GAEM vs. PCY
Compare and contrast key facts about Simplify Gamma Emerging Market Bond ETF (GAEM) and Invesco Emerging Markets Sovereign Debt ETF (PCY).
GAEM and PCY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GAEM is an actively managed fund by Simplify. It was launched on Aug 12, 2024. 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
GAEM vs. PCY - Performance Comparison
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GAEM vs. PCY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
GAEM Simplify Gamma Emerging Market Bond ETF | -1.25% | 13.55% | 3.72% |
PCY Invesco Emerging Markets Sovereign Debt ETF | -2.08% | 16.31% | -1.76% |
Returns By Period
In the year-to-date period, GAEM achieves a -1.25% return, which is significantly higher than PCY's -2.08% return.
GAEM
- 1D
- 0.58%
- 1M
- -2.64%
- YTD
- -1.25%
- 6M
- 1.75%
- 1Y
- 9.73%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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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GAEM vs. PCY - Expense Ratio Comparison
GAEM has a 0.76% expense ratio, which is higher than PCY's 0.50% expense ratio.
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 | 1.78 | 0.99 | +0.79 |
Sortino ratioReturn per unit of downside risk | 2.67 | 1.42 | +1.25 |
Omega ratioGain probability vs. loss probability | 1.36 | 1.21 | +0.15 |
Calmar ratioReturn relative to maximum drawdown | 2.79 | 1.68 | +1.11 |
Martin ratioReturn relative to average drawdown | 11.88 | 6.20 | +5.68 |
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
| GAEM | PCY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.78 | 0.99 | +0.79 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.08 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.19 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.00 | 0.28 | +1.72 |
Correlation
The correlation between GAEM and PCY is 0.73, 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.
Dividends
GAEM vs. PCY - Dividend Comparison
GAEM's dividend yield for the trailing twelve months is around 6.72%, more than PCY's 6.08% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GAEM Simplify Gamma Emerging Market Bond ETF | 6.72% | 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 | 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
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.
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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% | -6.37% | +2.76% |
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 | -2.80% | -4.49% | +1.69% |
Average DrawdownAverage peak-to-trough decline | -0.51% | -7.03% | +6.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.85% | 1.73% | -0.88% |
Volatility
GAEM vs. PCY - Volatility Comparison
The current volatility for Simplify Gamma Emerging Market Bond ETF (GAEM) is 2.27%, while Invesco Emerging Markets Sovereign Debt ETF (PCY) has a volatility of 3.99%. 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.
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Volatility by Period
| GAEM | PCY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.27% | 3.99% | -1.72% |
Volatility (6M)Calculated over the trailing 6-month period | 3.37% | 5.34% | -1.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.50% | 10.22% | -4.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.88% | 13.16% | -8.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.88% | 12.92% | -8.04% |