NUEM vs. PPIE

Last updated Jul 16, 2026

NUEM (Nuveen ESG Emerging Markets Equity ETF) and PPIE (Putnam Panagora ESG International Equity ETF -) are both exchange-traded funds - NUEM is a Emerging Markets Equities fund tracking the MSCI TIAA ESG Emerging Markets, while PPIE is a Foreign Large Cap Equities fund actively managed by Putnam. NUEM is passively managed, while PPIE is actively managed. A 0.62 correlation means they provide meaningful diversification when combined. NUEM charges 0.35%/yr vs 0.49%/yr for PPIE.

Performance

NUEM vs. PPIE - Performance Comparison

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

Returns By Period

NUEM

• 1D: 0.66%
• 1M: -4.71%
• 6M: 10.13%
• YTD: 15.54%
• 1Y: 26.89%
• 3Y*: 16.34%
• 5Y*: 5.15%
• 10Y*: —

PPIE

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

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

NUEM vs. PPIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NUEM Nuveen ESG Emerging Markets Equity ETF	15.54%	27.12%	9.73%	-0.18%
PPIE Putnam Panagora ESG International Equity ETF -	8.31%	32.77%	7.67%	9.74%

Correlation

The correlation between NUEM and PPIE is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023	0.62

The correlation between NUEM and PPIE has been stable across timeframes, ranging from 0.61 to 0.62 - a consistent structural relationship.

NUEM vs. PPIE - Sectors Allocation Comparison

Sectors	NUEM	PPIE
Technology	36.5%	14.2%
Financial Services	16.8%	24.0%
Consumer Cyclical	11.2%	5.9%
Industrials	11.1%	21.7%
Basic Materials	7.9%	5.3%
Communication Services	7.6%	3.3%
Energy	2.6%	3.3%
Healthcare	2.6%	11.9%
Utilities	1.7%	3.2%
Consumer Defensive	1.5%	6.4%
Real Estate	0.6%	0.9%

Return for Risk

NUEM vs. PPIE — Risk / Return Rank

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

NUEM

NUEM Risk / Return Rank: 48
NUEM Sharpe Ratio Rank: 43
NUEM Sortino Ratio Rank: 41
NUEM Omega Ratio Rank: 46
NUEM Calmar Ratio Rank: 57
NUEM Martin Ratio Rank: 52

PPIE

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.

NUEM vs. PPIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Emerging Markets Equity ETF (NUEM) and Putnam Panagora ESG International Equity ETF - (PPIE). 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.

	NUEM	PPIE	Difference
Sharpe ratio: Return per unit of total volatility	1.26	—	—
Sortino ratio: Return per unit of downside risk	1.78	—	—
Omega ratio: Gain probability vs. loss probability	1.24	—	—
Calmar ratio: Return relative to maximum drawdown	2.34	—	—
Martin ratio: Return relative to average drawdown	7.21	—	—

Drawdowns

Drawdown Indicators

	NUEM	PPIE	Difference
Max Drawdown Largest peak-to-trough decline	-39.48%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-11.56%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-17.58%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-36.19%	—	—
Current Drawdown Current decline from peak	-6.86%	—	—
Average Drawdown Average peak-to-trough decline	-14.89%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	3.74%	—	—

Volatility

Volatility by Period

	NUEM	PPIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.69%	—	—
Volatility (6M) Calculated over the trailing 6-month period	19.22%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	21.38%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.28%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.40%	—	—

NUEM vs. PPIE - Expense Ratio Comparison

NUEM has a 0.35% expense ratio, which is lower than PPIE's 0.49% expense ratio.

Dividends

NUEM vs. PPIE - Dividend Comparison

NUEM's dividend yield for the trailing twelve months is around 3.10%, while PPIE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
NUEM Nuveen ESG Emerging Markets Equity ETF	3.10%	3.58%	1.95%	2.37%	1.90%	2.45%	1.26%	1.98%	2.05%	0.62%
PPIE Putnam Panagora ESG International Equity ETF -	12.06%	8.40%	5.12%	3.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NUEM and PPIE in my portfolio?

NUEM and PPIE have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NUEM or PPIE?

On fees, NUEM is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NUEM or PPIE?

NUEM is cheaper with a 0.35% expense ratio, compared with 0.49% for PPIE.

Which ETF pays a higher dividend yield, NUEM or PPIE?

PPIE has the higher dividend yield at 12.06%, compared with 3.10% for NUEM.

What is the main difference between NUEM and PPIE?

NUEM is categorized as Emerging Markets Equities, while PPIE is Foreign Large Cap Equities. They also come from different issuers: Nuveen and Putnam. Their fees differ too: 0.35% for NUEM and 0.49% for PPIE.