PCY — Invesco Emerging Markets Sovereign Debt ETF

PCY Price Performance — Growth of $10,000

Value of a $10,000 investment in PCY over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.

PCY Drawdown

The "underwater" chart: PCY's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.

Overview

The Invesco Emerging Markets Sovereign Debt ETF, trading under the ticker PCY, is an International Bonds fund managed by Invesco. With assets under management totaling $1.41 billion and a share price of $20.97, the fund has achieved a notable level of investor adoption within its sector. It currently holds an overall rank of #310 out of 458 tracked ETFs across all categories, earning an ETFValuer grade of C with a score of 56.1 out of 100. The fund charges an expense ratio of 0.5% while offering a dividend yield of 5.81%. Within the International Bonds category, which contains 8 ETFs tracked by ETFValuer, PCY positions itself as a mid-tier option regarding its overall standing. The combination of its substantial asset base and specific yield profile suggests a distinct market presence compared to smaller peers in the same group.

Over the last trading day, the fund recorded a flat return of 0.00%, followed by a one-week decline of 1.29%. The one-month performance showed further weakness with a drop of 2.84%, while the three-month period saw a slight recovery to a -1.29% return. Moving to longer horizons, the six-month return stabilized at +0.01%, and year-to-date gains reached +0.4%. The one-year return accelerated significantly to +8.78%, extending into a robust three-year return of +27.69%. This pattern indicates a divergence where short-term fluctuations were negative or flat, but the longer-term trajectory demonstrates substantial positive accumulation. The data shows a clear shift from recent volatility to sustained growth over the multi-year period.

The fund carries a volatility label of Very Low, yet it exhibits a beta of 1.59, indicating that its price movements are more sensitive to market changes than the broader benchmark. A Sharpe ratio of 0.52 suggests the fund has generated moderate risk-adjusted returns relative to the volatility experienced. The maximum drawdown recorded for the ETF stands at -11.52%, representing the largest peak-to-trough decline observed. This combination of a high beta and a significant maximum drawdown implies that while the fund is labeled as having low volatility, it can still experience sharp declines during market stress. The metrics collectively describe a fund that may offer income but requires investors to tolerate significant price swings despite the low volatility classification.

AI-generated summary based on the data on this page.

PCY Top Holdings

Holdings as of 2026-04-30 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 19.1% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how PCY's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.

Which Funds Overlap With PCY

Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with PCY's top 10 — RSP overlaps most, holding 2 of the same companies as PCY's top 10 (8.2% of PCY's assets).

Compares the top 10 reported holdings of each fund, so it's a floor on true overlap — two S&P 500 trackers overlap ~100% even when only 10 names are listed. Use the Stock Overlap tool to search by individual company.

Market Backdrop

10-Year Treasury Yield: 4.71% (as of 2026-07-23) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.

CBOE Volatility Index (VIX): 18.70 (as of 2026-07-23) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.

Federal Funds Rate: 3.63% (as of 2026-06-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

High-Yield Credit Spread: 2.77% (as of 2026-07-23) — The extra yield investors demand to hold high-yield corporate bonds over Treasuries — a real-time gauge of credit risk appetite relevant to this fund’s holdings.

Trade-Weighted US Dollar Index: 120.53 (as of 2026-07-17) — Measures the US dollar’s strength against major trading-partner currencies — dollar moves directly affect the US-dollar value of this fund’s international holdings.

PCY Liquidity, Domicile & Tax Treatment

Liquidity: Quoted bid/ask spread is 3.41% and average daily volume is 296K/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $1.41B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.

Domicile & tax treatment: PCY is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.

PCY Performance History

How PCY Compares to Other International Bonds ETFs