PGJ vs. DBE
PGJ (Invesco Golden Dragon China ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - PGJ is a China Equities fund tracking the Halter USX China Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, PGJ returned 0.39%/yr vs 12.03%/yr for DBE. At a 0.25 correlation, their price movements are largely independent. PGJ charges 0.70%/yr vs 0.78%/yr for DBE.
Performance
PGJ vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, PGJ achieves a -10.99% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, PGJ has underperformed DBE with an annualized return of 0.39%, while DBE has yielded a comparatively higher 12.03% annualized return.
PGJ
- 1D
- -2.45%
- 1M
- -3.45%
- YTD
- -10.99%
- 6M
- -12.93%
- 1Y
- -4.61%
- 3Y*
- 3.00%
- 5Y*
- -13.64%
- 10Y*
- 0.39%
DBE
- 1D
- 2.33%
- 1M
- -5.45%
- YTD
- 83.68%
- 6M
- 74.95%
- 1Y
- 84.41%
- 3Y*
- 23.42%
- 5Y*
- 19.66%
- 10Y*
- 12.03%
PGJ vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PGJ Invesco Golden Dragon China ETF | -10.99% | 13.66% | 5.91% | -2.38% | -24.50% | -42.87% | 54.24% | 32.18% | -29.51% | 60.27% |
DBE Invesco DB Energy Fund | 83.68% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between PGJ and DBE is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Jan 8, 2007 | 0.25 |
The correlation between PGJ and DBE shifts across timeframes, from -0.17 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PGJ vs. DBE — Risk / Return Rank
PGJ
DBE
PGJ vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Golden Dragon China ETF (PGJ) and Invesco DB Energy Fund (DBE). 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 | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.62 | ||
| Sortino ratioReturn per unit of downside risk | -3.06 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.40 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.18 | 5.89 | -6.07 |
| Martin ratioReturn relative to average drawdown | -0.34 | 11.53 | -11.87 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PGJ | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.19 | 2.43 | -2.62 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.31 | 0.67 | -0.99 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.01 | 0.43 | -0.42 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | 0.09 | +0.02 |
Drawdowns
PGJ vs. DBE - Drawdown Comparison
The maximum PGJ drawdown since its inception was -78.37%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for PGJ and DBE.
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Drawdown Indicators
| PGJ | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.37% | -86.69% | +8.32% |
Max Drawdown (1Y)Largest decline over 1 year | -25.69% | -14.41% | -11.28% |
Max Drawdown (3Y)Largest decline over 3 years | -30.82% | -23.89% | -6.93% |
Max Drawdown (5Y)Largest decline over 5 years | -70.00% | -38.74% | -31.26% |
Max Drawdown (10Y)Largest decline over 10 years | -78.37% | -60.84% | -17.53% |
Current DrawdownCurrent decline from peak | -66.07% | -30.27% | -35.80% |
Average DrawdownAverage peak-to-trough decline | -31.74% | -57.31% | +25.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.40% | 7.35% | +6.05% |
Volatility
PGJ vs. DBE - Volatility Comparison
The current volatility for Invesco Golden Dragon China ETF (PGJ) is 8.55%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that PGJ experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PGJ | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.55% | 12.95% | -4.40% |
Volatility (6M)Calculated over the trailing 6-month period | 17.28% | 30.86% | -13.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.46% | 34.97% | -10.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.73% | 29.39% | +14.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.70% | 28.33% | +8.37% |
PGJ vs. DBE - Expense Ratio Comparison
PGJ has a 0.70% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
PGJ vs. DBE - Dividend Comparison
PGJ's dividend yield for the trailing twelve months is around 3.56%, more than DBE's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% | 0.00% | 0.00% |
PGJ Invesco Golden Dragon China ETF | 3.56% | 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 DBE have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (12.95%) compared to PGJ (8.55%). In terms of maximum drawdown, PGJ dropped -78.37% vs DBE's -86.69%.
On 10-year performance, DBE leads with 12.03% vs 0.39% for PGJ. On fees, PGJ is cheaper at 0.70% per year. On volatility, PGJ has been the lower-risk option at 8.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBE has performed better with a 12.03% return vs 0.39%. 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 0.78% for DBE.
PGJ has the higher dividend yield at 3.56%, compared with 2.10% for DBE.
PGJ is categorized as China Equities, while DBE is Oil & Gas. PGJ tracks Halter USX China Index, while DBE tracks DBIQ Optimum Yield Energy Index. Their fees differ too: 0.70% for PGJ and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.43 vs -0.19), 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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