GXC vs PGJ: Grades, Fees and Holdings Compared

State Street SPDR S&P China ETF

GXCANYSE Arca

Invesco Golden Dragon China ETF

PGJCNasdaq

Overlap

2.5%by weight

Expense ratio

GXC −0.11pt a year

GXC0.59%PGJ0.70%

Avg volume · 30D

GXC 1.1×the volume

GXC23.4KPGJ21.8K

10Y return · a year

GXC +5.0pt

GXC+2.9%PGJ−2.1%

GXC vs PGJ Performance

Nov 2, 2021 – Nov 2, 2026

−16.4%GXC−46.0%PGJ

Expense ratio: GXC 0.59%, better; PGJ 0.70%
Fund size: GXC $421M; PGJ $76M
1Y total return: GXC −18.4%, better; PGJ −31.9%
Yield (12M): GXC 2.44%, better; PGJ 2.02%
Holdings: GXC 1539; PGJ 68
Avg volume (30D): GXC 23.4K sh, better; PGJ 21.8K sh
NAV per share: GXC $80.17; PGJ $20.82
52W range

ETF.net Grade

Pillar letters and Scores for GXC, PGJ, with each pillar’s weight
Pillar	GXC	PGJ
Cost30% weight	A78Higher	D38
Mission25% weight	A85Higher	B62
Risk15% weight	B68Higher	D25
Tradability15% weight	B69	A70Higher
Holdings10% weight	A76Higher	C40
Durability5% weight	A84Higher	A73

Rank among China funds

How we build Categories ›

Same Category. GXC and PGJ are both graded against the same 28 China funds, so their Grades compare head to head.

China⁠

Category · 28 funds

See all 28 ›

GXC ranks 4th and PGJ 15th of 28 funds in the China Category.

Rank 1ACXSEWisdomTree China ex-State-Owned Enterprises FundScore 81
Rank 1AFLCHFranklin FTSE China ETFScore 81
Rank 3AMCHIiShares MSCI China ETFScore 77
Rank 4AGXCState Street SPDR S&P China ETFScore 76
Rank 5AKBAKraneShares Bosera MSCI China A 50 Connect Index ETFScore 75
Rank 15CMCHMatthews China Active ETFScore 48
Rank 15CPGJInvesco Golden Dragon China ETFScore 48
Rank 17CMAGCRoundhill China Magnificent Seven ETFScore 47

Our read on each fund

ETF.net Research

GXCAState Street SPDR S&P China ETF

PGJCInvesco Golden Dragon China ETF

In short

GXC The whole China market in one ticker: roughly 1,400 stocks from megacaps down to small caps, tracked since 2007. Most China funds buy the famous names. GXC buys the phone book.

PGJ Most China funds route you through Hong Kong or mainland listings. PGJ takes the other door: it holds Chinese companies that list their shares in the US, tracking a Nasdaq index built around that single screen. It has done it that way since 2004.

Stated mandate

GXC The fund seeks to provide returns that generally correspond to the total return performance of the S&P China BMI Index.

PGJ The fund is based on the NASDAQ Golden Dragon China Index and provides China-focused equity exposure.

Why people hold it

GXC Holds roughly 1,400 names across large, mid and small caps, so the portfolio reaches well past the handful of megacap internet stocks that dominate narrower China funds.ssga.com
Running since 2007, one of the longest-tenured US-listed China index funds, with a track record covering several full boom and bust cycles in the market.ssga.com
Tracks the S&P China BMI Index tightly and sits in the upper tier of its single-country China peer group on our review.

PGJ Holds Chinese businesses whose stock trades on US exchanges, largely ADRs. US-market plumbing, US settlement, no Hong Kong or mainland access required.nasdaqomx.com nasdaqomx.com 2
Launched in 2004, one of the longer-running China ETFs available, and tied to the same Nasdaq Golden Dragon China Index the entire time.invesco.com
The US-listing rule narrows the field to roughly 70 names, a different slice of China than broad-market trackers like MCHI or GXC pull in. Pays quarterly.

