PCY vs. EMCB
PCY (Invesco Emerging Markets Sovereign Debt ETF) and EMCB (WisdomTree Emerging Markets Corporate Bond Fund) are both Emerging Markets Bonds funds. PCY is passively managed, while EMCB is actively managed. Over the past 10 years, PCY returned 2.11%/yr vs 3.84%/yr for EMCB. At a 0.39 correlation, their price movements are largely independent. PCY charges 0.50%/yr vs 0.60%/yr for EMCB.
Performance
PCY vs. EMCB - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PCY achieves a 1.41% return, which is significantly lower than EMCB's 1.95% return. Over the past 10 years, PCY has underperformed EMCB with an annualized return of 2.11%, while EMCB has yielded a comparatively higher 3.84% annualized return.
PCY
- 1D
- -0.88%
- 1M
- -1.19%
- 6M
- 1.50%
- YTD
- 1.41%
- 1Y
- 11.62%
- 3Y*
- 9.56%
- 5Y*
- 1.17%
- 10Y*
- 2.11%
EMCB
- 1D
- -0.35%
- 1M
- -0.25%
- 6M
- 1.44%
- YTD
- 1.95%
- 1Y
- 5.43%
- 3Y*
- 7.52%
- 5Y*
- 2.09%
- 10Y*
- 3.84%
PCY vs. EMCB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PCY Invesco Emerging Markets Sovereign Debt ETF | 1.41% | 16.31% | 2.55% | 18.48% | -24.47% | -4.30% | 2.29% | 17.66% | -6.16% | 9.71% |
EMCB WisdomTree Emerging Markets Corporate Bond Fund | 1.95% | 8.19% | 7.11% | 8.76% | -12.98% | -0.62% | 8.60% | 13.43% | -3.07% | 9.47% |
Correlation
The correlation between PCY and EMCB 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 | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Mar 8, 2012 | 0.39 |
The correlation between PCY and EMCB shifts across timeframes, from 0.39 (10 years) to 0.53 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PCY vs. EMCB — Risk / Return Rank
PCY
EMCB
PCY vs. EMCB - 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 Corporate Bond Fund (EMCB). 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 | EMCB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.28 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | 1.78 | +0.20 |
| Martin ratioReturn relative to average drawdown | 8.01 | 6.25 | +1.76 |
Loading charts...
Drawdowns
PCY vs. EMCB - Drawdown Comparison
The maximum PCY drawdown since its inception was -49.13%, which is greater than EMCB's maximum drawdown of -22.81%. Use the drawdown chart below to compare losses from any high point for PCY and EMCB.
Loading charts...
Drawdown Indicators
| PCY | EMCB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.13% | -22.81% | -26.32% |
Max Drawdown (1Y)Largest decline over 1 year | -5.91% | -3.07% | -2.84% |
Max Drawdown (3Y)Largest decline over 3 years | -11.52% | -4.20% | -7.32% |
Max Drawdown (5Y)Largest decline over 5 years | -37.17% | -21.50% | -15.67% |
Max Drawdown (10Y)Largest decline over 10 years | -37.78% | -22.81% | -14.97% |
Current DrawdownCurrent decline from peak | -1.91% | -0.72% | -1.19% |
Average DrawdownAverage peak-to-trough decline | -6.94% | -4.21% | -2.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.46% | 0.87% | +0.59% |
Volatility
PCY vs. EMCB - Volatility Comparison
Invesco Emerging Markets Sovereign Debt ETF (PCY) has a higher volatility of 2.14% compared to WisdomTree Emerging Markets Corporate Bond Fund (EMCB) at 1.35%. This indicates that PCY's price experiences larger fluctuations and is considered to be riskier than EMCB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PCY | EMCB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.14% | 1.35% | +0.79% |
Volatility (6M)Calculated over the trailing 6-month period | 6.08% | 3.00% | +3.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.34% | 3.65% | +3.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.19% | 6.92% | +6.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.94% | 8.44% | +4.50% |
PCY vs. EMCB - Expense Ratio Comparison
PCY has a 0.50% expense ratio, which is lower than EMCB's 0.60% expense ratio.
Dividends
PCY vs. EMCB - Dividend Comparison
PCY's dividend yield for the trailing twelve months is around 5.92%, more than EMCB's 5.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMCB WisdomTree Emerging Markets Corporate Bond Fund | 5.37% | 5.47% | 5.29% | 5.09% | 4.04% | 3.43% | 3.85% | 4.17% | 4.20% | 4.04% | 4.08% | 5.09% |
PCY Invesco Emerging Markets Sovereign Debt ETF | 5.92% | 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 EMCB 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.
PCY has higher volatility (2.14%) compared to EMCB (1.35%). In terms of maximum drawdown, PCY dropped -49.13% vs EMCB's -22.81%.
On 10-year performance, EMCB leads with 3.84% vs 2.11% for PCY. On fees, PCY is cheaper at 0.50% per year. On volatility, EMCB has been the lower-risk option at 1.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EMCB has performed better with a 3.84% return vs 2.11%. 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 0.60% for EMCB.
PCY has the higher dividend yield at 5.92%, compared with 5.37% for EMCB.
They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.50% for PCY and 0.60% for EMCB.
PCY currently has the higher Sharpe Ratio (1.59 vs 1.50), 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.
Find the right allocation for PCY and EMCB
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer