PGJ vs SPY
Invesco Golden Dragon China ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | PGJ | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.70% | 0.09% | |
| AUM | $94M | $789.1B | |
| Dividend Yield | 3.40% | 1.01% | |
| Holdings | 74 | 505 | |
| YTD Return | -14.64% | +13.79% | |
| 1Y Return | -10.44% | +23.66% | |
| 3Y Return (annualized) | -1.46% | +21.40% | |
| 5Y Return (annualized) | -9.61% | +13.37% | |
| Volatility (annualized) | 30.2% | 15.3% | |
| Max Drawdown | -78.4% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Dec 9, 2004 | Jan 22, 1993 |
PGJ vs SPY Performance
Invesco Golden Dragon China ETF (PGJ) is a ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year PGJ returned -10.44% while SPY returned +23.66%. Year to date, PGJ is down 14.64% versus a gain of 13.79% for SPY.
Over three years, PGJ compounded at -1.46% per year against +21.40% for SPY; over five years the annualized figures are -9.61% and +13.37% respectively. Across the full 22-year window we track, SPY has the edge at +8.85% annualized vs +3.19%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PGJ has been the more volatile fund, with annualized monthly volatility of 30.2% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -78.4% for PGJ and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.50. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PGJ charges 0.70% per year while SPY charges 0.09%. On a $10,000 position that is $70 vs $9 annually, a gap of $61 per year that compounds over a long holding period. On income, PGJ currently yields 3.40% against 1.01% for SPY.
Holdings Overlap
PGJ and SPY share 0 holdings out of 575 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, PGJ or SPY?
PGJ has an expense ratio of 0.70% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $61 per year of difference.
Which performed better, PGJ or SPY?
Over the past year PGJ returned -10.44% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (22 years), PGJ annualized +3.19% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, PGJ or SPY?
PGJ has been the more volatile fund at 30.2% annualized versus 15.3% for SPY. Worst drawdown: PGJ -78.4% vs SPY -56.5%.
Should I hold both PGJ and SPY?
PGJ and SPY have a monthly-return correlation of 0.50, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PGJ and SPY?
PGJ and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 575 unique securities.
Which pays a higher dividend, PGJ or SPY?
PGJ yields 3.40% while SPY yields 1.01%, so PGJ currently pays the higher dividend yield.
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