EMM vs. PEMX

Last updated Jun 4, 2026

EMM (Global X Emerging Markets ex-China ETF) and PEMX (Putnam Emerging Markets Ex-China ETF) are both Emerging Markets Diversified funds. Both are actively managed. Over the past 3 years, EMM returned 22.67%/yr vs 34.73%/yr for PEMX. Their correlation of 0.90 suggests significant overlap in exposure. EMM charges 0.75%/yr vs 0.85%/yr for PEMX.

Performance

EMM vs. PEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Emerging Markets ex-China ETF (EMM) 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, EMM achieves a 32.97% return, which is significantly lower than PEMX's 40.36% return.

EMM

• 1D: -1.15%
• 1M: 10.12%
• YTD: 32.97%
• 6M: 38.50%
• 1Y: 63.51%
• 3Y*: 22.67%
• 5Y*: —
• 10Y*: —

PEMX

• 1D: -0.63%
• 1M: 11.09%
• YTD: 40.36%
• 6M: 45.50%
• 1Y: 75.31%
• 3Y*: 34.73%
• 5Y*: —
• 10Y*: —

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

EMM vs. PEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EMM Global X Emerging Markets ex-China ETF	32.97%	30.21%	2.34%	5.81%
PEMX Putnam Emerging Markets Ex-China ETF	40.36%	34.01%	17.21%	15.13%

Correlation

The correlation between EMM and PEMX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (All Time) Calculated using the full available price history since May 19, 2023	0.90

The correlation between EMM and PEMX has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

EMM vs. PEMX - Sectors Allocation Comparison

Sectors	EMM	PEMX
Technology	45.5%	45.0%
Financial Services	25.0%	24.4%
Industrials	5.9%	8.6%
Consumer Defensive	5.1%	1.2%
Energy	4.8%	-
Basic Materials	3.9%	2.8%
Consumer Cyclical	2.7%	4.2%
Communication Services	2.7%	6.6%
Real Estate	1.8%	0.9%
Healthcare	1.5%	1.9%
Utilities	1.2%	4.5%

Return for Risk

EMM vs. PEMX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EMM

EMM Risk / Return Rank: 85
EMM Sharpe Ratio Rank: 87
EMM Sortino Ratio Rank: 84
EMM Omega Ratio Rank: 85
EMM Calmar Ratio Rank: 82
EMM Martin Ratio Rank: 86

PEMX

PEMX Risk / Return Rank: 90
PEMX Sharpe Ratio Rank: 93
PEMX Sortino Ratio Rank: 91
PEMX Omega Ratio Rank: 91
PEMX Calmar Ratio Rank: 88
PEMX Martin Ratio Rank: 90

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EMM vs. PEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Emerging Markets ex-China ETF (EMM) 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.

	EMM	PEMX	Difference
Sharpe ratio: Return per unit of total volatility	2.94	3.52	-0.58
Sortino ratio: Return per unit of downside risk	3.79	4.30	-0.52
Omega ratio: Gain probability vs. loss probability	1.52	1.59	-0.07
Calmar ratio: Return relative to maximum drawdown	4.33	5.24	-0.91
Martin ratio: Return relative to average drawdown	18.13	20.66	-2.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMM vs. PEMX - Sharpe Ratio Comparison

The current EMM Sharpe Ratio is 2.94, which is comparable to the PEMX Sharpe Ratio of 3.52. The chart below compares the historical Sharpe Ratios of EMM 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.

Sharpe Ratios by Period

	EMM	PEMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.94	3.52	-0.58
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	1.99	-0.81

Drawdowns

EMM vs. PEMX - Drawdown Comparison

The maximum EMM drawdown since its inception was -21.99%, which is greater than PEMX's maximum drawdown of -14.91%. Use the drawdown chart below to compare losses from any high point for EMM and PEMX.

Drawdown Indicators

	EMM	PEMX	Difference
Max Drawdown Largest peak-to-trough decline	-21.99%	-14.91%	-7.08%
Max Drawdown (1Y) Largest decline over 1 year	-14.75%	-14.45%	-0.30%
Max Drawdown (3Y) Largest decline over 3 years	-21.99%	-14.91%	-7.08%
Current Drawdown Current decline from peak	-1.15%	-0.63%	-0.52%
Average Drawdown Average peak-to-trough decline	-4.68%	-2.84%	-1.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.51%	3.66%	-0.15%

Volatility

EMM vs. PEMX - Volatility Comparison

Global X Emerging Markets ex-China ETF (EMM) and Putnam Emerging Markets Ex-China ETF (PEMX) have volatilities of 9.79% and 9.67%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMM	PEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.79%	9.67%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	19.28%	18.73%	+0.55%
Volatility (1Y) Calculated over the trailing 1-year period	21.69%	21.51%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.83%	18.18%	+0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.83%	18.18%	+0.65%

EMM vs. PEMX - Expense Ratio Comparison

EMM has a 0.75% expense ratio, which is lower than PEMX's 0.85% expense ratio.

Dividends

EMM vs. PEMX - Dividend Comparison

EMM's dividend yield for the trailing twelve months is around 0.67%, less than PEMX's 4.99% yield.

Position	TTM	2025	2024	2023
EMM Global X Emerging Markets ex-China ETF	0.67%	0.90%	0.80%	0.66%
PEMX Putnam Emerging Markets Ex-China ETF	4.99%	7.00%	5.00%	0.72%

Frequently Asked Questions

Can I hold both EMM and PEMX in my portfolio?

With a correlation of 0.94, EMM and PEMX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, EMM or PEMX?

EMM has higher volatility (9.79%) compared to PEMX (9.67%). In terms of maximum drawdown, EMM dropped -21.99% vs PEMX's -14.91%.

Which ETF is better, EMM or PEMX?

On 3-year performance, PEMX leads with 34.73% vs 22.67% for EMM. On fees, EMM is cheaper at 0.75% per year. On volatility, PEMX has been the lower-risk option at 9.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMM or PEMX?

Over the 3-year period, PEMX has performed better with a 34.73% return vs 22.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMM or PEMX?

EMM is cheaper with a 0.75% expense ratio, compared with 0.85% for PEMX.

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

PEMX has the higher dividend yield at 4.99%, compared with 0.67% for EMM.

What is the main difference between EMM and PEMX?

They also come from different issuers: Global X and Putnam. Their fees differ too: 0.75% for EMM and 0.85% for PEMX.

Which has better risk-adjusted returns?

PEMX currently has the higher Sharpe Ratio (3.52 vs 2.94), 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.