FPA vs. PEMX
FPA (First Trust Asia Pacific ex-Japan AlphaDEX Fund) and PEMX (Putnam Emerging Markets Ex-China ETF) are both exchange-traded funds - FPA is a Asia Pacific Equities fund tracking the NASDAQ AlphaDEX Asia Pacific Ex-Japan Index, while PEMX is a Emerging Markets Diversified fund actively managed by Putnam. FPA is passively managed, while PEMX is actively managed. Over the past 3 years, FPA returned 29.68%/yr vs 32.32%/yr for PEMX. A 0.66 correlation means they provide meaningful diversification when combined. FPA charges 0.80%/yr vs 0.85%/yr for PEMX.
Performance
FPA vs. PEMX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FPA achieves a 47.02% return, which is significantly higher than PEMX's 37.04% return.
FPA
- 1D
- -0.27%
- 1M
- 3.70%
- YTD
- 47.02%
- 6M
- 47.32%
- 1Y
- 65.35%
- 3Y*
- 29.68%
- 5Y*
- 12.60%
- 10Y*
- 11.11%
PEMX
- 1D
- 0.38%
- 1M
- 8.00%
- YTD
- 37.04%
- 6M
- 41.88%
- 1Y
- 68.11%
- 3Y*
- 32.32%
- 5Y*
- —
- 10Y*
- —
FPA vs. PEMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund | 47.02% | 43.16% | 3.95% | 7.42% |
PEMX Putnam Emerging Markets Ex-China ETF | 37.04% | 34.01% | 17.21% | 15.13% |
Correlation
The correlation between FPA and PEMX is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since May 18, 2023 | 0.66 |
The correlation between FPA and PEMX has been stable across timeframes, ranging from 0.66 to 0.74 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FPA vs. PEMX — Risk / Return Rank
FPA
PEMX
FPA vs. PEMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) 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.
| FPA | PEMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.38 | ||
| Sortino ratioReturn per unit of downside risk | -0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.49 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 4.32 | 4.56 | -0.24 |
| Martin ratioReturn relative to average drawdown | 14.88 | 17.36 | -2.48 |
Loading charts...
Drawdowns
FPA vs. PEMX - Drawdown Comparison
The maximum FPA drawdown since its inception was -52.91%, which is greater than PEMX's maximum drawdown of -14.91%. Use the drawdown chart below to compare losses from any high point for FPA and PEMX.
Loading charts...
Drawdown Indicators
| FPA | PEMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.91% | -14.91% | -38.00% |
Max Drawdown (1Y)Largest decline over 1 year | -15.37% | -14.45% | -0.92% |
Max Drawdown (3Y)Largest decline over 3 years | -20.66% | -14.91% | -5.75% |
Max Drawdown (5Y)Largest decline over 5 years | -34.54% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -52.91% | — | — |
Current DrawdownCurrent decline from peak | -6.94% | -2.98% | -3.96% |
Average DrawdownAverage peak-to-trough decline | -13.47% | -2.86% | -10.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.46% | 3.79% | +0.67% |
Volatility
FPA vs. PEMX - Volatility Comparison
First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) has a higher volatility of 14.55% compared to Putnam Emerging Markets Ex-China ETF (PEMX) at 12.65%. This indicates that FPA's price experiences larger fluctuations and is considered to be riskier than PEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FPA | PEMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.55% | 12.65% | +1.90% |
Volatility (6M)Calculated over the trailing 6-month period | 24.45% | 21.23% | +3.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.61% | 23.64% | +3.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.43% | 18.94% | +5.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.63% | 18.94% | +3.69% |
FPA vs. PEMX - Expense Ratio Comparison
FPA has a 0.80% expense ratio, which is lower than PEMX's 0.85% expense ratio.
Dividends
FPA vs. PEMX - Dividend Comparison
FPA's dividend yield for the trailing twelve months is around 3.63%, less than PEMX's 5.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund | 3.63% | 4.71% | 3.40% | 3.02% | 4.22% | 5.12% | 1.59% | 3.90% | 2.81% | 3.15% | 2.42% | 1.74% |
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
FPA and PEMX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FPA has higher volatility (14.55%) compared to PEMX (12.65%). In terms of maximum drawdown, FPA dropped -52.91% vs PEMX's -14.91%.
On 3-year performance, PEMX leads with 32.32% vs 29.68% for FPA. On fees, FPA is cheaper at 0.80% per year. On volatility, PEMX has been the lower-risk option at 12.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PEMX has performed better with a 32.32% return vs 29.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FPA is cheaper with a 0.80% expense ratio, compared with 0.85% for PEMX.
PEMX has the higher dividend yield at 5.11%, compared with 3.63% for FPA.
FPA is categorized as Asia Pacific Equities, while PEMX is Emerging Markets Diversified. They also come from different issuers: First Trust and Putnam. Their fees differ too: 0.80% for FPA and 0.85% for PEMX.
PEMX currently has the higher Sharpe Ratio (2.79 vs 2.41), 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.
Find the right allocation for FPA and PEMX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer