FEMR vs. PEMX

Last updated Jun 24, 2026

FEMR (Fidelity Enhanced Emerging Markets ETF) and PEMX (Putnam Emerging Markets Ex-China ETF) are both Emerging Markets Diversified funds. Both are actively managed. Over the past year, FEMR returned 55.15% vs 69.16% for PEMX. Their correlation of 0.85 suggests significant overlap in exposure. FEMR charges 0.38%/yr vs 0.85%/yr for PEMX.

Performance

FEMR vs. PEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Emerging Markets ETF (FEMR) 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, FEMR achieves a 29.38% return, which is significantly lower than PEMX's 38.87% return.

FEMR

• 1D: -5.78%
• 1M: 3.04%
• YTD: 29.38%
• 6M: 31.28%
• 1Y: 55.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PEMX

• 1D: -6.08%
• 1M: 6.67%
• YTD: 38.87%
• 6M: 41.13%
• 1Y: 69.16%
• 3Y*: 33.94%
• 5Y*: —
• 10Y*: —

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

FEMR vs. PEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FEMR Fidelity Enhanced Emerging Markets ETF	29.38%	35.27%	-1.48%
PEMX Putnam Emerging Markets Ex-China ETF	38.87%	34.01%	0.61%

Correlation

The correlation between FEMR and PEMX is 0.89, 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	0.89
Correlation (All Time) Calculated using the full available price history since Nov 21, 2024	0.85

The correlation between FEMR and PEMX has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.

Return for Risk

FEMR vs. PEMX — Risk / Return Rank

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

FEMR

FEMR Risk / Return Rank: 77
FEMR Sharpe Ratio Rank: 78
FEMR Sortino Ratio Rank: 68
FEMR Omega Ratio Rank: 80
FEMR Calmar Ratio Rank: 79
FEMR Martin Ratio Rank: 79

PEMX

PEMX Risk / Return Rank: 87
PEMX Sharpe Ratio Rank: 89
PEMX Sortino Ratio Rank: 81
PEMX Omega Ratio Rank: 86
PEMX Calmar Ratio Rank: 88
PEMX Martin Ratio Rank: 88

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.

FEMR vs. PEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Emerging Markets ETF (FEMR) 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.

	FEMR	PEMX	Difference
Sharpe ratio: Return per unit of total volatility	2.33	2.78	-0.45
Sortino ratio: Return per unit of downside risk	2.90	3.33	-0.43
Omega ratio: Gain probability vs. loss probability	1.44	1.49	-0.05
Calmar ratio: Return relative to maximum drawdown	3.83	4.81	-0.98
Martin ratio: Return relative to average drawdown	14.57	18.22	-3.65

FEMR vs. PEMX - Sharpe Ratio Comparison

The current FEMR Sharpe Ratio is 2.33, which is comparable to the PEMX Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of FEMR 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

FEMR vs. PEMX - Drawdown Comparison

The maximum FEMR drawdown since its inception was -15.58%, roughly equal to the maximum PEMX drawdown of -14.91%. Use the drawdown chart below to compare losses from any high point for FEMR and PEMX.

Drawdown Indicators

	FEMR	PEMX	Difference
Max Drawdown Largest peak-to-trough decline	-15.58%	-14.91%	-0.67%
Max Drawdown (1Y) Largest decline over 1 year	-14.47%	-14.45%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.91%	—
Current Drawdown Current decline from peak	-5.78%	-6.08%	+0.30%
Average Drawdown Average peak-to-trough decline	-2.38%	-2.85%	+0.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.80%	3.81%	-0.01%

Volatility

FEMR vs. PEMX - Volatility Comparison

The current volatility for Fidelity Enhanced Emerging Markets ETF (FEMR) is 12.62%, while Putnam Emerging Markets Ex-China ETF (PEMX) has a volatility of 14.35%. This indicates that FEMR 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

	FEMR	PEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.62%	14.35%	-1.73%
Volatility (6M) Calculated over the trailing 6-month period	21.66%	22.77%	-1.11%
Volatility (1Y) Calculated over the trailing 1-year period	23.80%	25.00%	-1.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.78%	19.49%	+3.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.78%	19.49%	+3.29%

FEMR vs. PEMX - Expense Ratio Comparison

FEMR has a 0.38% expense ratio, which is lower than PEMX's 0.85% expense ratio.

Dividends

FEMR vs. PEMX - Dividend Comparison

FEMR's dividend yield for the trailing twelve months is around 1.48%, less than PEMX's 5.04% yield.

Position	TTM	2025	2024	2023
FEMR Fidelity Enhanced Emerging Markets ETF	1.48%	1.92%	0.37%	0.00%
PEMX Putnam Emerging Markets Ex-China ETF	5.04%	7.00%	5.00%	0.72%

Frequently Asked Questions

Can I hold both FEMR and PEMX in my portfolio?

FEMR and PEMX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEMR or PEMX?

PEMX has higher volatility (14.35%) compared to FEMR (12.62%). In terms of maximum drawdown, FEMR dropped -15.58% vs PEMX's -14.91%.

Which ETF is better, FEMR or PEMX?

On 1-year performance, PEMX leads with 69.16% vs 55.15% for FEMR. On fees, FEMR is cheaper at 0.38% per year. On volatility, FEMR has been the lower-risk option at 12.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEMR or PEMX?

Over the 1-year period, PEMX has performed better with a 69.16% return vs 55.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEMR or PEMX?

FEMR is cheaper with a 0.38% expense ratio, compared with 0.85% for PEMX.

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

PEMX has the higher dividend yield at 5.04%, compared with 1.48% for FEMR.

What is the main difference between FEMR and PEMX?

They also come from different issuers: Fidelity and Putnam. Their fees differ too: 0.38% for FEMR and 0.85% for PEMX.

Which has better risk-adjusted returns?

PEMX currently has the higher Sharpe Ratio (2.78 vs 2.33), 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.