PCY vs. GBAB
Compare and contrast key facts about Invesco Emerging Markets Sovereign Debt ETF (PCY) and Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust (GBAB).
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.
Performance
PCY vs. GBAB - Performance Comparison
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PCY vs. GBAB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PCY Invesco Emerging Markets Sovereign Debt ETF | -2.08% | 16.31% | 2.55% | 18.48% | -24.47% | -4.30% | 2.29% | 17.66% | -6.16% | 9.71% |
GBAB Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust | -0.37% | 8.38% | 2.86% | 8.57% | -25.10% | -0.92% | 14.69% | 15.16% | 3.50% | 13.55% |
Returns By Period
In the year-to-date period, PCY achieves a -2.08% return, which is significantly lower than GBAB's -0.37% return. Over the past 10 years, PCY has underperformed GBAB with an annualized return of 2.50%, while GBAB has yielded a comparatively higher 3.12% annualized return.
PCY
- 1D
- 1.26%
- 1M
- -4.45%
- YTD
- -2.08%
- 6M
- -0.18%
- 1Y
- 10.11%
- 3Y*
- 9.85%
- 5Y*
- 1.10%
- 10Y*
- 2.50%
GBAB
- 1D
- 3.65%
- 1M
- -5.48%
- YTD
- -0.37%
- 6M
- -2.22%
- 1Y
- 3.00%
- 3Y*
- 4.24%
- 5Y*
- -0.96%
- 10Y*
- 3.12%
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Return for Risk
PCY vs. GBAB — Risk / Return Rank
PCY
GBAB
PCY vs. GBAB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Emerging Markets Sovereign Debt ETF (PCY) and Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust (GBAB). 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 | GBAB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.99 | 0.23 | +0.76 |
Sortino ratioReturn per unit of downside risk | 1.42 | 0.40 | +1.02 |
Omega ratioGain probability vs. loss probability | 1.21 | 1.06 | +0.16 |
Calmar ratioReturn relative to maximum drawdown | 1.68 | 0.43 | +1.25 |
Martin ratioReturn relative to average drawdown | 6.20 | 1.47 | +4.72 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PCY | GBAB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.99 | 0.23 | +0.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.08 | -0.07 | +0.15 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.19 | 0.21 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.28 | 0.40 | -0.12 |
Correlation
The correlation between PCY and GBAB is 0.28, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
PCY vs. GBAB - Dividend Comparison
PCY's dividend yield for the trailing twelve months is around 6.08%, less than GBAB's 10.41% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PCY Invesco Emerging Markets Sovereign Debt ETF | 6.08% | 5.93% | 6.65% | 6.48% | 6.81% | 4.80% | 4.45% | 4.78% | 4.93% | 4.80% | 5.19% | 5.46% |
GBAB Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust | 10.41% | 10.11% | 9.93% | 9.32% | 9.22% | 6.36% | 5.92% | 6.37% | 6.88% | 6.64% | 7.51% | 7.78% |
Drawdowns
PCY vs. GBAB - Drawdown Comparison
The maximum PCY drawdown since its inception was -49.13%, which is greater than GBAB's maximum drawdown of -35.81%. Use the drawdown chart below to compare losses from any high point for PCY and GBAB.
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Drawdown Indicators
| PCY | GBAB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.13% | -35.81% | -13.32% |
Max Drawdown (1Y)Largest decline over 1 year | -6.37% | -8.80% | +2.43% |
Max Drawdown (5Y)Largest decline over 5 years | -37.17% | -35.81% | -1.36% |
Max Drawdown (10Y)Largest decline over 10 years | -37.78% | -35.81% | -1.97% |
Current DrawdownCurrent decline from peak | -4.49% | -13.75% | +9.26% |
Average DrawdownAverage peak-to-trough decline | -7.03% | -8.22% | +1.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.73% | 2.58% | -0.85% |
Volatility
PCY vs. GBAB - Volatility Comparison
The current volatility for Invesco Emerging Markets Sovereign Debt ETF (PCY) is 3.99%, while Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust (GBAB) has a volatility of 6.12%. This indicates that PCY experiences smaller price fluctuations and is considered to be less risky than GBAB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCY | GBAB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.99% | 6.12% | -2.13% |
Volatility (6M)Calculated over the trailing 6-month period | 5.34% | 8.38% | -3.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.22% | 12.93% | -2.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.16% | 14.56% | -1.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.92% | 15.07% | -2.15% |