FDT vs. PEMX

Last updated Jun 14, 2026

FDT (First Trust Developed Markets ex-US AlphaDEX Fund) and PEMX (Putnam Emerging Markets Ex-China ETF) are both exchange-traded funds - FDT is a Foreign Large Cap Equities fund tracking the NASDAQ AlphaDEX DM Ex-US Index, while PEMX is a Emerging Markets Diversified fund actively managed by Putnam. FDT is passively managed, while PEMX is actively managed. Over the past 3 years, FDT returned 27.84%/yr vs 32.32%/yr for PEMX. A 0.72 correlation means they provide meaningful diversification when combined. FDT charges 0.80%/yr vs 0.85%/yr for PEMX.

Performance

FDT vs. PEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Developed Markets ex-US AlphaDEX Fund (FDT) 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, FDT achieves a 23.23% return, which is significantly lower than PEMX's 37.04% return.

FDT

• 1D: 0.21%
• 1M: 0.87%
• YTD: 23.23%
• 6M: 24.33%
• 1Y: 50.01%
• 3Y*: 27.84%
• 5Y*: 12.16%
• 10Y*: 11.17%

PEMX

• 1D: 0.38%
• 1M: 8.00%
• YTD: 37.04%
• 6M: 41.88%
• 1Y: 68.11%
• 3Y*: 32.32%
• 5Y*: —
• 10Y*: —

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

FDT vs. PEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FDT First Trust Developed Markets ex-US AlphaDEX Fund	23.23%	52.21%	6.97%	7.93%
PEMX Putnam Emerging Markets Ex-China ETF	37.04%	34.01%	17.21%	15.13%

Correlation

The correlation between FDT and PEMX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (All Time) Calculated using the full available price history since May 18, 2023	0.72

The correlation between FDT and PEMX has been stable across timeframes, ranging from 0.72 to 0.81 - a consistent structural relationship.

Return for Risk

FDT vs. PEMX — Risk / Return Rank

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

FDT

FDT Risk / Return Rank: 84
FDT Sharpe Ratio Rank: 88
FDT Sortino Ratio Rank: 84
FDT Omega Ratio Rank: 86
FDT Calmar Ratio Rank: 80
FDT Martin Ratio Rank: 82

PEMX

PEMX Risk / Return Rank: 89
PEMX Sharpe Ratio Rank: 92
PEMX Sortino Ratio Rank: 86
PEMX Omega Ratio Rank: 89
PEMX Calmar Ratio Rank: 88
PEMX Martin Ratio Rank: 89

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.

FDT vs. PEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Developed Markets ex-US AlphaDEX Fund (FDT) 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.

	FDT	PEMX	Difference
Sharpe ratio: Return per unit of total volatility	2.54	2.79	-0.25
Sortino ratio: Return per unit of downside risk	3.27	3.40	-0.13
Omega ratio: Gain probability vs. loss probability	1.46	1.49	-0.03
Calmar ratio: Return relative to maximum drawdown	3.70	4.56	-0.86
Martin ratio: Return relative to average drawdown	14.01	17.36	-3.35

FDT vs. PEMX - Sharpe Ratio Comparison

The current FDT Sharpe Ratio is 2.54, which is comparable to the PEMX Sharpe Ratio of 2.79. The chart below compares the historical Sharpe Ratios of FDT 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

FDT vs. PEMX - Drawdown Comparison

The maximum FDT drawdown since its inception was -46.10%, which is greater than PEMX's maximum drawdown of -14.91%. Use the drawdown chart below to compare losses from any high point for FDT and PEMX.

Drawdown Indicators

	FDT	PEMX	Difference
Max Drawdown Largest peak-to-trough decline	-46.10%	-14.91%	-31.19%
Max Drawdown (1Y) Largest decline over 1 year	-13.41%	-14.45%	+1.04%
Max Drawdown (3Y) Largest decline over 3 years	-14.29%	-14.91%	+0.62%
Max Drawdown (5Y) Largest decline over 5 years	-32.80%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.10%	—	—
Current Drawdown Current decline from peak	-3.37%	-2.98%	-0.39%
Average Drawdown Average peak-to-trough decline	-10.76%	-2.86%	-7.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.54%	3.79%	-0.25%

Volatility

FDT vs. PEMX - Volatility Comparison

The current volatility for First Trust Developed Markets ex-US AlphaDEX Fund (FDT) is 8.93%, while Putnam Emerging Markets Ex-China ETF (PEMX) has a volatility of 12.65%. This indicates that FDT experiences smaller price fluctuations and is considered to be less risky than PEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDT	PEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.93%	12.65%	-3.72%
Volatility (6M) Calculated over the trailing 6-month period	17.27%	21.23%	-3.96%
Volatility (1Y) Calculated over the trailing 1-year period	19.59%	23.64%	-4.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.46%	18.94%	-0.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.62%	18.94%	-0.32%

FDT vs. PEMX - Expense Ratio Comparison

FDT has a 0.80% expense ratio, which is lower than PEMX's 0.85% expense ratio.

Dividends

FDT vs. PEMX - Dividend Comparison

FDT's dividend yield for the trailing twelve months is around 2.89%, less than PEMX's 5.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDT First Trust Developed Markets ex-US AlphaDEX Fund	2.89%	3.27%	3.89%	4.36%	2.29%	3.80%	2.42%	2.78%	2.13%	1.57%	1.76%	1.83%
PEMX Putnam Emerging Markets Ex-China ETF	5.11%	7.00%	5.00%	0.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FDT and PEMX in my portfolio?

FDT and PEMX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDT or PEMX?

PEMX has higher volatility (12.65%) compared to FDT (8.93%). In terms of maximum drawdown, FDT dropped -46.10% vs PEMX's -14.91%.

Which ETF is better, FDT or PEMX?

On 3-year performance, PEMX leads with 32.32% vs 27.84% for FDT. On fees, FDT is cheaper at 0.80% per year. On volatility, FDT has been the lower-risk option at 8.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDT or PEMX?

Over the 3-year period, PEMX has performed better with a 32.32% return vs 27.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDT or PEMX?

FDT is cheaper with a 0.80% expense ratio, compared with 0.85% for PEMX.

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

PEMX has the higher dividend yield at 5.11%, compared with 2.89% for FDT.

What is the main difference between FDT and PEMX?

FDT is categorized as Foreign Large Cap Equities, while PEMX is Emerging Markets Diversified. They also come from different issuers: First Trust and Putnam. Their fees differ too: 0.80% for FDT and 0.85% for PEMX.

Which has better risk-adjusted returns?

PEMX currently has the higher Sharpe Ratio (2.79 vs 2.54), 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.