EMXC vs. PEMX

Last updated Aug 4, 2026

EMXC (iShares MSCI Emerging Markets ex China ETF) and PEMX (Putnam Emerging Markets Ex-China ETF) are both Emerging Markets Equities funds. EMXC is passively managed, while PEMX is actively managed. Over the past 3 years, EMXC returned 23.89%/yr vs 29.67%/yr for PEMX. Their 0.95 correlation means they have historically moved very closely together. EMXC charges 0.49%/yr vs 0.85%/yr for PEMX.

Performance

EMXC vs. PEMX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with EMXC having a 28.12% return and PEMX slightly lower at 27.40%.

EMXC

• 1D: 0.49%
• 1M: -4.55%
• 6M: 15.83%
• YTD: 28.12%
• 1Y: 51.73%
• 3Y*: 23.89%
• 5Y*: 10.90%
• 10Y*: —
• ALL TIME*: 9.40%

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)
EMXC iShares MSCI Emerging Markets ex China ETF	$255.60M	$267.52M	$279.80M
PEMX Putnam Emerging Markets Ex-China ETF	$80.60K	$81.40K	$263.12K

EMXC vs. PEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EMXC iShares MSCI Emerging Markets ex China ETF	28.12%	35.14%	2.68%	12.44%
PEMX Putnam Emerging Markets Ex-China ETF	27.40%	34.01%	17.21%	15.13%

Correlation

The correlation between EMXC and PEMX is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.98
Correlation (3Y) Balances recent behavior with more history.	0.95
Correlation (All Time) Calculated using the full available price history since May 18, 2023	0.95

The correlation between EMXC and PEMX has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

EMXC vs. PEMX - Sectors Allocation Comparison

Sectors	EMXC	PEMX
Technology	53.4%	49.1%
Financial Services	18.0%	24.1%
Industrials	6.5%	6.1%
Basic Materials	5.5%	1.5%
Consumer Cyclical	3.8%	3.8%
Energy	3.1%	0.9%
Communication Services	2.9%	6.0%
Consumer Defensive	2.4%	1.0%
Healthcare	1.8%	1.4%
Utilities	1.8%	3.7%
Real Estate	0.8%	-

Return for Risk

EMXC vs. PEMX — Risk / Return Rank

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

EMXC

EMXC Risk / Return Rank: 78
EMXC Sharpe Ratio Rank: 80
EMXC Sortino Ratio Rank: 73
EMXC Omega Ratio Rank: 81
EMXC Calmar Ratio Rank: 78
EMXC Martin Ratio Rank: 77

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.

EMXC vs. PEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets ex China ETF (EMXC) 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.

	EMXC	PEMX	Difference
Sharpe ratio: Return per unit of total volatility	1.88	1.82	+0.07
Sortino ratio: Return per unit of downside risk	2.40	2.34	+0.06
Omega ratio: Gain probability vs. loss probability	1.35	1.32	+0.02
Calmar ratio: Return relative to maximum drawdown	2.82	2.60	+0.22
Martin ratio: Return relative to average drawdown	9.91	9.25	+0.67

EMXC vs. PEMX - Sharpe Ratio Comparison

The current EMXC Sharpe Ratio is 1.88, which is comparable to the PEMX Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of EMXC 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

EMXC vs. PEMX - Drawdown Comparison

The maximum EMXC drawdown since its inception was -42.81%, which is greater than PEMX's maximum drawdown of -19.04%. Use the drawdown chart below to compare losses from any high point for EMXC and PEMX.

Drawdown Indicators

	EMXC	PEMX	Difference
Max Drawdown Largest peak-to-trough decline	-42.81%	-19.04%	-23.77%
Max Drawdown (1Y) Largest decline over 1 year	-18.43%	-19.04%	+0.61%
Max Drawdown (3Y) Largest decline over 3 years	-19.12%	-19.04%	-0.08%
Max Drawdown (5Y) Largest decline over 5 years	-28.91%	—	—
Current Drawdown Current decline from peak	-13.07%	-13.83%	+0.76%
Average Drawdown Average peak-to-trough decline	-10.15%	-3.12%	-7.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.23%	5.34%	-0.11%

Volatility

EMXC vs. PEMX - Volatility Comparison

iShares MSCI Emerging Markets ex China ETF (EMXC) and Putnam Emerging Markets Ex-China ETF (PEMX) have volatilities of 10.77% and 10.78%, 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

	EMXC	PEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.77%	10.78%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	25.82%	25.17%	+0.65%
Volatility (1Y) Calculated over the trailing 1-year period	27.64%	27.28%	+0.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.04%	20.22%	-1.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.50%	20.22%	+0.28%

EMXC vs. PEMX - Expense Ratio Comparison

EMXC has a 0.49% expense ratio, which is lower than PEMX's 0.85% expense ratio.

Dividends

EMXC vs. PEMX - Dividend Comparison

EMXC's dividend yield for the trailing twelve months is around 2.08%, less than PEMX's 5.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMXC iShares MSCI Emerging Markets ex China ETF	2.08%	2.82%	2.69%	1.83%	2.85%	1.78%	1.45%	3.25%	2.63%	0.99%
PEMX Putnam Emerging Markets Ex-China ETF	5.50%	7.00%	5.00%	0.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMXC and PEMX in my portfolio?

With a correlation of 0.98, EMXC 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, EMXC or PEMX?

PEMX has higher volatility (10.78%) compared to EMXC (10.77%). In terms of maximum drawdown, EMXC dropped -42.81% vs PEMX's -19.04%.

Which ETF is better, EMXC or PEMX?

On 3-year performance, PEMX leads with 29.67% vs 23.89% for EMXC. On fees, EMXC is cheaper at 0.49% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMXC or PEMX?

Over the 3-year period, PEMX has performed better with a 29.67% return vs 23.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMXC or PEMX?

EMXC is cheaper with a 0.49% expense ratio, compared with 0.85% for PEMX.

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

PEMX has the higher dividend yield at 5.50%, compared with 2.08% for EMXC.

What is the main difference between EMXC and PEMX?

They also come from different issuers: iShares and Putnam. Their fees differ too: 0.49% for EMXC and 0.85% for PEMX.

Which has better risk-adjusted returns?

EMXC currently has the higher Sharpe Ratio (1.88 vs 1.82), 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.