PGJ vs. UUP
PGJ (Invesco Golden Dragon China ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - PGJ is a China Equities fund tracking the Halter USX China Index, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Both are passively managed. Over the past 10 years, PGJ returned -0.38%/yr vs 3.17%/yr for UUP. At a correlation of -0.20, they often move in opposite directions. PGJ charges 0.70%/yr vs 0.75%/yr for UUP.
Performance
PGJ vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, PGJ achieves a -17.71% return, which is significantly lower than UUP's 5.44% return. Over the past 10 years, PGJ has underperformed UUP with an annualized return of -0.38%, while UUP has yielded a comparatively higher 3.17% annualized return.
PGJ
- 1D
- -0.03%
- 1M
- -3.09%
- 6M
- -22.87%
- YTD
- -17.71%
- 1Y
- -15.96%
- 3Y*
- -3.07%
- 5Y*
- -13.37%
- 10Y*
- -0.38%
UUP
- 1D
- 0.39%
- 1M
- 1.97%
- 6M
- 4.47%
- YTD
- 5.44%
- 1Y
- 8.28%
- 3Y*
- 5.86%
- 5Y*
- 5.89%
- 10Y*
- 3.17%
PGJ vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PGJ Invesco Golden Dragon China ETF | -17.71% | 13.66% | 5.91% | -2.38% | -24.50% | -42.87% | 54.24% | 32.18% | -29.51% | 60.27% |
UUP Invesco DB US Dollar Index Bullish Fund | 5.44% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
Correlation
The correlation between PGJ and UUP is -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.20 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2007 | -0.20 |
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Return for Risk
PGJ vs. UUP — Risk / Return Rank
PGJ
UUP
PGJ vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Golden Dragon China ETF (PGJ) and Invesco DB US Dollar Index Bullish Fund (UUP). 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 | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.03 | ||
| Sortino ratioReturn per unit of downside risk | -2.80 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.25 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.46 | 2.28 | -2.74 |
| Martin ratioReturn relative to average drawdown | -0.96 | 6.26 | -7.22 |
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Drawdowns
PGJ vs. UUP - Drawdown Comparison
The maximum PGJ drawdown since its inception was -78.37%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for PGJ and UUP.
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Drawdown Indicators
| PGJ | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.37% | -22.19% | -56.18% |
Max Drawdown (1Y)Largest decline over 1 year | -35.08% | -3.65% | -31.43% |
Max Drawdown (3Y)Largest decline over 3 years | -35.08% | -10.05% | -25.03% |
Max Drawdown (5Y)Largest decline over 5 years | -66.68% | -10.37% | -56.31% |
Max Drawdown (10Y)Largest decline over 10 years | -78.37% | -14.24% | -64.13% |
Current DrawdownCurrent decline from peak | -68.63% | -1.26% | -67.37% |
Average DrawdownAverage peak-to-trough decline | -31.91% | -8.88% | -23.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.58% | 1.33% | +15.25% |
Volatility
PGJ vs. UUP - Volatility Comparison
Invesco Golden Dragon China ETF (PGJ) has a higher volatility of 7.00% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that PGJ's price experiences larger fluctuations and is considered to be riskier than UUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PGJ | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.00% | 1.45% | +5.55% |
Volatility (6M)Calculated over the trailing 6-month period | 17.84% | 4.34% | +13.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.84% | 6.03% | +18.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.69% | 7.22% | +36.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.72% | 6.90% | +29.82% |
PGJ vs. UUP - Expense Ratio Comparison
PGJ has a 0.70% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
PGJ vs. UUP - Dividend Comparison
PGJ's dividend yield for the trailing twelve months is around 3.24%, which matches UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PGJ Invesco Golden Dragon China ETF | 3.24% | 3.38% | 4.70% | 2.50% | 0.84% | 0.00% | 0.30% | 0.17% | 0.31% | 2.05% | 1.94% | 0.37% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.25% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% | 0.00% | 0.00% |
Frequently Asked Questions
PGJ and UUP have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PGJ has higher volatility (7.00%) compared to UUP (1.45%). In terms of maximum drawdown, PGJ dropped -78.37% vs UUP's -22.19%.
On 10-year performance, UUP leads with 3.17% vs -0.38% for PGJ. On fees, PGJ is cheaper at 0.70% per year. On volatility, UUP has been the lower-risk option at 1.45%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UUP has performed better with a 3.17% return vs -0.38%. 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 UUP.
UUP has the higher dividend yield at 3.25%, compared with 3.24% for PGJ.
PGJ is categorized as China Equities, while UUP is Currency. PGJ tracks Halter USX China Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. Their fees differ too: 0.70% for PGJ and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (1.38 vs -0.65), 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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