EMHY vs. PCY
Compare and contrast key facts about iShares J.P. Morgan EM High Yield Bond ETF (EMHY) and Invesco Emerging Markets Sovereign Debt ETF (PCY).
EMHY and PCY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EMHY is a passively managed fund by iShares that tracks the performance of the J.P. Morgan USD Emerging Markets High Yield Bond Index. It was launched on Apr 3, 2012. 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 EMHY 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.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: EMHY or PCY.
Key characteristics
| EMHY | PCY | |
|---|---|---|
| YTD Return | 13.00% | 6.63% |
| 1Y Return | 22.45% | 20.85% |
| 3Y Return (Ann) | 2.93% | -2.27% |
| 5Y Return (Ann) | 2.80% | -0.77% |
| 10Y Return (Ann) | 3.80% | 2.20% |
| Sharpe Ratio | 3.16 | 1.88 |
| Sortino Ratio | 4.68 | 2.71 |
| Omega Ratio | 1.60 | 1.33 |
| Calmar Ratio | 1.51 | 0.77 |
| Martin Ratio | 25.91 | 9.57 |
| Ulcer Index | 0.83% | 2.02% |
| Daily Std Dev | 6.81% | 10.32% |
| Max Drawdown | -30.11% | -49.14% |
| Current Drawdown | 0.00% | -9.16% |
Correlation
The correlation between EMHY and PCY is 0.77, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Performance
EMHY vs. PCY - Performance Comparison
In the year-to-date period, EMHY achieves a 13.00% return, which is significantly higher than PCY's 6.63% return. Over the past 10 years, EMHY has outperformed PCY with an annualized return of 3.80%, while PCY has yielded a comparatively lower 2.20% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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EMHY vs. PCY - Expense Ratio Comparison
Both EMHY and PCY have an expense ratio of 0.50%.
Risk-Adjusted Performance
EMHY vs. PCY - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan EM High Yield Bond ETF (EMHY) 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.
Dividends
EMHY vs. PCY - Dividend Comparison
EMHY's dividend yield for the trailing twelve months is around 6.46%, which matches PCY's 6.42% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 6.46% | 6.73% | 7.08% | 5.59% | 5.44% | 5.72% | 6.80% | 5.59% | 6.43% | 6.99% | 6.37% | 6.03% |
PCY Invesco Emerging Markets Sovereign Debt ETF | 6.42% | 6.48% | 6.81% | 4.80% | 4.45% | 4.79% | 4.93% | 4.80% | 5.20% | 5.46% | 4.58% | 4.69% |
Drawdowns
EMHY vs. PCY - Drawdown Comparison
The maximum EMHY drawdown since its inception was -30.11%, smaller than the maximum PCY drawdown of -49.14%. Use the drawdown chart below to compare losses from any high point for EMHY and PCY. For additional features, visit the drawdowns tool.
Volatility
EMHY vs. PCY - Volatility Comparison
The current volatility for iShares J.P. Morgan EM High Yield Bond ETF (EMHY) is 2.01%, while Invesco Emerging Markets Sovereign Debt ETF (PCY) has a volatility of 3.00%. This indicates that EMHY 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.