PCY vs VWOB: Grades, Fees and Holdings Compared

Invesco Emerging Markets Sovereign Debt ETF

PCYBNYSE Arca

Vanguard Emerging Markets Government Bond ETF

VWOBANasdaq

Overlap

No data

Expense ratio

VWOB −0.35pt a year

PCY0.50%VWOB0.15%

Avg volume · 30D

VWOB 1.6×the volume

PCY357KVWOB573K

10Y return · a year

VWOB +1.0pt

PCY+1.8%VWOB+2.8%

PCY vs VWOB Performance

Oct 29, 2021 – Oct 30, 2026

+4.6%PCY+8.4%VWOB

Expense ratio: PCY 0.50%; VWOB 0.15%, better
Fund size: PCY $1.17B; VWOB $6.6B
1Y total return: PCY −1.7%; VWOB −0.3%, better
Yield (12M): PCY 6.26%, better; VWOB 6.07%
Holdings: PCY 105; VWOB 941
Avg volume (30D): PCY 357K sh; VWOB 573K sh, better
NAV per share: PCY $20.35; VWOB $63.97
52W range

ETF.net Grade

Pillar letters and Scores for PCY, VWOB, with each pillar’s weight
Pillar	PCY	VWOB
Cost30% weight	D28	A97Higher
Mission25% weight	A93	A100Higher
Risk15% weight	D27	C46Higher
Tradability15% weight	A82Higher	A81
Holdings10% weight	B65	A82Higher
Durability5% weight	A82	A95Higher

Rank among Emerging Markets Bonds (US Dollar) funds

How we build Categories ›

Same Category. PCY and VWOB are both graded against the same 17 Emerging Markets Bonds (US Dollar) funds, so their Grades compare head to head.

Emerging Markets Bonds (US Dollar)⁠

Category · 17 funds

See all 17 ›

VWOB ranks 1st and PCY 10th of 17 funds in the Emerging Markets Bonds (US Dollar) Category.

Rank 1AVWOBVanguard Emerging Markets Government Bond ETFScore 85
Rank 2AXEMDBondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETFScore 83
Rank 9BCEMBiShares J.P. Morgan EM Corporate Bond ETFScore 59
Rank 10BPCYInvesco Emerging Markets Sovereign Debt ETFScore 58
Rank 11CBREMiShares Emerging Markets Bond Active ETFScore 51

Our read on each fund

ETF.net Research

PCYBInvesco Emerging Markets Sovereign Debt ETF

VWOBAVanguard Emerging Markets Government Bond ETF

In short

PCY Emerging market government bonds, all issued in dollars, drawn from 20-plus countries under a "balanced" index that aims to weight them equally rather than hand the biggest slice to the biggest borrower. Trading since 2007, pays monthly.

VWOB Emerging-market government debt, Vanguard-style: about 200 dollar bonds from sovereigns and state-backed borrowers, indexed and capped so no one issuer dominates, for 0.15% a year. Income lands monthly.

Stated mandate

PCY The fund seeks to track the DBIQ Emerging Market USD Liquid Balanced Index, which represents liquid U.S.-dollar-denominated government bonds from emerging markets. It normally invests at least 80% of assets in index securities.

VWOB The Fund seeks to track an index of U.S. dollar-denominated bonds issued by governments and government-related issuers in emerging-market countries.

Why people hold it

PCY The index spreads across more than 20 emerging market countries and aims to weight holdings equally, so the heaviest borrowers do not automatically get the heaviest weight.invesco.com bloomberg.com
Countries are reselected annually and the portfolio is rebalanced quarterly, which keeps the mix from drifting toward whichever government issued the most paper.invesco.com
Dollar-denominated bonds only, so local currency moves are not the driver. About 100 holdings, distributions monthly.
A multi-billion-dollar fund that has been running since 2007 and tracks its index closely.

VWOB 0.15% a year, versus 0.39% on the category's flagship, EMB. In emerging-market debt, where fees run rich, that gap is the whole pitch.ishares.com
Dollar-denominated only. Local-law bonds are excluded, so a slide in the peso or the lira doesn't hit these prices directly. Credit risk, not currency risk.bbhub.io
About 200 bonds spread across sovereign and government-related issuers, with index caps that keep any one borrower from swallowing the fund.bbhub.io
A multi-billion-dollar fund that trades actively, with monthly distributions.

