Invesco Golden Dragon China ETF
ALTAR
Score™		 17.5% info Recommen-
dation		 SPECULATIVE
2025E    2026E
P/E
ratio		 7.5x P/Sales
ratio		 0.7x
P/BV
ratio		 1.0x Div.
yield		 0.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Invesco Golden Dragon China Portfolio seeks investment results that correspond to the price and yield of the NASDAQ Golden Dragon China Index. The index is composed of US exchange-listed companies that are headquartered in China.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Invesco
Website www.invesco.com
Inception date Dec 09, 2004
Assets (mns) $90
Currency USD
Expense ratio 70 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Bank of New York Mellon
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 74
Wgt avg mkt cap (mns) $50,578
Large cap (>$10bn) 67.1%
Mid cap ($2-10bn) 25.8%
Small cap (<$2bn) 6.7%
Developed mkts 5.8%
Emerging mkts 94.2%

TOP TEN HOLDINGS
JD.COM INC-ADR 9.2 %
BAIDU INC - SPON ADR 8.6 %
YUM CHINA HOLDINGS, INC. 7.5 %
ALIBABA GROUP HOLDING LTD. SPONSOR 7.1 %
NETEASE.COM INC-ADR 6.8 %
NIO INC. SPONSORED ADR CLASS A 4.7 %
CHINA LODGING GROUP-SPON ADS 3.7 %
VIPSHOP HOLDINGS LTD SPONSORED ADR 3.7 %
FULL TRUCK ALLIANCE CO LTD ADR 3.6 %
KANZHUN LTD. SPONSORED ADR 3.6 %
Total 58.5 %

TOP COUNTRY EXPOSURE
CHINA 88.9 %
CANADA 0.8 %
UNITED STATES 0.1 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru August 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-18.4% -22.1% -10.8% -1.3% 3.6%

Market Correlations
versus... Beta R-squared
S&P500 1.00 26%
MSCI EAFE 0.73 21%
MSCI Emg. Mkts. 0.54 28%

Technical Indicators
Recent close $22.39
30d moving avg. $24.45
Annualized volatility 40.3%
Short interest (ETF) 1.0%
Short interest (Underlying) 3.8%
Relative strength (RSI) 48

Liquidity measures
Avg. volume (thou.) 19
Turnover 0.5%
Bid/Ask (% of price) 0.20%
ADV underlying (mns) $2,525

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 209 potential alternatives to the Invesco Golden Dragon China ETF ETF based on the alternatives' overlap in portfolio holdings with PGJ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: PGJ Expense: 70 bp ALTAR Score™: 17.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH PGJ
Ticker Fund
Name		 Overlap1
vs PGJ
(%)		 Expense
ratio
(bp)		 Savings
vs PGJ
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs PGJ
(%)
SOCL Global X Social Media ETF 13.3 65 5 14.0 -3.4
KWEB KraneShares CSI China Internet ETF 13.3 69 1 28.3 +10.8
CGRO CoreValues Alpha Greater China Growth ETF 12.2 75 -5 5.8 -11.6
CHIQ Global X MSCI China Consumer Discretionary ETF 9.4 65 5 15.9 -1.6
ONLN ProShares Online Retail ETF 8.8 58 12 1.4 -16.0
ISHP First Trust Nasdaq Retail ETF 8.2 60 10 5.6 -11.9
NERD Roundhill Video Games ETF 7.0 50 20 7.4 -10.0
HERO Global X Video Games & Esports ETF 7.0 50 20 5.7 -11.8
BJK VanEck Gaming ETF 6.8 65 5 4.6 -12.8
ESPO VanEck Video Gaming and eSports ETF 6.8 56 14 6.4 -11.1
TIIV AAM Todd International Intrinsic Value ETF 6.1 54 16 9.5 -7.9
DINT Davis Select International ETF 5.4 55 15 6.3 -11.2
HAIL State Street SPDR S&P Kensho Smart Mobility ETF 5.0 45 25 -1.5 -19.0
AGIQ Sofi Agentic AI ETF 4.5 69 1 6.6 -10.9
