PCY vs. GTO
PCY (Invesco Emerging Markets Sovereign Debt ETF) and GTO (Invesco Total Return Bond ETF) are both exchange-traded funds - PCY is a Emerging Markets Bonds fund tracking the DB Emerging Market USD Liquid Balanced Index, while GTO is a Intermediate Core-Plus Bond fund actively managed by Invesco. PCY is passively managed, while GTO is actively managed. Over the past 10 years, PCY returned 2.74%/yr vs 2.87%/yr for GTO. A 0.53 correlation means they provide meaningful diversification when combined. PCY charges 0.50%/yr vs 0.35%/yr for GTO.
Performance
PCY vs. GTO - Performance Comparison
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Returns By Period
In the year-to-date period, PCY achieves a 2.69% return, which is significantly higher than GTO's 0.85% return. Both investments have delivered pretty close results over the past 10 years, with PCY having a 2.74% annualized return and GTO not far ahead at 2.87%.
PCY
- 1D
- -0.18%
- 1M
- 2.37%
- YTD
- 2.69%
- 6M
- 2.60%
- 1Y
- 14.05%
- 3Y*
- 10.76%
- 5Y*
- 1.42%
- 10Y*
- 2.74%
GTO
- 1D
- 0.11%
- 1M
- 0.68%
- YTD
- 0.85%
- 6M
- 0.93%
- 1Y
- 5.49%
- 3Y*
- 4.82%
- 5Y*
- 0.04%
- 10Y*
- 2.87%
PCY vs. GTO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PCY Invesco Emerging Markets Sovereign Debt ETF | 2.69% | 16.31% | 2.55% | 18.48% | -24.47% | -4.30% | 2.29% | 17.66% | -6.16% | 9.71% |
GTO Invesco Total Return Bond ETF | 0.85% | 7.17% | 2.63% | 5.95% | -14.77% | -0.38% | 10.86% | 11.65% | -0.26% | 7.41% |
Correlation
The correlation between PCY and GTO is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2016 | 0.53 |
Over the past year, PCY and GTO have become more correlated (0.82) than their long-term average of 0.53, meaning their price movements have been converging.
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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.
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 | GTO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.30 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 2.02 | +0.37 |
| Martin ratioReturn relative to average drawdown | 9.67 | 6.14 | +3.53 |
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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 | -5.91% | -2.73% | -3.18% |
Max Drawdown (3Y)Largest decline over 3 years | -11.52% | -5.98% | -5.54% |
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 | -0.67% | -1.46% | +0.79% |
Average DrawdownAverage peak-to-trough decline | -6.95% | -4.78% | -2.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.46% | 0.90% | +0.56% |
Volatility
PCY vs. GTO - Volatility Comparison
Invesco Emerging Markets Sovereign Debt ETF (PCY) has a higher volatility of 2.20% compared to Invesco Total Return Bond ETF (GTO) at 0.98%. 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 | 2.20% | 0.98% | +1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 5.98% | 2.58% | +3.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.52% | 3.40% | +4.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.18% | 5.68% | +7.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.95% | 5.58% | +7.37% |
PCY vs. GTO - Expense Ratio Comparison
PCY has a 0.50% expense ratio, which is higher than GTO's 0.35% expense ratio.
Dividends
PCY vs. GTO - Dividend Comparison
PCY's dividend yield for the trailing twelve months is around 5.84%, more than GTO's 4.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GTO Invesco Total Return Bond ETF | 4.81% | 4.70% | 4.42% | 4.05% | 3.47% | 1.93% | 4.04% | 2.97% | 5.25% | 2.81% | 2.57% | 0.00% |
PCY Invesco Emerging Markets Sovereign Debt ETF | 5.84% | 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 GTO have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PCY has higher volatility (2.20%) compared to GTO (0.98%). In terms of maximum drawdown, PCY dropped -49.13% vs GTO's -20.61%.
On 10-year performance, GTO leads with 2.87% vs 2.74% for PCY. On fees, GTO is cheaper at 0.35% per year. On volatility, GTO has been the lower-risk option at 0.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GTO has performed better with a 2.87% return vs 2.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GTO is cheaper with a 0.35% expense ratio, compared with 0.50% for PCY.
PCY has the higher dividend yield at 5.84%, compared with 4.81% for GTO.
PCY is categorized as Emerging Markets Bonds, while GTO is Intermediate Core-Plus Bond. Their fees differ too: 0.50% for PCY and 0.35% for GTO.
PCY currently has the higher Sharpe Ratio (1.88 vs 1.63), 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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