PEMX vs. DBE

Last updated Jun 3, 2026

PEMX (Putnam Emerging Markets Ex-China ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - PEMX is a Emerging Markets Diversified fund actively managed by Putnam, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. PEMX is actively managed, while DBE is passively managed. Over the past 3 years, PEMX returned 35.01%/yr vs 22.48%/yr for DBE. At a correlation of -0.07, they often move in opposite directions. PEMX charges 0.85%/yr vs 0.78%/yr for DBE.

Performance

PEMX vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Emerging Markets Ex-China ETF (PEMX) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PEMX achieves a 41.25% return, which is significantly lower than DBE's 79.50% return.

PEMX

• 1D: 0.39%
• 1M: 12.53%
• YTD: 41.25%
• 6M: 46.76%
• 1Y: 76.56%
• 3Y*: 35.01%
• 5Y*: —
• 10Y*: —

DBE

• 1D: 0.80%
• 1M: -3.65%
• YTD: 79.50%
• 6M: 72.59%
• 1Y: 82.31%
• 3Y*: 22.48%
• 5Y*: 19.20%
• 10Y*: 11.78%

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

PEMX vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PEMX Putnam Emerging Markets Ex-China ETF	41.25%	34.01%	17.21%	15.13%
DBE Invesco DB Energy Fund	79.50%	-2.17%	2.96%	1.20%

Correlation

The correlation between PEMX and DBE is -0.35, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.35
Correlation (3Y) Calculated over the trailing 3-year period	-0.08
Correlation (All Time) Calculated using the full available price history since May 19, 2023	-0.07

Over the past year, the inverse relationship between PEMX and DBE has strengthened: their correlation has moved from -0.07 to -0.35, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

PEMX vs. DBE — Risk / Return Rank

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

PEMX

PEMX Risk / Return Rank: 91
PEMX Sharpe Ratio Rank: 94
PEMX Sortino Ratio Rank: 91
PEMX Omega Ratio Rank: 91
PEMX Calmar Ratio Rank: 89
PEMX Martin Ratio Rank: 90

DBE

DBE Risk / Return Rank: 71
DBE Sharpe Ratio Rank: 71
DBE Sortino Ratio Rank: 61
DBE Omega Ratio Rank: 64
DBE Calmar Ratio Rank: 92
DBE Martin Ratio Rank: 65

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.

PEMX vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Emerging Markets Ex-China ETF (PEMX) and Invesco DB Energy Fund (DBE). 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.

	PEMX	DBE	Difference
Sharpe ratio Return per unit of total volatility	3.58	2.37	+1.21
Sortino ratio Return per unit of downside risk	4.36	2.91	+1.45
Omega ratio Gain probability vs. loss probability	1.61	1.39	+0.21
Calmar ratio Return relative to maximum drawdown	5.39	6.10	-0.72
Martin ratio Return relative to average drawdown	21.27	11.98	+9.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PEMX vs. DBE - Sharpe Ratio Comparison

The current PEMX Sharpe Ratio is 3.58, which is higher than the DBE Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of PEMX and DBE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PEMX	DBE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.58	2.37	+1.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.66	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.42	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.00	0.09	+1.91

Drawdowns

PEMX vs. DBE - Drawdown Comparison

The maximum PEMX drawdown since its inception was -14.91%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for PEMX and DBE.

Drawdown Indicators

	PEMX	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-14.91%	-86.69%	+71.78%
Max Drawdown (1Y) Largest decline over 1 year	-14.45%	-14.41%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-14.91%	-23.89%	+8.98%
Max Drawdown (5Y) Largest decline over 5 years	—	-38.74%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-60.84%	—
Current Drawdown Current decline from peak	0.00%	-31.85%	+31.85%
Average Drawdown Average peak-to-trough decline	-2.85%	-57.31%	+54.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.66%	7.34%	-3.68%

Volatility

PEMX vs. DBE - Volatility Comparison

The current volatility for Putnam Emerging Markets Ex-China ETF (PEMX) is 9.60%, while Invesco DB Energy Fund (DBE) has a volatility of 13.47%. This indicates that PEMX experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PEMX	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.60%	13.47%	-3.87%
Volatility (6M) Calculated over the trailing 6-month period	18.74%	30.80%	-12.06%
Volatility (1Y) Calculated over the trailing 1-year period	21.49%	35.02%	-13.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.19%	29.37%	-11.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.19%	28.33%	-10.14%

PEMX vs. DBE - Expense Ratio Comparison

PEMX has a 0.85% expense ratio, which is higher than DBE's 0.78% expense ratio.

Dividends

PEMX vs. DBE - Dividend Comparison

PEMX's dividend yield for the trailing twelve months is around 4.96%, more than DBE's 2.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBE Invesco DB Energy Fund	2.15%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%
PEMX Putnam Emerging Markets Ex-China ETF	4.96%	7.00%	5.00%	0.72%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PEMX and DBE in my portfolio?

PEMX and DBE have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PEMX or DBE?

DBE has higher volatility (13.47%) compared to PEMX (9.60%). In terms of maximum drawdown, PEMX dropped -14.91% vs DBE's -86.69%.

Which ETF is better, PEMX or DBE?

On 3-year performance, PEMX leads with 35.01% vs 22.48% for DBE. On fees, DBE is cheaper at 0.78% per year. On volatility, PEMX has been the lower-risk option at 9.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PEMX or DBE?

Over the 3-year period, PEMX has performed better with a 35.01% return vs 22.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PEMX or DBE?

DBE is cheaper with a 0.78% expense ratio, compared with 0.85% for PEMX.

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

PEMX has the higher dividend yield at 4.96%, compared with 2.15% for DBE.

What is the main difference between PEMX and DBE?

PEMX is categorized as Emerging Markets Diversified, while DBE is Oil & Gas. They also come from different issuers: Putnam and Invesco. Their fees differ too: 0.85% for PEMX and 0.78% for DBE.

Which has better risk-adjusted returns?

PEMX currently has the higher Sharpe Ratio (3.58 vs 2.37), 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.