ISVBF vs. PGJ
ISVBF (iShares MSCI China A UCITS ETF) and PGJ (Invesco Golden Dragon China ETF) are both China Equities funds - ISVBF tracks the MSCI China A Inclusion Index while PGJ tracks the Halter USX China Index. Both are passively managed. Over the past 5 years, ISVBF returned -6.63%/yr vs -16.10%/yr for PGJ. At a 0.30 correlation, their price movements are largely independent. ISVBF charges 0.40%/yr vs 0.70%/yr for PGJ.
Performance
ISVBF vs. PGJ - Performance Comparison
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Returns By Period
In the year-to-date period, ISVBF achieves a -14.80% return, which is significantly higher than PGJ's -23.70% return.
ISVBF
- 1D
- -0.85%
- 1M
- -9.22%
- YTD
- -14.80%
- 6M
- -14.96%
- 1Y
- -6.39%
- 3Y*
- 7.90%
- 5Y*
- -6.63%
- 10Y*
- —
PGJ
- 1D
- -2.80%
- 1M
- -12.94%
- YTD
- -23.70%
- 6M
- -24.84%
- 1Y
- -21.34%
- 3Y*
- -2.41%
- 5Y*
- -16.10%
- 10Y*
- -0.29%
ISVBF vs. PGJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ISVBF iShares MSCI China A UCITS ETF | -14.80% | 30.64% | 18.96% | -9.28% | -23.01% | -22.12% |
PGJ Invesco Golden Dragon China ETF | -23.70% | 13.66% | 5.91% | -2.38% | -24.50% | -40.68% |
Correlation
The correlation between ISVBF and PGJ is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since May 5, 2021 | 0.30 |
Over the past year, ISVBF and PGJ have become more correlated (0.58) than their long-term average of 0.30, meaning their price movements have been converging.
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Return for Risk
ISVBF vs. PGJ — Risk / Return Rank
ISVBF
PGJ
ISVBF vs. PGJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China A UCITS ETF (ISVBF) 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.
| ISVBF | PGJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.67 | ||
| Sortino ratioReturn per unit of downside risk | +1.11 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 0.87 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.28 | -0.61 | +0.33 |
| Martin ratioReturn relative to average drawdown | -0.68 | -1.41 | +0.72 |
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Drawdowns
ISVBF vs. PGJ - Drawdown Comparison
The maximum ISVBF drawdown since its inception was -53.78%, smaller than the maximum PGJ drawdown of -78.37%. Use the drawdown chart below to compare losses from any high point for ISVBF and PGJ.
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Drawdown Indicators
| ISVBF | PGJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.78% | -78.37% | +24.59% |
Max Drawdown (1Y)Largest decline over 1 year | -22.63% | -35.08% | +12.45% |
Max Drawdown (3Y)Largest decline over 3 years | -23.77% | -35.08% | +11.31% |
Max Drawdown (5Y)Largest decline over 5 years | -52.51% | -70.00% | +17.49% |
Max Drawdown (10Y)Largest decline over 10 years | — | -78.37% | — |
Current DrawdownCurrent decline from peak | -30.95% | -70.91% | +39.96% |
Average DrawdownAverage peak-to-trough decline | -32.68% | -31.83% | -0.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.39% | 15.21% | -5.82% |
Volatility
ISVBF vs. PGJ - Volatility Comparison
iShares MSCI China A UCITS ETF (ISVBF) has a higher volatility of 7.55% compared to Invesco Golden Dragon China ETF (PGJ) at 6.66%. This indicates that ISVBF's price experiences larger fluctuations and is considered to be riskier 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
| ISVBF | PGJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.55% | 6.66% | +0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 26.94% | 17.82% | +9.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.86% | 24.38% | +6.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.32% | 43.77% | -13.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.14% | 36.71% | -6.57% |
ISVBF vs. PGJ - Expense Ratio Comparison
ISVBF has a 0.40% expense ratio, which is lower than PGJ's 0.70% expense ratio.
Dividends
ISVBF vs. PGJ - Dividend Comparison
ISVBF has not paid dividends to shareholders, while PGJ's dividend yield for the trailing twelve months is around 3.50%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ISVBF iShares MSCI China A UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PGJ Invesco Golden Dragon China ETF | 3.50% | 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
ISVBF and PGJ have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ISVBF has higher volatility (7.55%) compared to PGJ (6.66%). In terms of maximum drawdown, ISVBF dropped -53.78% vs PGJ's -78.37%.
On 5-year performance, ISVBF leads with -6.63% vs -16.10% for PGJ. On fees, ISVBF is cheaper at 0.40% per year. On volatility, PGJ has been the lower-risk option at 6.66%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, ISVBF has performed better with a -6.63% return vs -16.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ISVBF is cheaper with a 0.40% expense ratio, compared with 0.70% for PGJ.
PGJ has the higher dividend yield at 3.50%, compared with 0.00% for ISVBF.
ISVBF tracks MSCI China A Inclusion Index, while PGJ tracks Halter USX China Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.40% for ISVBF and 0.70% for PGJ.
ISVBF currently has the higher Sharpe Ratio (-0.21 vs -0.88), 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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