ODDS Pacer BlueStar Digital Entertainment ETF 4.4 60 10 4.8 -12.7
SMOG VanEck Low Carbon Energy ETF 4.1 61 9 1.3 -16.1
ECNS iShares MSCI China Small-Cap ETF 3.8 59 11 10.3 -7.2
APIE ActivePassive International Equity ETF 3.6 45 25 6.4 -11.1
CCSO Carbon Collective Climate Solutions US Equity ETF 3.6 35 35 1.1 -16.4
BINV Brandes International ETF 3.3 70 0 8.4 -9.0
PBW Invesco WilderHill Clean Energy ETF 3.2 66 4 -3.3 -20.8
BOTZ Global X Robotics & Artificial Intelligence ETF 3.1 69 1 2.1 -15.3
AVSE Avantis Responsible Emerging Markets Equity ETF 3.1 33 37 6.6 -10.9
LEGR First Trust Indxx Innovative Transaction & Process ETF 3.1 65 5 7.2 -10.2
ADIV SmartETFs Asia Pacific Dividend Builder ETF 3.1 78 -8 9.4 -8.0
DRIV Global X Autonomous & Electric Vehicles ETF 3.0 68 2 3.5 -13.9
PNQI Invesco NASDAQ Internet ETF 3.0 60 10 3.8 -13.7
DTCR Global X Data Center & Digital Infrastructure ETF 2.9 50 20 3.5 -13.9
PBD Invesco Global Clean Energy ETF 2.9 75 -5 0.4 -17.1
FFND Future Fund Active ETF 2.7 100 -30 4.4 -13.0
AIQ Global X Artificial Intelligence & Technology ETF 2.5 68 2 2.7 -14.7
ABLG Abacus FCF International Leaders ETF 2.4 59 11 6.7 -10.7
PID Invesco International Dividend Achievers ETF 2.4 53 17 4.3 -13.2
KOMP State Street SPDR S&P Kensho New Economies Composite ETF 2.4 20 50 0.8 -16.6
AVEM Avantis Emerging Markets Equity ETF 2.4 33 37 7.0 -10.5
GXC SPDR S & P China ETF 2.4 59 11 19.7 +2.3
PXH Invesco FTSE RAFI Emerging Markets ETF 2.3 49 21 13.0 -4.4
METV Roundhill Ball Metaverse ETF 2.3 59 11 7.3 -10.1
GAMR Wedbush ETFMG Video Game Tech ETF Wedbush ETFMG Video Game T 2.3 75 -5 3.2 -14.2
OGIG ALPS O'Shares Global Internet Giants ETF 2.3 48 22 2.4 -15.0
MOTI VanEck Morningstar International Moat ETF 2.2 58 12 10.3 -7.2
TMFG Motley Fool Global Opportunities ETF 2.2 85 -15 3.9 -13.5
RTH VanEck Retail ETF 2.2 35 35 5.3 -12.2
QTUM Defiance Quantum ETF 2.2 40 30 3.8 -13.6
BPAY BlackRock Future Financial and Technology ETF 2.2 70 0 5.3 -12.2
TRFM AAM Transformers ETF 2.2 49 21 1.0 -16.4
MCH Matthews China Active ETF 2.1 79 -9 15.3 -2.2
JADE JPMorgan Active Developing Markets Equity ETF 2.1 65 5 5.9 -11.5
BNGE First Trust S-Network Streaming and Gaming ETF 2.1 70 0 3.1 -14.4
SRVR Pacer Data & Infrastructure Real Estate ETF 2.1 55 15 4.5 -13.0
CNRG State Street SPDR S&P Kensho Clean Power ETF 2.1 45 25 0.0 -17.4
TAN Invesco Solar ETF 2.1 67 3 5.7 -11.7
CTEC Global X CleanTech ETF 2.0 50 20 0.0 -17.4
HUMN Roundhill Humanoid Robotics ETF 1.9 75 -5 1.5 -15.9
DWLD Davis Select Worldwide ETF 1.8 63 7 7.1 -10.3
CQQQ Invesco China Technology ETF 1.8 70 0 17.5 +0.0
MOTG VanEck Morningstar Global Wide Moat ETF 1.8 52 18 8.1 -9.4
KGRN KraneShares MSCI China Clean Technology Index ETF 1.7 79 -9 4.2 -13.2
CXSE WisdomTree China ex-State-Owned Enterprises Fund 1.7 32 38 15.3 -2.1
CHAT Roundhill Generative AI & Technology ETF 1.7 75 -5 4.3 -13.2
DEHP Dimensional Emerging Markets High Profitability ETF 1.6 41 29 4.8 -12.6
XNTK State Street SPDR NYSE Technology ETF 1.6 35 35 2.5 -15.0
SDIV Global X Superdividend ETF 1.6 58 12 14.1 -3.4
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF 1.5 60 10 9.3 -8.1
TCHI iShares MSCI China Multisector Tech ETF 1.5 59 11 15.3 -2.1
