PGJ vs. CHIQ

Last updated Jun 26, 2026

PGJ (Invesco Golden Dragon China ETF) and CHIQ (Global X MSCI China Consumer Discretionary ETF) are both China Equities funds - PGJ tracks the Halter USX China Index while CHIQ tracks the MSCI China Consumer Discretionary 10/50 Index. Both are passively managed. Over the past 10 years, PGJ returned -0.29%/yr vs 5.79%/yr for CHIQ. Their correlation of 0.84 suggests significant overlap in exposure. PGJ charges 0.70%/yr vs 0.65%/yr for CHIQ.

Performance

PGJ vs. CHIQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Golden Dragon China ETF (PGJ) and Global X MSCI China Consumer Discretionary ETF (CHIQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PGJ achieves a -23.70% return, which is significantly higher than CHIQ's -26.08% return. Over the past 10 years, PGJ has underperformed CHIQ with an annualized return of -0.29%, while CHIQ has yielded a comparatively higher 5.79% annualized return.

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%

CHIQ

• 1D: -2.06%
• 1M: -15.21%
• YTD: -26.08%
• 6M: -26.95%
• 1Y: -25.74%
• 3Y*: -2.12%
• 5Y*: -13.51%
• 10Y*: 5.79%

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

PGJ vs. CHIQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGJ Invesco Golden Dragon China ETF	-23.70%	13.66%	5.91%	-2.38%	-24.50%	-42.87%	54.24%	32.18%	-29.51%	60.27%
CHIQ Global X MSCI China Consumer Discretionary ETF	-26.08%	13.69%	10.74%	-10.70%	-22.01%	-27.07%	92.61%	44.19%	-28.65%	67.74%

Correlation

The correlation between PGJ and CHIQ is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Dec 1, 2009	0.84

The correlation between PGJ and CHIQ has been stable across timeframes, ranging from 0.83 to 0.92 - a consistent structural relationship.

PGJ vs. CHIQ - Sectors Allocation Comparison

Sectors	PGJ	CHIQ
Consumer Cyclical	44.4%	95.8%
Communication Services	26.3%	-
Technology	11.4%	0.3%
Consumer Defensive	7.6%	3.2%
Financial Services	3.9%	-
Real Estate	3.1%	0.3%
Industrials	2.6%	0.2%
Energy	2.1%	-
Healthcare	0.7%	-
Basic Materials	-	-
Utilities	-	-

Return for Risk

PGJ vs. CHIQ — Risk / Return Rank

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

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

CHIQ

CHIQ Risk / Return Rank: 1
CHIQ Sharpe Ratio Rank: 1
CHIQ Sortino Ratio Rank: 1
CHIQ Omega Ratio Rank: 1
CHIQ Calmar Ratio Rank: 3
CHIQ Martin Ratio Rank: 0

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.

PGJ vs. CHIQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Golden Dragon China ETF (PGJ) and Global X MSCI China Consumer Discretionary ETF (CHIQ). 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	CHIQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.88	-1.16	+0.28
Sortino ratio: Return per unit of downside risk	-1.20	-1.65	+0.45
Omega ratio: Gain probability vs. loss probability	0.87	0.82	+0.05
Calmar ratio: Return relative to maximum drawdown	-0.61	-0.73	+0.12
Martin ratio: Return relative to average drawdown	-1.41	-1.84	+0.43

PGJ vs. CHIQ - Sharpe Ratio Comparison

The current PGJ Sharpe Ratio is -0.88, which is comparable to the CHIQ Sharpe Ratio of -1.16. The chart below compares the historical Sharpe Ratios of PGJ and CHIQ, 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

PGJ vs. CHIQ - Drawdown Comparison

The maximum PGJ drawdown since its inception was -78.37%, which is greater than CHIQ's maximum drawdown of -67.04%. Use the drawdown chart below to compare losses from any high point for PGJ and CHIQ.

Drawdown Indicators

	PGJ	CHIQ	Difference
Max Drawdown Largest peak-to-trough decline	-78.37%	-67.04%	-11.33%
Max Drawdown (1Y) Largest decline over 1 year	-35.08%	-35.53%	+0.45%
Max Drawdown (3Y) Largest decline over 3 years	-35.08%	-35.53%	+0.45%
Max Drawdown (5Y) Largest decline over 5 years	-70.00%	-59.95%	-10.05%
Max Drawdown (10Y) Largest decline over 10 years	-78.37%	-67.04%	-11.33%
Current Drawdown Current decline from peak	-70.91%	-61.22%	-9.69%
Average Drawdown Average peak-to-trough decline	-31.83%	-30.70%	-1.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.21%	14.03%	+1.18%

Volatility

PGJ vs. CHIQ - Volatility Comparison

Invesco Golden Dragon China ETF (PGJ) and Global X MSCI China Consumer Discretionary ETF (CHIQ) have volatilities of 6.66% and 6.76%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGJ	CHIQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.66%	6.76%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	17.82%	16.27%	+1.55%
Volatility (1Y) Calculated over the trailing 1-year period	24.38%	22.30%	+2.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.77%	37.76%	+6.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.71%	32.43%	+4.28%

PGJ vs. CHIQ - Expense Ratio Comparison

PGJ has a 0.70% expense ratio, which is higher than CHIQ's 0.65% expense ratio.

Dividends

PGJ vs. CHIQ - Dividend Comparison

PGJ's dividend yield for the trailing twelve months is around 3.50%, more than CHIQ's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CHIQ Global X MSCI China Consumer Discretionary ETF	2.00%	1.48%	2.65%	2.26%	0.38%	0.00%	0.11%	1.05%	2.71%	0.62%	1.51%	4.86%
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 PGJ and CHIQ in my portfolio?

PGJ and CHIQ have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PGJ or CHIQ?

CHIQ has higher volatility (6.76%) compared to PGJ (6.66%). In terms of maximum drawdown, PGJ dropped -78.37% vs CHIQ's -67.04%.

Which ETF is better, PGJ or CHIQ?

On 10-year performance, CHIQ leads with 5.79% vs -0.29% for PGJ. On fees, CHIQ is cheaper at 0.65% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PGJ or CHIQ?

Over the 10-year period, CHIQ has performed better with a 5.79% return vs -0.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PGJ or CHIQ?

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

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

PGJ has the higher dividend yield at 3.50%, compared with 2.00% for CHIQ.

What is the main difference between PGJ and CHIQ?

PGJ tracks Halter USX China Index, while CHIQ tracks MSCI China Consumer Discretionary 10/50 Index. They also come from different issuers: Invesco and Global X. Their fees differ too: 0.70% for PGJ and 0.65% for CHIQ.

Which has better risk-adjusted returns?

PGJ currently has the higher Sharpe Ratio (-0.88 vs -1.16), 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.