PEMX vs. DEXC

Last updated Jun 24, 2026

PEMX (Putnam Emerging Markets Ex-China ETF) and DEXC (Dimensional Emerging Markets ex China Core Equity ETF) are both Emerging Markets Diversified funds. Both are actively managed. Over the past year, PEMX returned 69.16% vs 55.75% for DEXC. Their correlation of 0.93 suggests significant overlap in exposure. PEMX charges 0.85%/yr vs 0.43%/yr for DEXC.

Performance

PEMX vs. DEXC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Emerging Markets Ex-China ETF (PEMX) and Dimensional Emerging Markets ex China Core Equity ETF (DEXC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PEMX achieves a 38.87% return, which is significantly higher than DEXC's 33.63% return.

PEMX

• 1D: -6.08%
• 1M: 6.67%
• YTD: 38.87%
• 6M: 41.13%
• 1Y: 69.16%
• 3Y*: 33.94%
• 5Y*: —
• 10Y*: —

DEXC

• 1D: -6.22%
• 1M: 3.82%
• YTD: 33.63%
• 6M: 34.97%
• 1Y: 55.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PEMX vs. DEXC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PEMX Putnam Emerging Markets Ex-China ETF	38.87%	34.01%	1.76%
DEXC Dimensional Emerging Markets ex China Core Equity ETF	33.63%	27.13%	-1.63%

Correlation

The correlation between PEMX and DEXC is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (All Time) Calculated using the full available price history since Nov 14, 2024	0.93

The correlation between PEMX and DEXC has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

Return for Risk

PEMX vs. DEXC — Risk / Return Rank

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

PEMX

PEMX Risk / Return Rank: 87
PEMX Sharpe Ratio Rank: 89
PEMX Sortino Ratio Rank: 81
PEMX Omega Ratio Rank: 86
PEMX Calmar Ratio Rank: 88
PEMX Martin Ratio Rank: 88

DEXC

DEXC Risk / Return Rank: 82
DEXC Sharpe Ratio Rank: 81
DEXC Sortino Ratio Rank: 73
DEXC Omega Ratio Rank: 83
DEXC Calmar Ratio Rank: 85
DEXC Martin Ratio Rank: 86

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. DEXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Emerging Markets Ex-China ETF (PEMX) and Dimensional Emerging Markets ex China Core Equity ETF (DEXC). 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	DEXC	Difference
Sharpe ratio: Return per unit of total volatility	2.78	2.36	+0.42
Sortino ratio: Return per unit of downside risk	3.33	2.96	+0.38
Omega ratio: Gain probability vs. loss probability	1.49	1.45	+0.04
Calmar ratio: Return relative to maximum drawdown	4.81	4.36	+0.46
Martin ratio: Return relative to average drawdown	18.22	16.49	+1.73

PEMX vs. DEXC - Sharpe Ratio Comparison

The current PEMX Sharpe Ratio is 2.78, which is comparable to the DEXC Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of PEMX and DEXC, 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

PEMX vs. DEXC - Drawdown Comparison

The maximum PEMX drawdown since its inception was -14.91%, roughly equal to the maximum DEXC drawdown of -15.07%. Use the drawdown chart below to compare losses from any high point for PEMX and DEXC.

Drawdown Indicators

	PEMX	DEXC	Difference
Max Drawdown Largest peak-to-trough decline	-14.91%	-15.07%	+0.16%
Max Drawdown (1Y) Largest decline over 1 year	-14.45%	-12.86%	-1.59%
Max Drawdown (3Y) Largest decline over 3 years	-14.91%	—	—
Current Drawdown Current decline from peak	-6.08%	-6.22%	+0.14%
Average Drawdown Average peak-to-trough decline	-2.85%	-2.45%	-0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.81%	3.39%	+0.42%

Volatility

PEMX vs. DEXC - Volatility Comparison

Putnam Emerging Markets Ex-China ETF (PEMX) and Dimensional Emerging Markets ex China Core Equity ETF (DEXC) have volatilities of 14.35% and 13.89%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PEMX	DEXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.35%	13.89%	+0.46%
Volatility (6M) Calculated over the trailing 6-month period	22.77%	22.10%	+0.67%
Volatility (1Y) Calculated over the trailing 1-year period	25.00%	23.74%	+1.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.49%	21.74%	-2.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.49%	21.74%	-2.25%

PEMX vs. DEXC - Expense Ratio Comparison

PEMX has a 0.85% expense ratio, which is higher than DEXC's 0.43% expense ratio.

Dividends

PEMX vs. DEXC - Dividend Comparison

PEMX's dividend yield for the trailing twelve months is around 5.04%, more than DEXC's 1.97% yield.

Position	TTM	2025	2024	2023
DEXC Dimensional Emerging Markets ex China Core Equity ETF	1.97%	1.97%	0.19%	0.00%
PEMX Putnam Emerging Markets Ex-China ETF	5.04%	7.00%	5.00%	0.72%

Frequently Asked Questions

Can I hold both PEMX and DEXC in my portfolio?

With a correlation of 0.95, PEMX and DEXC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PEMX or DEXC?

PEMX has higher volatility (14.35%) compared to DEXC (13.89%). In terms of maximum drawdown, PEMX dropped -14.91% vs DEXC's -15.07%.

Which ETF is better, PEMX or DEXC?

On 1-year performance, PEMX leads with 69.16% vs 55.75% for DEXC. On fees, DEXC is cheaper at 0.43% per year. On volatility, DEXC has been the lower-risk option at 13.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PEMX or DEXC?

Over the 1-year period, PEMX has performed better with a 69.16% return vs 55.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PEMX or DEXC?

DEXC is cheaper with a 0.43% expense ratio, compared with 0.85% for PEMX.

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

PEMX has the higher dividend yield at 5.04%, compared with 1.97% for DEXC.

What is the main difference between PEMX and DEXC?

They also come from different issuers: Putnam and Dimensional Fund Advisors. Their fees differ too: 0.85% for PEMX and 0.43% for DEXC.

Which has better risk-adjusted returns?

PEMX currently has the higher Sharpe Ratio (2.78 vs 2.36), 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.