PCY vs. GTO
Compare and contrast key facts about Invesco Emerging Markets Sovereign Debt ETF (PCY) and Invesco Total Return Bond ETF (GTO).
PCY and GTO 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. GTO is an actively managed fund by Invesco. It was launched on Feb 10, 2016.
Performance
PCY vs. GTO - Performance Comparison
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PCY vs. GTO - 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% |
GTO Invesco Total Return Bond ETF | -0.10% | 7.17% | 2.63% | 5.95% | -14.77% | -0.38% | 10.86% | 11.65% | -0.26% | 7.41% |
Returns By Period
In the year-to-date period, PCY achieves a -2.08% return, which is significantly lower than GTO's -0.10% return. Over the past 10 years, PCY has underperformed GTO with an annualized return of 2.50%, while GTO has yielded a comparatively higher 3.02% 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%
GTO
- 1D
- 0.30%
- 1M
- -1.96%
- YTD
- -0.10%
- 6M
- 0.92%
- 1Y
- 4.65%
- 3Y*
- 4.30%
- 5Y*
- 0.16%
- 10Y*
- 3.02%
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PCY vs. GTO - Expense Ratio Comparison
PCY has a 0.50% expense ratio, which is higher than GTO's 0.35% expense ratio.
Return for Risk
PCY vs. GTO — Risk / Return Rank
PCY
GTO
PCY vs. GTO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Emerging Markets Sovereign Debt ETF (PCY) and Invesco Total Return Bond ETF (GTO). 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 | GTO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.99 | 1.16 | -0.16 |
Sortino ratioReturn per unit of downside risk | 1.42 | 1.58 | -0.16 |
Omega ratioGain probability vs. loss probability | 1.21 | 1.21 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | 1.68 | 1.68 | 0.00 |
Martin ratioReturn relative to average drawdown | 6.20 | 5.09 | +1.10 |
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 | GTO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.99 | 1.16 | -0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.08 | 0.03 | +0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.19 | 0.54 | -0.35 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.28 | 0.51 | -0.23 |
Correlation
The correlation between PCY and GTO is 0.52, 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. GTO - Dividend Comparison
PCY's dividend yield for the trailing twelve months is around 6.08%, more than GTO's 4.78% 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% |
GTO Invesco Total Return Bond ETF | 4.78% | 4.70% | 4.42% | 4.05% | 3.47% | 1.93% | 4.04% | 2.97% | 5.25% | 2.81% | 2.57% | 0.00% |
Drawdowns
PCY vs. GTO - Drawdown Comparison
The maximum PCY drawdown since its inception was -49.13%, which is greater than GTO's maximum drawdown of -20.61%. Use the drawdown chart below to compare losses from any high point for PCY and GTO.
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Drawdown Indicators
| PCY | GTO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.13% | -20.61% | -28.52% |
Max Drawdown (1Y)Largest decline over 1 year | -6.37% | -2.94% | -3.43% |
Max Drawdown (5Y)Largest decline over 5 years | -37.17% | -20.61% | -16.56% |
Max Drawdown (10Y)Largest decline over 10 years | -37.78% | -20.61% | -17.17% |
Current DrawdownCurrent decline from peak | -4.49% | -2.39% | -2.10% |
Average DrawdownAverage peak-to-trough decline | -7.03% | -4.85% | -2.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.73% | 0.97% | +0.76% |
Volatility
PCY vs. GTO - Volatility Comparison
Invesco Emerging Markets Sovereign Debt ETF (PCY) has a higher volatility of 3.99% compared to Invesco Total Return Bond ETF (GTO) at 1.58%. This indicates that PCY's price experiences larger fluctuations and is considered to be riskier than GTO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCY | GTO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.99% | 1.58% | +2.41% |
Volatility (6M)Calculated over the trailing 6-month period | 5.34% | 2.32% | +3.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.22% | 4.04% | +6.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.16% | 5.69% | +7.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.92% | 5.57% | +7.35% |