PEMX vs. EWY
PEMX (Putnam Emerging Markets Ex-China ETF) and EWY (iShares MSCI South Korea ETF) are both exchange-traded funds - PEMX is a Emerging Markets Diversified fund actively managed by Putnam, while EWY is a Asia Pacific Equities fund tracking the MSCI Korea Index. PEMX is actively managed, while EWY is passively managed. Over the past 3 years, PEMX returned 32.32%/yr vs 46.46%/yr for EWY. A 0.79 correlation means they provide meaningful diversification when combined. PEMX charges 0.85%/yr vs 0.59%/yr for EWY.
Performance
PEMX vs. EWY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PEMX achieves a 37.04% return, which is significantly lower than EWY's 103.10% return.
PEMX
- 1D
- 0.38%
- 1M
- 8.00%
- YTD
- 37.04%
- 6M
- 41.88%
- 1Y
- 68.11%
- 3Y*
- 32.32%
- 5Y*
- —
- 10Y*
- —
EWY
- 1D
- -0.75%
- 1M
- 10.39%
- YTD
- 103.10%
- 6M
- 117.85%
- 1Y
- 203.95%
- 3Y*
- 46.46%
- 5Y*
- 18.80%
- 10Y*
- 16.84%
PEMX vs. EWY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PEMX Putnam Emerging Markets Ex-China ETF | 37.04% | 34.01% | 17.21% | 15.13% |
EWY iShares MSCI South Korea ETF | 103.10% | 95.33% | -20.48% | 10.72% |
Correlation
The correlation between PEMX and EWY is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since May 18, 2023 | 0.79 |
The correlation between PEMX and EWY has been stable across timeframes, ranging from 0.79 to 0.84 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PEMX vs. EWY — Risk / Return Rank
PEMX
EWY
PEMX vs. EWY - 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 South Korea ETF (EWY). 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 | EWY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.50 | ||
| Sortino ratioReturn per unit of downside risk | -0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.59 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 4.56 | 8.65 | -4.08 |
| Martin ratioReturn relative to average drawdown | 17.36 | 30.24 | -12.88 |
Loading charts...
Drawdowns
PEMX vs. EWY - Drawdown Comparison
The maximum PEMX drawdown since its inception was -14.91%, smaller than the maximum EWY drawdown of -74.14%. Use the drawdown chart below to compare losses from any high point for PEMX and EWY.
Loading charts...
Drawdown Indicators
| PEMX | EWY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.91% | -74.14% | +59.23% |
Max Drawdown (1Y)Largest decline over 1 year | -14.45% | -23.08% | +8.63% |
Max Drawdown (3Y)Largest decline over 3 years | -14.91% | -27.36% | +12.45% |
Max Drawdown (5Y)Largest decline over 5 years | — | -48.55% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -49.73% | — |
Current DrawdownCurrent decline from peak | -2.98% | -8.88% | +5.90% |
Average DrawdownAverage peak-to-trough decline | -2.86% | -20.11% | +17.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.79% | 6.59% | -2.80% |
Volatility
PEMX vs. EWY - Volatility Comparison
The current volatility for Putnam Emerging Markets Ex-China ETF (PEMX) is 12.65%, while iShares MSCI South Korea ETF (EWY) has a volatility of 25.64%. This indicates that PEMX experiences smaller price fluctuations and is considered to be less risky than EWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PEMX | EWY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.65% | 25.64% | -12.99% |
Volatility (6M)Calculated over the trailing 6-month period | 21.23% | 42.65% | -21.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.64% | 46.51% | -22.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.94% | 30.15% | -11.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.94% | 28.06% | -9.12% |
PEMX vs. EWY - Expense Ratio Comparison
PEMX has a 0.85% expense ratio, which is higher than EWY's 0.59% expense ratio.
Dividends
PEMX vs. EWY - Dividend Comparison
PEMX's dividend yield for the trailing twelve months is around 5.11%, more than EWY's 1.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWY iShares MSCI South Korea ETF | 1.03% | 2.10% | 2.55% | 2.52% | 1.23% | 2.16% | 0.73% | 2.10% | 1.34% | 2.90% | 1.21% | 2.42% |
PEMX Putnam Emerging Markets Ex-China ETF | 5.11% | 7.00% | 5.00% | 0.72% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PEMX and EWY have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWY has higher volatility (25.64%) compared to PEMX (12.65%). In terms of maximum drawdown, PEMX dropped -14.91% vs EWY's -74.14%.
On 3-year performance, EWY leads with 46.46% vs 32.32% for PEMX. On fees, EWY is cheaper at 0.59% per year. On volatility, PEMX has been the lower-risk option at 12.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, EWY has performed better with a 46.46% return vs 32.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWY is cheaper with a 0.59% expense ratio, compared with 0.85% for PEMX.
PEMX has the higher dividend yield at 5.11%, compared with 1.03% for EWY.
PEMX is categorized as Emerging Markets Diversified, while EWY is Asia Pacific Equities. They also come from different issuers: Putnam and iShares. Their fees differ too: 0.85% for PEMX and 0.59% for EWY.
EWY currently has the higher Sharpe Ratio (4.29 vs 2.79), 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.
Find the right allocation for PEMX and EWY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer