AVEE vs. PEMX

Last updated Aug 4, 2026

AVEE (Avantis Emerging Markets Small Cap Equity ETF) and PEMX (Putnam Emerging Markets Ex-China ETF) are both Emerging Markets Equities funds. AVEE is passively managed, while PEMX is actively managed. Over the past year, AVEE returned 10.32% vs 49.26% for PEMX. Their 0.76 correlation means they have sometimes moved together and sometimes differently. AVEE charges 0.42%/yr vs 0.85%/yr for PEMX.

Performance

AVEE vs. PEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Emerging Markets Small Cap Equity ETF (AVEE) and Putnam Emerging Markets Ex-China ETF (PEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVEE achieves a 4.32% return, which is significantly lower than PEMX's 27.40% return.

AVEE

• 1D: 2.13%
• 1M: -5.59%
• 6M: -1.01%
• YTD: 4.32%
• 1Y: 10.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.07%

PEMX

• 1D: 0.78%
• 1M: -6.39%
• 6M: 14.52%
• YTD: 27.40%
• 1Y: 49.26%
• 3Y*: 29.67%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 29.68%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AVEE Avantis Emerging Markets Small Cap Equity ETF	$1.37M	$1.05M	$901.05K
PEMX Putnam Emerging Markets Ex-China ETF	$80.60K	$81.40K	$263.12K

AVEE vs. PEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AVEE Avantis Emerging Markets Small Cap Equity ETF	4.32%	19.80%	2.91%	6.15%
PEMX Putnam Emerging Markets Ex-China ETF	27.40%	34.01%	17.21%	9.83%

Correlation

The correlation between AVEE and PEMX is 0.84, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.84
Correlation (All Time) Calculated using the full available price history since Nov 9, 2023	0.76

The correlation between AVEE and PEMX has been stable across timeframes, ranging from 0.76 to 0.84 - a consistent structural relationship.

AVEE vs. PEMX - Sectors Allocation Comparison

Sectors	AVEE	PEMX
Technology	24.8%	49.1%
Industrials	19.4%	6.1%
Consumer Cyclical	11.6%	3.8%
Basic Materials	9.8%	1.5%
Financial Services	9.7%	24.1%
Healthcare	7.0%	1.4%
Consumer Defensive	5.3%	1.0%
Real Estate	4.3%	-
Communication Services	3.7%	6.0%
Utilities	2.8%	3.7%
Energy	1.9%	0.9%

Return for Risk

AVEE vs. PEMX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AVEE

AVEE Risk / Return Rank: 25
AVEE Sharpe Ratio Rank: 24
AVEE Sortino Ratio Rank: 24
AVEE Omega Ratio Rank: 24
AVEE Calmar Ratio Rank: 25
AVEE Martin Ratio Rank: 28

PEMX

PEMX Risk / Return Rank: 72
PEMX Sharpe Ratio Rank: 76
PEMX Sortino Ratio Rank: 68
PEMX Omega Ratio Rank: 74
PEMX Calmar Ratio Rank: 71
PEMX Martin Ratio Rank: 71

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AVEE vs. PEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets Small Cap Equity ETF (AVEE) and Putnam Emerging Markets Ex-China ETF (PEMX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AVEE	PEMX	Difference
Sharpe ratio: Return per unit of total volatility	0.54	1.82	-1.28
Sortino ratio: Return per unit of downside risk	0.86	2.34	-1.48
Omega ratio: Gain probability vs. loss probability	1.11	1.32	-0.21
Calmar ratio: Return relative to maximum drawdown	0.75	2.60	-1.85
Martin ratio: Return relative to average drawdown	2.36	9.25	-6.89

AVEE vs. PEMX - Sharpe Ratio Comparison

The current AVEE Sharpe Ratio is 0.54, which is lower than the PEMX Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of AVEE and PEMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AVEE vs. PEMX - Drawdown Comparison

The maximum AVEE drawdown since its inception was -20.21%, which is greater than PEMX's maximum drawdown of -19.04%. Use the drawdown chart below to compare losses from any high point for AVEE and PEMX.

Drawdown Indicators

	AVEE	PEMX	Difference
Max Drawdown Largest peak-to-trough decline	-20.21%	-19.04%	-1.17%
Max Drawdown (1Y) Largest decline over 1 year	-13.89%	-19.04%	+5.15%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.04%	—
Current Drawdown Current decline from peak	-10.69%	-13.83%	+3.14%
Average Drawdown Average peak-to-trough decline	-3.84%	-3.12%	-0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.39%	5.34%	-0.95%

Volatility

AVEE vs. PEMX - Volatility Comparison

The current volatility for Avantis Emerging Markets Small Cap Equity ETF (AVEE) is 6.71%, while Putnam Emerging Markets Ex-China ETF (PEMX) has a volatility of 10.78%. This indicates that AVEE experiences smaller price fluctuations and is considered to be less risky than PEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVEE	PEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.71%	10.78%	-4.07%
Volatility (6M) Calculated over the trailing 6-month period	17.24%	25.17%	-7.93%
Volatility (1Y) Calculated over the trailing 1-year period	19.19%	27.28%	-8.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.38%	20.22%	-2.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.38%	20.22%	-2.84%

AVEE vs. PEMX - Expense Ratio Comparison

AVEE has a 0.42% expense ratio, which is lower than PEMX's 0.85% expense ratio.

Dividends

AVEE vs. PEMX - Dividend Comparison

AVEE's dividend yield for the trailing twelve months is around 2.38%, less than PEMX's 5.50% yield.

Position	TTM	2025	2024	2023
AVEE Avantis Emerging Markets Small Cap Equity ETF	2.38%	2.25%	3.26%	0.39%
PEMX Putnam Emerging Markets Ex-China ETF	5.50%	7.00%	5.00%	0.72%

Frequently Asked Questions

Can I hold both AVEE and PEMX in my portfolio?

AVEE and PEMX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVEE or PEMX?

PEMX has higher volatility (10.78%) compared to AVEE (6.71%). In terms of maximum drawdown, AVEE dropped -20.21% vs PEMX's -19.04%.

Which ETF is better, AVEE or PEMX?

On 1-year performance, PEMX leads with 49.26% vs 10.32% for AVEE. On fees, AVEE is cheaper at 0.42% per year. On volatility, AVEE has been the lower-risk option at 6.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVEE or PEMX?

Over the 1-year period, PEMX has performed better with a 49.26% return vs 10.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVEE or PEMX?

AVEE is cheaper with a 0.42% expense ratio, compared with 0.85% for PEMX.

Which ETF pays a higher dividend yield, AVEE or PEMX?

PEMX has the higher dividend yield at 5.50%, compared with 2.38% for AVEE.

What is the main difference between AVEE and PEMX?

They also come from different issuers: Avantis and Putnam. Their fees differ too: 0.42% for AVEE and 0.85% for PEMX.

Which has better risk-adjusted returns?

PEMX currently has the higher Sharpe Ratio (1.82 vs 0.54), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.