PCY — Invesco Emerging Markets Sovereign Debt ETF
International Bonds Ranked #376 of 458 tracked ETFs · Issued by Invesco
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.
What If You'd Invested in PCY?
See what a lump sum in PCY would have grown to, with the option to add a regular monthly contribution on top. Figures use total returns — dividends are assumed reinvested.
Past performance doesn't predict future results. Assumes contributions on the first trading day of each month, no trading costs or taxes, and reinvested distributions. History is limited to the range published in the site's daily return data.
Overview
The Invesco Emerging Markets Sovereign Debt ETF is an International Bonds fund managed by Invesco with $1.17 billion in assets. It holds a C grade and ranks fifth among eight peers in its category, placing it at number 376 across all tracked ETFs. The fund charges an expense ratio of 0.5%, which exceeds the category median of 0.37%. It offers a dividend yield of 6.28%, significantly higher than the 5.02% median for similar funds. Top holdings account for only 13.6% of assets, with the largest position being the Invesco Private Prime Fund at 3.0%.
The fund has a three-year price history, during which it generated a 3Y return of +39.33%. Short-term performance has been negative, with one-year and year-to-date returns of -2.15% and -2.21% respectively. These recent figures trail the category median 1-year return of -1.56%. The current price of $20.18 sits at 20.0% of its 52-week range. The ETFValuer grade has remained unchanged at C over the last 35 tracked days.
With a beta of 1.63, the fund moves 163% as much as the broader market. It exhibits a Very Low volatility of 7.68% annualized despite this high sensitivity. The Sharpe ratio of -0.93 indicates poor risk-adjusted returns relative to the risk-free rate. Maximum drawdowns have reached -9.04%, reflecting significant recent declines. Liquidity is supported by an average daily volume of 382,507 shares.
AI-generated summary based on the data on this page.
PCY Top Holdings
| # | Holding | % of Net Assets | Value |
|---|---|---|---|
| 1 | Invesco Private Prime Fund | 2.99% | $41M |
| 2 | Republic of Poland Government International Bond | 1.46% | $20M |
| 3 | Pakistan Government International Bond | 1.43% | $20M |
| 4 | Pakistan Government International Bond | 1.43% | $20M |
| 5 | Invesco Private Government Fund | 1.15% | $16M |
| 6 | Angolan Government International Bond | 1.04% | $14M |
| 7 | Angolan Government International Bond | 1.04% | $14M |
| 8 | Nigeria Government International Bond | 1.02% | $14M |
| 9 | Trinidad & Tobago Government International Bond | 1.01% | $14M |
| 10 | El Salvador Government International Bond | 1.01% | $14M |
Holdings as of 2026-07-31 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 13.6% 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 (4.1% of PCY's assets).
| ETF | Name | Shared Companies | PCY Weight | Examples |
|---|---|---|---|---|
| RSP | Invesco S&P 500 Equal Weight ETF | 2 | 4.1% | Invesco Private Prime Fund, Invesco Private Government Fund |
| TAN | Invesco Solar ETF | 2 | 4.1% | Invesco Private Prime Fund, Invesco Private Government Fund |
| PEY | Invesco High Yield Equity Dividend Achievers ETF | 2 | 4.1% | Invesco Private Prime Fund, Invesco Private Government Fund |
| PBW | Invesco WilderHill Clean Energy ETF | 2 | 4.1% | Invesco Private Prime Fund, Invesco Private Government Fund |
| SPHD | Invesco S&P 500 High Dividend Low Volatility ETF | 1 | 3.0% | Invesco Private Prime Fund |
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: 4.96% (as of 2026-10-22) — 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): 19.03 (as of 2026-10-22) — 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: 3.75% (as of 2026-09-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.
High-Yield Credit Spread: 3.40% (as of 2026-10-22) — 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: 121.40 (as of 2026-10-16) — 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.
What PCY's Fees Cost You
PCY charges an expense ratio of 0.50% a year, deducted automatically from the fund's value. Small percentages compound into real money — adjust the figures below to see the impact on your own numbers.
Assumes a constant gross return and no additional contributions — a simplification, but it isolates exactly what the expense ratio costs. Try the full fee calculator to model contributions and compare any two funds.
PCY Dividend Income Estimator
PCY currently yields 6.28%. Enter an amount to see the income that implies, or set a monthly income target to see the investment it would take.
Based on the fund's current trailing yield, which varies with price and distributions — treat it as an estimate, not a guarantee. Yields are not adjusted for tax.
PCY Liquidity, Domicile & Tax Treatment
Liquidity: Average daily volume is 383K/day. Higher volume and a larger fund generally mean lower round-trip trading costs. AUM of $1.17B 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
| Period | Return |
|---|---|
| 1-Day | -0.35% |
| 1-Week | +0.10% |
| 1-Month | -0.29% |
| 3-Month | -2.72% |
| 6-Month | -3.65% |
| YTD | -2.21% |
| 1-Year | -2.15% |
| 3-Year | +39.33% |
How PCY Compares to Other International Bonds ETFs
| Rank | Grade | Ticker | Name | 1-Year | Exp. Ratio | AUM |
|---|---|---|---|---|---|---|
| #243 | C |
BNDX | Vanguard Total International Bond Index Fund ETF Shares | -0.98% | 0.07% | $122B |
| #276 | C |
VWOB | Vanguard Emerging Markets Government Bond Index Fund ETF Shares | -0.05% | 0.15% | $6.58B |
| #293 | C |
EMB | iShares J.P. Morgan USD Emerging Markets Bond ETF | +0.46% | 0.39% | $12.9B |
| #330 | C |
EMHY | iShares J.P. Morgan EM High Yield Bond ETF | +3.79% | 0.5% | $596M |
| #376 | C |
PCY | Invesco Emerging Markets Sovereign Debt ETF | -2.15% | 0.5% | $1.17B |
| #395 | D |
IGOV | iShares International Treasury Bond ETF | -4.37% | 0.35% | $1.30B |
| #396 | D |
BWX | State Street SPDR Bloomberg International Treasury Bond ETF | -4.36% | 0.35% | $1.30B |
| #405 | D |
IBND | State Street SPDR Bloomberg International Corporate Bond ETF | -5.23% | 0.5% | $444M |