ESGE vs. PPEM

Last updated Jul 18, 2026

ESGE (iShares ESG Aware MSCI EM ETF) and PPEM (Putnam Panagora ESG Emerging Markets Equity ETF -) are both exchange-traded funds - ESGE is a Emerging Markets Equities fund tracking the MSCI EM Extended ESG Focus Index, while PPEM is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Index. Both are passively managed. Their correlation of 0.92 suggests significant overlap in exposure. ESGE charges 0.25%/yr vs 0.61%/yr for PPEM.

Performance

ESGE vs. PPEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares ESG Aware MSCI EM ETF (ESGE) and Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ESGE

• 1D: -1.17%
• 1M: -7.40%
• 6M: 9.60%
• YTD: 15.91%
• 1Y: 30.10%
• 3Y*: 18.85%
• 5Y*: 5.68%
• 10Y*: —

PPEM

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

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

ESGE vs. PPEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ESGE iShares ESG Aware MSCI EM ETF	15.91%	35.86%	6.63%	0.33%
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	31.88%	35.39%	7.50%	0.19%

Correlation

The correlation between ESGE and PPEM is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023	0.92

The correlation between ESGE and PPEM has been stable across timeframes, ranging from 0.85 to 0.92 - a consistent structural relationship.

Return for Risk

ESGE vs. PPEM — Risk / Return Rank

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

ESGE

ESGE Risk / Return Rank: 49
ESGE Sharpe Ratio Rank: 45
ESGE Sortino Ratio Rank: 41
ESGE Omega Ratio Rank: 48
ESGE Calmar Ratio Rank: 54
ESGE Martin Ratio Rank: 54

PPEM

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

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.

ESGE vs. PPEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares ESG Aware MSCI EM ETF (ESGE) 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.

	ESGE	PPEM	Difference
Sharpe ratio: Return per unit of total volatility	1.27	—	—
Sortino ratio: Return per unit of downside risk	1.75	—	—
Omega ratio: Gain probability vs. loss probability	1.25	—	—
Calmar ratio: Return relative to maximum drawdown	2.18	—	—
Martin ratio: Return relative to average drawdown	7.31	—	—

Drawdowns

Drawdown Indicators

	ESGE	PPEM	Difference
Max Drawdown Largest peak-to-trough decline	-41.07%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-13.90%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-16.71%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-37.07%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.07%	—	—
Current Drawdown Current decline from peak	-10.53%	—	—
Average Drawdown Average peak-to-trough decline	-14.35%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	—	—

Volatility

Volatility by Period

	ESGE	PPEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.98%	—	—
Volatility (6M) Calculated over the trailing 6-month period	21.67%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	23.74%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.91%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.26%	—	—

ESGE vs. PPEM - Expense Ratio Comparison

ESGE has a 0.25% expense ratio, which is lower than PPEM's 0.61% expense ratio.

Dividends

ESGE vs. PPEM - Dividend Comparison

ESGE's dividend yield for the trailing twelve months is around 2.23%, while PPEM has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
ESGE iShares ESG Aware MSCI EM ETF	2.23%	2.50%	2.41%	2.64%	2.68%	2.66%	1.31%	2.59%	2.19%	1.86%	0.27%
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	49.06%	6.05%	3.27%	1.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ESGE and PPEM in my portfolio?

ESGE and PPEM have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ESGE or PPEM?

On fees, ESGE is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ESGE or PPEM?

ESGE is cheaper with a 0.25% expense ratio, compared with 0.61% for PPEM.

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

PPEM has the higher dividend yield at 49.06%, compared with 2.23% for ESGE.

What is the main difference between ESGE and PPEM?

ESGE is categorized as Emerging Markets Equities, while PPEM is Emerging Markets Diversified. ESGE tracks MSCI EM Extended ESG Focus Index, while PPEM tracks MSCI Emerging Markets Index. They also come from different issuers: iShares and Putnam. Their fees differ too: 0.25% for ESGE and 0.61% for PPEM.