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PCY vs. EMLC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PCY vs. EMLC

Last updated Jun 4, 2026

PCY (Invesco Emerging Markets Sovereign Debt ETF) and EMLC (VanEck Vectors J.P. Morgan EM Local Currency Bond ETF) are both Emerging Markets Bonds funds - PCY tracks the DB Emerging Market USD Liquid Balanced Index while EMLC tracks the J.P. Morgan Government Bond Index Emerging Markets Global Core Index. Both are passively managed. Over the past 10 years, PCY returned 2.72%/yr vs 2.14%/yr for EMLC. A 0.57 correlation means they provide meaningful diversification when combined. PCY charges 0.50%/yr vs 0.30%/yr for EMLC.

Performance

PCY vs. EMLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Emerging Markets Sovereign Debt ETF (PCY) and VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PCY achieves a 2.20% return, which is significantly higher than EMLC's 0.92% return. Over the past 10 years, PCY has outperformed EMLC with an annualized return of 2.72%, while EMLC has yielded a comparatively lower 2.14% 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%

EMLC

1D
-0.55%
1M
1.06%
YTD
0.92%
6M
1.94%
1Y
9.54%
3Y*
6.92%
5Y*
1.17%
10Y*
2.14%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PCY vs. EMLC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
EMLC
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		0.92%18.81%-2.97%11.18%-10.58%-9.72%3.08%9.79%-7.57%13.84%

Correlation

The correlation between PCY and EMLC is 0.60, 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

0.60

Correlation (3Y)
Calculated over the trailing 3-year period

0.59

Correlation (5Y)
Calculated over the trailing 5-year period

0.61

Correlation (10Y)
Calculated over the trailing 10-year period

0.60

Correlation (All Time)
Calculated using the full available price history since Jul 26, 2010

0.57

The correlation between PCY and EMLC has been stable across timeframes, ranging from 0.57 to 0.61 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco Emerging Markets Sovereign Debt ETF

VanEck Vectors J.P. Morgan EM Local Currency Bond ETF

Often compared with PCY:
PCY vs. EMBPCY vs. VWOBPCY vs. ELDPCY vs. CMFPCY vs. DFEMXPCY vs. EMHYPCY vs. FEMB
Often compared with EMLC:
EMLC vs. VWOBEMLC vs. LEMBEMLC vs. EMBEMLC vs. EBNDEMLC vs. EMBDEMLC vs. EMHYEMLC vs. HYEM

Return for Risk

PCY vs. EMLC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PCY
PCY Risk / Return Rank: 5959
Overall Rank
PCY Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
PCY Sortino Ratio Rank: 6363
Sortino Ratio Rank
PCY Omega Ratio Rank: 6262
Omega Ratio Rank
PCY Calmar Ratio Rank: 5252
Calmar Ratio Rank
PCY Martin Ratio Rank: 5959
Martin Ratio Rank
EMLC
EMLC Risk / Return Rank: 3636
Overall Rank
EMLC Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
EMLC Sortino Ratio Rank: 3737
Sortino Ratio Rank
EMLC Omega Ratio Rank: 4141
Omega Ratio Rank
EMLC Calmar Ratio Rank: 3131
Calmar Ratio Rank
EMLC Martin Ratio Rank: 3535
Martin Ratio Rank
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. EMLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Emerging Markets Sovereign Debt ETF (PCY) and VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC). 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.

PCYEMLCDifference
Sharpe ratioReturn per unit of total volatility
2.08
1.39

+0.69

Sortino ratioReturn per unit of downside risk
2.97
1.96

+1.01

Omega ratioGain probability vs. loss probability

1.38

1.27

+0.11

Calmar ratioReturn relative to maximum drawdown

2.61

1.55

+1.07

Martin ratioReturn relative to average drawdown

10.61

5.34

+5.26

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. EMLC - Sharpe Ratio Comparison

The current PCY Sharpe Ratio is 2.08, which is higher than the EMLC Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of PCY and EMLC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

PCYEMLCDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.08

1.39

+0.69

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.10

0.13

-0.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.21

0.21

0.00

Sharpe Ratio (All Time)

Calculated using the full available price history

0.30

0.11

+0.19

Drawdowns

PCY vs. EMLC - Drawdown Comparison

The maximum PCY drawdown since its inception was -49.13%, which is greater than EMLC's maximum drawdown of -32.43%. Use the drawdown chart below to compare losses from any high point for PCY and EMLC.

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Drawdown Indicators

PCYEMLCDifference

Max Drawdown

Largest peak-to-trough decline

-49.13%

-32.43%

-16.70%

Max Drawdown (1Y)

Largest decline over 1 year

-5.91%

-6.19%

+0.28%

Max Drawdown (3Y)

Largest decline over 3 years

-11.52%

-9.15%

-2.37%

Max Drawdown (5Y)

Largest decline over 5 years

-37.17%

-25.26%

-11.91%

Max Drawdown (10Y)

Largest decline over 10 years

-37.78%

-26.47%

-11.31%

Current Drawdown

Current decline from peak

-0.31%

-4.28%

+3.97%

Average Drawdown

Average peak-to-trough decline

-6.97%

-14.37%

+7.40%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.45%

1.79%

-0.34%

Volatility

PCY vs. EMLC - Volatility Comparison

Invesco Emerging Markets Sovereign Debt ETF (PCY) and VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) have volatilities of 2.30% and 2.21%, 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

PCYEMLCDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.30%

2.21%

+0.09%

Volatility (6M)

Calculated over the trailing 6-month period

5.81%

5.99%

-0.18%

Volatility (1Y)

Calculated over the trailing 1-year period

7.43%

6.90%

+0.53%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.17%

9.13%

+4.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.94%

10.05%

+2.89%

PCY vs. EMLC - Expense Ratio Comparison

PCY has a 0.50% expense ratio, which is higher than EMLC's 0.30% expense ratio.

Dividends

PCY vs. EMLC - Dividend Comparison

PCY's dividend yield for the trailing twelve months is around 5.85%, less than EMLC's 6.19% yield.

PositionTTM20252024202320222021202020192018201720162015
EMLC
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		6.19%5.91%6.55%5.97%5.54%5.25%4.90%6.25%6.50%5.34%5.32%6.25%
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 EMLC have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PCY has higher volatility (2.30%) compared to EMLC (2.21%). In terms of maximum drawdown, PCY dropped -49.13% vs EMLC's -32.43%.

On 10-year performance, PCY leads with 2.72% vs 2.14% for EMLC. On fees, EMLC 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 2.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EMLC is cheaper with a 0.30% expense ratio, compared with 0.50% for PCY.

EMLC has the higher dividend yield at 6.19%, compared with 5.85% for PCY.

PCY tracks DB Emerging Market USD Liquid Balanced Index, while EMLC tracks J.P. Morgan Government Bond Index Emerging Markets Global Core Index. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.50% for PCY and 0.30% for EMLC.

PCY currently has the higher Sharpe Ratio (2.08 vs 1.39), 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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