PCY vs XEMD: Grades, Fees and Holdings Compared

Invesco Emerging Markets Sovereign Debt ETF

PCYBNYSE Arca

BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF

XEMDACboe

Overlap

No data

Expense ratio

XEMD −0.21pt a year

PCY0.50%XEMD0.29%

Avg volume · 30D

PCY 1.8×the volume

PCY357KXEMD200K

3Y return · a year

PCY +0.1pt

PCY+10.1%XEMD+10.0%

PCY vs XEMD Performance

Oct 31, 2025 – Nov 2, 2026

−1.5%PCY+2.9%XEMD

Expense ratio: PCY 0.50%; XEMD 0.29%, better
Fund size: PCY $1.17B; XEMD $1.01B
1Y total return: PCY −1.5%; XEMD +2.9%, better
Yield (12M): PCY 6.24%; XEMD 6.39%, better
Holdings: PCY 105; XEMD 431
Avg volume (30D): PCY 357K sh, better; XEMD 200K sh
NAV per share: PCY $20.35; XEMD $43.28
52W range

ETF.net Grade

Pillar letters and Scores for PCY, XEMD, with each pillar’s weight
Pillar	PCY	XEMD
Cost30% weight	D28	A81Higher
Mission25% weight	A93	A96Higher
Risk15% weight	D27	A74Higher
Tradability15% weight	A82	A88Higher
Holdings10% weight	B65	A75Higher
Durability5% weight	A82Higher	B63

Rank among Emerging Markets Bonds (US Dollar) funds

How we build Categories ›

Same Category. PCY and XEMD 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 ›

XEMD ranks 2nd and PCY 10th of 17 funds in the Emerging Markets Bonds (US Dollar) Category.

Rank 1AVWOBVanguard Emerging Markets Government Bond ETFScore 86
Rank 2AXEMDBondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETFScore 83
Rank 3AEMBiShares J.P. Morgan USD Emerging Markets Bond ETFScore 77
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

XEMDABondBloxx JP Morgan USD Emerging Markets 1-10 Year 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.

XEMD J.P. Morgan's flagship emerging-markets dollar-bond index with the long end trimmed off: sovereign and quasi-sovereign debt maturing inside 10 years, priced in US dollars, for 0.29% a year.

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.

XEMD The Fund seeks to track an index of U.S.-dollar-denominated emerging-market bonds with an average life below 10 years.

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.

XEMD Costs 0.29% a year, below the median fee among the emerging-markets funds we grade, and it pays monthly.
Tracks the 1-10 year slice of the EMBI Global Diversified family, leaving out the 20- and 30-year paper that drives the biggest rate swings.jpmorgan.com
The index caps each country at 10% and admits only bonds with at least $1 billion outstanding, so no single borrower dominates and thin issues are screened out.jpmorgan.com
Every bond is dollar-denominated, so local-currency moves stay out of returns. It grades in the top quartile of its emerging-markets peer group.

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

XEMD This is emerging-market government and quasi-government credit: default and spread risk stay on the table, even without currency risk.jpmorgan.com
Stopping near 10 years cuts rate sensitivity, but it also means no exposure to the long-dated EM bonds some allocations lean on.jpmorgan.com
Launched in 2022, moderately traded, and holding roughly 200 bonds: younger and narrower than the category's long-running giants.

Full PCY profile⁠

Full XEMD profile⁠

PCY vs XEMD Holdings

How PCY and XEMD differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile86.8%
Asset classFixed Income100%

Sector

No Sector split for PCY and XEMD.

Country, concentration and asset class

Country by domicile

Country weights in PCY and XEMD, widest gap first
Country	More in PCYMore in XEMD	PCY	XEMD
Angola	PCY +10.5 points	75.6%	65.1%
Argentina	XEMD +4.3 points	0.0%	4.3%
Poland	XEMD +2.3 points	1.5%	3.8%
Malaysia	XEMD +1.5 points	0.0%	1.5%
China	PCY +1.3 points	2.8%	1.5%
India	XEMD +1.2 points	0.0%	1.2%
Mexico	XEMD +1.0 points	2.8%	3.8%
Brazil	XEMD +0.8 points	3.0%	3.8%
Other countries (7)	XEMD +0.7 points	14.3%	15.0%

Outside the US: PCY 0% developed, 100% emerging. XEMD 1% developed, 99% emerging.

Concentration

Weight in the 10 largest Holdings

PCY11.9%
XEMD8.9%

Securities held

PCY102
XEMD427

Asset class

PCY: Fixed Income
XEMD: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. PCY holds 102 securities, XEMD 427.

All 102 PCY holdings⁠All XEMD 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 XEMD Cost

Overpaying PCY vs XEMD

$4,027

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

PCY 0.50%
$9,979
XEMD 0.29%
$5,952

Amount$10,000

Years30 years

Cost over time

PCY 0.50%
XEMD 0.29%
Overpaying

Year by year

Year	PCY	XEMD	Overpaying
10	$900	$527	$373
20	$3,460	$2,044	$1,416
30	$9,979	$5,952	$4,027

Expense ratio

0.50%PCY
0.29%XEMD, cheaper

XEMD0.29%PCY0.50%

0.15%0.85%

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

XEMD 4th cheapest of 17 funds

PCY 11th cheapest of 17 funds

PCY vs XEMD Dividends

Last 12 months to Nov 2, 2026

Yield (12M): PCY 6.24%; XEMD 6.39%, better
Payout (12M): PCY $1.27; XEMD $2.75
Last payment: PCY $0.11; XEMD $0.21
Ex-dividend: PCY Oct 19, 2026; XEMD Nov 2, 2026
Paid on: PCY Oct 23, 2026; XEMD Pays Nov 5, 2026
Frequency: PCY Monthly; XEMD Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

PCYMonthly · 46 paymentsAll PCY payments⁠

XEMDMonthly · 47 paymentsAll XEMD payments⁠

PCY vs XEMD Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: PCY 10.9%XEMD 5.2%, better
Return per unit of riskSharpe ratio, 3 years: PCY 0.62XEMD 1.10, better
Worst fallMax drawdown, 5 years: PCY −36.0%XEMD −10.0%since Jun 2022
Market sensitivityBeta, 5 years: PCY 1.59XEMD 0.64; Market = 1

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