MEMX vs. PPEM

Last updated Jul 14, 2026

MEMX (Matthews Emerging Markets Ex China Active ETF) and PPEM (Putnam Panagora ESG Emerging Markets Equity ETF -) are both Emerging Markets Diversified funds. MEMX is actively managed, while PPEM is passively managed. Their correlation of 0.80 suggests significant overlap in exposure. MEMX charges 0.79%/yr vs 0.61%/yr for PPEM.

Performance

MEMX vs. PPEM - Performance Comparison

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

Returns By Period

MEMX

• 1D: -3.50%
• 1M: -4.56%
• 6M: 17.40%
• YTD: 23.89%
• 1Y: 49.73%
• 3Y*: 22.25%
• 5Y*: —
• 10Y*: —

PPEM

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MEMX vs. PPEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MEMX Matthews Emerging Markets Ex China Active ETF	23.89%	35.88%	5.50%	8.86%
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	31.88%	35.39%	7.50%	0.19%

Correlation

The correlation between MEMX and PPEM is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023	0.80

The correlation between MEMX and PPEM has been stable across timeframes, ranging from 0.80 to 0.80 - a consistent structural relationship.

Return for Risk

MEMX vs. PPEM — Risk / Return Rank

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

MEMX

MEMX Risk / Return Rank: 77
MEMX Sharpe Ratio Rank: 78
MEMX Sortino Ratio Rank: 69
MEMX Omega Ratio Rank: 78
MEMX Calmar Ratio Rank: 81
MEMX Martin Ratio Rank: 80

PPEM

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

MEMX vs. PPEM - Risk-Adjusted Trends Comparison

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

	MEMX	PPEM	Difference
Sharpe ratio: Return per unit of total volatility	1.97	—	—
Sortino ratio: Return per unit of downside risk	2.51	—	—
Omega ratio: Gain probability vs. loss probability	1.36	—	—
Calmar ratio: Return relative to maximum drawdown	3.40	—	—
Martin ratio: Return relative to average drawdown	12.15	—	—

Drawdowns

Drawdown Indicators

	MEMX	PPEM	Difference
Max Drawdown Largest peak-to-trough decline	-19.27%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-14.70%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-19.27%	—	—
Current Drawdown Current decline from peak	-9.93%	—	—
Average Drawdown Average peak-to-trough decline	-3.53%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	4.10%	—	—

Volatility

Volatility by Period

	MEMX	PPEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.99%	—	—
Volatility (6M) Calculated over the trailing 6-month period	23.44%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	25.41%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.43%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.43%	—	—

MEMX vs. PPEM - Expense Ratio Comparison

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

Dividends

MEMX vs. PPEM - Dividend Comparison

MEMX's dividend yield for the trailing twelve months is around 3.94%, while PPEM has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
MEMX Matthews Emerging Markets Ex China Active ETF	3.94%	4.88%	0.99%	1.13%
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	49.06%	6.05%	3.27%	1.94%

Frequently Asked Questions

Can I hold both MEMX and PPEM in my portfolio?

MEMX and PPEM have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MEMX or PPEM?

On fees, PPEM is cheaper at 0.61% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MEMX or PPEM?

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

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

PPEM has the higher dividend yield at 49.06%, compared with 3.94% for MEMX.

What is the main difference between MEMX and PPEM?

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