PCY vs. FEMKX
PCY (Invesco Emerging Markets Sovereign Debt ETF) and FEMKX (Fidelity Emerging Markets Fund) are both funds - PCY is a Emerging Markets Bonds fund tracking the DB Emerging Market USD Liquid Balanced Index, while FEMKX is a Emerging Markets Equities fund actively managed by Fidelity. PCY is passively managed, while FEMKX is actively managed. Over the past 10 years, PCY returned 1.97%/yr vs 10.42%/yr for FEMKX. Their 0.40 correlation means their historical movements had little consistent relationship. PCY charges 0.50%/yr vs 0.86%/yr for FEMKX.
Performance
PCY vs. FEMKX - Performance Comparison
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Returns By Period
In the year-to-date period, PCY achieves a -0.05% return, which is significantly lower than FEMKX's 13.92% return. Over the past 10 years, PCY has underperformed FEMKX with an annualized return of 1.97%, while FEMKX has yielded a comparatively higher 10.42% annualized return.
PCY
- 1D
- -0.05%
- 1M
- -2.89%
- 6M
- -0.09%
- YTD
- -0.05%
- 1Y
- 7.63%
- 3Y*
- 8.81%
- 5Y*
- 0.74%
- 10Y*
- 1.97%
- ALL TIME*
- 4.54%
FEMKX
- 1D
- 3.84%
- 1M
- -4.46%
- 6M
- 6.75%
- YTD
- 13.92%
- 1Y
- 33.30%
- 3Y*
- 16.57%
- 5Y*
- 6.05%
- 10Y*
- 10.42%
- ALL TIME*
- 6.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $4.18M | $4.81M | $6.27M |
PCY vs. FEMKX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PCY Invesco Emerging Markets Sovereign Debt ETF | -0.05% | 16.31% | 2.55% | 18.48% | -24.47% | -4.30% | 2.29% | 17.66% | -6.16% | 9.71% |
FEMKX Fidelity Emerging Markets Fund | 13.92% | 31.02% | 7.12% | 15.16% | -27.48% | 1.25% | 32.56% | 33.67% | -18.03% | 46.92% |
Correlation
The correlation between PCY and FEMKX is 0.47, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.47 |
Correlation (3Y) Balances recent behavior with more history. | 0.42 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.44 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.46 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007 | 0.40 |
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Return for Risk
PCY vs. FEMKX — Risk / Return Rank
PCY
FEMKX
PCY vs. FEMKX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Emerging Markets Sovereign Debt ETF (PCY) and Fidelity Emerging Markets Fund (FEMKX). 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 | FEMKX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.25 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.37 | 2.06 | -0.69 |
| Martin ratioReturn relative to average drawdown | 5.11 | 6.75 | -1.64 |
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Drawdowns
PCY vs. FEMKX - Drawdown Comparison
The maximum PCY drawdown since its inception was -49.13%, smaller than the maximum FEMKX drawdown of -71.14%. Use the drawdown chart below to compare losses from any high point for PCY and FEMKX.
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Drawdown Indicators
| PCY | FEMKX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.13% | -71.14% | +22.01% |
Max Drawdown (1Y)Largest decline over 1 year | -5.91% | -14.94% | +9.03% |
Max Drawdown (3Y)Largest decline over 3 years | -10.03% | -19.13% | +9.10% |
Max Drawdown (5Y)Largest decline over 5 years | -37.17% | -40.49% | +3.32% |
Max Drawdown (10Y)Largest decline over 10 years | -37.78% | -43.24% | +5.46% |
Current DrawdownCurrent decline from peak | -3.32% | -11.68% | +8.36% |
Average DrawdownAverage peak-to-trough decline | -6.92% | -25.86% | +18.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.58% | 4.56% | -2.98% |
Volatility
PCY vs. FEMKX - Volatility Comparison
The current volatility for Invesco Emerging Markets Sovereign Debt ETF (PCY) is 1.80%, while Fidelity Emerging Markets Fund (FEMKX) has a volatility of 9.59%. This indicates that PCY experiences smaller price fluctuations and is considered to be less risky than FEMKX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCY | FEMKX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.80% | 9.59% | -7.79% |
Volatility (6M)Calculated over the trailing 6-month period | 6.05% | 21.93% | -15.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.39% | 24.08% | -16.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.19% | 19.96% | -6.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.94% | 19.18% | -6.24% |
PCY vs. FEMKX - Expense Ratio Comparison
PCY has a 0.50% expense ratio, which is lower than FEMKX's 0.86% expense ratio.
Dividends
PCY vs. FEMKX - Dividend Comparison
PCY's dividend yield for the trailing twelve months is around 6.02%, more than FEMKX's 0.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FEMKX Fidelity Emerging Markets Fund | 0.04% | 0.05% | 0.65% | 1.11% | 0.77% | 6.00% | 1.39% | 1.71% | 0.83% | 0.08% | 0.67% | 0.51% |
PCY Invesco Emerging Markets Sovereign Debt ETF | 6.02% | 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 FEMKX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FEMKX has higher volatility (9.59%) compared to PCY (1.80%). In terms of maximum drawdown, PCY dropped -49.13% vs FEMKX's -71.14%.
FEMKX currently has the higher Sharpe Ratio (1.28 vs 1.09), 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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