PCY vs. XMMO
PCY (Invesco Emerging Markets Sovereign Debt ETF) and XMMO (Invesco S&P MidCap Momentum ETF) are both exchange-traded funds - PCY is a Emerging Markets Bonds fund tracking the DB Emerging Market USD Liquid Balanced Index, while XMMO is a Momentum fund tracking the S&P MidCap 400 Momentum Index. Both are passively managed. Over the past 10 years, PCY returned 2.11%/yr vs 18.67%/yr for XMMO. At a 0.32 correlation, their price movements are largely independent. PCY charges 0.50%/yr vs 0.35%/yr for XMMO.
Performance
PCY vs. XMMO - Performance Comparison
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Returns By Period
In the year-to-date period, PCY achieves a 1.41% return, which is significantly lower than XMMO's 14.98% return. Over the past 10 years, PCY has underperformed XMMO with an annualized return of 2.11%, while XMMO has yielded a comparatively higher 18.67% annualized return.
PCY
- 1D
- -0.88%
- 1M
- -1.19%
- 6M
- 1.50%
- YTD
- 1.41%
- 1Y
- 11.62%
- 3Y*
- 9.56%
- 5Y*
- 1.17%
- 10Y*
- 2.11%
XMMO
- 1D
- -1.75%
- 1M
- -6.35%
- 6M
- 12.33%
- YTD
- 14.98%
- 1Y
- 23.50%
- 3Y*
- 26.07%
- 5Y*
- 14.78%
- 10Y*
- 18.67%
PCY vs. XMMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PCY Invesco Emerging Markets Sovereign Debt ETF | 1.41% | 16.31% | 2.55% | 18.48% | -24.47% | -4.30% | 2.29% | 17.66% | -6.16% | 9.71% |
XMMO Invesco S&P MidCap Momentum ETF | 14.98% | 13.04% | 38.03% | 20.39% | -16.02% | 16.69% | 29.17% | 36.78% | 6.12% | 37.18% |
Correlation
The correlation between PCY and XMMO is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007 | 0.32 |
The correlation between PCY and XMMO shifts across timeframes, from 0.32 (all time) to 0.49 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PCY vs. XMMO — Risk / Return Rank
PCY
XMMO
PCY vs. XMMO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Emerging Markets Sovereign Debt ETF (PCY) and Invesco S&P MidCap Momentum ETF (XMMO). 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 | XMMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.45 | ||
| Sortino ratioReturn per unit of downside risk | +0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.21 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | 2.71 | -0.73 |
| Martin ratioReturn relative to average drawdown | 8.01 | 9.57 | -1.57 |
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Drawdowns
PCY vs. XMMO - Drawdown Comparison
The maximum PCY drawdown since its inception was -49.13%, smaller than the maximum XMMO drawdown of -55.37%. Use the drawdown chart below to compare losses from any high point for PCY and XMMO.
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Drawdown Indicators
| PCY | XMMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.13% | -55.37% | +6.24% |
Max Drawdown (1Y)Largest decline over 1 year | -5.91% | -8.71% | +2.80% |
Max Drawdown (3Y)Largest decline over 3 years | -11.52% | -24.93% | +13.41% |
Max Drawdown (5Y)Largest decline over 5 years | -37.17% | -27.91% | -9.26% |
Max Drawdown (10Y)Largest decline over 10 years | -37.78% | -36.74% | -1.04% |
Current DrawdownCurrent decline from peak | -1.91% | -8.71% | +6.80% |
Average DrawdownAverage peak-to-trough decline | -6.94% | -9.42% | +2.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.46% | 2.46% | -1.00% |
Volatility
PCY vs. XMMO - Volatility Comparison
The current volatility for Invesco Emerging Markets Sovereign Debt ETF (PCY) is 2.14%, while Invesco S&P MidCap Momentum ETF (XMMO) has a volatility of 8.09%. This indicates that PCY experiences smaller price fluctuations and is considered to be less risky than XMMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCY | XMMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.14% | 8.09% | -5.95% |
Volatility (6M)Calculated over the trailing 6-month period | 6.08% | 17.47% | -11.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.34% | 20.67% | -13.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.19% | 21.76% | -8.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.94% | 22.34% | -9.40% |
PCY vs. XMMO - Expense Ratio Comparison
PCY has a 0.50% expense ratio, which is higher than XMMO's 0.35% expense ratio.
Dividends
PCY vs. XMMO - Dividend Comparison
PCY's dividend yield for the trailing twelve months is around 5.92%, more than XMMO's 0.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PCY Invesco Emerging Markets Sovereign Debt ETF | 5.92% | 5.93% | 6.65% | 6.48% | 6.81% | 4.80% | 4.45% | 4.78% | 4.93% | 4.80% | 5.19% | 5.46% |
XMMO Invesco S&P MidCap Momentum ETF | 0.61% | 0.78% | 0.34% | 0.80% | 1.43% | 0.41% | 0.61% | 0.60% | 0.19% | 0.21% | 0.22% | 0.64% |
Frequently Asked Questions
PCY and XMMO have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XMMO has higher volatility (8.09%) compared to PCY (2.14%). In terms of maximum drawdown, PCY dropped -49.13% vs XMMO's -55.37%.
On 10-year performance, XMMO leads with 18.67% vs 2.11% for PCY. On fees, XMMO is cheaper at 0.35% per year. On volatility, PCY has been the lower-risk option at 2.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XMMO has performed better with a 18.67% return vs 2.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XMMO is cheaper with a 0.35% expense ratio, compared with 0.50% for PCY.
PCY has the higher dividend yield at 5.92%, compared with 0.61% for XMMO.
PCY is categorized as Emerging Markets Bonds, while XMMO is Momentum. PCY tracks DB Emerging Market USD Liquid Balanced Index, while XMMO tracks S&P MidCap 400 Momentum Index. Their fees differ too: 0.50% for PCY and 0.35% for XMMO.
PCY currently has the higher Sharpe Ratio (1.59 vs 1.14), 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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