PCY vs. VWOB
Compare and contrast key facts about Invesco Emerging Markets Sovereign Debt ETF (PCY) and Vanguard Emerging Markets Government Bond ETF (VWOB).
PCY and VWOB 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. VWOB is a passively managed fund by Vanguard that tracks the performance of the Barclays USD Emerging Markets Government RIC Capped Index. It was launched on May 31, 2013. Both PCY and VWOB 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. VWOB - Performance Comparison
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PCY vs. VWOB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PCY Invesco Emerging Markets Sovereign Debt ETF | -2.08% | 16.31% | 2.55% | 18.48% | -24.47% | -4.30% | 2.29% | 17.66% | -6.16% | 9.71% |
VWOB Vanguard Emerging Markets Government Bond ETF | -1.63% | 13.49% | 5.20% | 10.68% | -17.39% | -1.80% | 5.65% | 14.46% | -2.92% | 8.41% |
Returns By Period
In the year-to-date period, PCY achieves a -2.08% return, which is significantly lower than VWOB's -1.63% return. Over the past 10 years, PCY has underperformed VWOB with an annualized return of 2.50%, while VWOB has yielded a comparatively higher 3.45% annualized 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%
VWOB
- 1D
- 0.86%
- 1M
- -3.44%
- YTD
- -1.63%
- 6M
- 1.03%
- 1Y
- 8.59%
- 3Y*
- 8.03%
- 5Y*
- 2.02%
- 10Y*
- 3.45%
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PCY vs. VWOB - Expense Ratio Comparison
PCY has a 0.50% expense ratio, which is higher than VWOB's 0.20% expense ratio.
Return for Risk
PCY vs. VWOB — Risk / Return Rank
PCY
VWOB
PCY vs. VWOB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Emerging Markets Sovereign Debt ETF (PCY) and Vanguard Emerging Markets Government Bond ETF (VWOB). 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 | VWOB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.99 | 1.32 | -0.33 |
Sortino ratioReturn per unit of downside risk | 1.42 | 1.83 | -0.41 |
Omega ratioGain probability vs. loss probability | 1.21 | 1.28 | -0.07 |
Calmar ratioReturn relative to maximum drawdown | 1.68 | 1.97 | -0.29 |
Martin ratioReturn relative to average drawdown | 6.20 | 8.17 | -1.97 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PCY | VWOB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.99 | 1.32 | -0.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.08 | 0.22 | -0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.19 | 0.37 | -0.18 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.28 | 0.39 | -0.11 |
Correlation
The correlation between PCY and VWOB is 0.88, 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. VWOB - Dividend Comparison
PCY's dividend yield for the trailing twelve months is around 6.08%, more than VWOB's 5.98% 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% |
VWOB Vanguard Emerging Markets Government Bond ETF | 5.98% | 5.92% | 6.08% | 5.50% | 5.30% | 4.04% | 4.18% | 4.58% | 4.52% | 4.61% | 4.71% | 4.93% |
Drawdowns
PCY vs. VWOB - Drawdown Comparison
The maximum PCY drawdown since its inception was -49.13%, which is greater than VWOB's maximum drawdown of -26.98%. Use the drawdown chart below to compare losses from any high point for PCY and VWOB.
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Drawdown Indicators
| PCY | VWOB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.13% | -26.98% | -22.15% |
Max Drawdown (1Y)Largest decline over 1 year | -6.37% | -4.48% | -1.89% |
Max Drawdown (5Y)Largest decline over 5 years | -37.17% | -26.98% | -10.19% |
Max Drawdown (10Y)Largest decline over 10 years | -37.78% | -26.98% | -10.80% |
Current DrawdownCurrent decline from peak | -4.49% | -3.47% | -1.02% |
Average DrawdownAverage peak-to-trough decline | -7.03% | -4.83% | -2.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.73% | 1.08% | +0.65% |
Volatility
PCY vs. VWOB - Volatility Comparison
Invesco Emerging Markets Sovereign Debt ETF (PCY) has a higher volatility of 3.99% compared to Vanguard Emerging Markets Government Bond ETF (VWOB) at 2.92%. This indicates that PCY's price experiences larger fluctuations and is considered to be riskier than VWOB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCY | VWOB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.99% | 2.92% | +1.07% |
Volatility (6M)Calculated over the trailing 6-month period | 5.34% | 3.74% | +1.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.22% | 6.51% | +3.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.16% | 9.17% | +3.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.92% | 9.33% | +3.59% |