Worth knowing

PCY Costs 0.50% a year, above cohort peers JPMB and EMBD at 0.39%.
Emerging market sovereign debt is a volatile corner of the bond market: credit downgrades, default scares and rate moves all land in the price.
Equal weighting cuts both ways. A smaller, shakier issuer can sit alongside the sturdiest ones at a similar size.bloomberg.com

VWOB Cheap for emerging-market debt, rich next to the plain Treasury funds it sits beside: VGIT and VCSH charge 0.03%.
The risk is sovereign credit. Downgrades, defaults and restructurings are live possibilities here in a way they aren't with US Treasuries.vanguard.com
Vanguard samples the index rather than buying every bond, so day-to-day results can drift from the benchmark more than in a Treasury fund.vanguard.com

Full PCY profile⁠

Full VWOB profile⁠

PCY vs VWOB Holdings

How PCY and VWOB differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile82.3%
Asset classFixed Income100%

Sector

No Sector split for PCY and VWOB.

Country, concentration and asset class

Country by domicile

Country weights in PCY and VWOB, widest gap first
Country	More in PCYMore in VWOB	PCY	VWOB
Angola	PCY +14.1 points	75.6%	61.5%
Mexico	VWOB +8.0 points	2.8%	10.8%
Argentina	VWOB +3.7 points	0.0%	3.7%
Indonesia	VWOB +2.7 points	2.8%	5.5%
China	PCY +1.5 points	2.8%	1.3%
Peru	PCY +1.1 points	2.9%	1.8%
Malaysia	VWOB +1.1 points	0.0%	1.1%
Poland	VWOB +1.0 points	1.5%	2.5%
Other countries (5)	VWOB +0.3 points	11.5%	11.8%

Outside the US: PCY 0% developed, 100% emerging. VWOB 0% developed, 100% emerging.

Concentration

Weight in the 10 largest Holdings

PCY11.9%
VWOB5.8%

Securities held

PCY102
VWOB820

Asset class

PCY: Fixed Income
VWOB: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. PCY holds 102 securities, VWOB 820.

All 102 PCY holdings⁠All VWOB holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

PCY vs VWOB Cost

Overpaying PCY vs VWOB

$6,842

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

PCY 0.50%
$9,979
VWOB 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

PCY 0.50%
VWOB 0.15%
Overpaying

Year by year

Year	PCY	VWOB	Overpaying
10	$900	$274	$626
20	$3,460	$1,071	$2,389
30	$9,979	$3,137	$6,842

Expense ratio

0.50%PCY
0.15%VWOB, cheaper

VWOB0.15%PCY0.50%

0.15%0.85%

Middle half of Emerging Markets Bonds (US Dollar) funds
Median 0.40%

VWOB cheapest of 17 funds

PCY 11th cheapest of 17 funds

PCY vs VWOB Dividends

Last 12 months to Oct 30, 2026

Yield (12M): PCY 6.26%, better; VWOB 6.07%
Payout (12M): PCY $1.27; VWOB $3.88
Last payment: PCY $0.11; VWOB $0.33
Ex-dividend: PCY Oct 19, 2026; VWOB Oct 1, 2026
Paid on: PCY Oct 23, 2026; VWOB Oct 5, 2026
Frequency: PCY Monthly; VWOB Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

PCYMonthly · 46 paymentsAll PCY payments⁠

VWOBMonthly · 45 paymentsAll VWOB payments⁠

PCY vs VWOB Risk

Fall from peak · 5 years

PCY
VWOB

Risk facts

VolatilityStd dev, 3 years: PCY 10.9%VWOB 7.3%, better
Return per unit of riskSharpe ratio, 3 years: PCY 0.62VWOB 0.70, better
Worst fallMax drawdown, 5 years: PCY −36.0%VWOB −26.2%, better
Market sensitivityBeta, 5 years: PCY 1.59VWOB 1.11; Market = 1

PCY and VWOB in the news

All news⁠

News
Vietnam weighs first dollar bond since 2014 as one lender pitches a coupon near 7%
Sep 15, 2026VWOB
New ETFs
BNY Mellon's new emerging-market debt ETF is active, unconstrained, and not a cheaper EMB
Sep 14, 2026VWOB
Deep Dive
Korea funds gained 94% this year. China internet funds lost 28%
Sep 13, 2026VWOB

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PCY vs VWOB

In short

Stated mandate

Why people hold it

Worth knowing

How PCY and VWOB differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Vietnam weighs first dollar bond since 2014 as one lender pitches a coupon near 7%

BNY Mellon's new emerging-market debt ETF is active, unconstrained, and not a cheaper EMB

Korea funds gained 94% this year. China internet funds lost 28%

How PCY and VWOB differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings