PGJ vs. CN

Last updated Jun 5, 2026

PGJ (Invesco Golden Dragon China ETF) and CN (Xtrackers MSCI All China Equity ETF) are both China Equities funds - PGJ tracks the Halter USX China Index while CN tracks the MSCI China All Shares. Both are passively managed. A 0.67 correlation means they provide meaningful diversification when combined. PGJ charges 0.70%/yr vs 0.50%/yr for CN.

Performance

PGJ vs. CN - Performance Comparison

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

Returns By Period

PGJ

• 1D: -0.55%
• 1M: -4.23%
• YTD: -11.48%
• 6M: -13.73%
• 1Y: -7.05%
• 3Y*: 2.92%
• 5Y*: -13.73%
• 10Y*: 0.21%

CN

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PGJ vs. CN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGJ Invesco Golden Dragon China ETF	-11.48%	13.66%	5.91%	-2.38%	-24.50%	-42.87%	54.24%	32.18%	-29.51%	60.27%
CN Xtrackers MSCI All China Equity ETF	0.00%	0.00%	-3.10%	-11.87%	-23.85%	-12.74%	31.55%	26.79%	-22.41%	43.69%

Correlation

The correlation between PGJ and CN is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since May 1, 2014	0.67

The correlation between PGJ and CN shifts across timeframes, from 0.43 (3 years) to 0.70 (10 years), reflecting how their relationship changes across market environments.

PGJ vs. CN - Sectors Allocation Comparison

Sectors	PGJ	CN
Consumer Cyclical	44.8%	5.4%
Technology	16.2%	0.3%
Communication Services	14.5%	0.4%
Consumer Defensive	7.6%	0.3%
Industrials	6.5%	1.0%
Financial Services	3.6%	55.1%
Real Estate	3.1%	0.8%
Energy	2.3%	0.9%
Healthcare	0.8%	0.8%
Basic Materials	-	0.6%
Utilities	-	0.2%

Return for Risk

PGJ vs. CN — Risk / Return Rank

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

PGJ

PGJ Risk / Return Rank: 6
PGJ Sharpe Ratio Rank: 6
PGJ Sortino Ratio Rank: 6
PGJ Omega Ratio Rank: 6
PGJ Calmar Ratio Rank: 6
PGJ Martin Ratio Rank: 7

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. CN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Golden Dragon China ETF (PGJ) and Xtrackers MSCI All China Equity ETF (CN). 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.

	PGJ	CN	Difference
Sharpe ratio: Return per unit of total volatility	-0.29	—	—
Sortino ratio: Return per unit of downside risk	-0.26	—	—
Omega ratio: Gain probability vs. loss probability	0.97	—	—
Calmar ratio: Return relative to maximum drawdown	-0.28	—	—
Martin ratio: Return relative to average drawdown	-0.52	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PGJ	CN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.29	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.32	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.01	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	—	—

Drawdowns

Drawdown Indicators

	PGJ	CN	Difference
Max Drawdown Largest peak-to-trough decline	-78.37%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-25.69%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-30.82%	—	—
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	-66.25%	—	—
Average Drawdown Average peak-to-trough decline	-31.74%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	13.49%	—	—

Volatility

Volatility by Period

	PGJ	CN	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.54%	—	—
Volatility (6M) Calculated over the trailing 6-month period	17.28%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	24.46%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.73%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.69%	—	—

PGJ vs. CN - Expense Ratio Comparison

PGJ has a 0.70% expense ratio, which is higher than CN's 0.50% expense ratio.

Dividends

PGJ vs. CN - Dividend Comparison

PGJ's dividend yield for the trailing twelve months is around 3.58%, while CN has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CN Xtrackers MSCI All China Equity ETF	0.00%	0.00%	0.00%	4.04%	1.80%	2.00%	0.78%	4.18%	2.09%	0.81%	11.41%	14.00%
PGJ Invesco Golden Dragon China ETF	3.58%	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 CN in my portfolio?

PGJ and CN have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PGJ or CN?

On fees, CN is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PGJ or CN?

CN is cheaper with a 0.50% expense ratio, compared with 0.70% for PGJ.

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

PGJ has the higher dividend yield at 3.58%, compared with 0.00% for CN.

What is the main difference between PGJ and CN?

PGJ tracks Halter USX China Index, while CN tracks MSCI China All Shares. They also come from different issuers: Invesco and Deutsche Bank. Their fees differ too: 0.70% for PGJ and 0.50% for CN.