GAEM vs. PCY
GAEM (Simplify Gamma Emerging Market Bond ETF) and PCY (Invesco Emerging Markets Sovereign Debt ETF) are both Emerging Markets Bonds funds. GAEM is actively managed, while PCY is passively managed. Over the past year, GAEM returned 13.15% vs 15.37% for PCY. A 0.73 correlation means they provide meaningful diversification when combined. GAEM charges 0.76%/yr vs 0.50%/yr for PCY.
Performance
GAEM vs. PCY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GAEM achieves a 3.26% return, which is significantly higher than PCY's 2.20% return.
GAEM
- 1D
- -0.20%
- 1M
- 0.20%
- YTD
- 3.26%
- 6M
- 4.63%
- 1Y
- 13.15%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PCY
- 1D
- -0.28%
- 1M
- 1.69%
- YTD
- 2.20%
- 6M
- 1.58%
- 1Y
- 15.37%
- 3Y*
- 11.35%
- 5Y*
- 1.29%
- 10Y*
- 2.72%
GAEM vs. PCY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
GAEM Simplify Gamma Emerging Market Bond ETF | 3.26% | 13.55% | 3.72% |
PCY Invesco Emerging Markets Sovereign Debt ETF | 2.20% | 16.31% | -1.76% |
Correlation
The correlation between GAEM and PCY is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Aug 14, 2024 | 0.73 |
The correlation between GAEM and PCY has been stable across timeframes, ranging from 0.73 to 0.75 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GAEM vs. PCY — Risk / Return Rank
GAEM
PCY
GAEM vs. PCY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Gamma Emerging Market Bond ETF (GAEM) 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.
| GAEM | PCY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.73 | ||
| Sortino ratioReturn per unit of downside risk | +1.51 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 1.38 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 3.66 | 2.61 | +1.04 |
| Martin ratioReturn relative to average drawdown | 16.69 | 10.61 | +6.09 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| GAEM | PCY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.81 | 2.08 | +0.73 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.10 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.21 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.33 | 0.30 | +2.03 |
Drawdowns
GAEM vs. PCY - Drawdown Comparison
The maximum GAEM drawdown since its inception was -3.84%, smaller than the maximum PCY drawdown of -49.13%. Use the drawdown chart below to compare losses from any high point for GAEM and PCY.
Loading charts...
Drawdown Indicators
| GAEM | PCY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.84% | -49.13% | +45.29% |
Max Drawdown (1Y)Largest decline over 1 year | -3.61% | -5.91% | +2.30% |
Max Drawdown (3Y)Largest decline over 3 years | — | -11.52% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -37.17% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -37.78% | — |
Current DrawdownCurrent decline from peak | -0.20% | -0.31% | +0.11% |
Average DrawdownAverage peak-to-trough decline | -0.52% | -6.97% | +6.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 1.45% | -0.66% |
Volatility
GAEM vs. PCY - Volatility Comparison
The current volatility for Simplify Gamma Emerging Market Bond ETF (GAEM) is 1.33%, while Invesco Emerging Markets Sovereign Debt ETF (PCY) has a volatility of 2.30%. This indicates that GAEM 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.
Loading charts...
Volatility by Period
| GAEM | PCY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.33% | 2.30% | -0.97% |
Volatility (6M)Calculated over the trailing 6-month period | 3.74% | 5.81% | -2.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.71% | 7.43% | -2.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.96% | 13.17% | -8.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.96% | 12.94% | -7.98% |
GAEM vs. PCY - Expense Ratio Comparison
GAEM has a 0.76% expense ratio, which is higher than PCY's 0.50% expense ratio.
Dividends
GAEM vs. PCY - Dividend Comparison
GAEM's dividend yield for the trailing twelve months is around 7.54%, more than PCY's 5.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GAEM Simplify Gamma Emerging Market Bond ETF | 7.54% | 6.50% | 3.78% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PCY Invesco Emerging Markets Sovereign Debt ETF | 5.85% | 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
GAEM and PCY have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PCY has higher volatility (2.30%) compared to GAEM (1.33%). In terms of maximum drawdown, GAEM dropped -3.84% vs PCY's -49.13%.
On 1-year performance, PCY leads with 15.37% vs 13.15% for GAEM. On fees, PCY is cheaper at 0.50% per year. On volatility, GAEM has been the lower-risk option at 1.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PCY has performed better with a 15.37% return vs 13.15%. 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 GAEM.
GAEM has the higher dividend yield at 7.54%, compared with 5.85% for PCY.
They also come from different issuers: Simplify and Invesco. Their fees differ too: 0.76% for GAEM and 0.50% for PCY.
GAEM currently has the higher Sharpe Ratio (2.81 vs 2.08), 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.
Find the right allocation for GAEM and PCY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer