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PGJ vs. FXP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PGJ vs. FXP

Last updated Jun 4, 2026

PGJ (Invesco Golden Dragon China ETF) and FXP (ProShares UltraShort FTSE China 50) are both exchange-traded funds - PGJ is a China Equities fund tracking the Halter USX China Index, while FXP is a Leveraged Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-200%). Both are passively managed. Over the past 10 years, PGJ returned 0.39%/yr vs -23.04%/yr for FXP. At a correlation of -0.81, they often move in opposite directions. PGJ charges 0.70%/yr vs 0.95%/yr for FXP.

Performance

PGJ vs. FXP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Golden Dragon China ETF (PGJ) and ProShares UltraShort FTSE China 50 (FXP). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PGJ achieves a -10.99% return, which is significantly lower than FXP's 13.64% return. Over the past 10 years, PGJ has outperformed FXP with an annualized return of 0.39%, while FXP has yielded a comparatively lower -23.04% 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%

FXP

1D
4.65%
1M
5.53%
YTD
13.64%
6M
16.82%
1Y
-6.43%
3Y*
-30.22%
5Y*
-16.52%
10Y*
-23.04%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PGJ vs. FXP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
FXP
ProShares UltraShort FTSE China 50		13.64%-45.32%-52.46%12.74%-11.73%23.56%-39.47%-29.01%12.45%-49.76%

Correlation

The correlation between PGJ and FXP is -0.83, 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

-0.83

Correlation (3Y)
Calculated over the trailing 3-year period

-0.88

Correlation (5Y)
Calculated over the trailing 5-year period

-0.89

Correlation (10Y)
Calculated over the trailing 10-year period

-0.82

Correlation (All Time)
Calculated using the full available price history since Nov 9, 2007

-0.81

The correlation between PGJ and FXP has been stable across timeframes, ranging from -0.89 to -0.81 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco Golden Dragon China ETF

ProShares UltraShort FTSE China 50

Often compared with PGJ:
PGJ vs. KWEBPGJ vs. CQQQPGJ vs. FXIPGJ vs. MCHIPGJ vs. CXSEPGJ vs. CHIQPGJ vs. VOO
Often compared with FXP:
FXP vs. YXIFXP vs. FXIFXP vs. YANGFXP vs. KLIPFXP vs. FNILXFXP vs. RLBGXFXP vs. CQQQ

Return for Risk

PGJ vs. FXP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PGJ
PGJ Risk / Return Rank: 77
Overall Rank
PGJ Sharpe Ratio Rank: 77
Sharpe Ratio Rank
PGJ Sortino Ratio Rank: 77
Sortino Ratio Rank
PGJ Omega Ratio Rank: 77
Omega Ratio Rank
PGJ Calmar Ratio Rank: 77
Calmar Ratio Rank
PGJ Martin Ratio Rank: 77
Martin Ratio Rank
FXP
FXP Risk / Return Rank: 77
Overall Rank
FXP Sharpe Ratio Rank: 77
Sharpe Ratio Rank
FXP Sortino Ratio Rank: 88
Sortino Ratio Rank
FXP Omega Ratio Rank: 88
Omega Ratio Rank
FXP Calmar Ratio Rank: 77
Calmar Ratio Rank
FXP Martin Ratio Rank: 77
Martin Ratio Rank
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. FXP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Golden Dragon China ETF (PGJ) and ProShares UltraShort FTSE China 50 (FXP). 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.

PGJFXPDifference
Sharpe ratioReturn per unit of total volatility
-0.19
-0.16

-0.02

Sortino ratioReturn per unit of downside risk
-0.10
0.04

-0.14

Omega ratioGain probability vs. loss probability

0.99

1.00

-0.02

Calmar ratioReturn relative to maximum drawdown

-0.18

-0.24

+0.06

Martin ratioReturn relative to average drawdown

-0.34

-0.40

+0.05

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. FXP - Sharpe Ratio Comparison

The current PGJ Sharpe Ratio is -0.19, which is comparable to the FXP Sharpe Ratio of -0.16. The chart below compares the historical Sharpe Ratios of PGJ and FXP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

PGJFXPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.19

-0.16

-0.02

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.31

-0.26

-0.05

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.01

-0.42

+0.43

Sharpe Ratio (All Time)

Calculated using the full available price history

0.12

-0.44

+0.56

Drawdowns

PGJ vs. FXP - Drawdown Comparison

The maximum PGJ drawdown since its inception was -78.37%, smaller than the maximum FXP drawdown of -99.94%. Use the drawdown chart below to compare losses from any high point for PGJ and FXP.

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Drawdown Indicators

PGJFXPDifference

Max Drawdown

Largest peak-to-trough decline

-78.37%

-99.94%

+21.57%

Max Drawdown (1Y)

Largest decline over 1 year

-25.69%

-27.21%

+1.52%

Max Drawdown (3Y)

Largest decline over 3 years

-30.82%

-82.34%

+51.52%

Max Drawdown (5Y)

Largest decline over 5 years

-70.00%

-87.85%

+17.85%

Max Drawdown (10Y)

Largest decline over 10 years

-78.37%

-94.71%

+16.34%

Current Drawdown

Current decline from peak

-66.07%

-99.92%

+33.85%

Average Drawdown

Average peak-to-trough decline

-31.74%

-94.15%

+62.41%

Ulcer Index

Depth and duration of drawdowns from previous peaks

13.40%

17.66%

-4.26%

Volatility

PGJ vs. FXP - Volatility Comparison

The current volatility for Invesco Golden Dragon China ETF (PGJ) is 8.55%, while ProShares UltraShort FTSE China 50 (FXP) has a volatility of 15.06%. This indicates that PGJ experiences smaller price fluctuations and is considered to be less risky than FXP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PGJFXPDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.55%

15.06%

-6.51%

Volatility (6M)

Calculated over the trailing 6-month period

17.28%

28.87%

-11.59%

Volatility (1Y)

Calculated over the trailing 1-year period

24.46%

39.29%

-14.83%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

43.73%

63.12%

-19.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

36.70%

54.91%

-18.21%

PGJ vs. FXP - Expense Ratio Comparison

PGJ has a 0.70% expense ratio, which is lower than FXP's 0.95% expense ratio.

Dividends

PGJ vs. FXP - Dividend Comparison

PGJ's dividend yield for the trailing twelve months is around 3.56%, less than FXP's 4.12% yield.

PositionTTM20252024202320222021202020192018201720162015
FXP
ProShares UltraShort FTSE China 50		4.12%9.57%3.55%2.20%0.06%0.00%0.06%1.20%0.16%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 FXP have a correlation of -0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FXP has higher volatility (15.06%) compared to PGJ (8.55%). In terms of maximum drawdown, PGJ dropped -78.37% vs FXP's -99.94%.

On 10-year performance, PGJ leads with 0.39% vs -23.04% for FXP. 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, PGJ has performed better with a 0.39% return vs -23.04%. 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 0.95% for FXP.

FXP has the higher dividend yield at 4.12%, compared with 3.56% for PGJ.

PGJ is categorized as China Equities, while FXP is Leveraged Equities. PGJ tracks Halter USX China Index, while FXP tracks FTSE China 50 Net Tax USD (TR) (-200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.70% for PGJ and 0.95% for FXP.

FXP currently has the higher Sharpe Ratio (-0.16 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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