IVV vs PCY
iShares Core S&P 500 ETF vs Invesco Emerging Markets Sovereign Debt ETF
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. IVV offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | IVV | PCY | Winner |
|---|---|---|---|
| Expense Ratio | 0.03% | 0.50% | |
| AUM | $865.2B | $1.4B | |
| Dividend Yield | 1.09% | 5.81% | |
| Holdings | 508 | 104 | |
| YTD Return | +14.50% | +1.48% | |
| 1Y Return | +22.02% | +7.20% | |
| 3Y Return (annualized) | +21.80% | +10.24% | |
| 5Y Return (annualized) | +13.37% | +1.13% | |
| Volatility (annualized) | 15.1% | 13.6% | |
| Max Drawdown | -56.5% | -49.4% | |
| Fund Family | iShares by BlackRock (US) | Invesco (US) | |
| Category | Equity | Fixed Income | |
| Inception | May 15, 2000 | Oct 11, 2007 |
IVV vs PCY Performance
iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US) and Invesco Emerging Markets Sovereign Debt ETF (PCY) is a ETF from Invesco (US). Over the past year IVV returned +22.02% while PCY returned +7.20%. Year to date, IVV is up 14.50% versus a gain of 1.48% for PCY.
Over three years, IVV compounded at +21.80% per year against +10.24% for PCY; over five years the annualized figures are +13.37% and +1.13% respectively. Across the full 19-year window we track, IVV has the edge at +7.07% annualized vs +0.80%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 15.1% compared with 13.6% for PCY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -56.5% for IVV and -49.4% for PCY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.57. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
IVV charges 0.03% per year while PCY charges 0.50%. On a $10,000 position that is $3 vs $50 annually, a gap of $47 per year that compounds over a long holding period. On income, IVV currently yields 1.09% against 5.81% for PCY.
Holdings Overlap
IVV and PCY share 0 holdings out of 583 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, IVV or PCY?
IVV has an expense ratio of 0.03% while PCY charges 0.50%. IVV is the cheaper option. On a $10,000 investment, that is $47 per year of difference.
Which performed better, IVV or PCY?
Over the past year IVV returned +22.02% vs +7.20% for PCY, so IVV leads on 1-year performance. Over the longest common window we track (19 years), IVV annualized +7.07% vs +0.80% for PCY. Past performance does not guarantee future results.
Which is riskier, IVV or PCY?
IVV has been the more volatile fund at 15.1% annualized versus 13.6% for PCY. Worst drawdown: IVV -56.5% vs PCY -49.4%.
Should I hold both IVV and PCY?
IVV and PCY have a monthly-return correlation of 0.57, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between IVV and PCY?
IVV and PCY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 583 unique securities.
Which pays a higher dividend, IVV or PCY?
IVV yields 1.09% while PCY yields 5.81%, so PCY currently pays the higher dividend yield.
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