PGJ vs. UGA
PGJ (Invesco Golden Dragon China ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - PGJ is a China Equities fund tracking the Halter USX China Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, PGJ returned -0.09%/yr vs 14.31%/yr for UGA. At a 0.22 correlation, their price movements are largely independent. PGJ charges 0.70%/yr vs 0.75%/yr for UGA.
Performance
PGJ vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, PGJ achieves a -20.19% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, PGJ has underperformed UGA with an annualized return of -0.09%, while UGA has yielded a comparatively higher 14.31% annualized return.
PGJ
- 1D
- -0.56%
- 1M
- -8.64%
- YTD
- -20.19%
- 6M
- -21.38%
- 1Y
- -15.49%
- 3Y*
- -0.89%
- 5Y*
- -15.22%
- 10Y*
- -0.09%
UGA
- 1D
- -1.12%
- 1M
- -12.11%
- YTD
- 64.09%
- 6M
- 60.42%
- 1Y
- 59.74%
- 3Y*
- 18.95%
- 5Y*
- 22.69%
- 10Y*
- 14.31%
PGJ vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PGJ Invesco Golden Dragon China ETF | -20.19% | 13.66% | 5.91% | -2.38% | -24.50% | -42.87% | 54.24% | 32.18% | -29.51% | 60.27% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between PGJ and UGA 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 | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.22 |
The correlation between PGJ and UGA shifts across timeframes, from -0.11 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PGJ vs. UGA — Risk / Return Rank
PGJ
UGA
PGJ vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Golden Dragon China ETF (PGJ) and United States Gasoline Fund LP (UGA). 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 | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.37 | ||
| Sortino ratioReturn per unit of downside risk | -3.05 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.30 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.48 | 3.17 | -3.65 |
| Martin ratioReturn relative to average drawdown | -1.04 | 9.39 | -10.43 |
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Drawdowns
PGJ vs. UGA - Drawdown Comparison
The maximum PGJ drawdown since its inception was -78.37%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for PGJ and UGA.
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Drawdown Indicators
| PGJ | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.37% | -86.59% | +8.22% |
Max Drawdown (1Y)Largest decline over 1 year | -32.09% | -18.96% | -13.13% |
Max Drawdown (3Y)Largest decline over 3 years | -32.09% | -26.68% | -5.41% |
Max Drawdown (5Y)Largest decline over 5 years | -70.00% | -38.11% | -31.89% |
Max Drawdown (10Y)Largest decline over 10 years | -78.37% | -75.89% | -2.48% |
Current DrawdownCurrent decline from peak | -69.57% | -18.05% | -51.52% |
Average DrawdownAverage peak-to-trough decline | -31.82% | -36.69% | +4.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.90% | 6.43% | +8.47% |
Volatility
PGJ vs. UGA - Volatility Comparison
The current volatility for Invesco Golden Dragon China ETF (PGJ) is 6.43%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that PGJ experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PGJ | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.43% | 9.24% | -2.81% |
Volatility (6M)Calculated over the trailing 6-month period | 17.61% | 30.57% | -12.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.43% | 35.22% | -10.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.76% | 34.45% | +9.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.71% | 37.22% | -0.51% |
PGJ vs. UGA - Expense Ratio Comparison
PGJ has a 0.70% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
PGJ vs. UGA - Dividend Comparison
PGJ's dividend yield for the trailing twelve months is around 3.34%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PGJ Invesco Golden Dragon China ETF | 3.34% | 3.38% | 4.70% | 2.50% | 0.84% | 0.00% | 0.30% | 0.17% | 0.31% | 2.05% | 1.94% | 0.37% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PGJ and UGA 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.
UGA has higher volatility (9.24%) compared to PGJ (6.43%). In terms of maximum drawdown, PGJ dropped -78.37% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs -0.09% for PGJ. On fees, PGJ is cheaper at 0.70% per year. On volatility, PGJ has been the lower-risk option at 6.43%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGA has performed better with a 14.31% return vs -0.09%. 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 0.75% for UGA.
PGJ has the higher dividend yield at 3.34%, compared with 0.00% for UGA.
PGJ is categorized as China Equities, while UGA is Oil & Gas. PGJ tracks Halter USX China Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.70% for PGJ and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs -0.64), 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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