MEM vs. PPEM

Last updated Jun 24, 2026

MEM (Matthews Emerging Markets Equity Active ETF) and PPEM (Putnam Panagora ESG Emerging Markets Equity ETF -) are both Emerging Markets Diversified funds. MEM is actively managed, while PPEM is passively managed. Over the past 3 years, MEM returned 21.88%/yr vs 24.99%/yr for PPEM. Their correlation of 0.90 suggests significant overlap in exposure. MEM charges 0.79%/yr vs 0.61%/yr for PPEM.

Performance

MEM vs. PPEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Emerging Markets Equity Active ETF (MEM) and Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MEM achieves a 24.68% return, which is significantly lower than PPEM's 31.88% return.

MEM

• 1D: -5.79%
• 1M: 2.54%
• YTD: 24.68%
• 6M: 25.39%
• 1Y: 46.10%
• 3Y*: 21.88%
• 5Y*: —
• 10Y*: —

PPEM

• 1D: 0.56%
• 1M: 4.33%
• YTD: 31.88%
• 6M: 33.23%
• 1Y: 55.34%
• 3Y*: 24.99%
• 5Y*: —
• 10Y*: —

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

MEM vs. PPEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MEM Matthews Emerging Markets Equity Active ETF	24.68%	28.31%	10.11%	0.37%
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	31.88%	35.39%	7.50%	0.19%

Correlation

The correlation between MEM and PPEM is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023	0.90

The correlation between MEM and PPEM has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.

Return for Risk

MEM vs. PPEM — Risk / Return Rank

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

MEM

MEM Risk / Return Rank: 65
MEM Sharpe Ratio Rank: 66
MEM Sortino Ratio Rank: 60
MEM Omega Ratio Rank: 66
MEM Calmar Ratio Rank: 69
MEM Martin Ratio Rank: 66

PPEM

PPEM Risk / Return Rank: 83
PPEM Sharpe Ratio Rank: 86
PPEM Sortino Ratio Rank: 84
PPEM Omega Ratio Rank: 87
PPEM Calmar Ratio Rank: 76
PPEM Martin Ratio Rank: 80

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.

MEM vs. PPEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Emerging Markets Equity Active ETF (MEM) and Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM). 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	PPEM	Difference
Sharpe ratio: Return per unit of total volatility	1.97	2.62	-0.65
Sortino ratio: Return per unit of downside risk	2.58	3.48	-0.90
Omega ratio: Gain probability vs. loss probability	1.36	1.49	-0.13
Calmar ratio: Return relative to maximum drawdown	3.17	3.64	-0.47
Martin ratio: Return relative to average drawdown	11.12	14.57	-3.45

MEM vs. PPEM - Sharpe Ratio Comparison

The current MEM Sharpe Ratio is 1.97, which is comparable to the PPEM Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of MEM and PPEM, 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. PPEM - Drawdown Comparison

The maximum MEM drawdown since its inception was -19.10%, roughly equal to the maximum PPEM drawdown of -18.44%. Use the drawdown chart below to compare losses from any high point for MEM and PPEM.

Drawdown Indicators

	MEM	PPEM	Difference
Max Drawdown Largest peak-to-trough decline	-19.10%	-18.44%	-0.66%
Max Drawdown (1Y) Largest decline over 1 year	-14.62%	-15.28%	+0.66%
Max Drawdown (3Y) Largest decline over 3 years	-19.10%	-18.44%	-0.66%
Current Drawdown Current decline from peak	-5.79%	-1.80%	-3.99%
Average Drawdown Average peak-to-trough decline	-4.73%	-4.19%	-0.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	3.81%	+0.35%

Volatility

MEM vs. PPEM - Volatility Comparison

Matthews Emerging Markets Equity Active ETF (MEM) has a higher volatility of 12.91% compared to Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM) at 7.94%. This indicates that MEM's price experiences larger fluctuations and is considered to be riskier than PPEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MEM	PPEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.91%	7.94%	+4.97%
Volatility (6M) Calculated over the trailing 6-month period	21.33%	18.76%	+2.57%
Volatility (1Y) Calculated over the trailing 1-year period	23.57%	21.24%	+2.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.10%	18.26%	+0.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.10%	18.26%	+0.84%

MEM vs. PPEM - Expense Ratio Comparison

MEM has a 0.79% expense ratio, which is higher than PPEM's 0.61% expense ratio.

Dividends

MEM vs. PPEM - Dividend Comparison

MEM's dividend yield for the trailing twelve months is around 2.86%, less than PPEM's 49.06% yield.

Position	TTM	2025	2024	2023	2022
MEM Matthews Emerging Markets Equity Active ETF	2.86%	3.56%	7.81%	0.01%	0.53%
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	49.06%	6.05%	3.27%	1.94%	0.00%

Frequently Asked Questions

Can I hold both MEM and PPEM in my portfolio?

MEM and PPEM have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MEM or PPEM?

MEM has higher volatility (12.91%) compared to PPEM (7.94%). In terms of maximum drawdown, MEM dropped -19.10% vs PPEM's -18.44%.

Which ETF is better, MEM or PPEM?

On 3-year performance, PPEM leads with 24.99% vs 21.88% for MEM. On fees, PPEM is cheaper at 0.61% per year. On volatility, PPEM has been the lower-risk option at 7.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MEM or PPEM?

Over the 3-year period, PPEM has performed better with a 24.99% return vs 21.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MEM or PPEM?

PPEM is cheaper with a 0.61% expense ratio, compared with 0.79% for MEM.

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

PPEM has the higher dividend yield at 49.06%, compared with 2.86% for MEM.

What is the main difference between MEM and PPEM?

They also come from different issuers: Matthews and Putnam. Their fees differ too: 0.79% for MEM and 0.61% for PPEM.

Which has better risk-adjusted returns?

PPEM currently has the higher Sharpe Ratio (2.62 vs 1.97), 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.