MEM vs. PEMX

Last updated Aug 4, 2026

MEM (Matthews Emerging Markets Equity Active ETF) and PEMX (Putnam Emerging Markets Ex-China ETF) are both Emerging Markets Equities funds. Both are actively managed. Over the past 3 years, MEM returned 19.44%/yr vs 29.67%/yr for PEMX. Their correlation of 0.84 means they have usually moved in the same direction. MEM charges 0.79%/yr vs 0.85%/yr for PEMX.

Performance

MEM vs. PEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Emerging Markets Equity Active ETF (MEM) 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, MEM achieves a 19.84% return, which is significantly lower than PEMX's 27.40% return.

MEM

• 1D: 0.66%
• 1M: -1.66%
• 6M: 9.62%
• YTD: 19.84%
• 1Y: 37.66%
• 3Y*: 19.44%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.74%

PEMX

• 1D: 0.78%
• 1M: -6.39%
• 6M: 14.52%
• YTD: 27.40%
• 1Y: 49.26%
• 3Y*: 29.67%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 29.68%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MEM Matthews Emerging Markets Equity Active ETF	$115.09K	$118.00K	$130.93K
PEMX Putnam Emerging Markets Ex-China ETF	$80.60K	$81.40K	$263.12K

MEM vs. PEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MEM Matthews Emerging Markets Equity Active ETF	19.84%	28.31%	10.11%	4.59%
PEMX Putnam Emerging Markets Ex-China ETF	27.40%	34.01%	17.21%	15.13%

Correlation

The correlation between MEM and PEMX is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.84
Correlation (All Time) Calculated using the full available price history since May 18, 2023	0.84

The correlation between MEM and PEMX has been stable across timeframes, ranging from 0.84 to 0.92 - a consistent structural relationship.

MEM vs. PEMX - Sectors Allocation Comparison

Sectors	MEM	PEMX
Technology	45.6%	49.1%
Financial Services	23.8%	24.1%
Industrials	7.8%	6.1%
Basic Materials	7.7%	1.5%
Consumer Cyclical	6.8%	3.8%
Communication Services	4.3%	6.0%
Energy	2.0%	0.9%
Consumer Defensive	1.4%	1.0%
Healthcare	0.6%	1.4%
Real Estate	-	-
Utilities	-	3.7%

Return for Risk

MEM vs. PEMX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MEM

MEM Risk / Return Rank: 60
MEM Sharpe Ratio Rank: 59
MEM Sortino Ratio Rank: 56
MEM Omega Ratio Rank: 59
MEM Calmar Ratio Rank: 68
MEM Martin Ratio Rank: 58

PEMX

PEMX Risk / Return Rank: 72
PEMX Sharpe Ratio Rank: 76
PEMX Sortino Ratio Rank: 68
PEMX Omega Ratio Rank: 74
PEMX Calmar Ratio Rank: 71
PEMX Martin Ratio Rank: 71

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MEM vs. PEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Emerging Markets Equity Active ETF (MEM) 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.

	MEM	PEMX	Difference
Sharpe ratio: Return per unit of total volatility	1.52	1.82	-0.30
Sortino ratio: Return per unit of downside risk	2.08	2.34	-0.25
Omega ratio: Gain probability vs. loss probability	1.28	1.32	-0.05
Calmar ratio: Return relative to maximum drawdown	2.59	2.60	-0.01
Martin ratio: Return relative to average drawdown	7.35	9.25	-1.89

MEM vs. PEMX - Sharpe Ratio Comparison

The current MEM Sharpe Ratio is 1.52, which is comparable to the PEMX Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of MEM 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

MEM vs. PEMX - Drawdown Comparison

The maximum MEM drawdown since its inception was -19.10%, roughly equal to the maximum PEMX drawdown of -19.04%. Use the drawdown chart below to compare losses from any high point for MEM and PEMX.

Drawdown Indicators

	MEM	PEMX	Difference
Max Drawdown Largest peak-to-trough decline	-19.10%	-19.04%	-0.06%
Max Drawdown (1Y) Largest decline over 1 year	-14.62%	-19.04%	+4.42%
Max Drawdown (3Y) Largest decline over 3 years	-19.10%	-19.04%	-0.06%
Current Drawdown Current decline from peak	-9.45%	-13.83%	+4.38%
Average Drawdown Average peak-to-trough decline	-4.84%	-3.12%	-1.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.13%	5.34%	-0.21%

Volatility

MEM vs. PEMX - Volatility Comparison

The current volatility for Matthews Emerging Markets Equity Active ETF (MEM) is 8.36%, while Putnam Emerging Markets Ex-China ETF (PEMX) has a volatility of 10.78%. This indicates that MEM 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

	MEM	PEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.36%	10.78%	-2.42%
Volatility (6M) Calculated over the trailing 6-month period	22.33%	25.17%	-2.84%
Volatility (1Y) Calculated over the trailing 1-year period	24.98%	27.28%	-2.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.36%	20.22%	-0.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.36%	20.22%	-0.86%

MEM vs. PEMX - Expense Ratio Comparison

MEM has a 0.79% expense ratio, which is lower than PEMX's 0.85% expense ratio.

Dividends

MEM vs. PEMX - Dividend Comparison

MEM's dividend yield for the trailing twelve months is around 2.97%, less than PEMX's 5.50% yield.

Position	TTM	2025	2024	2023	2022
MEM Matthews Emerging Markets Equity Active ETF	2.97%	3.56%	7.81%	0.01%	0.53%
PEMX Putnam Emerging Markets Ex-China ETF	5.50%	7.00%	5.00%	0.72%	0.00%

Frequently Asked Questions

Can I hold both MEM and PEMX in my portfolio?

With a correlation of 0.92, MEM and PEMX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MEM or PEMX?

PEMX has higher volatility (10.78%) compared to MEM (8.36%). In terms of maximum drawdown, MEM dropped -19.10% vs PEMX's -19.04%.

Which ETF is better, MEM or PEMX?

On 3-year performance, PEMX leads with 29.67% vs 19.44% for MEM. On fees, MEM is cheaper at 0.79% per year. On volatility, MEM has been the lower-risk option at 8.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MEM or PEMX?

Over the 3-year period, PEMX has performed better with a 29.67% return vs 19.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MEM or PEMX?

MEM is cheaper with a 0.79% expense ratio, compared with 0.85% for PEMX.

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

PEMX has the higher dividend yield at 5.50%, compared with 2.97% for MEM.

What is the main difference between MEM and PEMX?

They also come from different issuers: Matthews and Putnam. Their fees differ too: 0.79% for MEM and 0.85% for PEMX.

Which has better risk-adjusted returns?

PEMX currently has the higher Sharpe Ratio (1.82 vs 1.52), 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.