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PCY vs. UGA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PCY vs. UGA

Last updated Jun 4, 2026

PCY (Invesco Emerging Markets Sovereign Debt ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - PCY is a Emerging Markets Bonds fund tracking the DB Emerging Market USD Liquid Balanced Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, PCY returned 2.72%/yr vs 14.43%/yr for UGA. At a 0.10 correlation, their price movements are largely independent. PCY charges 0.50%/yr vs 0.75%/yr for UGA.

Performance

PCY vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Emerging Markets Sovereign Debt ETF (PCY) and United States Gasoline Fund LP (UGA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PCY achieves a 2.20% return, which is significantly lower than UGA's 75.49% return. Over the past 10 years, PCY has underperformed UGA with an annualized return of 2.72%, while UGA has yielded a comparatively higher 14.43% annualized return.

PCY

1D
-0.28%
1M
1.69%
YTD
2.20%
6M
1.58%
1Y
15.37%
3Y*
11.35%
5Y*
1.29%
10Y*
2.72%

UGA

1D
-0.19%
1M
-12.35%
YTD
75.49%
6M
64.35%
1Y
80.94%
3Y*
22.21%
5Y*
25.10%
10Y*
14.43%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PCY vs. UGA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PCY
Invesco Emerging Markets Sovereign Debt ETF		2.20%16.31%2.55%18.48%-24.47%-4.30%2.29%17.66%-6.16%9.71%
UGA
United States Gasoline Fund LP		75.49%-2.00%3.77%1.27%46.34%68.49%-24.88%41.25%-28.07%1.69%

Correlation

The correlation between PCY and UGA is -0.39, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.39

Correlation (3Y)
Calculated over the trailing 3-year period

-0.11

Correlation (5Y)
Calculated over the trailing 5-year period

-0.04

Correlation (10Y)
Calculated over the trailing 10-year period

0.06

Correlation (All Time)
Calculated using the full available price history since Feb 29, 2008

0.10

The correlation between PCY and UGA shifts across timeframes, from -0.39 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco Emerging Markets Sovereign Debt ETF

United States Gasoline Fund LP

Often compared with PCY:
PCY vs. EMBPCY vs. VWOBPCY vs. ELDPCY vs. CMFPCY vs. DFEMXPCY vs. EMHYPCY vs. FEMB
Often compared with UGA:
UGA vs. URAUGA vs. FCGUGA vs. QQQUGA vs. VOOUGA vs. USOUGA vs. SPYUGA vs. FNGS

Return for Risk

PCY vs. UGA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PCY
PCY Risk / Return Rank: 5959
Overall Rank
PCY Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
PCY Sortino Ratio Rank: 6363
Sortino Ratio Rank
PCY Omega Ratio Rank: 6262
Omega Ratio Rank
PCY Calmar Ratio Rank: 5252
Calmar Ratio Rank
PCY Martin Ratio Rank: 5959
Martin Ratio Rank
UGA
UGA Risk / Return Rank: 6969
Overall Rank
UGA Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
UGA Sortino Ratio Rank: 5757
Sortino Ratio Rank
UGA Omega Ratio Rank: 6060
Omega Ratio Rank
UGA Calmar Ratio Rank: 8989
Calmar Ratio Rank
UGA Martin Ratio Rank: 7171
Martin Ratio Rank
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. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Emerging Markets Sovereign Debt ETF (PCY) and United States Gasoline Fund LP (UGA). 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.

PCYUGADifference
Sharpe ratioReturn per unit of total volatility
2.08
2.32

-0.24

Sortino ratioReturn per unit of downside risk
2.97
2.75

+0.22

Omega ratioGain probability vs. loss probability

1.38

1.37

+0.01

Calmar ratioReturn relative to maximum drawdown

2.61

5.47

-2.86

Martin ratioReturn relative to average drawdown

10.61

13.25

-2.64

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PCY vs. UGA - Sharpe Ratio Comparison

The current PCY Sharpe Ratio is 2.08, which is comparable to the UGA Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of PCY and UGA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

PCYUGADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.08

2.32

-0.24

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.10

0.73

-0.64

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.21

0.39

-0.18

Sharpe Ratio (All Time)

Calculated using the full available price history

0.30

0.12

+0.17

Drawdowns

PCY vs. UGA - Drawdown Comparison

The maximum PCY drawdown since its inception was -49.13%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for PCY and UGA.

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Drawdown Indicators

PCYUGADifference

Max Drawdown

Largest peak-to-trough decline

-49.13%

-86.59%

+37.46%

Max Drawdown (1Y)

Largest decline over 1 year

-5.91%

-14.88%

+8.97%

Max Drawdown (3Y)

Largest decline over 3 years

-11.52%

-26.68%

+15.16%

Max Drawdown (5Y)

Largest decline over 5 years

-37.17%

-38.11%

+0.94%

Max Drawdown (10Y)

Largest decline over 10 years

-37.78%

-75.89%

+38.11%

Current Drawdown

Current decline from peak

-0.31%

-12.35%

+12.04%

Average Drawdown

Average peak-to-trough decline

-6.97%

-36.76%

+29.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.45%

6.13%

-4.68%

Volatility

PCY vs. UGA - Volatility Comparison

The current volatility for Invesco Emerging Markets Sovereign Debt ETF (PCY) is 2.30%, while United States Gasoline Fund LP (UGA) has a volatility of 11.66%. This indicates that PCY experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PCYUGADifference

Volatility (1M)

Calculated over the trailing 1-month period

2.30%

11.66%

-9.36%

Volatility (6M)

Calculated over the trailing 6-month period

5.81%

30.41%

-24.60%

Volatility (1Y)

Calculated over the trailing 1-year period

7.43%

35.14%

-27.71%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.17%

34.38%

-21.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.94%

37.27%

-24.33%

PCY vs. UGA - Expense Ratio Comparison

PCY has a 0.50% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

PCY vs. UGA - Dividend Comparison

PCY's dividend yield for the trailing twelve months is around 5.85%, while UGA has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
PCY
Invesco Emerging Markets Sovereign Debt ETF		5.85%5.93%6.65%6.48%6.81%4.80%4.45%4.78%4.93%4.80%5.19%5.46%
UGA
United States Gasoline Fund LP		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

PCY and UGA have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UGA has higher volatility (11.66%) compared to PCY (2.30%). In terms of maximum drawdown, PCY dropped -49.13% vs UGA's -86.59%.

On 10-year performance, UGA leads with 14.43% vs 2.72% for PCY. On fees, PCY is cheaper at 0.50% per year. On volatility, PCY has been the lower-risk option at 2.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, UGA has performed better with a 14.43% return vs 2.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

PCY is cheaper with a 0.50% expense ratio, compared with 0.75% for UGA.

PCY has the higher dividend yield at 5.85%, compared with 0.00% for UGA.

PCY is categorized as Emerging Markets Bonds, while UGA is Oil & Gas. PCY tracks DB Emerging Market USD Liquid Balanced Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.50% for PCY and 0.75% for UGA.

UGA currently has the higher Sharpe Ratio (2.32 vs 2.08), 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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