PEMX vs. EMXC
PEMX (Putnam Emerging Markets Ex-China ETF) and EMXC (iShares MSCI Emerging Markets ex China ETF) are both exchange-traded funds - PEMX is a Emerging Markets Diversified fund actively managed by Putnam, while EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index. PEMX is actively managed, while EMXC is passively managed. Over the past 3 years, PEMX returned 33.94%/yr vs 27.65%/yr for EMXC. With a 0.95 correlation, they move nearly in lockstep. PEMX charges 0.85%/yr vs 0.49%/yr for EMXC.
Performance
PEMX vs. EMXC - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with PEMX having a 38.87% return and EMXC slightly lower at 37.89%.
PEMX
- 1D
- -6.08%
- 1M
- 6.67%
- YTD
- 38.87%
- 6M
- 41.13%
- 1Y
- 69.16%
- 3Y*
- 33.94%
- 5Y*
- —
- 10Y*
- —
EMXC
- 1D
- -6.44%
- 1M
- 4.83%
- YTD
- 37.89%
- 6M
- 39.80%
- 1Y
- 67.97%
- 3Y*
- 27.65%
- 5Y*
- 12.43%
- 10Y*
- —
PEMX vs. EMXC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PEMX Putnam Emerging Markets Ex-China ETF | 38.87% | 34.01% | 17.21% | 15.13% |
EMXC iShares MSCI Emerging Markets ex China ETF | 37.89% | 35.14% | 2.68% | 12.44% |
Correlation
The correlation between PEMX and EMXC is 0.98 - 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 | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since May 18, 2023 | 0.95 |
The correlation between PEMX and EMXC has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.
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Return for Risk
PEMX vs. EMXC — Risk / Return Rank
PEMX
EMXC
PEMX vs. EMXC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam Emerging Markets Ex-China ETF (PEMX) and iShares MSCI Emerging Markets ex China ETF (EMXC). 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 | EMXC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.50 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 4.81 | 4.74 | +0.07 |
| Martin ratioReturn relative to average drawdown | 18.22 | 18.14 | +0.08 |
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Drawdowns
PEMX vs. EMXC - Drawdown Comparison
The maximum PEMX drawdown since its inception was -14.91%, smaller than the maximum EMXC drawdown of -42.81%. Use the drawdown chart below to compare losses from any high point for PEMX and EMXC.
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Drawdown Indicators
| PEMX | EMXC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.91% | -42.81% | +27.90% |
Max Drawdown (1Y)Largest decline over 1 year | -14.45% | -14.41% | -0.04% |
Max Drawdown (3Y)Largest decline over 3 years | -14.91% | -19.12% | +4.21% |
Max Drawdown (5Y)Largest decline over 5 years | — | -28.91% | — |
Current DrawdownCurrent decline from peak | -6.08% | -6.44% | +0.36% |
Average DrawdownAverage peak-to-trough decline | -2.85% | -10.15% | +7.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.81% | 3.76% | +0.05% |
Volatility
PEMX vs. EMXC - Volatility Comparison
Putnam Emerging Markets Ex-China ETF (PEMX) and iShares MSCI Emerging Markets ex China ETF (EMXC) have volatilities of 14.35% and 14.74%, 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.
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Volatility by Period
| PEMX | EMXC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.35% | 14.74% | -0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 22.77% | 23.44% | -0.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.00% | 25.27% | -0.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.49% | 18.40% | +1.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.49% | 20.25% | -0.76% |
PEMX vs. EMXC - Expense Ratio Comparison
PEMX has a 0.85% expense ratio, which is higher than EMXC's 0.49% expense ratio.
Dividends
PEMX vs. EMXC - Dividend Comparison
PEMX's dividend yield for the trailing twelve months is around 5.04%, more than EMXC's 1.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EMXC iShares MSCI Emerging Markets ex China ETF | 1.93% | 2.82% | 2.69% | 1.83% | 2.85% | 1.78% | 1.45% | 3.25% | 2.63% | 0.99% |
PEMX Putnam Emerging Markets Ex-China ETF | 5.04% | 7.00% | 5.00% | 0.72% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.98, PEMX and EMXC 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.
EMXC has higher volatility (14.74%) compared to PEMX (14.35%). In terms of maximum drawdown, PEMX dropped -14.91% vs EMXC's -42.81%.
On 3-year performance, PEMX leads with 33.94% vs 27.65% for EMXC. On fees, EMXC is cheaper at 0.49% per year. On volatility, PEMX has been the lower-risk option at 14.35%. 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 33.94% return vs 27.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMXC is cheaper with a 0.49% expense ratio, compared with 0.85% for PEMX.
PEMX has the higher dividend yield at 5.04%, compared with 1.93% for EMXC.
PEMX is categorized as Emerging Markets Diversified, while EMXC is Emerging Markets Equities. They also come from different issuers: Putnam and iShares. Their fees differ too: 0.85% for PEMX and 0.49% for EMXC.
PEMX currently has the higher Sharpe Ratio (2.78 vs 2.70), 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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