Invesco Golden Dragon China ETF (PGJ) Valuation
PGJ valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 310.8 trailing earnings
- Forward P/E
- 11.7 analyst estimates
- Price / sales
- 0.14
- Price / book
- 1.40
- EV / EBITDA
- 1.3
- Earnings yield
- 0.32% inverse of P/E
- Dividend yield
- 2.23% of the holdings
- Return on equity
- 0.4% combined
- Net margin
- 0.0% combined
- Beta
- 0.41 weighted, vs S&P 500
PGJ valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| PGJ | 310.8 | 11.7 | 0.14 | 1.40 | 2.23% | 0.4% | 0.0% | 21.3% |
| SPY | 25.9 | 19.9 | 3.67 | 5.47 | 1.08% | 21.1% | 14.2% | 1.9% |
| QQQ | 34.2 | 23.4 | 5.93 | 9.27 | 0.58% | 27.1% | 17.4% | 6.9% |
| DIA | 20.9 | 18.4 | 3.16 | 5.52 | 1.55% | 26.4% | 15.1% | 0.0% |
| VTI | 28.2 | 19.4 | 3.31 | 5.00 | 1.07% | 17.7% | 11.8% | 4.6% |
| IWM | n/m | 13.9 | 1.25 | 2.03 | 1.38% | −1.7% | −1.0% | 28.1% |
Same method for every fund. n/m = not meaningful (combined trailing earnings below zero or close to it). Loss-makers = weight of holdings with negative trailing earnings.
PGJ valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Consumer Cyclical | 44.3% | 19.9 | 12.2 | 0.09 | 1.80 | 2.41% | 9.0% |
| Communication Services | 24.4% | 17.7 | 11.3 | 0.29 | 1.15 | 2.14% | 6.5% |
| Technology | 12.4% | n/m | 22.3 | 0.23 | 1.10 | 1.50% | −25.1% |
| Consumer Defensive | 9.8% | 23.8 | 9.8 | 0.49 | 1.78 | 1.49% | 7.5% |
| Real Estate | 2.9% | 30.1 | 12.1 | 0.22 | 1.87 | 1.53% | 6.2% |
| Industrials | 2.6% | 13.7 | 9.4 | 0.29 | 1.60 | 3.20% | 11.7% |
| Financial Services | 2.3% | n/m | 4.8 | 0.07 | 0.40 | 8.44% | −20.2% |
| Healthcare | 1.1% | n/m | 16.3 | 0.97 | 3.23 | 0.00% | −31.1% |
PGJ earnings yield vs bond yields
Earnings yield = earnings ÷ price (1 ÷ P/E). The gap to bond yields is a rough gauge of the extra return stocks are priced to deliver.
How PGJ weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
PGJ largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| YUMC | Yum China Holdings, Inc. | 9.25% | 16.5 | 12.3 | 1.2 | 2.57% | 175.38% |
| BABA | Alibaba Group Holding Limited | 8.03% | 26.4 | 17.9 | 0.3 | 0.96% | 95.31% |
| JD | JD.com, Inc. | 7.73% | 18.9 | 6.7 | 0.0 | 3.70% | 128.20% |
| NTES | NetEase, Inc | 6.94% | 17.5 | 11.1 | 0.7 | 2.32% | 124.18% |
| BIDU | Baidu, Inc | 5.61% | — | 19.2 | 0.2 | — | −39.72% |
| EDU | New Oriental Education & Technology Group Inc. | 4.61% | 20.3 | 12.3 | 1.7 | 1.97% | 71.12% |
| HTHT | H World Group Limited | 4.41% | 34.7 | 35.3 | 0.6 | 4.67% | 39.85% |
| YMM | Full Truck Alliance Co. Ltd. | 4.15% | 15.4 | 19.5 | 0.7 | 2.88% | 84.76% |
| VIPS | Vipshop Holdings Limited | 4.07% | 4.3 | 5.4 | 0.1 | 4.82% | 294.25% |
| BZ | Kanzhun Limited | 4.00% | 12.0 | 9.9 | 0.8 | 3.05% | 103.98% |
| TME | Tencent Music Entertainment Group | 3.61% | 10.5 | 7.7 | 0.4 | 2.78% | 107.37% |
| MAAS | Maase Inc. | 3.42% | — | — | 802.8 | — | −725.02% |
| NIO | NIO Inc. | 3.19% | — | 64.9 | 0.1 | — | −68.61% |
| BEKE | KE Holdings Inc. | 2.92% | 30.1 | 12.1 | 0.2 | 1.53% | 30.37% |
| TAL | TAL Education Group | 2.82% | 7.5 | 9.5 | 2.1 | — | 117.65% |
| ZTO | ZTO Express (Cayman) Inc. | 2.46% | 11.0 | 9.4 | 0.3 | 3.42% | 69.92% |
| ATAT | Atour Lifestyle Holdings Limited | 2.21% | 16.5 | 20.0 | 0.4 | 1.62% | 42.09% |
| LI | Li Auto Inc. | 1.74% | — | 140.8 | 0.1 | — | −25.70% |
| GDS | GDS Holdings Limited | 1.66% | 10.7 | 454.5 | 0.4 | — | 48.37% |
| XPEV | XPeng Inc. | 1.64% | — | 69.9 | 0.1 | — | −21.40% |
| BILI | Bilibili Inc | 1.21% | 27.6 | 11.8 | 0.2 | — | 13.73% |
| ATHM | Autohome Inc | 1.08% | 17.5 | 16.8 | 0.4 | 9.23% | 19.26% |
| CHA | Chagee Holdings Limited American Depositary Shares | 0.89% | 12.4 | — | 0.2 | — | 22.48% |
| RLX | RLX Technology Inc. | 0.85% | 15.5 | 6.7 | 0.5 | 5.88% | 17.27% |
| ZLAB | Zai Lab Limited | 0.81% | — | — | 5.8 | — | −18.62% |
Share of earnings = the holding's part of the fund's combined trailing profit. Green: earns more than its weight; orange: less. Symbol links go to each company's key metrics.
About PGJ valuation
Adding up its 61 holdings with company data, PGJ trades at 310.8 times trailing earnings and 11.7 times analysts' forward estimates, with a price-to-book ratio of 1.40 and a dividend yield of 2.23%. Its earnings yield of 0.32% is 5.01 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 58.8% of the fund and earn 1,077.3% of its combined profit. By sector, Real Estate is the most expensive at 30.1 times earnings and Industrials the cheapest at 13.7. Companies that lost money over the past year are 21.3% of the covered weight.
How these figures are calculated. Each ratio treats the fund as one company: the earnings, sales and book value of every holding are added up in proportion to its weight and divided into the fund's price. In practice that is a weighted harmonic mean, so a single stock with a very high P/E cannot distort the result, and loss-making companies reduce the fund's earnings instead of being dropped. Covers 99.2% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: PGJ chart, PGJ performance, PGJ holdings, PGJ dividends.
PGJ valuation FAQ
What is the P/E ratio of PGJ?
Based on its holdings, PGJ has a trailing P/E of 310.8 and a forward P/E of 11.7 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of PGJ?
The trailing earnings yield is 0.32% (1 ÷ P/E) and the forward earnings yield 8.52%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is PGJ more expensive than the S&P 500?
PGJ trades at 310.8 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 11.7 and 19.9.
What is the price-to-book ratio of PGJ?
The holdings of PGJ trade at 1.40 times book value, with a combined return on equity of 0.4%.
Which sector in PGJ has the highest P/E?
Real Estate has the highest P/E at 30.1 and Industrials the lowest at 13.7.