PGJ vs. CXSE

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco Golden Dragon China ETF (PGJ) and WisdomTree China ex-State-Owned Enterprises Fund (CXSE).

PGJ and CXSE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PGJ is a passively managed fund by Invesco that tracks the performance of the Halter USX China Index. It was launched on Dec 9, 2004. CXSE is a passively managed fund by WisdomTree that tracks the performance of the WisdomTree China ex-State-Owned Enterprises Index. It was launched on Sep 19, 2012. Both PGJ and CXSE are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PGJ vs. CXSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Golden Dragon China ETF (PGJ) and WisdomTree China ex-State-Owned Enterprises Fund (CXSE). The values are adjusted to include any dividend payments, if applicable.

PGJ vs. CXSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGJ Invesco Golden Dragon China ETF	-9.88%	13.66%	5.91%	-2.38%	-24.50%	-42.87%	54.24%	32.18%	-29.51%	60.27%
CXSE WisdomTree China ex-State-Owned Enterprises Fund	-5.37%	37.00%	8.56%	-18.02%	-29.32%	-23.67%	59.39%	37.96%	-28.55%	81.50%

Returns By Period

In the year-to-date period, PGJ achieves a -9.88% return, which is significantly lower than CXSE's -5.37% return. Over the past 10 years, PGJ has underperformed CXSE with an annualized return of 0.23%, while CXSE has yielded a comparatively higher 6.57% annualized return.

PGJ

• 1D: 0.44%
• 1M: -5.61%
• YTD: -9.88%
• 6M: -22.40%
• 1Y: -10.26%
• 3Y*: -0.87%
• 5Y*: -14.84%
• 10Y*: 0.23%

CXSE

• 1D: 0.30%
• 1M: -3.35%
• YTD: -5.37%
• 6M: -14.60%
• 1Y: 13.26%
• 3Y*: 4.84%
• 5Y*: -9.25%
• 10Y*: 6.57%

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

PGJ vs. CXSE - Expense Ratio Comparison

PGJ has a 0.70% expense ratio, which is higher than CXSE's 0.32% expense ratio.

PGJ

Invesco Golden Dragon China ETF

CXSE

WisdomTree China ex-State-Owned Enterprises Fund

Return for Risk

PGJ vs. CXSE — Risk / Return Rank

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

PGJ

PGJ Risk / Return Rank: 5
PGJ Sharpe Ratio Rank: 5
PGJ Sortino Ratio Rank: 6
PGJ Omega Ratio Rank: 6
PGJ Calmar Ratio Rank: 6
PGJ Martin Ratio Rank: 5

CXSE

CXSE Risk / Return Rank: 27
CXSE Sharpe Ratio Rank: 28
CXSE Sortino Ratio Rank: 28
CXSE Omega Ratio Rank: 28
CXSE Calmar Ratio Rank: 30
CXSE Martin Ratio Rank: 24

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. CXSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Golden Dragon China ETF (PGJ) and WisdomTree China ex-State-Owned Enterprises Fund (CXSE). 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	CXSE	Difference
Sharpe ratio Return per unit of total volatility	-0.38	0.53	-0.91
Sortino ratio Return per unit of downside risk	-0.36	0.86	-1.22
Omega ratio Gain probability vs. loss probability	0.96	1.12	-0.16
Calmar ratio Return relative to maximum drawdown	-0.38	0.77	-1.15
Martin ratio Return relative to average drawdown	-0.91	1.80	-2.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PGJ vs. CXSE - Sharpe Ratio Comparison

The current PGJ Sharpe Ratio is -0.38, which is lower than the CXSE Sharpe Ratio of 0.53. The chart below compares the historical Sharpe Ratios of PGJ and CXSE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PGJ	CXSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.38	0.53	-0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.34	-0.29	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.01	0.23	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.18	-0.06

Correlation

The correlation between PGJ and CXSE is 0.77, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

PGJ vs. CXSE - Dividend Comparison

PGJ's dividend yield for the trailing twelve months is around 3.51%, more than CXSE's 2.12% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PGJ Invesco Golden Dragon China ETF	3.51%	3.38%	4.70%	2.50%	0.84%	0.00%	0.30%	0.17%	0.31%	2.05%	1.94%	0.37%
CXSE WisdomTree China ex-State-Owned Enterprises Fund	2.12%	1.95%	1.70%	1.71%	1.55%	0.86%	0.54%	0.96%	1.49%	1.24%	1.39%	2.50%

Drawdowns

PGJ vs. CXSE - Drawdown Comparison

The maximum PGJ drawdown since its inception was -78.37%, which is greater than CXSE's maximum drawdown of -70.01%. Use the drawdown chart below to compare losses from any high point for PGJ and CXSE.

Drawdown Indicators

	PGJ	CXSE	Difference
Max Drawdown Largest peak-to-trough decline	-78.37%	-70.01%	-8.36%
Max Drawdown (1Y) Largest decline over 1 year	-25.69%	-17.70%	-7.99%
Max Drawdown (5Y) Largest decline over 5 years	-72.28%	-64.47%	-7.81%
Max Drawdown (10Y) Largest decline over 10 years	-78.37%	-70.01%	-8.36%
Current Drawdown Current decline from peak	-65.65%	-49.38%	-16.27%
Average Drawdown Average peak-to-trough decline	-31.47%	-27.59%	-3.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.73%	7.64%	+3.09%

Volatility

PGJ vs. CXSE - Volatility Comparison

Invesco Golden Dragon China ETF (PGJ) has a higher volatility of 7.25% compared to WisdomTree China ex-State-Owned Enterprises Fund (CXSE) at 6.47%. This indicates that PGJ's price experiences larger fluctuations and is considered to be riskier than CXSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGJ	CXSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.25%	6.47%	+0.78%
Volatility (6M) Calculated over the trailing 6-month period	17.78%	15.27%	+2.51%
Volatility (1Y) Calculated over the trailing 1-year period	27.39%	24.92%	+2.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.90%	32.28%	+11.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.63%	28.64%	+7.99%