PCY vs. EMBE.L

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco Emerging Markets Sovereign Debt ETF (PCY) and iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.L).

PCY and EMBE.L 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. EMBE.L is a passively managed fund by iShares that tracks the performance of the JPM EMBI Global Diversified Hedge TR EUR. It was launched on Jul 8, 2013. Both PCY and EMBE.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PCY vs. EMBE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Emerging Markets Sovereign Debt ETF (PCY) and iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.L). The values are adjusted to include any dividend payments, if applicable.

PCY vs. EMBE.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PCY Invesco Emerging Markets Sovereign Debt ETF	-1.57%	16.31%	2.55%	18.48%	-24.47%	-4.30%	2.29%	17.66%	-6.16%	9.71%
EMBE.L iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)	-2.86%	25.90%	-2.43%	11.05%	-25.61%	-9.87%	12.50%	10.09%	-12.68%	23.42%

Different Trading Currencies

PCY is traded in USD, while EMBE.L is traded in EUR. To make them comparable, the EMBE.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, PCY achieves a -1.57% return, which is significantly higher than EMBE.L's -2.86% return. Over the past 10 years, PCY has outperformed EMBE.L with an annualized return of 2.55%, while EMBE.L has yielded a comparatively lower 1.17% annualized return.

PCY

• 1D: 0.53%
• 1M: -3.33%
• YTD: -1.57%
• 6M: -0.03%
• 1Y: 10.25%
• 3Y*: 10.04%
• 5Y*: 1.21%
• 10Y*: 2.55%

EMBE.L

• 1D: 1.57%
• 1M: -3.32%
• YTD: -2.86%
• 6M: -0.60%
• 1Y: 14.88%
• 3Y*: 8.79%
• 5Y*: -0.53%
• 10Y*: 1.17%

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

PCY vs. EMBE.L - Expense Ratio Comparison

Both PCY and EMBE.L have an expense ratio of 0.50%.

PCY

Invesco Emerging Markets Sovereign Debt ETF

EMBE.L

iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)

Return for Risk

PCY vs. EMBE.L — Risk / Return Rank

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

PCY

PCY Risk / Return Rank: 57
PCY Sharpe Ratio Rank: 54
PCY Sortino Ratio Rank: 52
PCY Omega Ratio Rank: 55
PCY Calmar Ratio Rank: 63
PCY Martin Ratio Rank: 59

EMBE.L

EMBE.L Risk / Return Rank: 57
EMBE.L Sharpe Ratio Rank: 55
EMBE.L Sortino Ratio Rank: 57
EMBE.L Omega Ratio Rank: 53
EMBE.L Calmar Ratio Rank: 57
EMBE.L Martin Ratio Rank: 61

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. EMBE.L - 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 USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.L). 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	EMBE.L	Difference
Sharpe ratio Return per unit of total volatility	1.01	1.33	-0.32
Sortino ratio Return per unit of downside risk	1.44	2.04	-0.61
Omega ratio Gain probability vs. loss probability	1.21	1.25	-0.04
Calmar ratio Return relative to maximum drawdown	1.68	1.82	-0.14
Martin ratio Return relative to average drawdown	6.12	6.95	-0.83
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. EMBE.L - Sharpe Ratio Comparison

The current PCY Sharpe Ratio is 1.01, which is comparable to the EMBE.L Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of PCY and EMBE.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PCY	EMBE.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.01	1.33	-0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	-0.04	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.20	0.09	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.06	+0.22

Correlation

The correlation between PCY and EMBE.L is 0.57, 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. EMBE.L - Dividend Comparison

PCY's dividend yield for the trailing twelve months is around 6.05%, more than EMBE.L's 5.62% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCY Invesco Emerging Markets Sovereign Debt ETF	6.05%	5.93%	6.65%	6.48%	6.81%	4.80%	4.45%	4.78%	4.93%	4.80%	5.19%	5.46%
EMBE.L iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)	5.62%	5.44%	5.64%	5.50%	5.39%	3.92%	3.85%	4.77%	5.75%	3.88%	5.36%	4.72%

Drawdowns

PCY vs. EMBE.L - Drawdown Comparison

The maximum PCY drawdown since its inception was -49.13%, which is greater than EMBE.L's maximum drawdown of -44.54%. Use the drawdown chart below to compare losses from any high point for PCY and EMBE.L.

Drawdown Indicators

	PCY	EMBE.L	Difference
Max Drawdown Largest peak-to-trough decline	-49.13%	-30.73%	-18.40%
Max Drawdown (1Y) Largest decline over 1 year	-6.32%	-4.95%	-1.37%
Max Drawdown (5Y) Largest decline over 5 years	-37.17%	-30.47%	-6.70%
Max Drawdown (10Y) Largest decline over 10 years	-37.78%	-30.73%	-7.05%
Current Drawdown Current decline from peak	-3.99%	-6.40%	+2.41%
Average Drawdown Average peak-to-trough decline	-7.03%	-7.44%	+0.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.75%	1.11%	+0.64%

Volatility

PCY vs. EMBE.L - Volatility Comparison

Invesco Emerging Markets Sovereign Debt ETF (PCY) and iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.L) have volatilities of 4.03% and 4.24%, 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.

Volatility by Period

	PCY	EMBE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.03%	4.24%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	5.37%	6.42%	-1.05%
Volatility (1Y) Calculated over the trailing 1-year period	10.22%	11.14%	-0.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.16%	13.61%	-0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.92%	13.35%	-0.43%