PGJ vs. USO
PGJ (Invesco Golden Dragon China ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - PGJ is a China Equities fund tracking the Halter USX China Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, PGJ returned 0.21%/yr vs 3.57%/yr for USO. At a 0.24 correlation, their price movements are largely independent. PGJ charges 0.70%/yr vs 0.86%/yr for USO.
Performance
PGJ vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, PGJ achieves a -11.48% return, which is significantly lower than USO's 97.72% return. Over the past 10 years, PGJ has underperformed USO with an annualized return of 0.21%, while USO has yielded a comparatively higher 3.57% annualized return.
PGJ
- 1D
- -0.55%
- 1M
- -4.23%
- YTD
- -11.48%
- 6M
- -13.73%
- 1Y
- -7.05%
- 3Y*
- 2.92%
- 5Y*
- -13.73%
- 10Y*
- 0.21%
USO
- 1D
- -2.92%
- 1M
- -5.15%
- YTD
- 97.72%
- 6M
- 91.54%
- 1Y
- 97.20%
- 3Y*
- 28.78%
- 5Y*
- 23.67%
- 10Y*
- 3.57%
PGJ vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PGJ Invesco Golden Dragon China ETF | -11.48% | 13.66% | 5.91% | -2.38% | -24.50% | -42.87% | 54.24% | 32.18% | -29.51% | 60.27% |
USO United States Oil Fund LP | 97.72% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between PGJ and USO is -0.18, 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 | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2006 | 0.24 |
The correlation between PGJ and USO shifts across timeframes, from -0.18 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PGJ vs. USO — Risk / Return Rank
PGJ
USO
PGJ vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Golden Dragon China ETF (PGJ) and United States Oil Fund LP (USO). 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.
| PGJ | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.50 | ||
| Sortino ratioReturn per unit of downside risk | -3.06 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.37 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.28 | 4.79 | -5.07 |
| Martin ratioReturn relative to average drawdown | -0.52 | 9.00 | -9.52 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PGJ | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.29 | 2.21 | -2.50 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.32 | 0.66 | -0.97 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.01 | 0.09 | -0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | -0.18 | +0.30 |
Drawdowns
PGJ vs. USO - Drawdown Comparison
The maximum PGJ drawdown since its inception was -78.37%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for PGJ and USO.
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Drawdown Indicators
| PGJ | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.37% | -98.19% | +19.82% |
Max Drawdown (1Y)Largest decline over 1 year | -25.69% | -20.39% | -5.30% |
Max Drawdown (3Y)Largest decline over 3 years | -30.82% | -26.05% | -4.77% |
Max Drawdown (5Y)Largest decline over 5 years | -70.00% | -36.23% | -33.77% |
Max Drawdown (10Y)Largest decline over 10 years | -78.37% | -86.75% | +8.38% |
Current DrawdownCurrent decline from peak | -66.25% | -85.45% | +19.20% |
Average DrawdownAverage peak-to-trough decline | -31.74% | -75.30% | +43.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.49% | 10.84% | +2.65% |
Volatility
PGJ vs. USO - Volatility Comparison
The current volatility for Invesco Golden Dragon China ETF (PGJ) is 8.54%, while United States Oil Fund LP (USO) has a volatility of 14.97%. This indicates that PGJ experiences smaller price fluctuations and is considered to be less risky than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PGJ | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.54% | 14.97% | -6.43% |
Volatility (6M)Calculated over the trailing 6-month period | 17.28% | 38.35% | -21.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.46% | 44.32% | -19.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.73% | 36.09% | +7.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.69% | 39.00% | -2.31% |
PGJ vs. USO - Expense Ratio Comparison
PGJ has a 0.70% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
PGJ vs. USO - Dividend Comparison
PGJ's dividend yield for the trailing twelve months is around 3.58%, while USO 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 | 3.58% | 3.38% | 4.70% | 2.50% | 0.84% | 0.00% | 0.30% | 0.17% | 0.31% | 2.05% | 1.94% | 0.37% |
USO United States Oil 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 USO have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (14.97%) compared to PGJ (8.54%). In terms of maximum drawdown, PGJ dropped -78.37% vs USO's -98.19%.
On 10-year performance, USO leads with 3.57% vs 0.21% for PGJ. On fees, PGJ is cheaper at 0.70% per year. On volatility, PGJ has been the lower-risk option at 8.54%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USO has performed better with a 3.57% return vs 0.21%. 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 0.86% for USO.
PGJ has the higher dividend yield at 3.58%, compared with 0.00% for USO.
PGJ is categorized as China Equities, while USO is Oil & Gas. PGJ tracks Halter USX China Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Invesco and USCF. Their fees differ too: 0.70% for PGJ and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.21 vs -0.29), 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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