ESGE vs. PPEM
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. Over the past 3 years, ESGE returned 22.70%/yr vs 24.99%/yr for PPEM. Their correlation of 0.94 suggests significant overlap in exposure. ESGE charges 0.25%/yr vs 0.61%/yr for PPEM.
Performance
ESGE vs. PPEM - Performance Comparison
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Returns By Period
In the year-to-date period, ESGE achieves a 22.27% return, which is significantly lower than PPEM's 31.88% return.
ESGE
- 1D
- -5.62%
- 1M
- 2.83%
- YTD
- 22.27%
- 6M
- 23.13%
- 1Y
- 44.92%
- 3Y*
- 22.70%
- 5Y*
- 6.26%
- 10Y*
- —
PPEM
- 1D
- 0.56%
- 1M
- 4.33%
- YTD
- 31.88%
- 6M
- 33.23%
- 1Y
- 55.34%
- 3Y*
- 24.99%
- 5Y*
- —
- 10Y*
- —
ESGE vs. PPEM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ESGE iShares ESG Aware MSCI EM ETF | 22.27% | 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 0.90, 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 | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023 | 0.94 |
The correlation between ESGE and PPEM has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.
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Return for Risk
ESGE vs. PPEM — Risk / Return Rank
ESGE
PPEM
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 ratioReturn per unit of total volatility | -0.64 | ||
| Sortino ratioReturn per unit of downside risk | -0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.49 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 3.25 | 3.64 | -0.39 |
| Martin ratioReturn relative to average drawdown | 12.10 | 14.57 | -2.47 |
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Drawdowns
ESGE vs. PPEM - Drawdown Comparison
The maximum ESGE drawdown since its inception was -41.07%, which is greater than PPEM's maximum drawdown of -18.44%. Use the drawdown chart below to compare losses from any high point for ESGE and PPEM.
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Drawdown Indicators
| ESGE | PPEM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.07% | -18.44% | -22.63% |
Max Drawdown (1Y)Largest decline over 1 year | -13.90% | -15.28% | +1.38% |
Max Drawdown (3Y)Largest decline over 3 years | -16.71% | -18.44% | +1.73% |
Max Drawdown (5Y)Largest decline over 5 years | -39.18% | — | — |
Current DrawdownCurrent decline from peak | -5.62% | -1.80% | -3.82% |
Average DrawdownAverage peak-to-trough decline | -14.41% | -4.19% | -10.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.72% | 3.81% | -0.09% |
Volatility
ESGE vs. PPEM - Volatility Comparison
iShares ESG Aware MSCI EM ETF (ESGE) has a higher volatility of 12.44% compared to Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM) at 7.94%. This indicates that ESGE's price experiences larger fluctuations and is considered to be riskier than PPEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ESGE | PPEM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.44% | 7.94% | +4.50% |
Volatility (6M)Calculated over the trailing 6-month period | 20.66% | 18.76% | +1.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.76% | 21.24% | +1.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.71% | 18.26% | +1.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.19% | 18.26% | +1.93% |
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 2.12%, less than PPEM's 49.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
ESGE iShares ESG Aware MSCI EM ETF | 2.12% | 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
ESGE and PPEM have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ESGE has higher volatility (12.44%) compared to PPEM (7.94%). In terms of maximum drawdown, ESGE dropped -41.07% vs PPEM's -18.44%.
On 3-year performance, PPEM leads with 24.99% vs 22.70% for ESGE. On fees, ESGE is cheaper at 0.25% per year. On volatility, PPEM has been the lower-risk option at 7.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PPEM has performed better with a 24.99% return vs 22.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ESGE is cheaper with a 0.25% expense ratio, compared with 0.61% for PPEM.
PPEM has the higher dividend yield at 49.06%, compared with 2.12% for ESGE.
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.
PPEM currently has the higher Sharpe Ratio (2.62 vs 1.98), 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.
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