PGJ vs. YXI
PGJ (Invesco Golden Dragon China ETF) and YXI (ProShares Short FTSE China 50) are both exchange-traded funds - PGJ is a China Equities fund tracking the Halter USX China Index, while YXI is a Inverse Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-100%). Both are passively managed. Over the past 10 years, PGJ returned -0.29%/yr vs -7.45%/yr for YXI. At a correlation of -0.76, they often move in opposite directions. PGJ charges 0.70%/yr vs 0.95%/yr for YXI.
Performance
PGJ vs. YXI - Performance Comparison
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Returns By Period
In the year-to-date period, PGJ achieves a -23.70% return, which is significantly lower than YXI's 21.26% return. Over the past 10 years, PGJ has outperformed YXI with an annualized return of -0.29%, while YXI has yielded a comparatively lower -7.45% annualized return.
PGJ
- 1D
- -2.80%
- 1M
- -12.94%
- YTD
- -23.70%
- 6M
- -24.84%
- 1Y
- -21.34%
- 3Y*
- -2.41%
- 5Y*
- -16.10%
- 10Y*
- -0.29%
YXI
- 1D
- 2.00%
- 1M
- 12.62%
- YTD
- 21.26%
- 6M
- 21.92%
- 1Y
- 17.82%
- 3Y*
- -8.51%
- 5Y*
- -0.14%
- 10Y*
- -7.45%
PGJ vs. YXI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PGJ Invesco Golden Dragon China ETF | -23.70% | 13.66% | 5.91% | -2.38% | -24.50% | -42.87% | 54.24% | 32.18% | -29.51% | 60.27% |
YXI ProShares Short FTSE China 50 | 21.26% | -22.87% | -25.36% | 12.40% | 4.78% | 13.94% | -17.95% | -14.35% | 9.63% | -28.43% |
Correlation
The correlation between PGJ and YXI is -0.77, 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 | -0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.87 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.80 |
Correlation (All Time) Calculated using the full available price history since Mar 18, 2010 | -0.76 |
The correlation between PGJ and YXI shifts across timeframes, from -0.87 (5 years) to -0.76 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PGJ vs. YXI — Risk / Return Rank
PGJ
YXI
PGJ vs. YXI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Golden Dragon China ETF (PGJ) and ProShares Short FTSE China 50 (YXI). 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 | YXI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.77 | ||
| Sortino ratioReturn per unit of downside risk | -2.56 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.16 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.61 | 1.43 | -2.04 |
| Martin ratioReturn relative to average drawdown | -1.41 | 2.78 | -4.18 |
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Drawdowns
PGJ vs. YXI - Drawdown Comparison
The maximum PGJ drawdown since its inception was -78.37%, roughly equal to the maximum YXI drawdown of -81.15%. Use the drawdown chart below to compare losses from any high point for PGJ and YXI.
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Drawdown Indicators
| PGJ | YXI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.37% | -81.15% | +2.78% |
Max Drawdown (1Y)Largest decline over 1 year | -35.08% | -12.48% | -22.60% |
Max Drawdown (3Y)Largest decline over 3 years | -35.08% | -53.12% | +18.04% |
Max Drawdown (5Y)Largest decline over 5 years | -70.00% | -57.65% | -12.35% |
Max Drawdown (10Y)Largest decline over 10 years | -78.37% | -64.07% | -14.30% |
Current DrawdownCurrent decline from peak | -70.91% | -75.24% | +4.33% |
Average DrawdownAverage peak-to-trough decline | -31.83% | -54.38% | +22.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.21% | 6.43% | +8.78% |
Volatility
PGJ vs. YXI - Volatility Comparison
Invesco Golden Dragon China ETF (PGJ) and ProShares Short FTSE China 50 (YXI) have volatilities of 6.66% and 6.92%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PGJ | YXI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.66% | 6.92% | -0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 17.82% | 15.69% | +2.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.38% | 20.17% | +4.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.77% | 31.49% | +12.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.71% | 27.43% | +9.28% |
PGJ vs. YXI - Expense Ratio Comparison
PGJ has a 0.70% expense ratio, which is lower than YXI's 0.95% expense ratio.
Dividends
PGJ vs. YXI - Dividend Comparison
PGJ's dividend yield for the trailing twelve months is around 3.50%, more than YXI's 2.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PGJ Invesco Golden Dragon China ETF | 3.50% | 3.38% | 4.70% | 2.50% | 0.84% | 0.00% | 0.30% | 0.17% | 0.31% | 2.05% | 1.94% | 0.37% |
YXI ProShares Short FTSE China 50 | 2.35% | 3.60% | 4.35% | 2.66% | 0.27% | 0.00% | 0.08% | 1.01% | 0.25% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PGJ and YXI have a correlation of -0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YXI has higher volatility (6.92%) compared to PGJ (6.66%). In terms of maximum drawdown, PGJ dropped -78.37% vs YXI's -81.15%.
On 10-year performance, PGJ leads with -0.29% vs -7.45% for YXI. On fees, PGJ is cheaper at 0.70% per year. On volatility, PGJ has been the lower-risk option at 6.66%. 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 -0.29% return vs -7.45%. 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 0.95% for YXI.
PGJ has the higher dividend yield at 3.50%, compared with 2.35% for YXI.
PGJ is categorized as China Equities, while YXI is Inverse Equities. PGJ tracks Halter USX China Index, while YXI tracks FTSE China 50 Net Tax USD (TR) (-100%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.70% for PGJ and 0.95% for YXI.
YXI currently has the higher Sharpe Ratio (0.89 vs -0.88), 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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