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EMB vs PCY: Differences, Returns & Fees

On Jul 31, 2026 EMB's duration was 6.5 years and PCY's 9.8; EMB charges 0.39% to PCY's 0.50%. Net assets on Oct 9, 2026: $12.9bn for iShares J.P. Morgan USD Emerging Markets Bond ETF and $1.2bn for Invesco Emerging Markets Sovereign Debt ETF.

EMB costs 0.11 points a year less; their one-year returns differ by 2.4 points; EMB is 11.0 times larger.

EMBPCY
Expense ratio0.39%0.50%
Net assets$12.9bn$1.2bn
Total return, 1 year+1.0%−1.4%
What it tracksJ.P. Morgan EMBI Global Core IndexDBIQ Emerging Markets USD Liquid Balanced Index
Holdings in common11%
Below its high4.1%, high on Jun 29, 20266.5%, high on Jun 18, 2026

Holdings in common uses holdings dated Jul 31, 2026.

+1.0%
EMB total return, 1 year
−1.4%
PCY total return, 1 year
0.39%
EMB expense ratio
0.50%
PCY expense ratio

What they hold in common

By the books each fund has filed, EMB and PCY hold 11% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated Jul 31, 2026.

half

11% in common

Positions both hold, largest shared weight first
Holding EMB PCY
Oman Government International Bonds, due Jan 17, 2048 0.42% 0.95%
Republic of South Africa Government International Bonds, due Sep 30, 2049 0.34% 0.94%
Panama Government International Bonds, due Feb 14, 2035 0.30% 0.97%
Republic of Poland Government International Bonds, due Feb 12, 2030 0.29% 1.46%
Oman Government International Bonds, due Mar 8, 2047 0.29% 0.92%
Angolan Government International Bond, due Mar 31, 2037 0.29% 0.99%
Egypt Government International Bonds, due May 29, 2050 0.28% 0.97%
Brazilian Government International Bond, due Jan 12, 2056 0.27% 0.95%
Hungary Government International Bonds, due Mar 29, 2041 0.27% 0.95%
Angola Government International Bonds, due May 8, 2048 0.24% 1.04%
Dominican Republic International Bonds, due Jan 27, 2045 0.24% 0.95%
Kazakhstan Government International Bond, due Jul 21, 2045 0.23% 0.96%
Only in EMB
Argentina Republic Government International Bonds, due Jul 9, 2035 1.21%
Ecuador Government International Bonds, due Jul 31, 2035 0.78%
Argentina Republic Government International Bonds, due Jan 9, 2038 0.70%
Argentina Republic Government International Bonds, due Jul 9, 2030 0.65%
Argentina Republic Government International Bonds, due Jul 9, 2041 0.57%
Ghana Government International Bonds, due Jul 3, 2035 0.55%
Uruguay Government International Bonds, due Jun 18, 2050 0.51%
Eagle Funding Luxco Sarl, due Aug 17, 2030 0.50%
Only in PCY
Pakistan Government International Bond, due Apr 8, 2051 1.43%
Nigeria Government International Bond, due Jan 21, 2049 1.02%
El Salvador Government International Bond, due Jan 20, 2050 1.01%
El Salvador Government International Bond, due Feb 1, 2041 1.00%
El Salvador Government International Bond, due Jul 15, 2052 1.00%
Trinidad & Tobago Government International Bond, due Jan 14, 2031 0.99%
Guatemala Government Bond, due Aug 15, 2055 0.99%
Jordan Government International Bond, due Nov 12, 2032 0.99%

Check overlap with more funds →

On the same fields

EMB
iShares J.P. Morgan USD Emerging Markets Bond ETF
PCY
Invesco Emerging Markets Sovereign Debt ETF
Where it sits Bond ETF Bond ETF
Issuer iShares Invesco
What it is Tracks the J.P. Morgan USD Emerging Markets Bond Tracks an index
Total return, 1 year +1.0% −1.4%
S&P 500 over the same days +17.3% +17.3%
Gap to the S&P 500 −16.2 pts −18.7 pts
Expense ratio 0.39% 0.50%
Holdings 616 103
Net assets $12.9bn $1.2bn

EMB and PCY on the fields both publish, as of Oct 9, 2026. Source: ETFIQ.

EMB in plain words

EMB tracks the J.P. Morgan USD Emerging Markets Bond. Over the year to Oct 9, 2026 it returned +1.0% with distributions reinvested. The prospectus expense ratio is 0.39% a year. It sat 4.1% below its high of Jun 29, 2026 on Oct 9, 2026.

PCY in plain words

PCY tracks an index. Over the year to Oct 9, 2026 it returned −1.4% with distributions reinvested. The prospectus expense ratio is 0.50% a year. It sat 6.5% below its high of Jun 18, 2026 on Oct 9, 2026.

Questions people ask

Which returned more over the last year, EMB or PCY?
In the year to Oct 9, 2026, with distributions reinvested, EMB returned +1.0% and PCY −1.4%.
Which is cheaper, EMB or PCY?
EMB is cheaper, by 0.11 percentage points a year. That is about $11 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
EMB vs VWOBEMB vs JNKEMB vs VCLTEMB vs VUSBPCY vs VWOBEMB vs VGLTEMB vs SPSBEMB vs PFF
EMB on its own →PCY on its own →Hold both: look the portfolio through →Rankings →Standards and sources →
Where these figures came from
EMB filings on SEC EDGAR ↗EMB prospectus with the expense ratio (SEC) ↗iShares page for EMB ↗PCY filings on SEC EDGAR ↗PCY prospectus with the expense ratio (SEC) ↗Invesco page for PCY ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, EMB against PCY, data as of Oct 9, 2026. https://etfiq.com/compare/any/emb-vs-pcy

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.