The iShares China Large-Cap ETF (NYSEArca: FXI), the largest China ETF, is down 7.6% this year, a loss that is more than twice as bad as the downturn for the Vanguard FTSE Emerging Markets ETF (NYSEArca: VWO). That does not mean all China ETFs have been disappointments.

Several of this year’s 10 best non-leveraged ETFs have significant China exposure, including the year’s top-two ETFs, the Guggenheim Solar ETF (NYSEArca: TAN) and the Market Vectors Solar ETF (NYSEArca: KWT). [Solar ETF Rally: More Gas in the Tank]

However, the PowerShares Golden Dragon China Portfolio (NYSEArca: PGJ) is the lone China-specific ETF that ranks among 2013’s top-10 non-leveraged ETFs. PGJ “peaked in April 2011 and proceeded to stair-step down 43% by July last year. It meandered up 22% through January this year, then broke out from a cup base in May. It’s gained 59% this year and is near its 52-week high,” reports Doug Rogers for Investor’s Business Daily. 

As IBD noted, it is PGJ’s holdings that paint the picture of this fund’s substantial out-peformance of rival China funds this year. [Top-10 Performing ETFs]

With PGJ, it is Chinese Internet stocks that explain why this fund has risen to rock star status in the crowded field of China ETFs. While PGJ is not entirely devoted to Internet or technology shares, technology and consumer discretionary combine for 75% of the ETF’s sector weight. Seven of the ETF’s top-10 holdings can be accurately classified as Internet stocks, a group that includes Ctrip (NasdaqGM: CTRP) and Baidu (NasdaqGM: BIDU), the Priceline (NasdaqGM: PCLN) and Google (NasdaqGM: GOOG) of China. [This China ETF Keeps Topping Bigger Rivals]