JCHI vs. PGJ

Last updated Jun 26, 2026

JCHI (JPMorgan Active China ETF) and PGJ (Invesco Golden Dragon China ETF) are both China Equities funds. JCHI is actively managed, while PGJ is passively managed. Over the past 3 years, JCHI returned 7.47%/yr vs -2.41%/yr for PGJ. Their correlation of 0.86 suggests significant overlap in exposure. JCHI charges 0.65%/yr vs 0.70%/yr for PGJ.

Performance

JCHI vs. PGJ - Performance Comparison

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

Returns By Period

In the year-to-date period, JCHI achieves a -5.00% return, which is significantly higher than PGJ's -23.70% return.

JCHI

• 1D: -0.24%
• 1M: -5.91%
• YTD: -5.00%
• 6M: -5.85%
• 1Y: 7.72%
• 3Y*: 7.47%
• 5Y*: —
• 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%

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

JCHI vs. PGJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JCHI JPMorgan Active China ETF	-5.00%	27.66%	13.77%	-17.31%
PGJ Invesco Golden Dragon China ETF	-23.70%	13.66%	5.91%	-2.52%

Correlation

The correlation between JCHI and PGJ is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (All Time) Calculated using the full available price history since Mar 16, 2023	0.86

The correlation between JCHI and PGJ has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.

Return for Risk

JCHI vs. PGJ — Risk / Return Rank

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

JCHI

JCHI Risk / Return Rank: 15
JCHI Sharpe Ratio Rank: 15
JCHI Sortino Ratio Rank: 15
JCHI Omega Ratio Rank: 15
JCHI Calmar Ratio Rank: 15
JCHI Martin Ratio Rank: 15

PGJ

PGJ Risk / Return Rank: 3
PGJ Sharpe Ratio Rank: 3
PGJ Sortino Ratio Rank: 3
PGJ Omega Ratio Rank: 3
PGJ Calmar Ratio Rank: 4
PGJ Martin Ratio Rank: 2

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.

JCHI vs. PGJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Active China ETF (JCHI) 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.

	JCHI	PGJ	Difference
Sharpe ratio: Return per unit of total volatility	0.43	-0.88	+1.31
Sortino ratio: Return per unit of downside risk	0.72	-1.20	+1.92
Omega ratio: Gain probability vs. loss probability	1.09	0.87	+0.22
Calmar ratio: Return relative to maximum drawdown	0.54	-0.61	+1.15
Martin ratio: Return relative to average drawdown	1.21	-1.41	+2.61

JCHI vs. PGJ - Sharpe Ratio Comparison

The current JCHI Sharpe Ratio is 0.43, which is higher than the PGJ Sharpe Ratio of -0.88. The chart below compares the historical Sharpe Ratios of JCHI 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.

Drawdowns

JCHI vs. PGJ - Drawdown Comparison

The maximum JCHI drawdown since its inception was -29.57%, smaller than the maximum PGJ drawdown of -78.37%. Use the drawdown chart below to compare losses from any high point for JCHI and PGJ.

Drawdown Indicators

	JCHI	PGJ	Difference
Max Drawdown Largest peak-to-trough decline	-29.57%	-78.37%	+48.80%
Max Drawdown (1Y) Largest decline over 1 year	-14.37%	-35.08%	+20.71%
Max Drawdown (3Y) Largest decline over 3 years	-27.47%	-35.08%	+7.61%
Max Drawdown (5Y) Largest decline over 5 years	—	-70.00%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-78.37%	—
Current Drawdown Current decline from peak	-12.47%	-70.91%	+58.44%
Average Drawdown Average peak-to-trough decline	-13.27%	-31.83%	+18.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.41%	15.21%	-8.80%

Volatility

JCHI vs. PGJ - Volatility Comparison

The current volatility for JPMorgan Active China ETF (JCHI) is 6.09%, while Invesco Golden Dragon China ETF (PGJ) has a volatility of 6.66%. This indicates that JCHI 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.

Volatility by Period

	JCHI	PGJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.09%	6.66%	-0.57%
Volatility (6M) Calculated over the trailing 6-month period	13.12%	17.82%	-4.70%
Volatility (1Y) Calculated over the trailing 1-year period	17.99%	24.38%	-6.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.79%	43.77%	-18.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.79%	36.71%	-11.92%

JCHI vs. PGJ - Expense Ratio Comparison

JCHI has a 0.65% expense ratio, which is lower than PGJ's 0.70% expense ratio.

Dividends

JCHI vs. PGJ - Dividend Comparison

JCHI's dividend yield for the trailing twelve months is around 1.91%, less than PGJ's 3.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JCHI JPMorgan Active China ETF	1.91%	1.81%	2.12%	2.13%	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

Can I hold both JCHI and PGJ in my portfolio?

JCHI and PGJ have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JCHI or PGJ?

PGJ has higher volatility (6.66%) compared to JCHI (6.09%). In terms of maximum drawdown, JCHI dropped -29.57% vs PGJ's -78.37%.

Which ETF is better, JCHI or PGJ?

On 3-year performance, JCHI leads with 7.47% vs -2.41% for PGJ. On fees, JCHI is cheaper at 0.65% per year. On volatility, JCHI has been the lower-risk option at 6.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JCHI or PGJ?

Over the 3-year period, JCHI has performed better with a 7.47% return vs -2.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JCHI or PGJ?

JCHI is cheaper with a 0.65% expense ratio, compared with 0.70% for PGJ.

Which ETF pays a higher dividend yield, JCHI or PGJ?

PGJ has the higher dividend yield at 3.50%, compared with 1.91% for JCHI.

What is the main difference between JCHI and PGJ?

They also come from different issuers: JPMorgan and Invesco. Their fees differ too: 0.65% for JCHI and 0.70% for PGJ.

Which has better risk-adjusted returns?

JCHI currently has the higher Sharpe Ratio (0.43 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.