BCD vs. PCY
BCD (abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF) and PCY (Invesco Emerging Markets Sovereign Debt ETF) are both exchange-traded funds - BCD is a Commodities fund actively managed by Aberdeen, while PCY is a Emerging Markets Bonds fund tracking the DB Emerging Market USD Liquid Balanced Index. BCD is actively managed, while PCY is passively managed. Over the past 5 years, BCD returned 10.63%/yr vs 1.42%/yr for PCY. At a 0.17 correlation, their price movements are largely independent. BCD charges 0.29%/yr vs 0.50%/yr for PCY.
Performance
BCD vs. PCY - Performance Comparison
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Returns By Period
In the year-to-date period, BCD achieves a 11.14% return, which is significantly higher than PCY's 2.69% return.
BCD
- 1D
- -1.38%
- 1M
- -7.90%
- YTD
- 11.14%
- 6M
- 9.67%
- 1Y
- 18.61%
- 3Y*
- 10.61%
- 5Y*
- 10.63%
- 10Y*
- —
PCY
- 1D
- -0.18%
- 1M
- 2.37%
- YTD
- 2.69%
- 6M
- 2.60%
- 1Y
- 14.05%
- 3Y*
- 10.76%
- 5Y*
- 1.42%
- 10Y*
- 2.74%
BCD vs. PCY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BCD abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF | 11.14% | 15.71% | 6.20% | -7.58% | 18.38% | 31.87% | 4.76% | 7.34% | -8.65% | 3.83% |
PCY Invesco Emerging Markets Sovereign Debt ETF | 2.69% | 16.31% | 2.55% | 18.48% | -24.47% | -4.30% | 2.29% | 17.66% | -6.16% | 5.26% |
Correlation
The correlation between BCD and PCY is -0.21, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2017 | 0.17 |
The correlation between BCD and PCY shifts across timeframes, from -0.21 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BCD vs. PCY — Risk / Return Rank
BCD
PCY
BCD vs. PCY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF (BCD) and Invesco Emerging Markets Sovereign Debt ETF (PCY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BCD | PCY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.87 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.34 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | 2.39 | -0.70 |
| Martin ratioReturn relative to average drawdown | 6.74 | 9.67 | -2.92 |
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Drawdowns
BCD vs. PCY - Drawdown Comparison
The maximum BCD drawdown since its inception was -29.81%, smaller than the maximum PCY drawdown of -49.13%. Use the drawdown chart below to compare losses from any high point for BCD and PCY.
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Drawdown Indicators
| BCD | PCY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.81% | -49.13% | +19.32% |
Max Drawdown (1Y)Largest decline over 1 year | -11.04% | -5.91% | -5.13% |
Max Drawdown (3Y)Largest decline over 3 years | -11.04% | -11.52% | +0.48% |
Max Drawdown (5Y)Largest decline over 5 years | -23.03% | -37.17% | +14.14% |
Max Drawdown (10Y)Largest decline over 10 years | — | -37.78% | — |
Current DrawdownCurrent decline from peak | -11.04% | -0.67% | -10.37% |
Average DrawdownAverage peak-to-trough decline | -9.84% | -6.95% | -2.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.80% | 1.46% | +1.34% |
Volatility
BCD vs. PCY - Volatility Comparison
abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF (BCD) has a higher volatility of 3.34% compared to Invesco Emerging Markets Sovereign Debt ETF (PCY) at 2.20%. This indicates that BCD's price experiences larger fluctuations and is considered to be riskier than PCY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BCD | PCY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.34% | 2.20% | +1.14% |
Volatility (6M)Calculated over the trailing 6-month period | 12.01% | 5.98% | +6.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.99% | 7.52% | +6.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.38% | 13.18% | +2.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.90% | 12.95% | +0.95% |
BCD vs. PCY - Expense Ratio Comparison
BCD has a 0.29% expense ratio, which is lower than PCY's 0.50% expense ratio.
Dividends
BCD vs. PCY - Dividend Comparison
BCD's dividend yield for the trailing twelve months is around 15.49%, more than PCY's 5.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BCD abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF | 15.49% | 17.21% | 3.60% | 4.51% | 5.21% | 8.30% | 1.29% | 1.55% | 1.59% | 0.07% | 0.00% | 0.00% |
PCY Invesco Emerging Markets Sovereign Debt ETF | 5.84% | 5.93% | 6.65% | 6.48% | 6.81% | 4.80% | 4.45% | 4.78% | 4.93% | 4.80% | 5.19% | 5.46% |
Frequently Asked Questions
BCD and PCY have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BCD has higher volatility (3.34%) compared to PCY (2.20%). In terms of maximum drawdown, BCD dropped -29.81% vs PCY's -49.13%.
On 5-year performance, BCD leads with 10.63% vs 1.42% for PCY. On fees, BCD is cheaper at 0.29% per year. On volatility, PCY has been the lower-risk option at 2.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BCD has performed better with a 10.63% return vs 1.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BCD is cheaper with a 0.29% expense ratio, compared with 0.50% for PCY.
BCD has the higher dividend yield at 15.49%, compared with 5.84% for PCY.
BCD is categorized as Commodities, while PCY is Emerging Markets Bonds. They also come from different issuers: Aberdeen and Invesco. Their fees differ too: 0.29% for BCD and 0.50% for PCY.
PCY currently has the higher Sharpe Ratio (1.88 vs 1.34), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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