NBCE vs. PGJ

Last updated Apr 2, 2026

Compare and contrast key facts about Neuberger Berman China Equity ETF (NBCE) and Invesco Golden Dragon China ETF (PGJ).

NBCE and PGJ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. NBCE is an actively managed fund by Neuberger Berman. It was launched on Oct 13, 2023. PGJ is a passively managed fund by Invesco that tracks the performance of the Halter USX China Index. It was launched on Dec 9, 2004.

Performance

NBCE vs. PGJ - Performance Comparison

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

NBCE vs. PGJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NBCE Neuberger Berman China Equity ETF	4.06%	39.08%	3.35%	-2.22%
PGJ Invesco Golden Dragon China ETF	-9.88%	13.66%	5.91%	0.04%

Returns By Period

In the year-to-date period, NBCE achieves a 4.06% return, which is significantly higher than PGJ's -9.88% return.

NBCE

• 1D: 0.71%
• 1M: -5.73%
• YTD: 4.06%
• 6M: 5.31%
• 1Y: 34.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PGJ

• 1D: 0.44%
• 1M: -5.61%
• YTD: -9.88%
• 6M: -22.40%
• 1Y: -10.26%
• 3Y*: -0.87%
• 5Y*: -14.84%
• 10Y*: 0.23%

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

NBCE vs. PGJ - Expense Ratio Comparison

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

NBCE

Neuberger Berman China Equity ETF

PGJ

Invesco Golden Dragon China ETF

Return for Risk

NBCE vs. PGJ — Risk / Return Rank

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

NBCE

NBCE Risk / Return Rank: 81
NBCE Sharpe Ratio Rank: 82
NBCE Sortino Ratio Rank: 79
NBCE Omega Ratio Rank: 80
NBCE Calmar Ratio Rank: 80
NBCE Martin Ratio Rank: 84

PGJ

PGJ Risk / Return Rank: 5
PGJ Sharpe Ratio Rank: 5
PGJ Sortino Ratio Rank: 6
PGJ Omega Ratio Rank: 6
PGJ Calmar Ratio Rank: 6
PGJ Martin Ratio Rank: 5

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.

NBCE vs. PGJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman China Equity ETF (NBCE) 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.

	NBCE	PGJ	Difference
Sharpe ratio Return per unit of total volatility	1.68	-0.38	+2.06
Sortino ratio Return per unit of downside risk	2.15	-0.36	+2.51
Omega ratio Gain probability vs. loss probability	1.33	0.96	+0.37
Calmar ratio Return relative to maximum drawdown	2.51	-0.38	+2.89
Martin ratio Return relative to average drawdown	10.78	-0.91	+11.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NBCE vs. PGJ - Sharpe Ratio Comparison

The current NBCE Sharpe Ratio is 1.68, which is higher than the PGJ Sharpe Ratio of -0.38. The chart below compares the historical Sharpe Ratios of NBCE and PGJ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NBCE	PGJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.68	-0.38	+2.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.34	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.01	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.12	+0.58

Correlation

The correlation between NBCE and PGJ is 0.65, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

NBCE vs. PGJ - Dividend Comparison

NBCE's dividend yield for the trailing twelve months is around 1.27%, less than PGJ's 3.51% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NBCE Neuberger Berman China Equity ETF	1.27%	1.32%	1.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PGJ Invesco Golden Dragon China ETF	3.51%	3.38%	4.70%	2.50%	0.84%	0.00%	0.30%	0.17%	0.31%	2.05%	1.94%	0.37%

Drawdowns

NBCE vs. PGJ - Drawdown Comparison

The maximum NBCE drawdown since its inception was -28.42%, smaller than the maximum PGJ drawdown of -78.37%. Use the drawdown chart below to compare losses from any high point for NBCE and PGJ.

Drawdown Indicators

	NBCE	PGJ	Difference
Max Drawdown Largest peak-to-trough decline	-28.42%	-78.37%	+49.95%
Max Drawdown (1Y) Largest decline over 1 year	-13.14%	-25.69%	+12.55%
Max Drawdown (5Y) Largest decline over 5 years	—	-72.28%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-78.37%	—
Current Drawdown Current decline from peak	-6.47%	-65.65%	+59.18%
Average Drawdown Average peak-to-trough decline	-9.66%	-31.47%	+21.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	10.73%	-7.64%

Volatility

NBCE vs. PGJ - Volatility Comparison

The current volatility for Neuberger Berman China Equity ETF (NBCE) is 6.08%, while Invesco Golden Dragon China ETF (PGJ) has a volatility of 7.25%. This indicates that NBCE 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

	NBCE	PGJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.08%	7.25%	-1.17%
Volatility (6M) Calculated over the trailing 6-month period	13.52%	17.78%	-4.26%
Volatility (1Y) Calculated over the trailing 1-year period	20.37%	27.39%	-7.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.19%	43.90%	-19.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.19%	36.63%	-12.44%