PALL vs. AGEM

Last updated Aug 2, 2026

PALL (abrdn Physical Palladium Shares ETF) and AGEM (abrdn Emerging Markets Dividend Active ETF) are both exchange-traded funds - PALL is a Precious Metals fund tracking the Palladium London PM Fix ($/ozt), while AGEM is a Emerging Markets Equities fund actively managed by abrdn. PALL is passively managed, while AGEM is actively managed. Over the past year, PALL returned 5.49% vs 45.32% for AGEM. Their 0.38 correlation means their historical movements had little consistent relationship. PALL charges 0.60%/yr vs 0.70%/yr for AGEM.

Performance

PALL vs. AGEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in abrdn Physical Palladium Shares ETF (PALL) and abrdn Emerging Markets Dividend Active ETF (AGEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PALL achieves a -20.11% return, which is significantly lower than AGEM's 24.99% return.

PALL

• 1D: -2.60%
• 1M: 1.40%
• 6M: -24.51%
• YTD: -20.11%
• 1Y: 5.49%
• 3Y*: 0.52%
• 5Y*: -14.08%
• 10Y*: 5.38%
• ALL TIME*: 6.05%

AGEM

• 1D: 0.77%
• 1M: -0.16%
• 6M: 14.22%
• YTD: 24.99%
• 1Y: 45.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 39.71%

*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)
AGEM abrdn Emerging Markets Dividend Active ETF	$1.02M	$702.44K	$818.78K
PALL abrdn Physical Palladium Shares ETF	$12.54M	$14.21M	$19.69M

PALL vs. AGEM - Yearly Performance Comparison

	2026 (YTD)	2025
PALL abrdn Physical Palladium Shares ETF	-20.11%	62.47%
AGEM abrdn Emerging Markets Dividend Active ETF	24.99%	29.73%

Correlation

The correlation between PALL and AGEM is 0.43, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.43
Correlation (All Time) Calculated using the full available price history since Feb 18, 2025	0.38

Return for Risk

PALL vs. AGEM — Risk / Return Rank

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

PALL

PALL Risk / Return Rank: 15
PALL Sharpe Ratio Rank: 14
PALL Sortino Ratio Rank: 17
PALL Omega Ratio Rank: 17
PALL Calmar Ratio Rank: 13
PALL Martin Ratio Rank: 13

AGEM

AGEM Risk / Return Rank: 80
AGEM Sharpe Ratio Rank: 80
AGEM Sortino Ratio Rank: 76
AGEM Omega Ratio Rank: 79
AGEM Calmar Ratio Rank: 84
AGEM Martin Ratio Rank: 79

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.

PALL vs. AGEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for abrdn Physical Palladium Shares ETF (PALL) and abrdn Emerging Markets Dividend Active ETF (AGEM). 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.

	PALL	AGEM	Difference
Sharpe ratio: Return per unit of total volatility	0.14	1.84	-1.71
Sortino ratio: Return per unit of downside risk	0.53	2.45	-1.92
Omega ratio: Gain probability vs. loss probability	1.07	1.34	-0.26
Calmar ratio: Return relative to maximum drawdown	0.16	3.22	-3.06
Martin ratio: Return relative to average drawdown	0.31	10.15	-9.84

PALL vs. AGEM - Sharpe Ratio Comparison

The current PALL Sharpe Ratio is 0.14, which is lower than the AGEM Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of PALL and AGEM, 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

PALL vs. AGEM - Drawdown Comparison

The maximum PALL drawdown since its inception was -73.63%, which is greater than AGEM's maximum drawdown of -15.58%. Use the drawdown chart below to compare losses from any high point for PALL and AGEM.

Drawdown Indicators

	PALL	AGEM	Difference
Max Drawdown Largest peak-to-trough decline	-73.63%	-15.58%	-58.05%
Max Drawdown (1Y) Largest decline over 1 year	-43.20%	-13.92%	-29.28%
Max Drawdown (3Y) Largest decline over 3 years	-43.20%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-73.63%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-73.63%	—	—
Current Drawdown Current decline from peak	-60.63%	-7.03%	-53.60%
Average Drawdown Average peak-to-trough decline	-27.13%	-2.64%	-24.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.01%	4.41%	+17.60%

Volatility

PALL vs. AGEM - Volatility Comparison

abrdn Physical Palladium Shares ETF (PALL) has a higher volatility of 11.96% compared to abrdn Emerging Markets Dividend Active ETF (AGEM) at 9.55%. This indicates that PALL's price experiences larger fluctuations and is considered to be riskier than AGEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PALL	AGEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.96%	9.55%	+2.41%
Volatility (6M) Calculated over the trailing 6-month period	35.54%	22.39%	+13.15%
Volatility (1Y) Calculated over the trailing 1-year period	50.62%	24.33%	+26.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.62%	23.59%	+19.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.19%	23.59%	+14.60%

PALL vs. AGEM - Expense Ratio Comparison

PALL has a 0.60% expense ratio, which is lower than AGEM's 0.70% expense ratio.

Dividends

PALL vs. AGEM - Dividend Comparison

PALL has not paid dividends to shareholders, while AGEM's dividend yield for the trailing twelve months is around 1.94%.

Position	TTM	2025
AGEM abrdn Emerging Markets Dividend Active ETF	1.94%	1.80%
PALL abrdn Physical Palladium Shares ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both PALL and AGEM in my portfolio?

PALL and AGEM have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PALL or AGEM?

PALL has higher volatility (11.96%) compared to AGEM (9.55%). In terms of maximum drawdown, PALL dropped -73.63% vs AGEM's -15.58%.

Which ETF is better, PALL or AGEM?

On 1-year performance, AGEM leads with 45.32% vs 5.49% for PALL. On fees, PALL is cheaper at 0.60% per year. On volatility, AGEM has been the lower-risk option at 9.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PALL or AGEM?

Over the 1-year period, AGEM has performed better with a 45.32% return vs 5.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PALL or AGEM?

PALL is cheaper with a 0.60% expense ratio, compared with 0.70% for AGEM.

Which ETF pays a higher dividend yield, PALL or AGEM?

AGEM has the higher dividend yield at 1.94%, compared with 0.00% for PALL.

What is the main difference between PALL and AGEM?

PALL is categorized as Precious Metals, while AGEM is Emerging Markets Equities. Their fees differ too: 0.60% for PALL and 0.70% for AGEM.

Which has better risk-adjusted returns?

AGEM currently has the higher Sharpe Ratio (1.84 vs 0.14), 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.