PGJ vs. SPHD
PGJ (Invesco Golden Dragon China ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - PGJ is a China Equities fund tracking the Halter USX China Index, while SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index. Both are passively managed. Over the past 10 years, PGJ returned 0.02%/yr vs 7.28%/yr for SPHD. Their 0.29 correlation means their historical movements had little consistent relationship. PGJ charges 0.70%/yr vs 0.30%/yr for SPHD.
Performance
PGJ vs. SPHD - Performance Comparison
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Returns By Period
In the year-to-date period, PGJ achieves a -10.65% return, which is significantly lower than SPHD's 12.76% return. Over the past 10 years, PGJ has underperformed SPHD with an annualized return of 0.02%, while SPHD has yielded a comparatively higher 7.28% annualized return.
PGJ
- 1D
- 0.68%
- 1M
- 12.40%
- 6M
- -12.46%
- YTD
- -10.65%
- 1Y
- -7.71%
- 3Y*
- -2.44%
- 5Y*
- -9.42%
- 10Y*
- 0.02%
- ALL TIME*
- 4.06%
SPHD
- 1D
- 0.42%
- 1M
- 1.31%
- 6M
- 7.84%
- YTD
- 12.76%
- 1Y
- 15.99%
- 3Y*
- 12.75%
- 5Y*
- 8.21%
- 10Y*
- 7.28%
- ALL TIME*
- 9.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $588.59K | $569.42K | $702.75K | |
| $46.06M | $45.99M | $42.71M |
PGJ vs. SPHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PGJ Invesco Golden Dragon China ETF | -10.65% | 13.66% | 5.91% | -2.38% | -24.50% | -42.87% | 54.24% | 32.18% | -29.51% | 60.27% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 12.76% | 3.41% | 18.08% | 1.32% | 0.58% | 24.98% | -9.98% | 20.26% | -6.17% | 11.90% |
Correlation
The correlation between PGJ and SPHD is 0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.06 |
Correlation (3Y) Balances recent behavior with more history. | 0.23 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.23 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.25 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012 | 0.29 |
Over the past year, the correlation between PGJ and SPHD has dropped to 0.06 - well below their long-term average of 0.29, suggesting their price drivers have been diverging.
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Return for Risk
PGJ vs. SPHD — Risk / Return Rank
PGJ
SPHD
PGJ vs. SPHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Golden Dragon China ETF (PGJ) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). 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 | SPHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.67 | ||
| Sortino ratioReturn per unit of downside risk | -2.34 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.23 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.22 | 2.19 | -2.41 |
| Martin ratioReturn relative to average drawdown | -0.43 | 5.46 | -5.89 |
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Drawdowns
PGJ vs. SPHD - Drawdown Comparison
The maximum PGJ drawdown since its inception was -78.37%, which is greater than SPHD's maximum drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for PGJ and SPHD.
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Drawdown Indicators
| PGJ | SPHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.37% | -41.39% | -36.98% |
Max Drawdown (1Y)Largest decline over 1 year | -35.08% | -7.33% | -27.75% |
Max Drawdown (3Y)Largest decline over 3 years | -35.08% | -13.29% | -21.79% |
Max Drawdown (5Y)Largest decline over 5 years | -62.75% | -19.50% | -43.25% |
Max Drawdown (10Y)Largest decline over 10 years | -78.37% | -41.39% | -36.98% |
Current DrawdownCurrent decline from peak | -65.94% | -1.83% | -64.11% |
Average DrawdownAverage peak-to-trough decline | -32.01% | -4.66% | -27.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.86% | 2.94% | +14.92% |
Volatility
PGJ vs. SPHD - Volatility Comparison
Invesco Golden Dragon China ETF (PGJ) has a higher volatility of 6.17% compared to Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) at 4.36%. This indicates that PGJ's price experiences larger fluctuations and is considered to be riskier than SPHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PGJ | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.17% | 4.36% | +1.81% |
Volatility (6M)Calculated over the trailing 6-month period | 17.70% | 9.03% | +8.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.96% | 11.80% | +13.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.15% | 14.24% | +28.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.76% | 17.67% | +19.09% |
PGJ vs. SPHD - Expense Ratio Comparison
PGJ has a 0.70% expense ratio, which is higher than SPHD's 0.30% expense ratio.
Dividends
PGJ vs. SPHD - Dividend Comparison
PGJ's dividend yield for the trailing twelve months is around 2.98%, less than SPHD's 4.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PGJ Invesco Golden Dragon China ETF | 2.98% | 3.38% | 4.70% | 2.50% | 0.84% | 0.00% | 0.30% | 0.17% | 0.31% | 2.05% | 1.94% | 0.37% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.54% | 4.02% | 3.41% | 4.48% | 3.89% | 3.45% | 4.89% | 4.07% | 4.40% | 3.14% | 3.83% | 3.49% |
Frequently Asked Questions
PGJ and SPHD have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PGJ has higher volatility (6.17%) compared to SPHD (4.36%). In terms of maximum drawdown, PGJ dropped -78.37% vs SPHD's -41.39%.
On 10-year performance, SPHD leads with 7.28% vs 0.02% for PGJ. On fees, SPHD is cheaper at 0.30% per year. On volatility, SPHD has been the lower-risk option at 4.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPHD has performed better with a 7.28% return vs 0.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHD is cheaper with a 0.30% expense ratio, compared with 0.70% for PGJ.
SPHD has the higher dividend yield at 4.54%, compared with 2.98% for PGJ.
PGJ is categorized as China Equities, while SPHD is Dividend. PGJ tracks Halter USX China Index, while SPHD tracks S&P 500 Low Volatility High Dividend Index. Their fees differ too: 0.70% for PGJ and 0.30% for SPHD.
SPHD currently has the higher Sharpe Ratio (1.36 vs -0.31), 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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