Invesco Golden Dragon China ETF (PGJ) Performance
PGJ total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −26.0% since Dec 31, 2025
- 1 year
- −33.0% total return
- 5 years
- −12.6% a year
- 10 years
- −2.7% a year
- Since first price
- +3.1% a year since 2004
PGJ trailing returns vs SPY, QQQ, AGG
| Period | PGJ total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −4.8% | −4.8% | −1.0% | −5.0% | +0.9% |
| 3 months | −10.3% | −10.9% | +3.2% | +1.9% | −0.4% |
| 6 months | −19.1% | −19.9% | +7.8% | +8.4% | −1.5% |
| YTD | −26.0% | −26.7% | +12.3% | +15.1% | −1.0% |
| 1 year | −33.0% | −34.2% | +14.4% | +15.9% | −1.1% |
| 3 years | −5.7%−1.9%/yr | −15.5% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −49.1%−12.6%/yr | −55.2% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | −24.3%−2.7%/yr | −36.4% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +29.1%+1.7%/yr | +2.3% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| 20 years | +67.8%+2.6%/yr | +27.3% | +696.9%+10.9%/yr | +1,839.9%+16.0%/yr | +79.6%+3.0%/yr |
| Since inceptionDec 9, 2004 | +95.3%+3.1%/yr | +44.5% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: PGJ vs SPY
From Dec 9, 2004: PGJ grew to $19,527, SPY to $95,162.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
PGJ returns by calendar year
12 of 21 full years positive. Best 2007 (+64.6%), worst 2008 (−56.2%). 2026 is year to date.
PGJ annual returns table
| Year | PGJ | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −26.0% | −30.6% | +12.3% | +15.1% | −1.0% |
| 2025 | +13.7% | −26.2% | +17.7% | +20.8% | +7.2% |
| 2024 | +5.9% | −23.0% | +24.9% | +25.6% | +1.3% |
| 2023 | −2.4% | −27.5% | +26.2% | +54.9% | +5.7% |
| 2022 | −24.5% | −51.1% | −18.2% | −32.6% | −13.0% |
| 2021 | −42.9% | −60.3% | +28.7% | +27.4% | −1.8% |
| 2020 | +54.2% | −26.5% | +18.3% | +48.6% | +7.5% |
| 2019 | +32.2% | −23.2% | +31.2% | +39.0% | +8.5% |
| 2018 | −29.5% | −39.0% | −4.6% | −0.1% | +0.1% |
| 2017 | +60.3% | −8.4% | +21.7% | +32.7% | +3.6% |
| 2016 | −11.4% | −19.5% | +12.0% | +7.1% | +2.4% |
| 2015 | +18.6% | −31.7% | +1.2% | +9.4% | +0.5% |
| 2014 | −7.4% | −22.1% | +13.5% | +19.2% | +6.0% |
| 2013 | +60.0% | −12.1% | +32.3% | +36.6% | −2.0% |
| 2012 | +0.1% | −25.8% | +16.0% | +18.1% | +3.8% |
| 2011 | −24.8% | −36.5% | +1.9% | +3.4% | +7.7% |
| 2010 | +11.3% | −17.1% | +15.1% | +19.9% | +6.4% |
| 2009 | +63.1% | −26.8% | +26.4% | +54.7% | +3.0% |
| 2008 | −56.2% | −67.5% | −36.8% | −41.7% | +7.9% |
| 2007 | +64.6% | −22.1% | +5.1% | +19.0% | +6.6% |
| 2006 | +53.3% | −20.8% | +15.8% | +7.1% | +3.9% |
| 2005 | −3.3% | −13.5% | +4.8% | +1.6% | +2.3% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
PGJ largest drawdowns
Now 71.8% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 16, 2021 | −78.4% | Oct 24, 2022 | not yet | 1.7 years | 5.7 years so far |
| Oct 31, 2007 | −71.4% | Nov 20, 2008 | Jun 11, 2015 | 1.1 years | 7.6 years |
| Jan 26, 2018 | −39.5% | Jan 3, 2019 | Jul 2, 2020 | 11 months | 2.4 years |
| Jun 12, 2015 | −31.7% | Sep 28, 2015 | Apr 25, 2017 | 4 months | 1.9 years |
| May 8, 2006 | −20.8% | Jun 13, 2006 | Nov 14, 2006 | 36 days | 6 months |
| Jul 13, 2007 | −19.0% | Aug 16, 2007 | Aug 27, 2007 | 34 days | 45 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
PGJ risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2004 |
|---|---|---|---|---|
| Annualized return | −3.3% | −10.0% | −2.4% | +3.3% |
| Volatility (annualized) | 28.5% | 38.2% | 32.7% | 30.2% |
| Sharpe ratio | -0.14 | -0.19 | 0.01 | — |
| Sortino ratio | -0.23 | -0.31 | 0.02 | — |
| Best month | +30.3% | +41.8% | +41.8% | +41.8% |
| Worst month | −14.2% | −25.0% | −25.0% | −25.0% |
| Best 12 months | +44.3% | +44.3% | +84.8% | +132.5% |
| Worst 12 months | −32.8% | −56.9% | −56.9% | −61.6% |
| Positive months | 50% | 47% | 52% | 56% |
| Beta vs S&P 500 | 0.52 | 0.42 | 0.63 | — |
| Correlation with S&P 500 | 0.22 | 0.17 | 0.29 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
PGJ rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 251 | −61.6% | +8.6% | +132.5% | 58% |
| 3-year (a year) | 227 | −30.8% | +5.1% | +34.6% | 69% |
| 5-year (a year) | 203 | −16.1% | +5.0% | +22.9% | 65% |
| 10-year (a year) | 143 | −2.7% | +6.3% | +13.5% | 86% |
Every holding period starting at a month-end since 2004. Returns for 3 years and longer are annualized.
PGJ performance overview
Invesco Golden Dragon China ETF (PGJ) returned −33.0% over the past year and −2.7% a year over ten years, with distributions reinvested. Since its first recorded price in 2004 it has returned +3.1% a year, turning $10,000 into about $19,527. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −78.4%, from Feb 16, 2021 to Oct 24, 2022; the fund has not yet regained that high. PGJ finished 12 of its 21 full calendar years with a gain; the best year was 2007 (+64.6%) and the worst 2008 (−56.2%). Volatility has been 30.2% a year.
Related: PGJ chart, PGJ holdings, PGJ dividends, PGJ valuation. See the PGJ overview for the latest quote and fund facts.
PGJ performance FAQ
What is the PGJ return over the past year?
PGJ returned −33.0% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 34.2%.
What is the average annual return of PGJ?
PGJ has returned −12.6% a year over 5 years, −2.7% a year over 10 years, +3.1% a year since December 9, 2004 (total return, distributions reinvested).
How much would $10,000 invested in PGJ be worth?
$10,000 invested in PGJ at its first recorded close on December 9, 2004 would be worth about $19,527 on October 23, 2026 with distributions reinvested.
What was the worst year for PGJ?
The worst calendar year was 2008, with a total return of −56.2%. The best was 2007 at +64.6%.
What is the biggest drawdown of PGJ?
The largest peak-to-trough decline was −78.4% between February 16, 2021 and October 24, 2022. It has not yet recovered to that high; it is 71.8% below its peak.
How volatile is PGJ?
Over the past 3 years PGJ had an annualized volatility of 28.5% and a Sharpe ratio of -0.14 (excess return over 1–3 month T-bills per unit of risk).