PGJ vs. YCS
PGJ (Invesco Golden Dragon China ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - PGJ is a China Equities fund tracking the Halter USX China Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, PGJ returned -0.09%/yr vs 13.62%/yr for YCS. At a 0.11 correlation, their price movements are largely independent. PGJ charges 0.70%/yr vs 1.00%/yr for YCS.
Performance
PGJ vs. YCS - 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 YCS's 9.63% return. Over the past 10 years, PGJ has underperformed YCS with an annualized return of -0.09%, while YCS has yielded a comparatively higher 13.62% 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%
YCS
- 1D
- -0.14%
- 1M
- 3.57%
- YTD
- 9.63%
- 6M
- 10.44%
- 1Y
- 31.27%
- 3Y*
- 18.37%
- 5Y*
- 23.52%
- 10Y*
- 13.62%
PGJ vs. YCS - 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% |
YCS ProShares UltraShort Yen | 9.63% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between PGJ and YCS is -0.16, 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 | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | 0.11 |
The correlation between PGJ and YCS shifts across timeframes, from -0.16 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PGJ vs. YCS — Risk / Return Rank
PGJ
YCS
PGJ vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Golden Dragon China ETF (PGJ) and ProShares UltraShort Yen (YCS). 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 | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.49 | ||
| Sortino ratioReturn per unit of downside risk | -3.16 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.34 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.48 | 3.78 | -4.27 |
| Martin ratioReturn relative to average drawdown | -1.04 | 11.93 | -12.97 |
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Drawdowns
PGJ vs. YCS - Drawdown Comparison
The maximum PGJ drawdown since its inception was -78.37%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for PGJ and YCS.
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Drawdown Indicators
| PGJ | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.37% | -49.56% | -28.81% |
Max Drawdown (1Y)Largest decline over 1 year | -32.09% | -8.30% | -23.79% |
Max Drawdown (3Y)Largest decline over 3 years | -32.09% | -23.05% | -9.04% |
Max Drawdown (5Y)Largest decline over 5 years | -70.00% | -27.32% | -42.68% |
Max Drawdown (10Y)Largest decline over 10 years | -78.37% | -27.32% | -51.05% |
Current DrawdownCurrent decline from peak | -69.57% | -0.14% | -69.43% |
Average DrawdownAverage peak-to-trough decline | -31.82% | -19.87% | -11.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.90% | 2.65% | +12.25% |
Volatility
PGJ vs. YCS - Volatility Comparison
Invesco Golden Dragon China ETF (PGJ) has a higher volatility of 6.43% compared to ProShares UltraShort Yen (YCS) at 2.25%. This indicates that PGJ's price experiences larger fluctuations and is considered to be riskier than YCS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PGJ | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.43% | 2.25% | +4.18% |
Volatility (6M)Calculated over the trailing 6-month period | 17.61% | 12.19% | +5.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.43% | 16.93% | +7.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.76% | 21.10% | +22.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.71% | 18.82% | +17.89% |
PGJ vs. YCS - Expense Ratio Comparison
PGJ has a 0.70% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
PGJ vs. YCS - Dividend Comparison
PGJ's dividend yield for the trailing twelve months is around 3.34%, while YCS 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% |
YCS ProShares UltraShort Yen | 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 YCS have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PGJ has higher volatility (6.43%) compared to YCS (2.25%). In terms of maximum drawdown, PGJ dropped -78.37% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.62% vs -0.09% for PGJ. On fees, PGJ is cheaper at 0.70% per year. On volatility, YCS has been the lower-risk option at 2.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, YCS has performed better with a 13.62% 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 1.00% for YCS.
PGJ has the higher dividend yield at 3.34%, compared with 0.00% for YCS.
PGJ is categorized as China Equities, while YCS is Leveraged Currency. PGJ tracks Halter USX China Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.70% for PGJ and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.86 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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