PCY vs. CBON

Last updated Jun 4, 2026

PCY (Invesco Emerging Markets Sovereign Debt ETF) and CBON (VanEck Vectors ChinaAMC China Bond ETF) are both Emerging Markets Bonds funds - PCY tracks the DB Emerging Market USD Liquid Balanced Index while CBON tracks the ChinaBond China High Quality Bond Index. Both are passively managed. Over the past 10 years, PCY returned 2.72%/yr vs 2.93%/yr for CBON. At a 0.22 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.

Performance

PCY vs. CBON - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Emerging Markets Sovereign Debt ETF (PCY) and VanEck Vectors ChinaAMC China Bond ETF (CBON). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCY achieves a 2.20% return, which is significantly lower than CBON's 5.41% return. Over the past 10 years, PCY has underperformed CBON with an annualized return of 2.72%, while CBON has yielded a comparatively higher 2.93% annualized 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%

CBON

• 1D: 0.10%
• 1M: 1.75%
• YTD: 5.41%
• 6M: 6.88%
• 1Y: 9.26%
• 3Y*: 5.05%
• 5Y*: 2.03%
• 10Y*: 2.93%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PCY vs. CBON - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PCY Invesco Emerging Markets Sovereign Debt ETF	2.20%	16.31%	2.55%	18.48%	-24.47%	-4.30%	2.29%	17.66%	-6.16%	9.71%
CBON VanEck Vectors ChinaAMC China Bond ETF	5.41%	5.46%	1.85%	2.92%	-7.99%	5.93%	12.01%	2.67%	1.88%	6.96%

Correlation

The correlation between PCY and CBON is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (10Y) Calculated over the trailing 10-year period	0.22
Correlation (All Time) Calculated using the full available price history since Nov 12, 2014	0.22

PCY vs. CBON - Sectors Allocation Comparison

Sectors	PCY	CBON
Financial Services	0.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	100.0%
Technology	-	-
Utilities	-	-

Return for Risk

PCY vs. CBON — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PCY

PCY Risk / Return Rank: 59
PCY Sharpe Ratio Rank: 61
PCY Sortino Ratio Rank: 63
PCY Omega Ratio Rank: 62
PCY Calmar Ratio Rank: 52
PCY Martin Ratio Rank: 59

CBON

CBON Risk / Return Rank: 89
CBON Sharpe Ratio Rank: 82
CBON Sortino Ratio Rank: 88
CBON Omega Ratio Rank: 87
CBON Calmar Ratio Rank: 93
CBON Martin Ratio Rank: 93

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PCY vs. CBON - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Emerging Markets Sovereign Debt ETF (PCY) and VanEck Vectors ChinaAMC China Bond ETF (CBON). 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	CBON	Difference
Sharpe ratio: Return per unit of total volatility	2.08	2.70	-0.62
Sortino ratio: Return per unit of downside risk	2.97	4.09	-1.12
Omega ratio: Gain probability vs. loss probability	1.38	1.54	-0.16
Calmar ratio: Return relative to maximum drawdown	2.61	6.94	-4.33
Martin ratio: Return relative to average drawdown	10.61	25.86	-15.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PCY vs. CBON - Sharpe Ratio Comparison

The current PCY Sharpe Ratio is 2.08, which is comparable to the CBON Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of PCY and CBON, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PCY	CBON	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	2.70	-0.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.41	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	0.53	-0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.42	-0.13

Drawdowns

PCY vs. CBON - Drawdown Comparison

The maximum PCY drawdown since its inception was -49.13%, which is greater than CBON's maximum drawdown of -14.13%. Use the drawdown chart below to compare losses from any high point for PCY and CBON.

Drawdown Indicators

	PCY	CBON	Difference
Max Drawdown Largest peak-to-trough decline	-49.13%	-14.13%	-35.00%
Max Drawdown (1Y) Largest decline over 1 year	-5.91%	-1.34%	-4.57%
Max Drawdown (3Y) Largest decline over 3 years	-11.52%	-4.56%	-6.96%
Max Drawdown (5Y) Largest decline over 5 years	-37.17%	-14.13%	-23.04%
Max Drawdown (10Y) Largest decline over 10 years	-37.78%	-14.13%	-23.65%
Current Drawdown Current decline from peak	-0.31%	-0.02%	-0.29%
Average Drawdown Average peak-to-trough decline	-6.97%	-3.99%	-2.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.45%	0.36%	+1.09%

Volatility

PCY vs. CBON - Volatility Comparison

Invesco Emerging Markets Sovereign Debt ETF (PCY) has a higher volatility of 2.30% compared to VanEck Vectors ChinaAMC China Bond ETF (CBON) at 0.91%. This indicates that PCY's price experiences larger fluctuations and is considered to be riskier than CBON based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCY	CBON	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.30%	0.91%	+1.39%
Volatility (6M) Calculated over the trailing 6-month period	5.81%	2.62%	+3.19%
Volatility (1Y) Calculated over the trailing 1-year period	7.43%	3.45%	+3.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.17%	4.93%	+8.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.94%	5.58%	+7.36%

PCY vs. CBON - Expense Ratio Comparison

Both PCY and CBON have an expense ratio of 0.50%.

Dividends

PCY vs. CBON - Dividend Comparison

PCY's dividend yield for the trailing twelve months is around 5.85%, more than CBON's 1.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CBON VanEck Vectors ChinaAMC China Bond ETF	1.52%	1.66%	2.15%	3.01%	2.70%	3.05%	2.87%	3.87%	3.39%	3.33%	3.25%	2.78%
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

Can I hold both PCY and CBON in my portfolio?

PCY and CBON have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCY or CBON?

PCY has higher volatility (2.30%) compared to CBON (0.91%). In terms of maximum drawdown, PCY dropped -49.13% vs CBON's -14.13%.

Which ETF is better, PCY or CBON?

On 10-year performance, CBON leads with 2.93% vs 2.72% for PCY. Both ETFs have the same 0.50% expense ratio. On volatility, CBON has been the lower-risk option at 0.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PCY or CBON?

Over the 10-year period, CBON has performed better with a 2.93% return vs 2.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PCY or CBON?

PCY and CBON have the same expense ratio: 0.50% per year.

Which ETF pays a higher dividend yield, PCY or CBON?

PCY has the higher dividend yield at 5.85%, compared with 1.52% for CBON.

What is the main difference between PCY and CBON?

PCY tracks DB Emerging Market USD Liquid Balanced Index, while CBON tracks ChinaBond China High Quality Bond Index. They also come from different issuers: Invesco and VanEck.

Which has better risk-adjusted returns?

CBON currently has the higher Sharpe Ratio (2.70 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.