PCY vs. JPMB
PCY (Invesco Emerging Markets Sovereign Debt ETF) and JPMB (JPMorgan USD Emerging Markets Sovereign Bond ETF) are both Emerging Markets Bonds funds - PCY tracks the DB Emerging Market USD Liquid Balanced Index while JPMB tracks the J.P. Morgan Emerging Markets Risk-Aware Bond Index. Both are passively managed. Over the past 5 years, PCY returned 1.42%/yr vs 1.42%/yr for JPMB. Their correlation of 0.88 suggests significant overlap in exposure. PCY charges 0.50%/yr vs 0.39%/yr for JPMB.
Performance
PCY vs. JPMB - 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 JPMB's 1.95% return.
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%
JPMB
- 1D
- -0.11%
- 1M
- 1.76%
- YTD
- 1.95%
- 6M
- 1.93%
- 1Y
- 10.60%
- 3Y*
- 7.78%
- 5Y*
- 1.42%
- 10Y*
- —
PCY vs. JPMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PCY Invesco Emerging Markets Sovereign Debt ETF | 2.69% | 16.31% | 2.55% | 18.48% | -24.47% | -4.30% | 2.29% | 17.66% | -5.22% |
JPMB JPMorgan USD Emerging Markets Sovereign Bond ETF | 1.95% | 13.73% | 1.46% | 9.48% | -16.05% | -2.26% | 5.36% | 17.71% | -4.74% |
Correlation
The correlation between PCY and JPMB is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 2018 | 0.88 |
The correlation between PCY and JPMB has been stable across timeframes, ranging from 0.88 to 0.96 - a consistent structural relationship.
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Return for Risk
PCY vs. JPMB — Risk / Return Rank
PCY
JPMB
PCY vs. JPMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Emerging Markets Sovereign Debt ETF (PCY) and JPMorgan USD Emerging Markets Sovereign Bond ETF (JPMB). 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 | JPMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.38 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 2.31 | +0.08 |
| Martin ratioReturn relative to average drawdown | 9.67 | 9.81 | -0.14 |
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Drawdowns
PCY vs. JPMB - Drawdown Comparison
The maximum PCY drawdown since its inception was -49.13%, which is greater than JPMB's maximum drawdown of -26.33%. Use the drawdown chart below to compare losses from any high point for PCY and JPMB.
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Drawdown Indicators
| PCY | JPMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.13% | -26.33% | -22.80% |
Max Drawdown (1Y)Largest decline over 1 year | -5.91% | -4.61% | -1.30% |
Max Drawdown (3Y)Largest decline over 3 years | -11.52% | -7.53% | -3.99% |
Max Drawdown (5Y)Largest decline over 5 years | -37.17% | -26.16% | -11.01% |
Max Drawdown (10Y)Largest decline over 10 years | -37.78% | — | — |
Current DrawdownCurrent decline from peak | -0.67% | -0.53% | -0.14% |
Average DrawdownAverage peak-to-trough decline | -6.95% | -7.02% | +0.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.46% | 1.08% | +0.38% |
Volatility
PCY vs. JPMB - Volatility Comparison
Invesco Emerging Markets Sovereign Debt ETF (PCY) has a higher volatility of 2.20% compared to JPMorgan USD Emerging Markets Sovereign Bond ETF (JPMB) at 1.79%. This indicates that PCY's price experiences larger fluctuations and is considered to be riskier than JPMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCY | JPMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.20% | 1.79% | +0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 5.98% | 4.53% | +1.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.52% | 5.43% | +2.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.18% | 8.94% | +4.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.95% | 9.63% | +3.32% |
PCY vs. JPMB - Expense Ratio Comparison
PCY has a 0.50% expense ratio, which is higher than JPMB's 0.39% expense ratio.
Dividends
PCY vs. JPMB - Dividend Comparison
PCY's dividend yield for the trailing twelve months is around 5.84%, more than JPMB's 5.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JPMB JPMorgan USD Emerging Markets Sovereign Bond ETF | 5.78% | 6.71% | 6.32% | 5.99% | 4.94% | 4.29% | 4.29% | 4.51% | 4.58% | 0.00% | 0.00% | 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
With a correlation of 0.96, PCY and JPMB move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
PCY has higher volatility (2.20%) compared to JPMB (1.79%). In terms of maximum drawdown, PCY dropped -49.13% vs JPMB's -26.33%.
On 5-year performance, JPMB leads with 1.42% vs 1.42% for PCY. On fees, JPMB is cheaper at 0.39% per year. On volatility, JPMB has been the lower-risk option at 1.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, JPMB has performed better with a 1.42% return vs 1.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JPMB is cheaper with a 0.39% expense ratio, compared with 0.50% for PCY.
PCY has the higher dividend yield at 5.84%, compared with 5.78% for JPMB.
PCY tracks DB Emerging Market USD Liquid Balanced Index, while JPMB tracks J.P. Morgan Emerging Markets Risk-Aware Bond Index. They also come from different issuers: Invesco and JPMorgan. Their fees differ too: 0.50% for PCY and 0.39% for JPMB.
JPMB currently has the higher Sharpe Ratio (1.96 vs 1.88), 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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