PCY vs. ELD
PCY (Invesco Emerging Markets Sovereign Debt ETF) and ELD (WisdomTree Emerging Markets Local Debt Fund) are both Emerging Markets Bonds funds. PCY is passively managed, while ELD is actively managed. Over the past 10 years, PCY returned 2.76%/yr vs 2.85%/yr for ELD. At a 0.49 correlation, their price movements are largely independent. PCY charges 0.50%/yr vs 0.55%/yr for ELD.
Performance
PCY vs. ELD - Performance Comparison
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Returns By Period
In the year-to-date period, PCY achieves a 2.88% return, which is significantly higher than ELD's 0.81% return. Both investments have delivered pretty close results over the past 10 years, with PCY having a 2.76% annualized return and ELD not far ahead at 2.85%.
PCY
- 1D
- -0.49%
- 1M
- 2.56%
- YTD
- 2.88%
- 6M
- 2.98%
- 1Y
- 14.69%
- 3Y*
- 10.82%
- 5Y*
- 1.46%
- 10Y*
- 2.76%
ELD
- 1D
- -0.97%
- 1M
- 0.80%
- YTD
- 0.81%
- 6M
- 1.76%
- 1Y
- 10.18%
- 3Y*
- 6.94%
- 5Y*
- 2.77%
- 10Y*
- 2.85%
PCY vs. ELD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PCY Invesco Emerging Markets Sovereign Debt ETF | 2.88% | 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 | 0.81% | 21.77% | -4.56% | 14.29% | -9.25% | -9.75% | 1.79% | 12.89% | -7.53% | 12.72% |
Correlation
The correlation between PCY and ELD is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2010 | 0.49 |
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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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| PCY | ELD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.77 | ||
| Sortino ratioReturn per unit of downside risk | +1.03 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.22 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.50 | 1.43 | +1.07 |
| Martin ratioReturn relative to average drawdown | 10.12 | 4.85 | +5.26 |
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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 | -5.91% | -7.15% | +1.24% |
Max Drawdown (3Y)Largest decline over 3 years | -11.52% | -10.89% | -0.63% |
Max Drawdown (5Y)Largest decline over 5 years | -37.17% | -22.06% | -15.11% |
Max Drawdown (10Y)Largest decline over 10 years | -37.78% | -25.15% | -12.63% |
Current DrawdownCurrent decline from peak | -0.49% | -2.68% | +2.19% |
Average DrawdownAverage peak-to-trough decline | -6.96% | -13.28% | +6.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.46% | 2.10% | -0.64% |
Volatility
PCY vs. ELD - Volatility Comparison
The current volatility for Invesco Emerging Markets Sovereign Debt ETF (PCY) is 2.18%, while WisdomTree Emerging Markets Local Debt Fund (ELD) has a volatility of 2.70%. This indicates that PCY experiences smaller price fluctuations and is considered to be less risky than ELD based on this measure. 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 | 2.18% | 2.70% | -0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 5.99% | 7.36% | -1.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.53% | 8.56% | -1.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.18% | 10.96% | +2.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.96% | 11.26% | +1.70% |
PCY vs. ELD - Expense Ratio Comparison
PCY has a 0.50% expense ratio, which is lower than ELD's 0.55% expense ratio.
Dividends
PCY vs. ELD - Dividend Comparison
PCY's dividend yield for the trailing twelve months is around 6.32%, more than ELD's 5.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ELD WisdomTree Emerging Markets Local Debt Fund | 5.82% | 5.38% | 5.75% | 4.85% | 5.29% | 4.98% | 4.70% | 4.92% | 6.30% | 4.68% | 4.86% | 5.57% |
PCY Invesco Emerging Markets Sovereign Debt ETF | 6.32% | 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 ELD have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ELD has higher volatility (2.70%) compared to PCY (2.18%). In terms of maximum drawdown, PCY dropped -49.13% vs ELD's -31.92%.
On 10-year performance, ELD leads with 2.85% vs 2.76% for PCY. On fees, PCY is cheaper at 0.50% per year. On volatility, PCY has been the lower-risk option at 2.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ELD has performed better with a 2.85% return vs 2.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PCY is cheaper with a 0.50% expense ratio, compared with 0.55% for ELD.
PCY has the higher dividend yield at 6.32%, compared with 5.82% for ELD.
They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.50% for PCY and 0.55% for ELD.
PCY currently has the higher Sharpe Ratio (1.96 vs 1.20), 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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