Worth knowing

GXC The 0.59% expense ratio sits at the pricier end of the shelf. Plain index rivals such as FLCH and CXSE charge less for China exposure.
Volume is light next to the category's biggest China funds, so bid-ask spreads can widen. Limit orders are the usual defense.
One country, one policy regime: Chinese regulation, politics and currency moves drive the whole ride, and payouts land only once or twice a year.

PGJ 0.70% a year sits at the China-fund median but several times what broad index rivals like FLCH (0.19%) and JCHI (0.15%) charge.
That US-listing screen cuts both ways. The prospectus flags US government action, including delisting Chinese companies from US exchanges, as a risk to these holdings.saytechnologies.com
Trades thinly next to the giants of the China category, so spreads and order size carry more weight.

Full GXC profile⁠

Full PGJ profile⁠

GXC vs PGJ Holdings

How GXC and PGJ differ

Overlap by weight

2.5%

Shared holdings make up 48.3% of PGJ and 2.5% of GXC.

Level by level

Holdings37 in both2.5%
Sector11 Sectors58.4%
Countryby domicile96.8%
Asset classEquity100%

Sector

Sector weights in GXC and PGJ, widest gap first
Sector	More in GXCMore in PGJ	GXC	PGJ
Consumer Discretionary	PGJ +23.5 points	21.0%	44.5%
Financials	GXC +16.4 points	19.0%	2.5%
Communication	PGJ +11.0 points	13.3%	24.3%
Industrials	GXC +7.0 points	9.6%	2.6%
Materials	GXC +6.5 points	6.5%	0.0%
Health Care	GXC +6.3 points	7.4%	1.1%
Consumer Staples	PGJ +5.3 points	3.7%	9.0%
Energy	GXC +3.4 points	3.4%	0.0%
Utilities	GXC +2.1 points	2.1%	0.0%
Real Estate	PGJ +1.0 points	2.0%	3.0%
Technology	PGJ +0.8 points	12.0%	12.8%

Country, concentration and asset class

Country by domicile

Country weights in GXC and PGJ, widest gap first
Country	More in GXCMore in PGJ	GXC	PGJ
China	PGJ +2.8 points	95.0%	97.8%
Hong Kong	GXC +1.9 points	2.8%	0.9%
United States	GXC +0.8 points	1.7%	0.9%
Other countries (6)	GXC +0.2 points	0.6%	0.4%

Outside the US: GXC 3% developed, 97% emerging. PGJ 1% developed, 99% emerging.

