Invesco Emerging Markets Sovereign Debt ETF (PCY) Performance
PCY total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −2.1% since Dec 31, 2025
- 1 year
- −1.8% total return
- 5 years
- +0.9% a year
- 10 years
- +1.6% a year
- Since first price
- +4.4% a year since 2007
PCY trailing returns vs AGG, TLT, SPY
| Period | PCY total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | −1.1% | −1.7% | +0.9% | +1.5% | −1.0% |
| 3 months | −2.3% | −3.8% | −0.4% | −1.0% | +3.2% |
| 6 months | −3.5% | −6.4% | −1.5% | −3.8% | +7.8% |
| YTD | −2.1% | −6.8% | −1.0% | −3.4% | +12.3% |
| 1 year | −1.8% | −7.5% | −1.1% | −6.9% | +14.4% |
| 3 years | +38.9%+11.6%/yr | +14.9% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | +4.7%+0.9%/yr | −23.9% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| 10 years | +17.2%+1.6%/yr | −33.0% | +14.0%+1.3%/yr | −18.7%−2.0%/yr | +315.9%+15.3%/yr |
| 15 years | +67.5%+3.5%/yr | −25.1% | +32.2%+1.9%/yr | +9.9%+0.6%/yr | +696.0%+14.8%/yr |
| Since inceptionOct 11, 2007 | +124.9%+4.4%/yr | −21.4% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: PCY vs AGG
From Oct 11, 2007: PCY grew to $22,494, AGG to $17,023.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
PCY returns by calendar year
13 of 18 full years positive. Best 2009 (+35.6%), worst 2022 (−24.5%). 2026 is year to date.
PCY annual returns table
| Year | PCY | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | −2.1% | −7.6% | −1.0% | −3.4% | +12.3% |
| 2025 | +16.3% | −7.9% | +7.2% | +4.3% | +17.7% |
| 2024 | +2.5% | −6.4% | +1.3% | −8.1% | +24.9% |
| 2023 | +18.5% | −11.5% | +5.7% | +2.8% | +26.2% |
| 2022 | −24.5% | −34.0% | −13.0% | −31.2% | −18.2% |
| 2021 | −4.3% | −7.4% | −1.8% | −4.6% | +28.7% |
| 2020 | +2.3% | −33.3% | +7.5% | +18.2% | +18.3% |
| 2019 | +17.7% | −3.6% | +8.5% | +14.1% | +31.2% |
| 2018 | −6.2% | −10.2% | +0.1% | −1.6% | −4.6% |
| 2017 | +9.7% | −2.8% | +3.6% | +9.2% | +21.7% |
| 2016 | +8.9% | −9.2% | +2.4% | +1.2% | +12.0% |
| 2015 | +2.3% | −5.9% | +0.5% | −1.8% | +1.2% |
| 2014 | +9.2% | −6.8% | +6.0% | +27.3% | +13.5% |
| 2013 | −10.3% | −16.6% | −2.0% | −13.4% | +32.3% |
| 2012 | +20.8% | −3.7% | +3.8% | +2.6% | +16.0% |
| 2011 | +8.4% | −6.8% | +7.7% | +34.0% | +1.9% |
| 2010 | +10.8% | −6.5% | +6.4% | +9.0% | +15.1% |
| 2009 | +35.6% | −11.3% | +3.0% | −21.8% | +26.4% |
| 2008 | −18.9% | −49.1% | +7.9% | +33.9% | −36.8% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
PCY largest drawdowns
Now 5.3% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Sep 29, 2008 | −49.1% | Oct 27, 2008 | Aug 28, 2009 | 28 days | 11 months |
| Feb 21, 2020 | −37.8% | Oct 20, 2022 | Oct 1, 2025 | 2.7 years | 5.6 years |
| May 21, 2008 | −21.8% | Sep 17, 2008 | Sep 29, 2008 | 4 months | 4 months |
| May 2, 2013 | −16.6% | Jun 24, 2013 | Aug 27, 2014 | 53 days | 1.3 years |
| Jan 8, 2018 | −10.2% | Nov 27, 2018 | Mar 21, 2019 | 11 months | 1.2 years |
| Sep 7, 2016 | −9.2% | Dec 1, 2016 | Jun 2, 2017 | 3 months | 9 months |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
PCY risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2007 |
|---|---|---|---|---|
| Annualized return | +9.6% | +0.5% | +1.3% | +4.1% |
| Volatility (annualized) | 11.0% | 14.7% | 13.1% | 13.7% |
| Sharpe ratio | 0.50 | -0.14 | -0.01 | 0.27 |
| Sortino ratio | 0.79 | -0.19 | -0.01 | 0.36 |
| Best month | +9.4% | +13.9% | +13.9% | +17.0% |
| Worst month | −4.9% | −9.5% | −17.7% | −26.3% |
| Best 12 months | +26.0% | +26.0% | +26.0% | +69.8% |
| Worst 12 months | −2.2% | −32.8% | −32.8% | −33.8% |
| Positive months | 67% | 58% | 58% | 61% |
| Beta vs S&P 500 | 0.62 | 0.73 | 0.60 | — |
| Correlation with S&P 500 | 0.70 | 0.78 | 0.70 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
PCY rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 217 | −33.8% | +7.0% | +69.8% | 71% |
| 3-year (a year) | 193 | −12.2% | +5.4% | +26.4% | 80% |
| 5-year (a year) | 169 | −6.1% | +4.4% | +17.7% | 79% |
| 10-year (a year) | 109 | −1.2% | +3.3% | +10.5% | 97% |
Every holding period starting at a month-end since 2007. Returns for 3 years and longer are annualized.
PCY performance overview
Invesco Emerging Markets Sovereign Debt ETF (PCY) returned −1.8% over the past year and +1.6% a year over ten years, with distributions reinvested. Since its first recorded price in 2007 it has returned +4.4% a year, turning $10,000 into about $22,494. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −49.1%, from Sep 29, 2008 to Oct 27, 2008, and it took 10 months to get back to the old high. PCY finished 13 of its 18 full calendar years with a gain; the best year was 2009 (+35.6%) and the worst 2022 (−24.5%). Volatility has been 13.7% a year.
Related: PCY chart, PCY dividends, PCY bond profile. See the PCY overview for the latest quote and fund facts.
PCY performance FAQ
What is the PCY return over the past year?
PCY returned −1.8% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 7.5%.
What is the average annual return of PCY?
PCY has returned +0.9% a year over 5 years, +1.6% a year over 10 years, +4.4% a year since October 11, 2007 (total return, distributions reinvested).
How much would $10,000 invested in PCY be worth?
$10,000 invested in PCY at its first recorded close on October 11, 2007 would be worth about $22,494 on October 23, 2026 with distributions reinvested.
What was the worst year for PCY?
The worst calendar year was 2022, with a total return of −24.5%. The best was 2009 at +35.6%.
What is the biggest drawdown of PCY?
The largest peak-to-trough decline was −49.1% between September 29, 2008 and October 27, 2008. It recovered to the old high on August 28, 2009, 10 months after the bottom.
How volatile is PCY?
Over the past 3 years PCY had an annualized volatility of 11.0% and a Sharpe ratio of 0.50 (excess return over 1–3 month T-bills per unit of risk).