PGJ vs. BITI
PGJ (Invesco Golden Dragon China ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - PGJ is a China Equities fund tracking the Halter USX China Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, PGJ returned -2.44%/yr vs -32.35%/yr for BITI. Their -0.28 correlation means they have often moved in opposite directions in the past. PGJ charges 0.70%/yr vs 1.03%/yr for BITI.
Performance
PGJ vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, PGJ achieves a -10.65% return, which is significantly lower than BITI's 25.22% return.
PGJ
- 1D
- 0.68%
- 1M
- 12.40%
- 6M
- -12.46%
- YTD
- -10.65%
- 1Y
- -7.71%
- 3Y*
- -2.44%
- 5Y*
- -9.42%
- 10Y*
- 0.02%
- ALL TIME*
- 4.06%
BITI
- 1D
- -1.48%
- 1M
- -4.03%
- 6M
- 13.09%
- YTD
- 25.22%
- 1Y
- 56.28%
- 3Y*
- -32.35%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -35.83%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $24.18M | $25.87M | $38.72M | |
| $588.59K | $569.42K | $702.75K |
PGJ vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PGJ Invesco Golden Dragon China ETF | -10.65% | 13.66% | 5.91% | -2.38% | -9.08% |
BITI ProShares Short Bitcoin ETF | 25.22% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between PGJ and BITI is -0.38, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.38 |
Correlation (3Y) Balances recent behavior with more history. | -0.24 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.28 |
The correlation between PGJ and BITI shifts across timeframes, from -0.38 (1 year) to -0.24 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PGJ vs. BITI — Risk / Return Rank
PGJ
BITI
PGJ vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Golden Dragon China ETF (PGJ) and ProShares Short Bitcoin ETF (BITI). 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.
| PGJ | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.59 | ||
| Sortino ratioReturn per unit of downside risk | -2.14 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.22 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.22 | 2.24 | -2.46 |
| Martin ratioReturn relative to average drawdown | -0.43 | 5.45 | -5.88 |
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Drawdowns
PGJ vs. BITI - Drawdown Comparison
The maximum PGJ drawdown since its inception was -78.37%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for PGJ and BITI.
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Drawdown Indicators
| PGJ | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.37% | -92.16% | +13.79% |
Max Drawdown (1Y)Largest decline over 1 year | -35.08% | -25.28% | -9.80% |
Max Drawdown (3Y)Largest decline over 3 years | -35.08% | -84.63% | +49.55% |
Max Drawdown (5Y)Largest decline over 5 years | -62.75% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -78.37% | — | — |
Current DrawdownCurrent decline from peak | -65.94% | -86.33% | +20.39% |
Average DrawdownAverage peak-to-trough decline | -32.01% | -68.61% | +36.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.86% | 10.37% | +7.49% |
Volatility
PGJ vs. BITI - Volatility Comparison
The current volatility for Invesco Golden Dragon China ETF (PGJ) is 6.17%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 8.93%. This indicates that PGJ experiences smaller price fluctuations and is considered to be less risky than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PGJ | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.17% | 8.93% | -2.76% |
Volatility (6M)Calculated over the trailing 6-month period | 17.70% | 33.35% | -15.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.96% | 44.25% | -19.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.15% | 52.01% | -8.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.76% | 52.01% | -15.25% |
PGJ vs. BITI - Expense Ratio Comparison
PGJ has a 0.70% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
PGJ vs. BITI - Dividend Comparison
PGJ's dividend yield for the trailing twelve months is around 2.98%, less than BITI's 21.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 21.80% | 1.60% | 3.91% | 3.33% | 0.06% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PGJ Invesco Golden Dragon China ETF | 2.98% | 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
PGJ and BITI have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITI has higher volatility (8.93%) compared to PGJ (6.17%). In terms of maximum drawdown, PGJ dropped -78.37% vs BITI's -92.16%.
On 3-year performance, PGJ leads with -2.44% vs -32.35% for BITI. On fees, PGJ is cheaper at 0.70% per year. On volatility, PGJ has been the lower-risk option at 6.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PGJ has performed better with a -2.44% return vs -32.35%. 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 1.03% for BITI.
BITI has the higher dividend yield at 21.80%, compared with 2.98% for PGJ.
PGJ is categorized as China Equities, while BITI is Cryptocurrency. PGJ tracks Halter USX China Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.70% for PGJ and 1.03% for BITI.
BITI currently has the higher Sharpe Ratio (1.28 vs -0.31), 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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