PEMX vs. EVLU

Last updated Aug 2, 2026

PEMX (Putnam Emerging Markets Ex-China ETF) and EVLU (iShares MSCI Emerging Markets Value Factor ETF) are both Emerging Markets Equities funds. PEMX is actively managed, while EVLU is passively managed. Over the past year, PEMX returned 48.11% vs 52.71% for EVLU. Their 0.78 correlation means they have sometimes moved together and sometimes differently. PEMX charges 0.85%/yr vs 0.35%/yr for EVLU.

Performance

PEMX vs. EVLU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Emerging Markets Ex-China ETF (PEMX) and iShares MSCI Emerging Markets Value Factor ETF (EVLU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with PEMX having a 26.42% return and EVLU slightly lower at 26.39%.

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%

EVLU

• 1D: 0.12%
• 1M: 0.50%
• 6M: 16.81%
• YTD: 26.39%
• 1Y: 52.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 35.20%

*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)
EVLU iShares MSCI Emerging Markets Value Factor ETF	$154.42K	$144.62K	$121.49K
PEMX Putnam Emerging Markets Ex-China ETF	$78.06K	$81.41K	$258.35K

PEMX vs. EVLU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PEMX Putnam Emerging Markets Ex-China ETF	26.42%	34.01%	0.72%
EVLU iShares MSCI Emerging Markets Value Factor ETF	26.39%	38.54%	1.21%

Correlation

The correlation between PEMX and EVLU is 0.85, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.85
Correlation (All Time) Calculated using the full available price history since Sep 6, 2024	0.78

The correlation between PEMX and EVLU has been stable across timeframes, ranging from 0.78 to 0.85 - a consistent structural relationship.

Return for Risk

PEMX vs. EVLU — Risk / Return Rank

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

PEMX

PEMX Risk / Return Rank: 73
PEMX Sharpe Ratio Rank: 77
PEMX Sortino Ratio Rank: 70
PEMX Omega Ratio Rank: 76
PEMX Calmar Ratio Rank: 72
PEMX Martin Ratio Rank: 73

EVLU

EVLU Risk / Return Rank: 90
EVLU Sharpe Ratio Rank: 93
EVLU Sortino Ratio Rank: 90
EVLU Omega Ratio Rank: 91
EVLU Calmar Ratio Rank: 91
EVLU Martin Ratio Rank: 84

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.

PEMX vs. EVLU - 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 Value Factor ETF (EVLU). 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	EVLU	Difference
Sharpe ratio: Return per unit of total volatility	1.75	2.47	-0.72
Sortino ratio: Return per unit of downside risk	2.27	3.18	-0.91
Omega ratio: Gain probability vs. loss probability	1.31	1.43	-0.12
Calmar ratio: Return relative to maximum drawdown	2.50	4.01	-1.50
Martin ratio: Return relative to average drawdown	9.02	11.62	-2.61

PEMX vs. EVLU - Sharpe Ratio Comparison

The current PEMX Sharpe Ratio is 1.75, which is comparable to the EVLU Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of PEMX and EVLU, 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. EVLU - Drawdown Comparison

The maximum PEMX drawdown since its inception was -19.04%, which is greater than EVLU's maximum drawdown of -17.17%. Use the drawdown chart below to compare losses from any high point for PEMX and EVLU.

Drawdown Indicators

	PEMX	EVLU	Difference
Max Drawdown Largest peak-to-trough decline	-19.04%	-17.17%	-1.87%
Max Drawdown (1Y) Largest decline over 1 year	-19.04%	-12.90%	-6.14%
Max Drawdown (3Y) Largest decline over 3 years	-19.04%	—	—
Current Drawdown Current decline from peak	-14.50%	-7.82%	-6.68%
Average Drawdown Average peak-to-trough decline	-3.11%	-3.75%	+0.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.27%	4.44%	+0.83%

Volatility

PEMX vs. EVLU - Volatility Comparison

Putnam Emerging Markets Ex-China ETF (PEMX) has a higher volatility of 10.79% compared to iShares MSCI Emerging Markets Value Factor ETF (EVLU) at 6.36%. This indicates that PEMX's price experiences larger fluctuations and is considered to be riskier than EVLU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PEMX	EVLU	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.79%	6.36%	+4.43%
Volatility (6M) Calculated over the trailing 6-month period	25.23%	18.46%	+6.77%
Volatility (1Y) Calculated over the trailing 1-year period	27.22%	20.91%	+6.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.23%	20.37%	-0.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.23%	20.37%	-0.14%

PEMX vs. EVLU - Expense Ratio Comparison

PEMX has a 0.85% expense ratio, which is higher than EVLU's 0.35% expense ratio.

Dividends

PEMX vs. EVLU - Dividend Comparison

PEMX's dividend yield for the trailing twelve months is around 5.54%, more than EVLU's 3.85% yield.

Position	TTM	2025	2024	2023
EVLU iShares MSCI Emerging Markets Value Factor ETF	3.85%	5.20%	1.03%	0.00%
PEMX Putnam Emerging Markets Ex-China ETF	5.54%	7.00%	5.00%	0.72%

Frequently Asked Questions

Can I hold both PEMX and EVLU in my portfolio?

PEMX and EVLU have a correlation of 0.85, 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 EVLU?

PEMX has higher volatility (10.79%) compared to EVLU (6.36%). In terms of maximum drawdown, PEMX dropped -19.04% vs EVLU's -17.17%.

Which ETF is better, PEMX or EVLU?

On 1-year performance, EVLU leads with 52.71% vs 48.11% for PEMX. On fees, EVLU is cheaper at 0.35% per year. On volatility, EVLU has been the lower-risk option at 6.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PEMX or EVLU?

Over the 1-year period, EVLU has performed better with a 52.71% return vs 48.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PEMX or EVLU?

EVLU is cheaper with a 0.35% expense ratio, compared with 0.85% for PEMX.

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

PEMX has the higher dividend yield at 5.54%, compared with 3.85% for EVLU.

What is the main difference between PEMX and EVLU?

They also come from different issuers: Putnam and iShares. Their fees differ too: 0.85% for PEMX and 0.35% for EVLU.

Which has better risk-adjusted returns?

EVLU currently has the higher Sharpe Ratio (2.47 vs 1.75), 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.