IMTM vs. PEMX

Last updated Jun 4, 2026

IMTM (iShares MSCI Intl Momentum Factor ETF) and PEMX (Putnam Emerging Markets Ex-China ETF) are both exchange-traded funds - IMTM is a Momentum fund tracking the MSCI World ex USA Momentum, while PEMX is a Emerging Markets Diversified fund actively managed by Putnam. IMTM is passively managed, while PEMX is actively managed. Over the past 3 years, IMTM returned 21.55%/yr vs 34.73%/yr for PEMX. A 0.72 correlation means they provide meaningful diversification when combined. IMTM charges 0.30%/yr vs 0.85%/yr for PEMX.

Performance

IMTM vs. PEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Intl Momentum Factor ETF (IMTM) 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, IMTM achieves a 11.05% return, which is significantly lower than PEMX's 40.36% return.

IMTM

• 1D: -0.39%
• 1M: 4.43%
• YTD: 11.05%
• 6M: 14.04%
• 1Y: 23.92%
• 3Y*: 21.55%
• 5Y*: 9.00%
• 10Y*: 10.29%

PEMX

• 1D: -0.63%
• 1M: 11.09%
• YTD: 40.36%
• 6M: 45.50%
• 1Y: 75.31%
• 3Y*: 34.73%
• 5Y*: —
• 10Y*: —

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

IMTM vs. PEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IMTM iShares MSCI Intl Momentum Factor ETF	11.05%	34.50%	12.17%	5.84%
PEMX Putnam Emerging Markets Ex-China ETF	40.36%	34.01%	17.21%	15.13%

Correlation

The correlation between IMTM and PEMX is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (All Time) Calculated using the full available price history since May 19, 2023	0.72

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

IMTM vs. PEMX - Sectors Allocation Comparison

Sectors	IMTM	PEMX
Financial Services	29.6%	24.4%
Industrials	17.5%	8.6%
Technology	11.4%	45.0%
Energy	9.4%	-
Basic Materials	9.3%	2.8%
Healthcare	9.0%	1.9%
Utilities	6.4%	4.5%
Consumer Defensive	2.4%	1.2%
Communication Services	1.9%	6.6%
Consumer Cyclical	1.8%	4.2%
Real Estate	1.2%	0.9%

Return for Risk

IMTM vs. PEMX — Risk / Return Rank

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

IMTM

IMTM Risk / Return Rank: 40
IMTM Sharpe Ratio Rank: 39
IMTM Sortino Ratio Rank: 39
IMTM Omega Ratio Rank: 39
IMTM Calmar Ratio Rank: 37
IMTM Martin Ratio Rank: 45

PEMX

PEMX Risk / Return Rank: 90
PEMX Sharpe Ratio Rank: 93
PEMX Sortino Ratio Rank: 91
PEMX Omega Ratio Rank: 91
PEMX Calmar Ratio Rank: 88
PEMX Martin Ratio Rank: 90

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.

IMTM vs. PEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Intl Momentum Factor ETF (IMTM) 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.

	IMTM	PEMX	Difference
Sharpe ratio: Return per unit of total volatility	1.41	3.52	-2.11
Sortino ratio: Return per unit of downside risk	2.07	4.30	-2.23
Omega ratio: Gain probability vs. loss probability	1.26	1.59	-0.34
Calmar ratio: Return relative to maximum drawdown	1.87	5.24	-3.37
Martin ratio: Return relative to average drawdown	7.46	20.66	-13.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IMTM vs. PEMX - Sharpe Ratio Comparison

The current IMTM Sharpe Ratio is 1.41, which is lower than the PEMX Sharpe Ratio of 3.52. The chart below compares the historical Sharpe Ratios of IMTM 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.

Sharpe Ratios by Period

	IMTM	PEMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.41	3.52	-2.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	1.99	-1.48

Drawdowns

IMTM vs. PEMX - Drawdown Comparison

The maximum IMTM drawdown since its inception was -32.66%, which is greater than PEMX's maximum drawdown of -14.91%. Use the drawdown chart below to compare losses from any high point for IMTM and PEMX.

Drawdown Indicators

	IMTM	PEMX	Difference
Max Drawdown Largest peak-to-trough decline	-32.66%	-14.91%	-17.75%
Max Drawdown (1Y) Largest decline over 1 year	-12.85%	-14.45%	+1.60%
Max Drawdown (3Y) Largest decline over 3 years	-12.85%	-14.91%	+2.06%
Max Drawdown (5Y) Largest decline over 5 years	-32.66%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.66%	—	—
Current Drawdown Current decline from peak	-0.39%	-0.63%	+0.24%
Average Drawdown Average peak-to-trough decline	-7.45%	-2.84%	-4.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.21%	3.66%	-0.45%

Volatility

IMTM vs. PEMX - Volatility Comparison

The current volatility for iShares MSCI Intl Momentum Factor ETF (IMTM) is 5.48%, while Putnam Emerging Markets Ex-China ETF (PEMX) has a volatility of 9.67%. This indicates that IMTM 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

	IMTM	PEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.48%	9.67%	-4.19%
Volatility (6M) Calculated over the trailing 6-month period	14.98%	18.73%	-3.75%
Volatility (1Y) Calculated over the trailing 1-year period	17.04%	21.51%	-4.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.64%	18.18%	-0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.64%	18.18%	-0.54%

IMTM vs. PEMX - Expense Ratio Comparison

IMTM has a 0.30% expense ratio, which is lower than PEMX's 0.85% expense ratio.

Dividends

IMTM vs. PEMX - Dividend Comparison

IMTM's dividend yield for the trailing twelve months is around 4.23%, less than PEMX's 4.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMTM iShares MSCI Intl Momentum Factor ETF	4.23%	4.70%	2.93%	2.29%	2.68%	2.51%	0.97%	2.13%	2.36%	1.92%	2.75%	1.56%
PEMX Putnam Emerging Markets Ex-China ETF	4.99%	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 IMTM and PEMX in my portfolio?

IMTM and PEMX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IMTM or PEMX?

PEMX has higher volatility (9.67%) compared to IMTM (5.48%). In terms of maximum drawdown, IMTM dropped -32.66% vs PEMX's -14.91%.

Which ETF is better, IMTM or PEMX?

On 3-year performance, PEMX leads with 34.73% vs 21.55% for IMTM. On fees, IMTM is cheaper at 0.30% per year. On volatility, IMTM has been the lower-risk option at 5.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMTM or PEMX?

Over the 3-year period, PEMX has performed better with a 34.73% return vs 21.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMTM or PEMX?

IMTM is cheaper with a 0.30% expense ratio, compared with 0.85% for PEMX.

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

PEMX has the higher dividend yield at 4.99%, compared with 4.23% for IMTM.

What is the main difference between IMTM and PEMX?

IMTM is categorized as Momentum, while PEMX is Emerging Markets Diversified. They also come from different issuers: iShares and Putnam. Their fees differ too: 0.30% for IMTM and 0.85% for PEMX.

Which has better risk-adjusted returns?

PEMX currently has the higher Sharpe Ratio (3.52 vs 1.41), 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.