PCY vs. KHYB
Compare and contrast key facts about Invesco Emerging Markets Sovereign Debt ETF (PCY) and KraneShares Asia Pacific High Income Bond ETF (KHYB).
PCY and KHYB 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. KHYB is a passively managed fund by KraneShares that tracks the performance of the JP Morgan Asia Credit Index Non-Investment Grade Corporate Index.. It was launched on Jun 26, 2018. Both PCY and KHYB are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
PCY vs. KHYB - Performance Comparison
Loading graphics...
PCY vs. KHYB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PCY Invesco Emerging Markets Sovereign Debt ETF | -1.57% | 16.31% | 2.55% | 18.48% | -24.47% | -4.30% | 2.29% | 17.66% | 2.24% |
KHYB KraneShares Asia Pacific High Income Bond ETF | -0.41% | 9.59% | 10.79% | 3.50% | -10.15% | -12.32% | 2.00% | 8.87% | 0.45% |
Returns By Period
In the year-to-date period, PCY achieves a -1.57% return, which is significantly lower than KHYB's -0.41% return.
PCY
- 1D
- 0.53%
- 1M
- -3.33%
- YTD
- -1.57%
- 6M
- -0.03%
- 1Y
- 10.25%
- 3Y*
- 10.04%
- 5Y*
- 1.21%
- 10Y*
- 2.55%
KHYB
- 1D
- 0.42%
- 1M
- -2.32%
- YTD
- -0.41%
- 6M
- 0.91%
- 1Y
- 7.21%
- 3Y*
- 7.25%
- 5Y*
- -0.32%
- 10Y*
- —
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
PCY vs. KHYB - Expense Ratio Comparison
PCY has a 0.50% expense ratio, which is lower than KHYB's 0.69% expense ratio.
Return for Risk
PCY vs. KHYB — Risk / Return Rank
PCY
KHYB
PCY vs. KHYB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Emerging Markets Sovereign Debt ETF (PCY) and KraneShares Asia Pacific High Income Bond ETF (KHYB). 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 | KHYB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.01 | 1.53 | -0.52 |
Sortino ratioReturn per unit of downside risk | 1.44 | 2.08 | -0.65 |
Omega ratioGain probability vs. loss probability | 1.21 | 1.36 | -0.15 |
Calmar ratioReturn relative to maximum drawdown | 1.68 | 1.62 | +0.05 |
Martin ratioReturn relative to average drawdown | 6.12 | 6.76 | -0.64 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading graphics...
Sharpe Ratios by Period
| PCY | KHYB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.01 | 1.53 | -0.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.09 | -0.05 | +0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.20 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.28 | 0.22 | +0.07 |
Correlation
The correlation between PCY and KHYB is 0.29, 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. KHYB - Dividend Comparison
PCY's dividend yield for the trailing twelve months is around 6.05%, less than KHYB's 8.01% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PCY Invesco Emerging Markets Sovereign Debt ETF | 6.05% | 5.93% | 6.65% | 6.48% | 6.81% | 4.80% | 4.45% | 4.78% | 4.93% | 4.80% | 5.19% | 5.46% |
KHYB KraneShares Asia Pacific High Income Bond ETF | 8.01% | 7.59% | 10.11% | 15.55% | 9.67% | 6.22% | 4.76% | 4.86% | 2.56% | 0.00% | 0.00% | 0.00% |
Drawdowns
PCY vs. KHYB - Drawdown Comparison
The maximum PCY drawdown since its inception was -49.13%, which is greater than KHYB's maximum drawdown of -33.63%. Use the drawdown chart below to compare losses from any high point for PCY and KHYB.
Loading graphics...
Drawdown Indicators
| PCY | KHYB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.13% | -33.63% | -15.50% |
Max Drawdown (1Y)Largest decline over 1 year | -6.32% | -4.29% | -2.03% |
Max Drawdown (5Y)Largest decline over 5 years | -37.17% | -33.01% | -4.16% |
Max Drawdown (10Y)Largest decline over 10 years | -37.78% | — | — |
Current DrawdownCurrent decline from peak | -3.99% | -3.43% | -0.56% |
Average DrawdownAverage peak-to-trough decline | -7.03% | -9.89% | +2.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.75% | 1.05% | +0.70% |
Volatility
PCY vs. KHYB - Volatility Comparison
Invesco Emerging Markets Sovereign Debt ETF (PCY) has a higher volatility of 4.03% compared to KraneShares Asia Pacific High Income Bond ETF (KHYB) at 2.25%. This indicates that PCY's price experiences larger fluctuations and is considered to be riskier than KHYB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading graphics...
Volatility by Period
| PCY | KHYB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.03% | 2.25% | +1.78% |
Volatility (6M)Calculated over the trailing 6-month period | 5.37% | 2.74% | +2.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.22% | 4.73% | +5.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.16% | 6.30% | +6.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.92% | 5.74% | +7.18% |