PGJ vs. FXP
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 -0.29%/yr vs -21.73%/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
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Returns By Period
In the year-to-date period, PGJ achieves a -23.70% return, which is significantly lower than FXP's 41.49% return. Over the past 10 years, PGJ has outperformed FXP with an annualized return of -0.29%, while FXP has yielded a comparatively lower -21.73% 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%
FXP
- 1D
- 5.21%
- 1M
- 25.84%
- YTD
- 41.49%
- 6M
- 43.45%
- 1Y
- 28.98%
- 3Y*
- -25.26%
- 5Y*
- -12.36%
- 10Y*
- -21.73%
PGJ vs. FXP - 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% |
FXP ProShares UltraShort FTSE China 50 | 41.49% | -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 -0.82, 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 | -0.82 |
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 8, 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.
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Return for Risk
PGJ vs. FXP — Risk / Return Rank
PGJ
FXP
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.
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 | FXP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.61 | ||
| Sortino ratioReturn per unit of downside risk | -2.44 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.15 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.61 | 1.18 | -1.79 |
| Martin ratioReturn relative to average drawdown | -1.41 | 2.07 | -3.47 |
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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
| PGJ | FXP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.37% | -99.94% | +21.57% |
Max Drawdown (1Y)Largest decline over 1 year | -35.08% | -24.73% | -10.35% |
Max Drawdown (3Y)Largest decline over 3 years | -35.08% | -82.34% | +47.26% |
Max Drawdown (5Y)Largest decline over 5 years | -70.00% | -87.85% | +17.85% |
Max Drawdown (10Y)Largest decline over 10 years | -78.37% | -94.44% | +16.07% |
Current DrawdownCurrent decline from peak | -70.91% | -99.90% | +28.99% |
Average DrawdownAverage peak-to-trough decline | -31.83% | -94.15% | +62.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.21% | 14.07% | +1.14% |
Volatility
PGJ vs. FXP - Volatility Comparison
The current volatility for Invesco Golden Dragon China ETF (PGJ) is 6.66%, while ProShares UltraShort FTSE China 50 (FXP) has a volatility of 12.89%. 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
| PGJ | FXP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.66% | 12.89% | -6.23% |
Volatility (6M)Calculated over the trailing 6-month period | 17.82% | 29.92% | -12.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.38% | 39.64% | -15.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.77% | 63.24% | -19.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.71% | 54.79% | -18.08% |
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 3.50%, more than FXP's 2.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 2.54% | 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 | 3.50% | 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 FXP have a correlation of -0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXP has higher volatility (12.89%) compared to PGJ (6.66%). In terms of maximum drawdown, PGJ dropped -78.37% vs FXP's -99.94%.
On 10-year performance, PGJ leads with -0.29% vs -21.73% for FXP. 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, PGJ has performed better with a -0.29% return vs -21.73%. 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.
PGJ has the higher dividend yield at 3.50%, compared with 2.54% for FXP.
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 (0.73 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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