FEMB vs. PCY
Compare and contrast key facts about First Trust Emerging Markets Local Currency Bond ETF (FEMB) and Invesco Emerging Markets Sovereign Debt ETF (PCY).
FEMB and PCY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FEMB is an actively managed fund by First Trust. It was launched on Nov 4, 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.
Performance
FEMB vs. PCY - Performance Comparison
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FEMB vs. PCY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FEMB First Trust Emerging Markets Local Currency Bond ETF | -2.12% | 21.77% | -5.61% | 17.12% | -10.50% | -13.40% | 3.16% | 11.52% | -7.19% | 11.92% |
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
The year-to-date returns for both investments are quite close, with FEMB having a -2.12% return and PCY slightly higher at -2.08%. Over the past 10 years, FEMB has underperformed PCY with an annualized return of 1.94%, while PCY has yielded a comparatively higher 2.50% annualized return.
FEMB
- 1D
- 1.15%
- 1M
- -6.18%
- YTD
- -2.12%
- 6M
- 0.86%
- 1Y
- 13.41%
- 3Y*
- 7.19%
- 5Y*
- 2.14%
- 10Y*
- 1.94%
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%
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FEMB vs. PCY - Expense Ratio Comparison
FEMB has a 0.85% expense ratio, which is higher than PCY's 0.50% expense ratio.
Return for Risk
FEMB vs. PCY — Risk / Return Rank
FEMB
PCY
FEMB vs. PCY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Emerging Markets Local Currency Bond ETF (FEMB) 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.
| FEMB | PCY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.51 | 0.99 | +0.51 |
Sortino ratioReturn per unit of downside risk | 2.07 | 1.42 | +0.65 |
Omega ratioGain probability vs. loss probability | 1.29 | 1.21 | +0.08 |
Calmar ratioReturn relative to maximum drawdown | 1.83 | 1.68 | +0.15 |
Martin ratioReturn relative to average drawdown | 7.66 | 6.20 | +1.46 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FEMB | PCY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.51 | 0.99 | +0.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.21 | 0.08 | +0.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | 0.19 | -0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.07 | 0.28 | -0.22 |
Correlation
The correlation between FEMB and PCY is 0.42, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
FEMB vs. PCY - Dividend Comparison
FEMB's dividend yield for the trailing twelve months is around 6.00%, less than PCY's 6.08% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FEMB First Trust Emerging Markets Local Currency Bond ETF | 6.00% | 5.67% | 6.09% | 5.15% | 6.35% | 6.12% | 5.29% | 5.40% | 5.86% | 6.38% | 5.83% | 4.89% |
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
FEMB vs. PCY - Drawdown Comparison
The maximum FEMB drawdown since its inception was -30.44%, smaller than the maximum PCY drawdown of -49.13%. Use the drawdown chart below to compare losses from any high point for FEMB and PCY.
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Drawdown Indicators
| FEMB | PCY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.44% | -49.13% | +18.69% |
Max Drawdown (1Y)Largest decline over 1 year | -7.58% | -6.37% | -1.21% |
Max Drawdown (5Y)Largest decline over 5 years | -27.85% | -37.17% | +9.32% |
Max Drawdown (10Y)Largest decline over 10 years | -30.44% | -37.78% | +7.34% |
Current DrawdownCurrent decline from peak | -6.52% | -4.49% | -2.03% |
Average DrawdownAverage peak-to-trough decline | -10.03% | -7.03% | -3.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.81% | 1.73% | +0.08% |
Volatility
FEMB vs. PCY - Volatility Comparison
First Trust Emerging Markets Local Currency Bond ETF (FEMB) and Invesco Emerging Markets Sovereign Debt ETF (PCY) have volatilities of 3.81% and 3.99%, 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
| FEMB | PCY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.81% | 3.99% | -0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 5.46% | 5.34% | +0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.94% | 10.22% | -1.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.21% | 13.16% | -2.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.22% | 12.92% | -1.70% |