PCCE vs. CLIP

Last updated Jul 12, 2026

PCCE (Polen Capital China Growth ETF) and CLIP (Global X 1-3 Month T-Bill ETF) are both exchange-traded funds - PCCE is a China Equities fund actively managed by Polen, while CLIP is a Ultrashort Bond fund tracking the Solactive 1-3 month US T-Bill Index - USD. PCCE is actively managed, while CLIP is passively managed. Over the past year, PCCE returned -0.44% vs 3.88% for CLIP. At a 0.02 correlation, their price movements are largely independent. PCCE charges 1.00%/yr vs 0.07%/yr for CLIP.

Performance

PCCE vs. CLIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Polen Capital China Growth ETF (PCCE) and Global X 1-3 Month T-Bill ETF (CLIP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCCE achieves a -6.04% return, which is significantly lower than CLIP's 1.89% return.

PCCE

• 1D: -1.24%
• 1M: -1.64%
• 6M: -9.96%
• YTD: -6.04%
• 1Y: -0.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CLIP

• 1D: 0.01%
• 1M: 0.27%
• 6M: 1.79%
• YTD: 1.89%
• 1Y: 3.88%
• 3Y*: 4.64%
• 5Y*: —
• 10Y*: —

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

PCCE vs. CLIP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PCCE Polen Capital China Growth ETF	-6.04%	23.07%	10.79%
CLIP Global X 1-3 Month T-Bill ETF	1.89%	4.23%	4.12%

Correlation

The correlation between PCCE and CLIP is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Mar 15, 2024	0.02

Return for Risk

PCCE vs. CLIP — Risk / Return Rank

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

PCCE

PCCE Risk / Return Rank: 9
PCCE Sharpe Ratio Rank: 9
PCCE Sortino Ratio Rank: 9
PCCE Omega Ratio Rank: 9
PCCE Calmar Ratio Rank: 9
PCCE Martin Ratio Rank: 9

CLIP

CLIP Risk / Return Rank: 100
CLIP Sharpe Ratio Rank: 100
CLIP Sortino Ratio Rank: 100
CLIP Omega Ratio Rank: 100
CLIP Calmar Ratio Rank: 100
CLIP Martin Ratio Rank: 100

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.

PCCE vs. CLIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Polen Capital China Growth ETF (PCCE) and Global X 1-3 Month T-Bill ETF (CLIP). 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.

	PCCE	CLIP	Difference
Sharpe ratio: Return per unit of total volatility	-0.02	17.92	-17.94
Sortino ratio: Return per unit of downside risk	0.11	95.59	-95.48
Omega ratio: Gain probability vs. loss probability	1.01	29.48	-28.47
Calmar ratio: Return relative to maximum drawdown	-0.02	196.85	-196.87
Martin ratio: Return relative to average drawdown	-0.04	1,501.36	-1,501.40

PCCE vs. CLIP - Sharpe Ratio Comparison

The current PCCE Sharpe Ratio is -0.02, which is lower than the CLIP Sharpe Ratio of 17.92. The chart below compares the historical Sharpe Ratios of PCCE and CLIP, 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

PCCE vs. CLIP - Drawdown Comparison

The maximum PCCE drawdown since its inception was -26.38%, which is greater than CLIP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for PCCE and CLIP.

Drawdown Indicators

	PCCE	CLIP	Difference
Max Drawdown Largest peak-to-trough decline	-26.38%	-0.08%	-26.30%
Max Drawdown (1Y) Largest decline over 1 year	-16.59%	-0.02%	-16.57%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.08%	—
Current Drawdown Current decline from peak	-14.25%	0.00%	-14.25%
Average Drawdown Average peak-to-trough decline	-10.08%	-0.00%	-10.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.43%	0.00%	+8.43%

Volatility

PCCE vs. CLIP - Volatility Comparison

Polen Capital China Growth ETF (PCCE) has a higher volatility of 5.96% compared to Global X 1-3 Month T-Bill ETF (CLIP) at 0.08%. This indicates that PCCE's price experiences larger fluctuations and is considered to be riskier than CLIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCCE	CLIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.96%	0.08%	+5.88%
Volatility (6M) Calculated over the trailing 6-month period	15.06%	0.16%	+14.90%
Volatility (1Y) Calculated over the trailing 1-year period	19.51%	0.22%	+19.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.01%	0.44%	+25.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.01%	0.44%	+25.57%

PCCE vs. CLIP - Expense Ratio Comparison

PCCE has a 1.00% expense ratio, which is higher than CLIP's 0.07% expense ratio.

Dividends

PCCE vs. CLIP - Dividend Comparison

PCCE's dividend yield for the trailing twelve months is around 2.43%, less than CLIP's 3.86% yield.

Position	TTM	2025	2024	2023
CLIP Global X 1-3 Month T-Bill ETF	3.86%	4.14%	5.11%	2.75%
PCCE Polen Capital China Growth ETF	2.43%	2.29%	1.95%	0.00%

Frequently Asked Questions

Can I hold both PCCE and CLIP in my portfolio?

PCCE and CLIP have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCCE or CLIP?

PCCE has higher volatility (5.96%) compared to CLIP (0.08%). In terms of maximum drawdown, PCCE dropped -26.38% vs CLIP's -0.08%.

Which ETF is better, PCCE or CLIP?

On 1-year performance, CLIP leads with 3.88% vs -0.44% for PCCE. On fees, CLIP is cheaper at 0.07% per year. On volatility, CLIP has been the lower-risk option at 0.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PCCE or CLIP?

Over the 1-year period, CLIP has performed better with a 3.88% return vs -0.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PCCE or CLIP?

CLIP is cheaper with a 0.07% expense ratio, compared with 1.00% for PCCE.

Which ETF pays a higher dividend yield, PCCE or CLIP?

CLIP has the higher dividend yield at 3.86%, compared with 2.43% for PCCE.

What is the main difference between PCCE and CLIP?

PCCE is categorized as China Equities, while CLIP is Ultrashort Bond. They also come from different issuers: Polen and Global X. Their fees differ too: 1.00% for PCCE and 0.07% for CLIP.

Which has better risk-adjusted returns?

CLIP currently has the higher Sharpe Ratio (17.92 vs -0.02), 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.