PCY vs. NEMD

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco Emerging Markets Sovereign Debt ETF (PCY) and Neuberger Berman Emerging Markets Debt Hard Currency ETF (NEMD).

PCY and NEMD 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. NEMD is an actively managed fund by Neuberger Berman. It was launched on Sep 27, 2013.

Performance

PCY vs. NEMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Emerging Markets Sovereign Debt ETF (PCY) and Neuberger Berman Emerging Markets Debt Hard Currency ETF (NEMD). The values are adjusted to include any dividend payments, if applicable.

PCY vs. NEMD - Yearly Performance Comparison

	2026 (YTD)	2025
PCY Invesco Emerging Markets Sovereign Debt ETF	-2.08%	6.60%
NEMD Neuberger Berman Emerging Markets Debt Hard Currency ETF	-0.36%	7.07%

Returns By Period

In the year-to-date period, PCY achieves a -2.08% return, which is significantly lower than NEMD's -0.36% 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%

NEMD

• 1D: 1.13%
• 1M: -3.18%
• YTD: -0.36%
• 6M: 3.76%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

PCY vs. NEMD - Expense Ratio Comparison

PCY has a 0.50% expense ratio, which is lower than NEMD's 0.60% expense ratio.

NEMD

Neuberger Berman Emerging Markets Debt Hard Currency ETF

PCY

Invesco Emerging Markets Sovereign Debt ETF

Return for Risk

PCY vs. NEMD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PCY

PCY Risk / Return Rank: 62
PCY Sharpe Ratio Rank: 59
PCY Sortino Ratio Rank: 56
PCY Omega Ratio Rank: 59
PCY Calmar Ratio Rank: 69
PCY Martin Ratio Rank: 65

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PCY vs. NEMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Emerging Markets Sovereign Debt ETF (PCY) and Neuberger Berman Emerging Markets Debt Hard Currency ETF (NEMD). 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	NEMD	Difference
Sharpe ratio Return per unit of total volatility	0.99	—	—
Sortino ratio Return per unit of downside risk	1.42	—	—
Omega ratio Gain probability vs. loss probability	1.21	—	—
Calmar ratio Return relative to maximum drawdown	1.68	—	—
Martin ratio Return relative to average drawdown	6.20	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PCY	NEMD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.99	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	1.71	-1.43

Correlation

The correlation between PCY and NEMD is 0.81, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

PCY vs. NEMD - Dividend Comparison

PCY's dividend yield for the trailing twelve months is around 6.08%, more than NEMD's 3.88% 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%
NEMD Neuberger Berman Emerging Markets Debt Hard Currency ETF	3.88%	2.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

PCY vs. NEMD - Drawdown Comparison

The maximum PCY drawdown since its inception was -49.13%, which is greater than NEMD's maximum drawdown of -4.43%. Use the drawdown chart below to compare losses from any high point for PCY and NEMD.

Drawdown Indicators

	PCY	NEMD	Difference
Max Drawdown Largest peak-to-trough decline	-49.13%	-4.43%	-44.70%
Max Drawdown (1Y) Largest decline over 1 year	-6.37%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-37.17%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-37.78%	—	—
Current Drawdown Current decline from peak	-4.49%	-3.35%	-1.14%
Average Drawdown Average peak-to-trough decline	-7.03%	-0.49%	-6.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	—	—

Volatility

Volatility by Period

	PCY	NEMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.99%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.34%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.22%	6.30%	+3.92%
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%	6.30%	+6.62%