months is around 1.86%, less than PGJ's 3.00% yield.

PositionTTM20252024202320222021202020192018201720162015
FXI
iShares China Large-Cap ETF		1.86%2.42%1.76%3.17%2.61%1.60%2.19%2.74%2.69%2.31%2.69%2.90%
PGJ
Invesco Golden Dragon China ETF		3.00%3.38%4.70%2.50%0.84%0.00%0.30%0.17%0.31%2.05%1.94%0.37%

Frequently Asked Questions

FXI and PGJ have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PGJ has higher volatility (6.58%) compared to FXI (5.14%). In terms of maximum drawdown, FXI dropped -72.68% vs PGJ's -78.37%.

On 10-year performance, FXI leads with 2.81% vs 0.17% for PGJ. On fees, PGJ is cheaper at 0.70% per year. On volatility, FXI has been the lower-risk option at 5.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FXI has performed better with a 2.81% return vs 0.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

PGJ is cheaper with a 0.70% expense ratio, compared with 0.74% for FXI.

PGJ has the higher dividend yield at 3.00%, compared with 1.86% for FXI.

FXI tracks FTSE China 50 Index, while PGJ tracks Halter USX China Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.74% for FXI and 0.70% for PGJ.

FXI currently has the higher Sharpe Ratio (-0.04 vs -0.40), 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.

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