EMBX vs. PCY
EMBX (VanEck Emerging Markets Bond ETF) and PCY (Invesco Emerging Markets Sovereign Debt ETF) are both Emerging Markets Bonds funds. EMBX is actively managed, while PCY is passively managed. Over the past 10 years, EMBX returned 4.89%/yr vs 1.97%/yr for PCY. Their 0.55 correlation means they have sometimes moved together and sometimes differently. EMBX charges 0.76%/yr vs 0.50%/yr for PCY.
Performance
EMBX vs. PCY - Performance Comparison
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Returns By Period
In the year-to-date period, EMBX achieves a 3.80% return, which is significantly higher than PCY's -0.05% return. Over the past 10 years, EMBX has outperformed PCY with an annualized return of 4.89%, while PCY has yielded a comparatively lower 1.97% annualized return.
EMBX
- 1D
- 0.06%
- 1M
- -0.06%
- 6M
- 1.53%
- YTD
- 3.80%
- 1Y
- 11.28%
- 3Y*
- 9.06%
- 5Y*
- 4.44%
- 10Y*
- 4.89%
- ALL TIME*
- 3.32%
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) |
|---|---|---|---|
| $1.66M | $1.74M | $2.17M | |
| $4.18M | $4.81M | $6.27M |
EMBX vs. PCY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMBX VanEck Emerging Markets Bond ETF | 3.80% | 18.80% | 3.09% | 9.34% | -7.21% | -4.30% | 11.57% | 13.10% | -6.21% | 11.97% |
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 EMBX and PCY is 0.78, 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. | 0.78 |
Correlation (3Y) Balances recent behavior with more history. | 0.60 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.59 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.56 |
Correlation (All Time) Calculated using the full available price history since Jul 9, 2012 | 0.55 |
Over the past year, EMBX and PCY have become more correlated (0.78) than their long-term average of 0.55, meaning their price movements have been converging.
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Return for Risk
EMBX vs. PCY — Risk / Return Rank
EMBX
PCY
EMBX vs. PCY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Emerging Markets Bond ETF (EMBX) 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.
| EMBX | PCY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.88 | ||
| Sortino ratioReturn per unit of downside risk | +1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.20 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 1.37 | +0.91 |
| Martin ratioReturn relative to average drawdown | 9.30 | 5.11 | +4.19 |
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Drawdowns
EMBX vs. PCY - Drawdown Comparison
The maximum EMBX drawdown since its inception was -25.11%, smaller than the maximum PCY drawdown of -49.13%. Use the drawdown chart below to compare losses from any high point for EMBX and PCY.
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Drawdown Indicators
| EMBX | PCY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.11% | -49.13% | +24.02% |
Max Drawdown (1Y)Largest decline over 1 year | -5.14% | -5.91% | +0.77% |
Max Drawdown (3Y)Largest decline over 3 years | -5.86% | -10.03% | +4.17% |
Max Drawdown (5Y)Largest decline over 5 years | -22.83% | -37.17% | +14.34% |
Max Drawdown (10Y)Largest decline over 10 years | -25.11% | -37.78% | +12.67% |
Current DrawdownCurrent decline from peak | -0.78% | -3.32% | +2.54% |
Average DrawdownAverage peak-to-trough decline | -7.01% | -6.92% | -0.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.26% | 1.58% | -0.32% |
Volatility
EMBX vs. PCY - Volatility Comparison
The current volatility for VanEck Emerging Markets Bond ETF (EMBX) is 1.34%, while Invesco Emerging Markets Sovereign Debt ETF (PCY) has a volatility of 1.80%. This indicates that EMBX 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.
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Volatility by Period
| EMBX | PCY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.34% | 1.80% | -0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 5.06% | 6.05% | -0.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.93% | 7.39% | -1.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.13% | 13.19% | -7.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.67% | 12.94% | -6.27% |
EMBX vs. PCY - Expense Ratio Comparison
EMBX has a 0.76% expense ratio, which is higher than PCY's 0.50% expense ratio.
Dividends
EMBX vs. PCY - Dividend Comparison
EMBX's dividend yield for the trailing twelve months is around 5.30%, less than PCY's 6.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMBX VanEck Emerging Markets Bond ETF | 5.30% | 6.95% | 8.20% | 5.49% | 8.21% | 5.50% | 6.56% | 7.89% | 7.25% | 7.66% | 3.94% | 6.84% |
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
EMBX and PCY have a correlation of 0.78, 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 EMBX (1.34%). In terms of maximum drawdown, EMBX dropped -25.11% vs PCY's -49.13%.
On 10-year performance, EMBX leads with 4.89% vs 1.97% for PCY. On fees, PCY is cheaper at 0.50% per year. On volatility, EMBX has been the lower-risk option at 1.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EMBX has performed better with a 4.89% return vs 1.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PCY is cheaper with a 0.50% expense ratio, compared with 0.76% for EMBX.
PCY has the higher dividend yield at 6.02%, compared with 5.30% for EMBX.
They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.76% for EMBX and 0.50% for PCY.
EMBX currently has the higher Sharpe Ratio (1.98 vs 1.09), 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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