Concentration

Weight in the 10 largest Holdings

GXC32.9%
PGJ58.5%

Securities held

GXC1,533
PGJ67

Asset class

GXC: Equity
PGJ: Equity

Holdings

Only in GXC1,496
In both37
Only in PGJ30

Only in GXC

1,496 securities, 97.1% of GXC by weight

Tencent Holdings Ltd9.22%
Alibaba Group Holding Ltd7.52%
China Construction Bank H4.02%
Ind & Comm Bk of China H2.41%
Bank of China Ltd H2.00%
Pdd Holdings Inc1.91%
Xiaomi Corp Class B1.76%
Meituan Class B1.55%
Ping An Insurance Group Co H1.27%
Netease Inc1.22%
Byd Co Ltd H1.02%
Jd.com Inc Class A1.00%
Petrochina Co Ltd H0.84%
Beone Medicines Ltd0.82%
China Life Insurance Co H0.73%
Trip.com Group Ltd0.72%
Wuxi Biologics Cayman Inc0.69%
China Merchants Bank H0.68%
Baidu Inc Class A Hkd0.68%
Zijin Mining Group Co Ltd H0.68%
Lenovo Group Ltd0.67%
Kweichow Moutai Co Ltd A0.63%
China Shenhua Energy Co H0.58%
Agricultural Bank of China H0.58%
Innovent Biologics Inc0.50%
Contemporary Amperex Techn A0.45%
Picc Property & Casualty H0.44%
China Petroleum & Chemical H0.41%
Pop Mart International Group0.37%
Anta Sports Products Ltd0.37%
China Resources Land Ltd0.36%
Ind & Comm Bk of China A0.35%
China Merchants Bank A0.35%
Agricultural Bank of China A0.35%
Geely Automobile Holdings Lt0.33%
China Citic Bank Corp Ltd H0.33%
Kuaishou Technology0.32%
Yangzijiang Shipbuilding0.31%
Nongfu Spring Co Ltd H0.31%
Citic Ltd0.30%
Bank of Communications Co H0.30%
China Yangtze Power Co Ltd A0.29%
Cspc Pharmaceutical Group Lt0.28%
China Pacific Insurance Gr H0.26%
Foxconn Industrial Interne A0.26%
China Mengniu Dairy Co0.25%
Sitc International Holdings0.25%
Zhongji Innolight Co Ltd A0.25%
Weichai Power Co Ltd H0.24%
Wuxi Apptec Co Ltd H0.24%

Only in PGJ

30 securities, 51.7% of PGJ by weight

JD.com Inc8.17%
Alibaba Group Holding Ltd7.73%
NetEase Inc6.75%
Baidu Inc5.58%
H World Group Ltd4.53%
New Oriental Education & Technology Group Inc3.79%
Tencent Music Entertainment Group3.54%
Li Auto Inc1.79%
GDS Holdings Ltd1.74%
XPeng Inc1.61%
Bilibili Inc1.18%
Chagee Holdings Ltd0.86%
Zai Lab Ltd0.77%
WeRide Inc0.77%
Youdao Inc0.60%
Canadian Solar Inc0.50%
Weibo Corp0.39%
High Templar Tech Limited0.28%
Invesco Government & Agency Portfolio0.26%
Adagene Inc0.17%
Xunlei Ltd0.15%
Kingsoft Cloud Holdings Ltd0.13%
Baozun Inc0.12%
Hesai Group0.10%
Pony AI Inc0.07%
AIFU Inc0.04%
Jiade Ltd0.04%
Huhutech International Group Inc<0.01%
Digital Currency X Technology Inc<0.01%
Securities Lending - Bnym0.00%

Weight gaps

All 37 Holdings in both funds, largest gap first.

