PGJ vs. YANG
PGJ (Invesco Golden Dragon China ETF) and YANG (Direxion Daily China 3x Bear Shares) are both China Equities funds - PGJ tracks the Halter USX China Index while YANG tracks the FTSE China 50 Index (-300%). Both are passively managed. Over the past 10 years, PGJ returned -0.16%/yr vs -36.97%/yr for YANG. At a correlation of -0.81, they often move in opposite directions. PGJ charges 0.70%/yr vs 1.07%/yr for YANG.
Performance
PGJ vs. YANG - Performance Comparison
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Returns By Period
In the year-to-date period, PGJ achieves a -15.55% return, which is significantly lower than YANG's 29.74% return. Over the past 10 years, PGJ has outperformed YANG with an annualized return of -0.16%, while YANG has yielded a comparatively lower -36.97% annualized return.
PGJ
- 1D
- -1.70%
- 1M
- 2.84%
- 6M
- -17.69%
- YTD
- -15.55%
- 1Y
- -16.64%
- 3Y*
- -1.10%
- 5Y*
- -12.61%
- 10Y*
- -0.16%
YANG
- 1D
- 3.41%
- 1M
- -4.71%
- 6M
- 42.31%
- YTD
- 29.74%
- 1Y
- 16.00%
- 3Y*
- -44.24%
- 5Y*
- -33.99%
- 10Y*
- -36.97%
PGJ vs. YANG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PGJ Invesco Golden Dragon China ETF | -15.55% | 13.66% | 5.91% | -2.38% | -24.50% | -42.87% | 54.24% | 32.18% | -29.51% | 60.27% |
YANG Direxion Daily China 3x Bear Shares | 29.74% | -62.77% | -71.41% | 11.95% | -41.34% | 25.90% | -58.66% | -40.72% | 13.14% | -64.93% |
Correlation
The correlation between PGJ and YANG is -0.83, 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 | -0.83 |
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 Dec 3, 2009 | -0.81 |
The correlation between PGJ and YANG 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. YANG — Risk / Return Rank
PGJ
YANG
PGJ vs. YANG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Golden Dragon China ETF (PGJ) and Direxion Daily China 3x Bear Shares (YANG). 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 | YANG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.94 | ||
| Sortino ratioReturn per unit of downside risk | -1.66 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.10 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.48 | 0.50 | -0.98 |
| Martin ratioReturn relative to average drawdown | -0.98 | 0.88 | -1.87 |
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Drawdowns
PGJ vs. YANG - Drawdown Comparison
The maximum PGJ drawdown since its inception was -78.37%, smaller than the maximum YANG drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for PGJ and YANG.
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Drawdown Indicators
| PGJ | YANG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.37% | -99.98% | +21.61% |
Max Drawdown (1Y)Largest decline over 1 year | -35.08% | -31.88% | -3.20% |
Max Drawdown (3Y)Largest decline over 3 years | -35.08% | -94.02% | +58.94% |
Max Drawdown (5Y)Largest decline over 5 years | -66.49% | -97.38% | +30.89% |
Max Drawdown (10Y)Largest decline over 10 years | -78.37% | -99.37% | +21.00% |
Current DrawdownCurrent decline from peak | -67.81% | -99.97% | +32.16% |
Average DrawdownAverage peak-to-trough decline | -31.94% | -90.57% | +58.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.96% | 18.17% | -1.21% |
Volatility
PGJ vs. YANG - Volatility Comparison
The current volatility for Invesco Golden Dragon China ETF (PGJ) is 7.38%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 18.72%. This indicates that PGJ experiences smaller price fluctuations and is considered to be less risky than YANG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PGJ | YANG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.38% | 18.72% | -11.34% |
Volatility (6M)Calculated over the trailing 6-month period | 17.54% | 42.40% | -24.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.84% | 59.41% | -34.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.68% | 94.41% | -50.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.73% | 81.86% | -45.13% |
PGJ vs. YANG - Expense Ratio Comparison
PGJ has a 0.70% expense ratio, which is lower than YANG's 1.07% expense ratio.
Dividends
PGJ vs. YANG - Dividend Comparison
PGJ's dividend yield for the trailing twelve months is around 3.16%, more than YANG's 2.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PGJ Invesco Golden Dragon China ETF | 3.16% | 3.38% | 4.70% | 2.50% | 0.84% | 0.00% | 0.30% | 0.17% | 0.31% | 2.05% | 1.94% | 0.37% |
YANG Direxion Daily China 3x Bear Shares | 2.84% | 4.03% | 9.42% | 3.66% | 0.00% | 0.00% | 0.67% | 1.54% | 0.56% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PGJ and YANG have a correlation of -0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YANG has higher volatility (18.72%) compared to PGJ (7.38%). In terms of maximum drawdown, PGJ dropped -78.37% vs YANG's -99.98%.
On 10-year performance, PGJ leads with -0.16% vs -36.97% for YANG. On fees, PGJ is cheaper at 0.70% per year. On volatility, PGJ has been the lower-risk option at 7.38%. 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 -0.16% return vs -36.97%. 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 1.07% for YANG.
PGJ has the higher dividend yield at 3.16%, compared with 2.84% for YANG.
PGJ tracks Halter USX China Index, while YANG tracks FTSE China 50 Index (-300%). They also come from different issuers: Invesco and Direxion. Their fees differ too: 0.70% for PGJ and 1.07% for YANG.
YANG currently has the higher Sharpe Ratio (0.27 vs -0.67), 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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