PCY vs. ELD
Compare and contrast key facts about Invesco Emerging Markets Sovereign Debt ETF (PCY) and WisdomTree Emerging Markets Local Debt Fund (ELD).
PCY and ELD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. ELD is an actively managed fund by WisdomTree. It was launched on Aug 9, 2010.
Performance
PCY vs. ELD - Performance Comparison
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PCY vs. ELD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PCY Invesco Emerging Markets Sovereign Debt ETF | -2.08% | 16.31% | 2.55% | 18.48% | -24.47% | -4.30% | 2.29% | 17.66% | -6.16% | 9.71% |
ELD WisdomTree Emerging Markets Local Debt Fund | -3.30% | 21.77% | -4.56% | 14.29% | -9.25% | -9.75% | 1.79% | 12.89% | -7.53% | 12.72% |
Returns By Period
In the year-to-date period, PCY achieves a -2.08% return, which is significantly higher than ELD's -3.30% return. Both investments have delivered pretty close results over the past 10 years, with PCY having a 2.50% annualized return and ELD not far behind at 2.39%.
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%
ELD
- 1D
- 0.47%
- 1M
- -6.54%
- YTD
- -3.30%
- 6M
- -0.28%
- 1Y
- 10.08%
- 3Y*
- 6.57%
- 5Y*
- 2.35%
- 10Y*
- 2.39%
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PCY vs. ELD - Expense Ratio Comparison
PCY has a 0.50% expense ratio, which is lower than ELD's 0.55% expense ratio.
Return for Risk
PCY vs. ELD — Risk / Return Rank
PCY
ELD
PCY vs. ELD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Emerging Markets Sovereign Debt ETF (PCY) and WisdomTree Emerging Markets Local Debt Fund (ELD). 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 | ELD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.99 | 1.07 | -0.08 |
Sortino ratioReturn per unit of downside risk | 1.42 | 1.55 | -0.13 |
Omega ratioGain probability vs. loss probability | 1.21 | 1.21 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | 1.68 | 1.73 | -0.05 |
Martin ratioReturn relative to average drawdown | 6.20 | 7.27 | -1.07 |
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 | ELD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.99 | 1.07 | -0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.08 | 0.22 | -0.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.19 | 0.21 | -0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.28 | 0.10 | +0.18 |
Correlation
The correlation between PCY and ELD is 0.49, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
PCY vs. ELD - Dividend Comparison
PCY's dividend yield for the trailing twelve months is around 6.08%, more than ELD's 5.86% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
ELD WisdomTree Emerging Markets Local Debt Fund | 5.86% | 5.38% | 5.75% | 4.85% | 5.29% | 4.98% | 4.70% | 4.92% | 6.30% | 4.68% | 4.86% | 5.57% |
Drawdowns
PCY vs. ELD - Drawdown Comparison
The maximum PCY drawdown since its inception was -49.13%, which is greater than ELD's maximum drawdown of -31.92%. Use the drawdown chart below to compare losses from any high point for PCY and ELD.
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Drawdown Indicators
| PCY | ELD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.13% | -31.92% | -17.21% |
Max Drawdown (1Y)Largest decline over 1 year | -6.37% | -7.15% | +0.78% |
Max Drawdown (5Y)Largest decline over 5 years | -37.17% | -23.56% | -13.61% |
Max Drawdown (10Y)Largest decline over 10 years | -37.78% | -25.15% | -12.63% |
Current DrawdownCurrent decline from peak | -4.49% | -6.64% | +2.15% |
Average DrawdownAverage peak-to-trough decline | -7.03% | -13.43% | +6.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.73% | 1.70% | +0.03% |
Volatility
PCY vs. ELD - Volatility Comparison
Invesco Emerging Markets Sovereign Debt ETF (PCY) and WisdomTree Emerging Markets Local Debt Fund (ELD) have volatilities of 3.99% and 4.06%, 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 | ELD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.99% | 4.06% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 5.34% | 5.92% | -0.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.22% | 9.66% | +0.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.16% | 10.83% | +2.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.92% | 11.27% | +1.65% |