PCY vs. BEMB
PCY (Invesco Emerging Markets Sovereign Debt ETF) and BEMB (Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF) are both Emerging Markets Bonds funds. PCY is passively managed, while BEMB is actively managed. Over the past 3 years, PCY returned 11.35%/yr vs 8.80%/yr for BEMB. Their correlation of 0.93 suggests significant overlap in exposure. PCY charges 0.50%/yr vs 0.18%/yr for BEMB.
Performance
PCY vs. BEMB - Performance Comparison
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Returns By Period
In the year-to-date period, PCY achieves a 2.20% return, which is significantly higher than BEMB's 1.27% return.
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%
BEMB
- 1D
- -0.34%
- 1M
- 0.94%
- YTD
- 1.27%
- 6M
- 1.64%
- 1Y
- 9.77%
- 3Y*
- 8.80%
- 5Y*
- —
- 10Y*
- —
PCY vs. BEMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PCY Invesco Emerging Markets Sovereign Debt ETF | 2.20% | 16.31% | 2.55% | 15.34% |
BEMB Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF | 1.27% | 12.27% | 5.51% | 8.88% |
Correlation
The correlation between PCY and BEMB is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Feb 27, 2023 | 0.93 |
The correlation between PCY and BEMB has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.
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Return for Risk
PCY vs. BEMB — Risk / Return Rank
PCY
BEMB
PCY vs. BEMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Emerging Markets Sovereign Debt ETF (PCY) and Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF (BEMB). 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.
| PCY | BEMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.45 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.61 | 2.68 | -0.06 |
| Martin ratioReturn relative to average drawdown | 10.61 | 11.53 | -0.93 |
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
| PCY | BEMB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.08 | 2.30 | -0.23 |
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 | 0.30 | 1.45 | -1.16 |
Drawdowns
PCY vs. BEMB - Drawdown Comparison
The maximum PCY drawdown since its inception was -49.13%, which is greater than BEMB's maximum drawdown of -6.17%. Use the drawdown chart below to compare losses from any high point for PCY and BEMB.
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Drawdown Indicators
| PCY | BEMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.13% | -6.17% | -42.96% |
Max Drawdown (1Y)Largest decline over 1 year | -5.91% | -3.67% | -2.24% |
Max Drawdown (3Y)Largest decline over 3 years | -11.52% | -6.17% | -5.35% |
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 | -0.31% | -0.34% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -6.97% | -0.94% | -6.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.45% | 0.85% | +0.60% |
Volatility
PCY vs. BEMB - Volatility Comparison
Invesco Emerging Markets Sovereign Debt ETF (PCY) has a higher volatility of 2.30% compared to Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF (BEMB) at 1.49%. This indicates that PCY's price experiences larger fluctuations and is considered to be riskier than BEMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCY | BEMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.30% | 1.49% | +0.81% |
Volatility (6M)Calculated over the trailing 6-month period | 5.81% | 3.46% | +2.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.43% | 4.26% | +3.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.17% | 5.88% | +7.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.94% | 5.88% | +7.06% |
PCY vs. BEMB - Expense Ratio Comparison
PCY has a 0.50% expense ratio, which is higher than BEMB's 0.18% expense ratio.
Dividends
PCY vs. BEMB - Dividend Comparison
PCY's dividend yield for the trailing twelve months is around 5.85%, less than BEMB's 6.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BEMB Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF | 6.88% | 6.88% | 6.31% | 5.46% | 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
With a correlation of 0.92, PCY and BEMB move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
PCY has higher volatility (2.30%) compared to BEMB (1.49%). In terms of maximum drawdown, PCY dropped -49.13% vs BEMB's -6.17%.
On 3-year performance, PCY leads with 11.35% vs 8.80% for BEMB. On fees, BEMB is cheaper at 0.18% per year. On volatility, BEMB has been the lower-risk option at 1.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PCY has performed better with a 11.35% return vs 8.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BEMB is cheaper with a 0.18% expense ratio, compared with 0.50% for PCY.
BEMB has the higher dividend yield at 6.88%, compared with 5.85% for PCY.
They also come from different issuers: Invesco and iShares. Their fees differ too: 0.50% for PCY and 0.18% for BEMB.
BEMB currently has the higher Sharpe Ratio (2.30 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.
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