BREM vs. PCY
BREM (iShares Emerging Markets Bond Active ETF) and PCY (Invesco Emerging Markets Sovereign Debt ETF) are both Emerging Markets Bonds funds. BREM is actively managed, while PCY is passively managed. Their correlation of 0.80 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.
Performance
BREM vs. PCY - Performance Comparison
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Returns By Period
In the year-to-date period, BREM achieves a 3.36% return, which is significantly higher than PCY's 2.44% return.
BREM
- 1D
- 0.10%
- 1M
- 0.99%
- YTD
- 3.36%
- 6M
- 4.05%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PCY
- 1D
- 0.23%
- 1M
- 1.26%
- YTD
- 2.44%
- 6M
- 2.10%
- 1Y
- 14.77%
- 3Y*
- 11.30%
- 5Y*
- 1.34%
- 10Y*
- 2.71%
BREM vs. PCY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BREM iShares Emerging Markets Bond Active ETF | 3.36% | 2.74% |
PCY Invesco Emerging Markets Sovereign Debt ETF | 2.44% | 1.05% |
Correlation
The correlation between BREM and PCY is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 17, 2025 | 0.80 |
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Return for Risk
BREM vs. PCY — Risk / Return Rank
BREM
PCY
BREM vs. PCY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Emerging Markets Bond Active ETF (BREM) 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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| BREM | PCY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 2.00 | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.10 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.21 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.78 | 0.30 | +1.48 |
Drawdowns
BREM vs. PCY - Drawdown Comparison
The maximum BREM drawdown since its inception was -4.54%, smaller than the maximum PCY drawdown of -49.13%. Use the drawdown chart below to compare losses from any high point for BREM and PCY.
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Drawdown Indicators
| BREM | PCY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.54% | -49.13% | +44.59% |
Max Drawdown (1Y)Largest decline over 1 year | — | -5.91% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -11.52% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -37.17% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -37.78% | — |
Current DrawdownCurrent decline from peak | -0.11% | -0.08% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -0.66% | -6.97% | +6.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 1.45% | — |
Volatility
BREM vs. PCY - Volatility Comparison
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Volatility by Period
| BREM | PCY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 2.23% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 5.78% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 5.69% | 7.43% | -1.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.69% | 13.17% | -7.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.69% | 12.94% | -7.25% |
BREM vs. PCY - Expense Ratio Comparison
Both BREM and PCY have an expense ratio of 0.50%.
Dividends
BREM vs. PCY - Dividend Comparison
BREM's dividend yield for the trailing twelve months is around 3.90%, less than PCY's 5.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BREM iShares Emerging Markets Bond Active ETF | 3.90% | 1.19% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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
BREM and PCY have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
BREM and PCY have the same expense ratio: 0.50% per year.
PCY has the higher dividend yield at 5.84%, compared with 3.90% for BREM.
They also come from different issuers: BlackRock and Invesco.
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