PGJ vs. CLIP

Last updated Jun 25, 2026

PGJ (Invesco Golden Dragon China ETF) and CLIP (Global X 1-3 Month T-Bill ETF) are both exchange-traded funds - PGJ is a China Equities fund tracking the Halter USX China Index, while CLIP is a Ultrashort Bond fund tracking the Solactive 1-3 month US T-Bill Index - USD. Both are passively managed. Over the past 3 years, PGJ returned -1.44%/yr vs 4.64%/yr for CLIP. At a correlation of -0.05, they often move in opposite directions. PGJ charges 0.70%/yr vs 0.07%/yr for CLIP.

Performance

PGJ vs. CLIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Golden Dragon China ETF (PGJ) 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, PGJ achieves a -21.51% return, which is significantly lower than CLIP's 1.72% return.

PGJ

• 1D: -1.66%
• 1M: -10.15%
• YTD: -21.51%
• 6M: -22.68%
• 1Y: -19.61%
• 3Y*: -1.44%
• 5Y*: -15.62%
• 10Y*: -0.25%

CLIP

• 1D: 0.01%
• 1M: 0.30%
• YTD: 1.72%
• 6M: 1.78%
• 1Y: 3.95%
• 3Y*: 4.64%
• 5Y*: —
• 10Y*: —

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

PGJ vs. CLIP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PGJ Invesco Golden Dragon China ETF	-21.51%	13.66%	5.91%	-2.54%
CLIP Global X 1-3 Month T-Bill ETF	1.72%	4.23%	5.26%	2.82%

Correlation

The correlation between PGJ and CLIP is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Jun 21, 2023	-0.05

Return for Risk

PGJ vs. CLIP — 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: 3

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.

PGJ vs. CLIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Golden Dragon China ETF (PGJ) 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.

	PGJ	CLIP	Difference
Sharpe ratio: Return per unit of total volatility	-0.81	17.84	-18.65
Sortino ratio: Return per unit of downside risk	-1.09	80.86	-81.95
Omega ratio: Gain probability vs. loss probability	0.88	26.35	-25.46
Calmar ratio: Return relative to maximum drawdown	-0.59	141.67	-142.26
Martin ratio: Return relative to average drawdown	-1.31	1,281.30	-1,282.61

PGJ vs. CLIP - Sharpe Ratio Comparison

The current PGJ Sharpe Ratio is -0.81, which is lower than the CLIP Sharpe Ratio of 17.84. The chart below compares the historical Sharpe Ratios of PGJ 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

PGJ vs. CLIP - Drawdown Comparison

The maximum PGJ drawdown since its inception was -78.37%, which is greater than CLIP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for PGJ and CLIP.

Drawdown Indicators

	PGJ	CLIP	Difference
Max Drawdown Largest peak-to-trough decline	-78.37%	-0.08%	-78.29%
Max Drawdown (1Y) Largest decline over 1 year	-33.22%	-0.03%	-33.19%
Max Drawdown (3Y) Largest decline over 3 years	-33.22%	-0.08%	-33.14%
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	-70.08%	0.00%	-70.08%
Average Drawdown Average peak-to-trough decline	-31.83%	-0.00%	-31.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.05%	0.00%	+15.05%

Volatility

PGJ vs. CLIP - Volatility Comparison

Invesco Golden Dragon China ETF (PGJ) has a higher volatility of 6.32% compared to Global X 1-3 Month T-Bill ETF (CLIP) at 0.06%. This indicates that PGJ'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

	PGJ	CLIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.32%	0.06%	+6.26%
Volatility (6M) Calculated over the trailing 6-month period	17.65%	0.15%	+17.50%
Volatility (1Y) Calculated over the trailing 1-year period	24.47%	0.22%	+24.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.75%	0.44%	+43.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.71%	0.44%	+36.27%

PGJ vs. CLIP - Expense Ratio Comparison

PGJ has a 0.70% expense ratio, which is higher than CLIP's 0.07% expense ratio.

Dividends

PGJ vs. CLIP - Dividend Comparison

PGJ's dividend yield for the trailing twelve months is around 3.40%, less than CLIP's 3.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CLIP Global X 1-3 Month T-Bill ETF	3.90%	4.14%	5.11%	2.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PGJ Invesco Golden Dragon China ETF	3.40%	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 CLIP in my portfolio?

PGJ and CLIP have a correlation of -0.10, 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 CLIP?

PGJ has higher volatility (6.32%) compared to CLIP (0.06%). In terms of maximum drawdown, PGJ dropped -78.37% vs CLIP's -0.08%.

Which ETF is better, PGJ or CLIP?

On 3-year performance, CLIP leads with 4.64% vs -1.44% for PGJ. On fees, CLIP is cheaper at 0.07% per year. On volatility, CLIP has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PGJ or CLIP?

Over the 3-year period, CLIP has performed better with a 4.64% return vs -1.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PGJ or CLIP?

CLIP is cheaper with a 0.07% expense ratio, compared with 0.70% for PGJ.

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

CLIP has the higher dividend yield at 3.90%, compared with 3.40% for PGJ.

What is the main difference between PGJ and CLIP?

PGJ is categorized as China Equities, while CLIP is Ultrashort Bond. PGJ tracks Halter USX China Index, while CLIP tracks Solactive 1-3 month US T-Bill Index - USD. They also come from different issuers: Invesco and Global X. Their fees differ too: 0.70% for PGJ and 0.07% for CLIP.

Which has better risk-adjusted returns?

CLIP currently has the higher Sharpe Ratio (17.84 vs -0.81), 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.