PEMX vs. BNO
PEMX (Putnam Emerging Markets Ex-China ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - PEMX is a Emerging Markets Equities fund actively managed by Putnam, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. PEMX is actively managed, while BNO is passively managed. Over the past 3 years, PEMX returned 28.43%/yr vs 20.31%/yr for BNO. Their -0.06 correlation means they have often moved in opposite directions in the past. PEMX charges 0.85%/yr vs 1.00%/yr for BNO.
Performance
PEMX vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, PEMX achieves a 26.42% return, which is significantly lower than BNO's 77.90% return.
PEMX
- 1D
- 1.09%
- 1M
- -7.11%
- 6M
- 15.00%
- YTD
- 26.42%
- 1Y
- 48.11%
- 3Y*
- 28.43%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 29.45%
BNO
- 1D
- 1.45%
- 1M
- 27.00%
- 6M
- 52.90%
- YTD
- 77.90%
- 1Y
- 62.83%
- 3Y*
- 20.31%
- 5Y*
- 20.89%
- 10Y*
- 15.06%
- ALL TIME*
- 4.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $107.13M | $97.34M | $147.52M | |
| $78.06K | $81.41K | $258.35K |
PEMX vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PEMX Putnam Emerging Markets Ex-China ETF | 26.42% | 34.01% | 17.21% | 15.13% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 9.67% | 5.65% |
Correlation
The correlation between PEMX and BNO is -0.26, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.26 |
Correlation (3Y) Balances recent behavior with more history. | -0.07 |
Correlation (All Time) Calculated using the full available price history since May 18, 2023 | -0.06 |
The correlation between PEMX and BNO shifts across timeframes, from -0.26 (1 year) to -0.06 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PEMX vs. BNO — Risk / Return Rank
PEMX
BNO
PEMX vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam Emerging Markets Ex-China ETF (PEMX) and United States Brent Oil Fund LP (BNO). 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.
| PEMX | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.43 | ||
| Sortino ratioReturn per unit of downside risk | +0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.24 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.50 | 1.70 | +0.80 |
| Martin ratioReturn relative to average drawdown | 9.02 | 5.15 | +3.87 |
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Drawdowns
PEMX vs. BNO - Drawdown Comparison
The maximum PEMX drawdown since its inception was -19.04%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for PEMX and BNO.
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Drawdown Indicators
| PEMX | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.04% | -87.06% | +68.02% |
Max Drawdown (1Y)Largest decline over 1 year | -19.04% | -34.46% | +15.42% |
Max Drawdown (3Y)Largest decline over 3 years | -19.04% | -34.46% | +15.42% |
Max Drawdown (5Y)Largest decline over 5 years | — | -34.46% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -14.50% | -16.21% | +1.71% |
Average DrawdownAverage peak-to-trough decline | -3.11% | -39.99% | +36.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.27% | 11.86% | -6.59% |
Volatility
PEMX vs. BNO - Volatility Comparison
The current volatility for Putnam Emerging Markets Ex-China ETF (PEMX) is 10.79%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that PEMX experiences smaller price fluctuations and is considered to be less risky than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PEMX | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.79% | 17.47% | -6.68% |
Volatility (6M)Calculated over the trailing 6-month period | 25.23% | 40.96% | -15.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.22% | 44.54% | -17.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.23% | 36.41% | -16.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.23% | 36.98% | -16.75% |
PEMX vs. BNO - Expense Ratio Comparison
PEMX has a 0.85% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
PEMX vs. BNO - Dividend Comparison
PEMX's dividend yield for the trailing twelve months is around 5.54%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% |
PEMX Putnam Emerging Markets Ex-China ETF | 5.54% | 7.00% | 5.00% | 0.72% |
Frequently Asked Questions
PEMX and BNO have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (17.47%) compared to PEMX (10.79%). In terms of maximum drawdown, PEMX dropped -19.04% vs BNO's -87.06%.
On 3-year performance, PEMX leads with 28.43% vs 20.31% for BNO. On fees, PEMX is cheaper at 0.85% per year. On volatility, PEMX has been the lower-risk option at 10.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PEMX has performed better with a 28.43% return vs 20.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PEMX is cheaper with a 0.85% expense ratio, compared with 1.00% for BNO.
PEMX has the higher dividend yield at 5.54%, compared with 0.00% for BNO.
PEMX is categorized as Emerging Markets Equities, while BNO is Oil & Gas. They also come from different issuers: Putnam and USCF. Their fees differ too: 0.85% for PEMX and 1.00% for BNO.
PEMX currently has the higher Sharpe Ratio (1.75 vs 1.32), 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.
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