CBON vs. PCY

Last updated Apr 1, 2026

Compare and contrast key facts about VanEck Vectors ChinaAMC China Bond ETF (CBON) and Invesco Emerging Markets Sovereign Debt ETF (PCY).

CBON and PCY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CBON is a passively managed fund by VanEck that tracks the performance of the ChinaBond China High Quality Bond Index. It was launched on Nov 10, 2014. PCY is a passively managed fund by Invesco that tracks the performance of the DB Emerging Market USD Liquid Balanced Index. It was launched on Oct 11, 2007. Both CBON and PCY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

CBON vs. PCY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors ChinaAMC China Bond ETF (CBON) and Invesco Emerging Markets Sovereign Debt ETF (PCY). The values are adjusted to include any dividend payments, if applicable.

CBON vs. PCY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CBON VanEck Vectors ChinaAMC China Bond ETF	2.36%	5.46%	1.85%	2.92%	-7.99%	5.93%	12.01%	2.67%	1.88%	6.96%
PCY Invesco Emerging Markets Sovereign Debt ETF	-2.08%	16.31%	2.55%	18.48%	-24.47%	-4.30%	2.29%	17.66%	-6.16%	9.71%

Returns By Period

In the year-to-date period, CBON achieves a 2.36% return, which is significantly higher than PCY's -2.08% return. Both investments have delivered pretty close results over the past 10 years, with CBON having a 2.45% annualized return and PCY not far ahead at 2.50%.

CBON

• 1D: 0.30%
• 1M: -0.14%
• YTD: 2.36%
• 6M: 5.04%
• 1Y: 7.55%
• 3Y*: 3.53%
• 5Y*: 2.16%
• 10Y*: 2.45%

PCY

• 1D: 1.26%
• 1M: -4.45%
• YTD: -2.08%
• 6M: -0.18%
• 1Y: 10.11%
• 3Y*: 9.85%
• 5Y*: 1.10%
• 10Y*: 2.50%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CBON vs. PCY - Expense Ratio Comparison

Both CBON and PCY have an expense ratio of 0.50%.

CBON

VanEck Vectors ChinaAMC China Bond ETF

PCY

Invesco Emerging Markets Sovereign Debt ETF

Return for Risk

CBON vs. PCY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CBON

CBON Risk / Return Rank: 93
CBON Sharpe Ratio Rank: 89
CBON Sortino Ratio Rank: 93
CBON Omega Ratio Rank: 90
CBON Calmar Ratio Rank: 96
CBON Martin Ratio Rank: 97

PCY

PCY Risk / Return Rank: 62
PCY Sharpe Ratio Rank: 59
PCY Sortino Ratio Rank: 56
PCY Omega Ratio Rank: 59
PCY Calmar Ratio Rank: 69
PCY Martin Ratio Rank: 65

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CBON vs. PCY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors ChinaAMC China Bond ETF (CBON) 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.

	CBON	PCY	Difference
Sharpe ratio Return per unit of total volatility	1.93	0.99	+0.94
Sortino ratio Return per unit of downside risk	2.79	1.42	+1.38
Omega ratio Gain probability vs. loss probability	1.38	1.21	+0.17
Calmar ratio Return relative to maximum drawdown	4.52	1.68	+2.84
Martin ratio Return relative to average drawdown	19.27	6.20	+13.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CBON vs. PCY - Sharpe Ratio Comparison

The current CBON Sharpe Ratio is 1.93, which is higher than the PCY Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of CBON and PCY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CBON	PCY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.93	0.99	+0.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.08	+0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.19	+0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.28	+0.10

Correlation

The correlation between CBON and PCY is 0.22, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

CBON vs. PCY - Dividend Comparison

CBON's dividend yield for the trailing twelve months is around 1.62%, less than PCY's 6.08% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CBON VanEck Vectors ChinaAMC China Bond ETF	1.62%	1.66%	2.15%	3.01%	2.70%	3.05%	2.87%	3.87%	3.39%	3.33%	3.25%	2.78%
PCY Invesco Emerging Markets Sovereign Debt ETF	6.08%	5.93%	6.65%	6.48%	6.81%	4.80%	4.45%	4.78%	4.93%	4.80%	5.19%	5.46%

Drawdowns

CBON vs. PCY - Drawdown Comparison

The maximum CBON drawdown since its inception was -14.13%, smaller than the maximum PCY drawdown of -49.13%. Use the drawdown chart below to compare losses from any high point for CBON and PCY.

Drawdown Indicators

	CBON	PCY	Difference
Max Drawdown Largest peak-to-trough decline	-14.13%	-49.13%	+35.00%
Max Drawdown (1Y) Largest decline over 1 year	-1.66%	-6.37%	+4.71%
Max Drawdown (5Y) Largest decline over 5 years	-14.13%	-37.17%	+23.04%
Max Drawdown (10Y) Largest decline over 10 years	-14.13%	-37.78%	+23.65%
Current Drawdown Current decline from peak	-0.14%	-4.49%	+4.35%
Average Drawdown Average peak-to-trough decline	-4.05%	-7.03%	+2.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.39%	1.73%	-1.34%

Volatility

CBON vs. PCY - Volatility Comparison

The current volatility for VanEck Vectors ChinaAMC China Bond ETF (CBON) is 1.49%, while Invesco Emerging Markets Sovereign Debt ETF (PCY) has a volatility of 3.99%. This indicates that CBON experiences smaller price fluctuations and is considered to be less risky than PCY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBON	PCY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.49%	3.99%	-2.50%
Volatility (6M) Calculated over the trailing 6-month period	2.51%	5.34%	-2.83%
Volatility (1Y) Calculated over the trailing 1-year period	3.92%	10.22%	-6.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.96%	13.16%	-8.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.60%	12.92%	-7.32%