QQQJ Invesco NASDAQ Next Gen 100 ETF 1.5 15 55 4.0 -13.5
FDCF Fidelity Disruptive Communications ETF 1.4 50 20 1.8 -15.6
MEM Matthews Emerging Markets Equity Active ETF 1.4 79 -9 8.7 -8.8
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 1.4 40 30 6.2 -11.3
SIMS State Street SPDR S&P Kensho Intelligent Structures ETF 1.3 45 25 4.8 -12.7
FFOX FundX Future Fund Opportunities ETF 1.3 100 -30 2.7 -14.8
DVYE iShares Emerging Markets Dividend ETF 1.3 49 21 17.4 -0.1
CLOU Global X Cloud Computing ETF 1.3 68 2 2.1 -15.3
FLCH Franklin FTSE China ETF 1.3 19 51 19.1 +1.7
FRNW Fidelity Clean Energy ETF 1.3 39 31 2.1 -15.3
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 1.3 86 -16 14.2 -3.3
IBUY Amplify Online Retail ETF 1.3 65 5 2.4 -15.1
IQDY FlexShares International Quality Dividend Dynamic Index Fund 1.2 47 23 7.2 -10.3
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 1.2 88 -18 8.5 -9.0
FMET Fidelity Metaverse ETF 1.1 39 31 4.3 -13.1
ARKQ ARK Autonomous Technology & Robotics ETF 1.1 75 -5 1.0 -16.4
JCHI JPMorgan Active China ETF 1.1 65 5 16.3 -1.2
MCHI iShares MSCI China ETF 1.1 59 11 21.4 +4.0
MINV Matthews Asia Innovators Active ETF 1.1 79 -9 5.8 -11.7
BATT Amplify Lithium & Battery Technology ETF 1.0 59 11 2.1 -15.4
ROBT First Trust Nasdaq Artificial Intelligence & Robotics ETF 1.0 65 5 1.3 -16.1
IQDF FlexShares International Quality Dividend Index Fund 1.0 47 23 7.4 -10.0
CARZ First Trust NASDAQ Global Auto Index Fund 1.0 70 0 2.4 -15.0
ROBO ROBO Global Robotics & Automation Index ETF 0.9 95 -25 2.5 -14.9
RGEF Rockefeller Global Equity ETF 0.9 55 15 3.8 -13.6
ICLN iShares Global Clean Energy ETF 0.9 41 29 2.1 -15.3
REAI Intelligent Real Estate ETF 0.9 59 11 5.8 -11.7
AVES Avantis Emerging Markets Value ETF 0.9 36 34 9.0 -8.4
QQQS Invesco NASDAQ Future Gen 200 ETF 0.9 20 50 -3.4 -20.8
ARKF ARK Fintech Innovation ETF 0.9 75 -5 0.2 -17.3
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 0.9 50 20 8.0 -9.4
DARP Grizzle Growth ETF 0.8 75 -5 1.8 -15.7
FDNI First Trust Dow Jones International Internet ETF 0.8 65 5 27.2 +9.8
GMF SPDR S&P Emerging Asia Pacific ETF 0.8 49 21 8.5 -8.9
SOLR Guinness Atkinson Funds SmartETFs Sustainable Energy II Fund 0.8 79 -9 3.8 -13.7
OPTZ Optimize Strategy Index ETF 0.8 50 20 3.5 -13.9
CZA Invesco Zacks Mid-Cap ETF 0.8 72 -2 5.9 -11.5
JGLO JPMorgan Global Select Equity ETF 0.7 33 37 4.3 -13.1
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 0.7 39 31 13.2 -4.2
FDLS Inspire Fidelis Multi Factor ETF 0.7 76 -6 3.2 -14.3
DFAE Dimensional Emerging Core Equity Market ETF 0.7 35 35 6.9 -10.6
JIG JPMorgan International Growth ETF 0.7 55 15 3.7 -13.8
AVEE Avantis Emerging Markets Small Cap Equity ETF 0.7 42 28 7.7 -9.8
SPEM SPDR Portfolio Emerging Markets ETF 0.6 7 63 9.4 -8.1
IQSM IQ Candriam U.S. Mid Cap Equity ETF 0.6 15 55 5.1 -12.4
BKF iShares MSCI BIC ETF 0.6 69 1 15.3 -2.2
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 0.6 41 29 6.8 -10.7
AIPO Defiance AI & Power Infrastructure ETF 0.6 69 1 0.9 -16.5
SDG iShares MSCI Global Sustainable Development Goals ETF 0.6 49 21 4.6 -12.8
EVLU iShares MSCI Emerging Markets Value Factor ETF 0.6 35 35 10.0 -7.5
DFEM Dimensional Emerging Markets Core Equity 2 ETF 0.5 38 32 6.9 -10.5
