PEMX vs. FEMR

Last updated Jun 24, 2026

PEMX (Putnam Emerging Markets Ex-China ETF) and FEMR (Fidelity Enhanced Emerging Markets ETF) are both Emerging Markets Diversified funds. Both are actively managed. Over the past year, PEMX returned 69.16% vs 55.15% for FEMR. Their correlation of 0.85 suggests significant overlap in exposure. PEMX charges 0.85%/yr vs 0.38%/yr for FEMR.

Performance

PEMX vs. FEMR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Emerging Markets Ex-China ETF (PEMX) and Fidelity Enhanced Emerging Markets ETF (FEMR). 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 FEMR's 29.38% return.

PEMX

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

FEMR

• 1D: -5.78%
• 1M: 3.04%
• YTD: 29.38%
• 6M: 31.28%
• 1Y: 55.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PEMX vs. FEMR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PEMX Putnam Emerging Markets Ex-China ETF	38.87%	34.01%	0.61%
FEMR Fidelity Enhanced Emerging Markets ETF	29.38%	35.27%	-1.48%

Correlation

The correlation between PEMX and FEMR is 0.89, 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	0.89
Correlation (All Time) Calculated using the full available price history since Nov 21, 2024	0.85

The correlation between PEMX and FEMR has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.

Return for Risk

PEMX vs. FEMR — 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

FEMR

FEMR Risk / Return Rank: 77
FEMR Sharpe Ratio Rank: 78
FEMR Sortino Ratio Rank: 68
FEMR Omega Ratio Rank: 80
FEMR Calmar Ratio Rank: 79
FEMR Martin Ratio Rank: 79

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. FEMR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Emerging Markets Ex-China ETF (PEMX) and Fidelity Enhanced Emerging Markets ETF (FEMR). 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	FEMR	Difference
Sharpe ratio: Return per unit of total volatility	2.78	2.33	+0.45
Sortino ratio: Return per unit of downside risk	3.33	2.90	+0.43
Omega ratio: Gain probability vs. loss probability	1.49	1.44	+0.05
Calmar ratio: Return relative to maximum drawdown	4.81	3.83	+0.98
Martin ratio: Return relative to average drawdown	18.22	14.57	+3.65

PEMX vs. FEMR - Sharpe Ratio Comparison

The current PEMX Sharpe Ratio is 2.78, which is comparable to the FEMR Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of PEMX and FEMR, 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. FEMR - Drawdown Comparison

The maximum PEMX drawdown since its inception was -14.91%, roughly equal to the maximum FEMR drawdown of -15.58%. Use the drawdown chart below to compare losses from any high point for PEMX and FEMR.

Drawdown Indicators

	PEMX	FEMR	Difference
Max Drawdown Largest peak-to-trough decline	-14.91%	-15.58%	+0.67%
Max Drawdown (1Y) Largest decline over 1 year	-14.45%	-14.47%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-14.91%	—	—
Current Drawdown Current decline from peak	-6.08%	-5.78%	-0.30%
Average Drawdown Average peak-to-trough decline	-2.85%	-2.38%	-0.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.81%	3.80%	+0.01%

Volatility

PEMX vs. FEMR - Volatility Comparison

Putnam Emerging Markets Ex-China ETF (PEMX) has a higher volatility of 14.35% compared to Fidelity Enhanced Emerging Markets ETF (FEMR) at 12.62%. This indicates that PEMX's price experiences larger fluctuations and is considered to be riskier than FEMR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PEMX	FEMR	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.35%	12.62%	+1.73%
Volatility (6M) Calculated over the trailing 6-month period	22.77%	21.66%	+1.11%
Volatility (1Y) Calculated over the trailing 1-year period	25.00%	23.80%	+1.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.49%	22.78%	-3.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.49%	22.78%	-3.29%

PEMX vs. FEMR - Expense Ratio Comparison

PEMX has a 0.85% expense ratio, which is higher than FEMR's 0.38% expense ratio.

Dividends

PEMX vs. FEMR - Dividend Comparison

PEMX's dividend yield for the trailing twelve months is around 5.04%, more than FEMR's 1.48% yield.

Position	TTM	2025	2024	2023
FEMR Fidelity Enhanced Emerging Markets ETF	1.48%	1.92%	0.37%	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 FEMR in my portfolio?

PEMX and FEMR have a correlation of 0.89, 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 FEMR?

PEMX has higher volatility (14.35%) compared to FEMR (12.62%). In terms of maximum drawdown, PEMX dropped -14.91% vs FEMR's -15.58%.

Which ETF is better, PEMX or FEMR?

On 1-year performance, PEMX leads with 69.16% vs 55.15% for FEMR. On fees, FEMR is cheaper at 0.38% per year. On volatility, FEMR has been the lower-risk option at 12.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PEMX or FEMR?

Over the 1-year period, PEMX has performed better with a 69.16% return vs 55.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PEMX or FEMR?

FEMR is cheaper with a 0.38% expense ratio, compared with 0.85% for PEMX.

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

PEMX has the higher dividend yield at 5.04%, compared with 1.48% for FEMR.

What is the main difference between PEMX and FEMR?

They also come from different issuers: Putnam and Fidelity. Their fees differ too: 0.85% for PEMX and 0.38% for FEMR.

Which has better risk-adjusted returns?

PEMX currently has the higher Sharpe Ratio (2.78 vs 2.33), 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.