MKOR vs. PEMX

Last updated Jun 14, 2026

MKOR (Matthews Korea Active ETF) and PEMX (Putnam Emerging Markets Ex-China ETF) are both exchange-traded funds - MKOR is a Asia Pacific Equities fund actively managed by Matthews, while PEMX is a Emerging Markets Diversified fund actively managed by Putnam. Both are actively managed. Over the past year, MKOR returned 166.41% vs 68.11% for PEMX. A 0.77 correlation means they provide meaningful diversification when combined. MKOR charges 0.79%/yr vs 0.85%/yr for PEMX.

Performance

MKOR vs. PEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Korea Active ETF (MKOR) 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, MKOR achieves a 94.74% return, which is significantly higher than PEMX's 37.04% return.

MKOR

• 1D: 1.84%
• 1M: 12.24%
• YTD: 94.74%
• 6M: 106.59%
• 1Y: 166.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PEMX

• 1D: 0.38%
• 1M: 8.00%
• YTD: 37.04%
• 6M: 41.88%
• 1Y: 68.11%
• 3Y*: 32.32%
• 5Y*: —
• 10Y*: —

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

MKOR vs. PEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MKOR Matthews Korea Active ETF	94.74%	70.33%	-15.76%	-2.52%
PEMX Putnam Emerging Markets Ex-China ETF	37.04%	34.01%	17.21%	4.97%

Correlation

The correlation between MKOR and PEMX is 0.84, 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	0.84
Correlation (All Time) Calculated using the full available price history since Jul 17, 2023	0.77

The correlation between MKOR and PEMX has been stable across timeframes, ranging from 0.77 to 0.84 - a consistent structural relationship.

Return for Risk

MKOR vs. PEMX — Risk / Return Rank

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

MKOR

MKOR Risk / Return Rank: 95
MKOR Sharpe Ratio Rank: 97
MKOR Sortino Ratio Rank: 93
MKOR Omega Ratio Rank: 94
MKOR Calmar Ratio Rank: 96
MKOR Martin Ratio Rank: 96

PEMX

PEMX Risk / Return Rank: 89
PEMX Sharpe Ratio Rank: 92
PEMX Sortino Ratio Rank: 86
PEMX Omega Ratio Rank: 89
PEMX Calmar Ratio Rank: 88
PEMX Martin Ratio Rank: 89

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.

MKOR vs. PEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Korea Active ETF (MKOR) 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.

	MKOR	PEMX	Difference
Sharpe ratio: Return per unit of total volatility	4.08	2.79	+1.29
Sortino ratio: Return per unit of downside risk	4.11	3.40	+0.71
Omega ratio: Gain probability vs. loss probability	1.59	1.49	+0.11
Calmar ratio: Return relative to maximum drawdown	7.91	4.56	+3.35
Martin ratio: Return relative to average drawdown	29.09	17.36	+11.74

MKOR vs. PEMX - Sharpe Ratio Comparison

The current MKOR Sharpe Ratio is 4.08, which is higher than the PEMX Sharpe Ratio of 2.79. The chart below compares the historical Sharpe Ratios of MKOR 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

MKOR vs. PEMX - Drawdown Comparison

The maximum MKOR drawdown since its inception was -22.09%, which is greater than PEMX's maximum drawdown of -14.91%. Use the drawdown chart below to compare losses from any high point for MKOR and PEMX.

Drawdown Indicators

	MKOR	PEMX	Difference
Max Drawdown Largest peak-to-trough decline	-22.09%	-14.91%	-7.18%
Max Drawdown (1Y) Largest decline over 1 year	-20.62%	-14.45%	-6.17%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.91%	—
Current Drawdown Current decline from peak	-3.32%	-2.98%	-0.34%
Average Drawdown Average peak-to-trough decline	-6.30%	-2.86%	-3.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.60%	3.79%	+1.81%

Volatility

MKOR vs. PEMX - Volatility Comparison

Matthews Korea Active ETF (MKOR) has a higher volatility of 20.42% compared to Putnam Emerging Markets Ex-China ETF (PEMX) at 12.65%. This indicates that MKOR'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.

Volatility by Period

	MKOR	PEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.42%	12.65%	+7.77%
Volatility (6M) Calculated over the trailing 6-month period	36.74%	21.23%	+15.51%
Volatility (1Y) Calculated over the trailing 1-year period	40.06%	23.64%	+16.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.39%	18.94%	+9.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.39%	18.94%	+9.45%

MKOR vs. PEMX - Expense Ratio Comparison

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

Dividends

MKOR vs. PEMX - Dividend Comparison

MKOR's dividend yield for the trailing twelve months is around 1.35%, less than PEMX's 5.11% yield.

Position	TTM	2025	2024	2023
MKOR Matthews Korea Active ETF	1.35%	2.62%	5.28%	0.00%
PEMX Putnam Emerging Markets Ex-China ETF	5.11%	7.00%	5.00%	0.72%

Frequently Asked Questions

Can I hold both MKOR and PEMX in my portfolio?

MKOR and PEMX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MKOR or PEMX?

MKOR has higher volatility (20.42%) compared to PEMX (12.65%). In terms of maximum drawdown, MKOR dropped -22.09% vs PEMX's -14.91%.

Which ETF is better, MKOR or PEMX?

On 1-year performance, MKOR leads with 166.41% vs 68.11% for PEMX. On fees, MKOR is cheaper at 0.79% 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.

Which ETF has performed better, MKOR or PEMX?

Over the 1-year period, MKOR has performed better with a 166.41% return vs 68.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MKOR or PEMX?

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

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

PEMX has the higher dividend yield at 5.11%, compared with 1.35% for MKOR.

What is the main difference between MKOR and PEMX?

MKOR is categorized as Asia Pacific Equities, while PEMX is Emerging Markets Diversified. They also come from different issuers: Matthews and Putnam. Their fees differ too: 0.79% for MKOR and 0.85% for PEMX.

Which has better risk-adjusted returns?

MKOR currently has the higher Sharpe Ratio (4.08 vs 2.79), 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.