ECON Columbia Emerging Markets Consumer ETF 0.5 49 21 6.5 -11.0
DRGN Themes China Generative Artificial Intelligence ETF 0.5 39 31 10.5 -6.9
TDIV First Trust NASDAQ Technology Dividend Index Fund 0.5 50 20 4.9 -12.5
LDEM iShares ESG MSCI EM Leaders ETF 0.5 17 53 12.7 -4.8
SBIO ALPS Medical Breakthroughs ETF 0.4 50 20 0.0 -17.5
BBP Virtus LifeSci Biotech Products ETF 0.4 79 -9 -3.4 -20.8
CANC Tema Oncology ETF 0.4 75 -5 -2.2 -19.6
FMED Fidelity Disruptive Medicine ETF 0.4 50 20 -1.0 -18.5
JSTC Adasina Social Justice All Cap Global ETF 0.4 89 -19 4.4 -13.1
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 0.4 66 4 7.3 -10.1
GINN Goldman Sachs Innovate Equity ETF 0.4 52 18 3.7 -13.8
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.4 70 0 6.5 -11.0
UMMA Wahed Dow Jones Islamic World ETF 0.4 65 5 3.6 -13.8
BKMC BNY Mellon US Mid Cap Core Equity ETF 0.4 4 66 17.5 +0.0
EEMX SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF 0.4 30 40 7.9 -9.6
CLNR IQ Cleaner Transport ETF 0.4 45 25 4.0 -13.5
YNOT Horizon Digital Frontier ETF 0.3 75 -5 2.6 -14.9
EWX SPDR S&P Emerging Markets Small Cap ETF 0.3 65 5 6.6 -10.9
EMXF iShares ESG Advanced MSCI EM ETF 0.3 16 54 6.5 -10.9
FLAX Franklin FTSE Asia Ex Japan ETF 0.3 19 51 7.0 -10.4
EEMA iShares MSCI Emerging Markets Asia ETF 0.3 49 21 7.4 -10.0
DGT State Street SPDR Global Dow ETF 0.3 50 20 5.6 -11.8
ESGE iShares ESG Aware MSCI EM ETF 0.3 25 45 8.1 -9.4
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 0.3 15 55 8.9 -8.6
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 0.3 36 34 7.6 -9.9
DRNZ REX Drone ETF 0.3 65 5 -1.9 -19.4
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 0.3 32 38 7.5 -9.9
GGME Invesco Next Gen Media and Gaming ETF 0.3 60 10 4.4 -13.1
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 0.3 33 37 6.7 -10.8
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.2 30 40 6.3 -11.2
AAXJ iShares MSCI All Country Asia ex Japan ETF 0.2 70 0 6.9 -10.6
IEMG iShares Core MSCI Emerging Markets ETF 0.2 9 61 8.1 -9.3
FBOT Fidelity Disruptive Automation ETF 0.2 50 20 3.0 -14.5
KARS KraneShares Electric Vehicles & Future Mobility Index ETF 0.2 72 -2 2.7 -14.8
VWO Vanguard FTSE Emerging Markets ETF 0.2 7 63 9.1 -8.3
EEM iShares MSCI Emerging Markets ETF 0.2 69 1 7.8 -9.7
HEEM iShares Currency Hedged MSCI Emerging Markets ETF 0.2 69 1 7.6 -9.9
DFEV Dimensional Emerging Markets Value ETF 0.2 43 27 9.1 -8.4
EMGF iShares Emerging Markets Equity Factor ETF 0.2 25 45 8.8 -8.6
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 0.2 15 55 8.0 -9.5
JIVE JPMorgan International Value ETF 0.2 55 15 7.9 -9.5
IBB iShares Biotechnology ETF 0.2 45 25 -0.5 -17.9
BKEM BNY Mellon Emerging Markets Equity ETF 0.2 11 59 24.2 +6.8
VERS ProShares Metaverse ETF 0.2 58 12 0.4 -17.1
ERTH Invesco MSCI Sustainable Future ETF 0.2 62 8 3.5 -14.0
IWC iShares Micro-Cap ETF 0.1 60 10 -1.3 -18.8
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.1 30 40 7.4 -10.1
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 0.1 45 25 8.0 -9.5
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 0.1 59 11 8.5 -9.0
ONEQ Fidelity Nasdaq Composite Index ETF 0.1 21 49 3.0 -14.5
