EBND vs. PCY
EBND (SPDR Bloomberg Barclays Emerging Markets Local Bond ETF) and PCY (Invesco Emerging Markets Sovereign Debt ETF) are both Emerging Markets Bonds funds - EBND tracks the Bloomberg Emerging Market Local Currency Government Diversified while PCY tracks the DBIQ Emerging Market USD Liquid Balanced Index. Both are passively managed. Over the past 10 years, EBND returned 1.42%/yr vs 1.97%/yr for PCY. Their 0.57 correlation means they have sometimes moved together and sometimes differently. EBND charges 0.30%/yr vs 0.50%/yr for PCY.
Performance
EBND vs. PCY - Performance Comparison
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Returns By Period
In the year-to-date period, EBND achieves a 0.87% return, which is significantly higher than PCY's -0.05% return. Over the past 10 years, EBND has underperformed PCY with an annualized return of 1.42%, while PCY has yielded a comparatively higher 1.97% annualized return.
EBND
- 1D
- -0.24%
- 1M
- 0.29%
- 6M
- -0.48%
- YTD
- 0.87%
- 1Y
- 5.00%
- 3Y*
- 5.35%
- 5Y*
- 0.73%
- 10Y*
- 1.42%
- ALL TIME*
- 1.04%
PCY
- 1D
- -0.05%
- 1M
- -2.89%
- 6M
- -0.09%
- YTD
- -0.05%
- 1Y
- 7.63%
- 3Y*
- 8.81%
- 5Y*
- 0.74%
- 10Y*
- 1.97%
- ALL TIME*
- 4.54%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.14M | $5.71M | $6.29M | |
| $4.18M | $4.81M | $6.27M |
EBND vs. PCY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EBND SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | 0.87% | 15.83% | -2.70% | 9.02% | -11.84% | -9.66% | 4.49% | 10.40% | -6.52% | 13.93% |
PCY Invesco Emerging Markets Sovereign Debt ETF | -0.05% | 16.31% | 2.55% | 18.48% | -24.47% | -4.30% | 2.29% | 17.66% | -6.16% | 9.71% |
Correlation
The correlation between EBND and PCY is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.71 |
Correlation (3Y) Balances recent behavior with more history. | 0.65 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.66 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.62 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2011 | 0.57 |
The correlation between EBND and PCY shifts across timeframes, from 0.57 (all time) to 0.71 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EBND vs. PCY — Risk / Return Rank
EBND
PCY
EBND vs. PCY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (EBND) 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.
| EBND | PCY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.20 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.89 | 1.37 | -0.47 |
| Martin ratioReturn relative to average drawdown | 2.62 | 5.11 | -2.49 |
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Drawdowns
EBND vs. PCY - Drawdown Comparison
The maximum EBND drawdown since its inception was -29.51%, smaller than the maximum PCY drawdown of -49.13%. Use the drawdown chart below to compare losses from any high point for EBND and PCY.
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Drawdown Indicators
| EBND | PCY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.51% | -49.13% | +19.62% |
Max Drawdown (1Y)Largest decline over 1 year | -6.63% | -5.91% | -0.72% |
Max Drawdown (3Y)Largest decline over 3 years | -7.31% | -10.03% | +2.72% |
Max Drawdown (5Y)Largest decline over 5 years | -26.12% | -37.17% | +11.05% |
Max Drawdown (10Y)Largest decline over 10 years | -29.50% | -37.78% | +8.28% |
Current DrawdownCurrent decline from peak | -2.17% | -3.32% | +1.15% |
Average DrawdownAverage peak-to-trough decline | -10.78% | -6.92% | -3.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.26% | 1.58% | +0.68% |
Volatility
EBND vs. PCY - Volatility Comparison
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (EBND) and Invesco Emerging Markets Sovereign Debt ETF (PCY) have volatilities of 1.78% and 1.80%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EBND | PCY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.78% | 1.80% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 6.38% | 6.05% | +0.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.11% | 7.39% | -0.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.00% | 13.19% | -4.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.08% | 12.94% | -3.86% |
EBND vs. PCY - Expense Ratio Comparison
EBND has a 0.30% expense ratio, which is lower than PCY's 0.50% expense ratio.
Dividends
EBND vs. PCY - Dividend Comparison
EBND's dividend yield for the trailing twelve months is around 5.85%, less than PCY's 6.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EBND SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | 5.37% | 5.54% | 5.89% | 5.26% | 4.75% | 3.83% | 3.67% | 4.68% | 4.70% | 2.00% | 0.00% | 0.00% |
PCY Invesco Emerging Markets Sovereign Debt ETF | 6.02% | 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
EBND and PCY have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PCY has higher volatility (1.80%) compared to EBND (1.78%). In terms of maximum drawdown, EBND dropped -29.51% vs PCY's -49.13%.
On 10-year performance, PCY leads with 1.97% vs 1.42% for EBND. On fees, EBND is cheaper at 0.30% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PCY has performed better with a 1.97% return vs 1.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EBND is cheaper with a 0.30% expense ratio, compared with 0.50% for PCY.
PCY has the higher dividend yield at 6.02%, compared with 5.37% for EBND.
EBND tracks Bloomberg Emerging Market Local Currency Government Diversified, while PCY tracks DBIQ Emerging Market USD Liquid Balanced Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.30% for EBND and 0.50% for PCY.
PCY currently has the higher Sharpe Ratio (1.09 vs 0.84), 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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