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 -0.29%/yr vs 10.15%/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 -23.70% return, which is significantly lower than DBE's 52.65% return. Over the past 10 years, PGJ has underperformed DBE with an annualized return of -0.29%, while DBE has yielded a comparatively higher 10.15% 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%
DBE
- 1D
- 2.54%
- 1M
- -14.00%
- YTD
- 52.65%
- 6M
- 50.37%
- 1Y
- 48.29%
- 3Y*
- 16.21%
- 5Y*
- 14.49%
- 10Y*
- 10.15%
PGJ vs. DBE - 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% |
DBE Invesco DB Energy Fund | 52.65% | -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 -0.11, 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 | 0.04 |
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 5, 2007 | 0.25 |
The correlation between PGJ and DBE shifts across timeframes, from -0.11 (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.
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 | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.27 | ||
| Sortino ratioReturn per unit of downside risk | -3.17 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.25 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.61 | 2.03 | -2.64 |
| Martin ratioReturn relative to average drawdown | -1.41 | 7.21 | -8.61 |
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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 | -35.08% | -23.89% | -11.19% |
Max Drawdown (3Y)Largest decline over 3 years | -35.08% | -23.89% | -11.19% |
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 | -70.91% | -42.05% | -28.86% |
Average DrawdownAverage peak-to-trough decline | -31.83% | -57.23% | +25.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.21% | 6.72% | +8.49% |
Volatility
PGJ vs. DBE - Volatility Comparison
The current volatility for Invesco Golden Dragon China ETF (PGJ) is 6.66%, while Invesco DB Energy Fund (DBE) has a volatility of 9.93%. 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 | 6.66% | 9.93% | -3.27% |
Volatility (6M)Calculated over the trailing 6-month period | 17.82% | 31.70% | -13.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.38% | 34.79% | -10.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.77% | 29.64% | +14.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.71% | 28.36% | +8.35% |
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 3.50%, more than DBE's 2.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.53% | 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 | 3.50% | 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
PGJ and DBE have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (9.93%) compared to PGJ (6.66%). In terms of maximum drawdown, PGJ dropped -78.37% vs DBE's -86.69%.
On 10-year performance, DBE leads with 10.15% vs -0.29% for PGJ. On fees, PGJ is cheaper at 0.70% per year. On volatility, PGJ has been the lower-risk option at 6.66%. 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 10.15% return vs -0.29%. 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 3.50%, compared with 2.53% 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 (1.39 vs -0.88), 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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