SCHE Schwab Emerging Markets Equity ETF 0.1 11 59 9.4 -8.1
IPO Renaissance IPO ETF 0.1 60 10 1.7 -15.7
IQM Franklin Intelligent Machines ETF 0.1 50 20 1.2 -16.2
FDRV Fidelity Electric Vehicles and Future Transportation ETF 0.1 39 31 1.2 -16.2
JHEM John Hancock Multifactor Emerging Markets ETF 0.1 49 21 7.4 -10.0
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.1 41 29 5.9 -11.5
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 0.1 49 21 6.0 -11.5
CCNR ALPS CoreCommodity Natural Resources ETF 0.1 39 31 8.1 -9.4
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.1 9 61 4.8 -12.6
CWI SPDR MSCI ACWI ex-US ETF 0.1 30 40 6.4 -11.1
FNDC Schwab Fundamental International Small Co. Index ETF 0.1 39 31 6.7 -10.8
IXUS iShares Core MSCI Total International Stock ETF 0.1 7 63 6.5 -10.9
NUEM Nuveen ESG Emerging Markets Equity ETF 0.1 36 34 5.8 -11.7
GLOF iShares Global Equity Factor ETF 0.1 20 50 5.5 -12.0
ACWX iShares MSCI ACWI ex U.S. ETF 0.1 34 36 6.3 -11.1
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.1 18 52 6.3 -11.2
VXUS Vanguard Total International Stock ETF 0.1 5 65 6.6 -10.9
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.1 8 62 6.3 -11.2
VSGX Vanguard ESG International Stock ETF 0.1 10 60 6.5 -10.9
VEU Vanguard FTSE All-World ex-US Index Fund 0.1 4 66 6.7 -10.8
ROAM Hartford Multifactor Emerging Markets ETF 0.1 44 26 7.5 -9.9
IBBQ Invesco Nasdaq Biotechnology ETF 0.1 19 51 0.2 -17.2
FBCG Fidelity Blue Chip Growth ETF 0.1 59 11 2.3 -15.2
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.0 20 50 4.7 -12.7
VTWV Vanguard Russell 2000 Value ETF 0.0 10 60 4.8 -12.6
IWN iShares Russell 2000 Value ETF 0.0 24 46 4.7 -12.7
GWX SPDR S&P International Small Cap ETF 0.0 40 30 5.7 -11.7
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 0.0 39 31 6.2 -11.3
ACWI iShares MSCI ACWI ETF 0.0 32 38 4.6 -12.8
IWM iShares Russell 2000 ETF 0.0 19 51 2.7 -14.8
VYMI Vanguard International High Dividend Yield ETF 0.0 17 53 7.8 -9.7
GUSA Goldman Sachs MarketBeta U.S. 1000 Equity ETF 0.0 11 59 4.2 -13.3
RSSL Global X Russell 2000 ETF 0.0 8 62 2.7 -14.7
VTWO Vanguard Russell 2000 ETF 0.0 7 63 2.8 -14.7
VT Vanguard Total World Stock ETF 0.0 6 64 5.0 -12.5
AQLT iShares MSCI Global Quality Factor ETF 0.0 18 52 0.0 -17.5
SMMD iShares Russell 2500 ETF 0.0 15 55 5.6 -11.8
XT iShares Exponential Technologies ETF 0.0 46 24 3.9 -13.5
SPDW SPDR Portfolio Developed World ex-US ETF 0.0 3 67 5.8 -11.7
VTHR Vanguard Russell 3000 ETF 0.0 7 63 4.1 -13.3
IWV iShares Russell 3000 ETF 0.0 20 50 4.0 -13.4
AVDS Avantis International Small Cap Equity ETF 0.0 30 40 5.9 -11.6
AVDV Avantis International Small Cap Value ETF 0.0 36 34 7.5 -10.0

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2020 2021 2022 2023 2024 2025E 2026E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2024 2025E 2026E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 Invesco Golden Dragon China ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 15.7 %
Divided by: Fwd. P/BV 0.9 x
Less: Expense ratio 70 bp
Equals: ALTAR Score 17.5 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.48 CATEGORY
AVERAGE		 1.53
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.