PCY vs. EBND
PCY (Invesco Emerging Markets Sovereign Debt ETF) and EBND (SPDR Bloomberg Barclays Emerging Markets Local Bond ETF) are both Emerging Markets Bonds funds - PCY tracks the DB Emerging Market USD Liquid Balanced Index while EBND tracks the Bloomberg Emerging Market Local Currency Government Diversified. Both are passively managed. Over the past 10 years, PCY returned 2.72%/yr vs 1.72%/yr for EBND. A 0.57 correlation means they provide meaningful diversification when combined. PCY charges 0.50%/yr vs 0.30%/yr for EBND.
Performance
PCY vs. EBND - 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 EBND's -0.23% return. Over the past 10 years, PCY has outperformed EBND with an annualized return of 2.72%, while EBND has yielded a comparatively lower 1.72% 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%
EBND
- 1D
- -0.57%
- 1M
- 0.59%
- YTD
- -0.23%
- 6M
- 0.63%
- 1Y
- 5.78%
- 3Y*
- 5.59%
- 5Y*
- 0.03%
- 10Y*
- 1.72%
PCY vs. EBND - 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% |
EBND SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | -0.23% | 15.83% | -2.70% | 9.02% | -11.84% | -9.66% | 4.49% | 10.40% | -6.52% | 13.93% |
Correlation
The correlation between PCY and EBND is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Feb 25, 2011 | 0.57 |
The correlation between PCY and EBND shifts across timeframes, from 0.57 (all time) to 0.67 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PCY vs. EBND — Risk / Return Rank
PCY
EBND
PCY vs. EBND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Emerging Markets Sovereign Debt ETF (PCY) and SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (EBND). 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 | EBND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.24 | ||
| Sortino ratioReturn per unit of downside risk | +1.76 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.16 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.61 | 0.88 | +1.74 |
| Martin ratioReturn relative to average drawdown | 10.61 | 2.93 | +7.67 |
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 | EBND | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.08 | 0.84 | +1.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.10 | 0.00 | +0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.21 | 0.19 | +0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.30 | 0.10 | +0.19 |
Drawdowns
PCY vs. EBND - Drawdown Comparison
The maximum PCY drawdown since its inception was -49.13%, which is greater than EBND's maximum drawdown of -29.51%. Use the drawdown chart below to compare losses from any high point for PCY and EBND.
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Drawdown Indicators
| PCY | EBND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.13% | -29.51% | -19.62% |
Max Drawdown (1Y)Largest decline over 1 year | -5.91% | -6.63% | +0.72% |
Max Drawdown (3Y)Largest decline over 3 years | -11.52% | -9.25% | -2.27% |
Max Drawdown (5Y)Largest decline over 5 years | -37.17% | -27.57% | -9.60% |
Max Drawdown (10Y)Largest decline over 10 years | -37.78% | -29.50% | -8.28% |
Current DrawdownCurrent decline from peak | -0.31% | -3.24% | +2.93% |
Average DrawdownAverage peak-to-trough decline | -6.97% | -10.87% | +3.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.45% | 1.98% | -0.53% |
Volatility
PCY vs. EBND - Volatility Comparison
Invesco Emerging Markets Sovereign Debt ETF (PCY) and SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (EBND) have volatilities of 2.30% and 2.35%, 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
| PCY | EBND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.30% | 2.35% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 5.81% | 5.94% | -0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.43% | 6.92% | +0.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.17% | 8.98% | +4.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.94% | 9.19% | +3.75% |
PCY vs. EBND - Expense Ratio Comparison
PCY has a 0.50% expense ratio, which is higher than EBND's 0.30% expense ratio.
Dividends
PCY vs. EBND - Dividend Comparison
PCY's dividend yield for the trailing twelve months is around 5.85%, which matches EBND's 5.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EBND SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | 5.83% | 5.54% | 5.89% | 5.26% | 4.75% | 3.83% | 3.67% | 4.68% | 4.70% | 2.00% | 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
PCY and EBND have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EBND has higher volatility (2.35%) compared to PCY (2.30%). In terms of maximum drawdown, PCY dropped -49.13% vs EBND's -29.51%.
On 10-year performance, PCY leads with 2.72% vs 1.72% for EBND. On fees, EBND is cheaper at 0.30% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PCY has performed better with a 2.72% return vs 1.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EBND is cheaper with a 0.30% expense ratio, compared with 0.50% for PCY.
PCY has the higher dividend yield at 5.85%, compared with 5.83% for EBND.
PCY tracks DB Emerging Market USD Liquid Balanced Index, while EBND tracks Bloomberg Emerging Market Local Currency Government Diversified. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.50% for PCY and 0.30% for EBND.
PCY currently has the higher Sharpe Ratio (2.08 vs 0.84), 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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