Holding weights in GXC and PGJ, widest gap first
Holding	More in GXCMore in PGJ	GXC	PGJ
Yum China Holdings IncYUMC	PGJ +8.70 points	0.52%	9.22%
Full Truck Alliance Spn AdrYMM	PGJ +4.09 points	0.20%	4.29%
Kanzhun Ltd AdrBZ	PGJ +4.08 points	0.20%	4.28%
Vipshop Holdings Ltd AdrVIPS	PGJ +4.03 points	0.12%	4.15%
Maase Inc AMAAS	PGJ +3.36 points	0.01%	3.37%
Nio Inc AdrNIO	PGJ +3.14 points	0.17%	3.31%
Tal Education Group AdrTAL	PGJ +2.73 points	0.13%	2.86%
Ke Holdings Inc AdrBEKE	PGJ +2.66 points	0.39%	3.05%
Atour Lifestyle Holdings AdrATAT	PGJ +2.33 points	0.05%	2.38%
Zto Express Cayman Inc AdrZTO	PGJ +2.25 points	0.27%	2.52%
Autohome Inc AdrATHM	PGJ +1.01 points	0.05%	1.06%
Rlx Technology Inc AdrRLX	PGJ +0.84 points	0.05%	0.89%
Daqo New Energy Corp AdrDQ	PGJ +0.61 points	0.02%	0.63%
Hello Group Inc Spn AdrMOMO	PGJ +0.57 points	0.03%	0.60%
Atrenew IncRERE	PGJ +0.43 points	0.03%	0.46%
Finvolution Group AdrFINV	PGJ +0.42 points	<0.01%	0.43%
Up Fintech Holding Ltd AdrTIGR	PGJ +0.39 points	0.01%	0.41%
Qfin Holdings Inc AdrQFIN	PGJ +0.40 points	0.02%	0.42%
Vnet Group Inc AdrVNET	PGJ +0.39 points	0.02%	0.41%
Mmtec IncMTC	PGJ +0.38 points	0.01%	0.39%
Iqiyi Inc AdrIQ	PGJ +0.33 points	0.01%	0.34%
Tuya IncTUYA	PGJ +0.30 points	0.01%	0.31%
Gaotu Techedu IncGOTU	PGJ +0.26 points	0.01%	0.27%
Sohu.com Ltd AdrSOHU	PGJ +0.25 points	0.02%	0.27%
Jinko Holdings LtdJKS	PGJ +0.25 points	0.01%	0.26%
Noah Holdings Ltd Spon AdsNOAH	PGJ +0.20 points	0.02%	0.22%
Dingdong Cayman Ltd Spn AdrDDL	PGJ +0.20 points	<0.01%	0.21%
Miniso Group Holding Ltd AdrMNSO	PGJ +0.19 points	0.04%	0.23%
Lufax Holding Ltd AdrLU	PGJ +0.17 points	<0.01%	0.18%
Ehang Holdings Ltd Sps AdrEH	PGJ +0.14 points	<0.01%	0.15%
Huya Inc AdrHUYA	PGJ +0.14 points	<0.01%	0.15%
Zkh Group LtdZKH	PGJ +0.14 points	<0.01%	0.14%
Yatsen Holding Ltd AdrYSG	PGJ +0.13 points	<0.01%	0.13%
So Young International AdrSY	PGJ +0.12 points	<0.01%	0.13%
Zhihu Inc AdrZH	PGJ +0.09 points	<0.01%	0.10%
Niu Technologies Spons AdrNIU	PGJ +0.06 points	<0.01%	0.07%
Lexinfintech Holdings L AdrLX	PGJ +0.06 points	<0.01%	0.06%

All 1,547 GXC holdings⁠All 66 PGJ holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

GXC vs PGJ Cost

Overpaying PGJ vs GXC

$1,971

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

GXC 0.59%
$11,635
PGJ 0.70%
$13,606

Amount$10,000

Years30 years

Cost over time

GXC 0.59%
PGJ 0.70%
Overpaying

Year by year

Year	GXC	PGJ	Overpaying
10	$1,058	$1,250	$192
20	$4,051	$4,760	$709
30	$11,635	$13,606	$1,971

Expense ratio

0.59%GXC, cheaper
0.70%PGJ

GXC0.59%PGJ0.70%

0.19%5.01%

Middle half of China funds
Median 0.65%

GXC 5th cheapest of 28 funds

PGJ 19th cheapest of 28 funds

GXC vs PGJ Dividends

Last 12 months to Nov 2, 2026

Yield (12M): GXC 2.44%, better; PGJ 2.02%
Payout (12M): GXC $1.99; PGJ $0.43
Last payment: GXC $0.67; PGJ $0.15
Ex-dividend: GXC Jun 22, 2026; PGJ Sep 21, 2026
Paid on: GXC Jun 26, 2026; PGJ Sep 25, 2026
Frequency: GXC Twice a year; PGJ Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

GXCTwice a year · 19 paymentsAll GXC payments⁠

PGJQuarterly · 27 paymentsAll PGJ payments⁠

GXC vs PGJ Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: GXC 20.7%, betterPGJ 28.4%
Return per unit of riskSharpe ratio, 3 years: GXC 0.27, betterPGJ −0.13
Worst fallMax drawdown, 5 years: GXC −46.5%, betterPGJ −61.2%
Market sensitivityBeta, 5 years: GXC 0.69PGJ 0.85; Market = 1

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