EMM vs. PPEM

Last updated Aug 4, 2026

EMM (Global X Emerging Markets ex-China ETF) and PPEM (Putnam Panagora ESG Emerging Markets Equity ETF -) are both Emerging Markets Equities funds. EMM is actively managed, while PPEM is passively managed. Their correlation of 0.80 means they have usually moved in the same direction. EMM charges 0.75%/yr vs 0.61%/yr for PPEM.

Performance

EMM vs. PPEM - 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 Panagora ESG Emerging Markets Equity ETF - (PPEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

EMM

• 1D: 1.09%
• 1M: -4.48%
• 6M: 12.18%
• YTD: 21.70%
• 1Y: 40.77%
• 3Y*: 17.56%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.27%

PPEM

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
EMM Global X Emerging Markets ex-China ETF	$209.26K	$283.91K	$450.77K

EMM vs. PPEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EMM Global X Emerging Markets ex-China ETF	21.70%	30.21%	2.34%	2.99%
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	31.88%	35.39%	7.50%	6.29%

Correlation

The correlation between EMM and PPEM is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.76
Correlation (3Y) Balances recent behavior with more history.	0.80
Correlation (All Time) Calculated using the full available price history since May 15, 2023	0.80

The correlation between EMM and PPEM has been stable across timeframes, ranging from 0.76 to 0.80 - a consistent structural relationship.

EMM vs. PPEM - Sectors Allocation Comparison

Sectors	EMM	PPEM
Technology	48.1%	50.9%
Financial Services	20.9%	16.8%
Industrials	9.9%	3.2%
Energy	4.5%	2.5%
Consumer Defensive	4.3%	1.0%
Basic Materials	3.8%	3.6%
Consumer Cyclical	2.6%	7.7%
Communication Services	1.7%	8.0%
Real Estate	1.6%	1.5%
Healthcare	1.4%	2.5%
Utilities	1.2%	2.4%

Return for Risk

EMM vs. PPEM — Risk / Return Rank

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

EMM

EMM Risk / Return Rank: 63
EMM Sharpe Ratio Rank: 63
EMM Sortino Ratio Rank: 58
EMM Omega Ratio Rank: 65
EMM Calmar Ratio Rank: 63
EMM Martin Ratio Rank: 64

PPEM

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

EMM vs. PPEM - 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 Panagora ESG Emerging Markets Equity ETF - (PPEM). 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.

	EMM	PPEM	Difference
Sharpe ratio: Return per unit of total volatility	1.54	—	—
Sortino ratio: Return per unit of downside risk	2.09	—	—
Omega ratio: Gain probability vs. loss probability	1.29	—	—
Calmar ratio: Return relative to maximum drawdown	2.33	—	—
Martin ratio: Return relative to average drawdown	8.08	—	—

Drawdowns

Drawdown Indicators

	EMM	PPEM	Difference
Max Drawdown Largest peak-to-trough decline	-21.99%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-17.62%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-21.99%	—	—
Current Drawdown Current decline from peak	-11.92%	—	—
Average Drawdown Average peak-to-trough decline	-4.85%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	5.06%	—	—

Volatility

Volatility by Period

	EMM	PPEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.62%	—	—
Volatility (6M) Calculated over the trailing 6-month period	24.66%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	26.71%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.47%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.47%	—	—

EMM vs. PPEM - Expense Ratio Comparison

EMM has a 0.75% expense ratio, which is higher than PPEM's 0.61% expense ratio.

Dividends

EMM vs. PPEM - Dividend Comparison

EMM's dividend yield for the trailing twelve months is around 0.78%, while PPEM has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
EMM Global X Emerging Markets ex-China ETF	0.78%	0.90%	0.80%	0.66%
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	49.06%	6.05%	3.27%	1.94%

Frequently Asked Questions

Can I hold both EMM and PPEM in my portfolio?

EMM and PPEM have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EMM or PPEM?

On fees, PPEM is cheaper at 0.61% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EMM or PPEM?

PPEM is cheaper with a 0.61% expense ratio, compared with 0.75% for EMM.

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

PPEM has the higher dividend yield at 49.06%, compared with 0.78% for EMM.

What is the main difference between EMM and PPEM?

They also come from different issuers: Global X and Putnam. Their fees differ too: 0.75% for EMM and 0.61% for PPEM.