PGJ vs. YANG

Last updated Apr 3, 2026

Compare and contrast key facts about Invesco Golden Dragon China ETF (PGJ) and Direxion Daily China 3x Bear Shares (YANG).

PGJ and YANG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PGJ is a passively managed fund by Invesco that tracks the performance of the Halter USX China Index. It was launched on Dec 9, 2004. YANG is a passively managed fund by Direxion that tracks the performance of the FTSE China 50 Index (-300%). It was launched on Dec 3, 2009. Both PGJ and YANG are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PGJ vs. YANG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Golden Dragon China ETF (PGJ) and Direxion Daily China 3x Bear Shares (YANG). The values are adjusted to include any dividend payments, if applicable.

PGJ vs. YANG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGJ Invesco Golden Dragon China ETF	-10.21%	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	20.34%	-62.77%	-71.41%	11.95%	-41.34%	25.90%	-58.66%	-40.72%	13.14%	-64.93%

Returns By Period

In the year-to-date period, PGJ achieves a -10.21% return, which is significantly lower than YANG's 20.34% return. Over the past 10 years, PGJ has outperformed YANG with an annualized return of 0.21%, while YANG has yielded a comparatively lower -39.31% annualized return.

PGJ

• 1D: -0.36%
• 1M: -2.79%
• YTD: -10.21%
• 6M: -23.60%
• 1Y: -10.32%
• 3Y*: -0.75%
• 5Y*: -14.90%
• 10Y*: 0.21%

YANG

• 1D: 0.27%
• 1M: 3.12%
• YTD: 20.34%
• 6M: 48.44%
• 1Y: -23.39%
• 3Y*: -43.83%
• 5Y*: -33.51%
• 10Y*: -39.31%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PGJ vs. YANG - Expense Ratio Comparison

PGJ has a 0.70% expense ratio, which is lower than YANG's 1.07% expense ratio.

YANG

Direxion Daily China 3x Bear Shares

PGJ

Invesco Golden Dragon China ETF

Return for Risk

PGJ vs. YANG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PGJ

PGJ Risk / Return Rank: 5
PGJ Sharpe Ratio Rank: 6
PGJ Sortino Ratio Rank: 6
PGJ Omega Ratio Rank: 6
PGJ Calmar Ratio Rank: 5
PGJ Martin Ratio Rank: 4

YANG

YANG Risk / Return Rank: 8
YANG Sharpe Ratio Rank: 6
YANG Sortino Ratio Rank: 9
YANG Omega Ratio Rank: 9
YANG Calmar Ratio Rank: 7
YANG Martin Ratio Rank: 9

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

	PGJ	YANG	Difference
Sharpe ratio Return per unit of total volatility	-0.38	-0.33	-0.05
Sortino ratio Return per unit of downside risk	-0.36	-0.03	-0.33
Omega ratio Gain probability vs. loss probability	0.96	1.00	-0.04
Calmar ratio Return relative to maximum drawdown	-0.41	-0.32	-0.09
Martin ratio Return relative to average drawdown	-0.98	-0.38	-0.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PGJ vs. YANG - Sharpe Ratio Comparison

The current PGJ Sharpe Ratio is -0.38, which is comparable to the YANG Sharpe Ratio of -0.33. The chart below compares the historical Sharpe Ratios of PGJ and YANG, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PGJ	YANG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.38	-0.33	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.34	-0.36	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.01	-0.48	+0.49
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	-0.49	+0.61

Correlation

The correlation between PGJ and YANG is -0.81. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

PGJ vs. YANG - Dividend Comparison

PGJ's dividend yield for the trailing twelve months is around 3.53%, more than YANG's 3.39% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PGJ Invesco Golden Dragon China ETF	3.53%	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	3.39%	4.03%	9.42%	3.66%	0.00%	0.00%	0.67%	1.54%	0.56%	0.00%	0.00%	0.00%

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.

Drawdown Indicators

	PGJ	YANG	Difference
Max Drawdown Largest peak-to-trough decline	-78.37%	-99.98%	+21.61%
Max Drawdown (1Y) Largest decline over 1 year	-25.69%	-68.02%	+42.33%
Max Drawdown (5Y) Largest decline over 5 years	-72.28%	-97.38%	+25.10%
Max Drawdown (10Y) Largest decline over 10 years	-78.37%	-99.60%	+21.23%
Current Drawdown Current decline from peak	-65.77%	-99.97%	+34.20%
Average Drawdown Average peak-to-trough decline	-31.48%	-90.42%	+58.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.79%	57.10%	-46.31%

Volatility

PGJ vs. YANG - Volatility Comparison

The current volatility for Invesco Golden Dragon China ETF (PGJ) is 7.15%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 19.56%. 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.

Volatility by Period

	PGJ	YANG	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.15%	19.56%	-12.41%
Volatility (6M) Calculated over the trailing 6-month period	17.70%	43.24%	-25.54%
Volatility (1Y) Calculated over the trailing 1-year period	27.38%	71.58%	-44.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.89%	94.36%	-50.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.62%	82.20%	-45.58%