PEMX vs. FFEM

Last updated Apr 2, 2026

Compare and contrast key facts about Putnam Emerging Markets Ex-China ETF (PEMX) and Fidelity Fundamental Emerging Markets ETF (FFEM).

PEMX and FFEM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PEMX is an actively managed fund by Putnam. It was launched on May 17, 2023. FFEM is managed by Fidelity.

Performance

PEMX vs. FFEM - Performance Comparison

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

PEMX vs. FFEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PEMX Putnam Emerging Markets Ex-China ETF	10.51%	34.01%	0.60%
FFEM Fidelity Fundamental Emerging Markets ETF	6.88%	40.03%	-2.27%

Returns By Period

In the year-to-date period, PEMX achieves a 10.51% return, which is significantly higher than FFEM's 6.88% return.

PEMX

• 1D: 1.36%
• 1M: -6.72%
• YTD: 10.51%
• 6M: 20.10%
• 1Y: 51.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FFEM

• 1D: 0.79%
• 1M: -6.99%
• YTD: 6.88%
• 6M: 12.73%
• 1Y: 42.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PEMX vs. FFEM - Expense Ratio Comparison

PEMX has a 0.85% expense ratio, which is higher than FFEM's 0.60% expense ratio.

PEMX

Putnam Emerging Markets Ex-China ETF

FFEM

Fidelity Fundamental Emerging Markets ETF

Return for Risk

PEMX vs. FFEM — Risk / Return Rank

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

PEMX

PEMX Risk / Return Rank: 94
PEMX Sharpe Ratio Rank: 95
PEMX Sortino Ratio Rank: 95
PEMX Omega Ratio Rank: 94
PEMX Calmar Ratio Rank: 92
PEMX Martin Ratio Rank: 93

FFEM

FFEM Risk / Return Rank: 88
FFEM Sharpe Ratio Rank: 88
FFEM Sortino Ratio Rank: 88
FFEM Omega Ratio Rank: 88
FFEM Calmar Ratio Rank: 89
FFEM Martin Ratio Rank: 89

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. FFEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Emerging Markets Ex-China ETF (PEMX) and Fidelity Fundamental Emerging Markets ETF (FFEM). 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.

	PEMX	FFEM	Difference
Sharpe ratio Return per unit of total volatility	2.52	1.91	+0.61
Sortino ratio Return per unit of downside risk	3.23	2.54	+0.69
Omega ratio Gain probability vs. loss probability	1.46	1.37	+0.09
Calmar ratio Return relative to maximum drawdown	3.61	3.17	+0.44
Martin ratio Return relative to average drawdown	14.76	12.03	+2.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PEMX vs. FFEM - Sharpe Ratio Comparison

The current PEMX Sharpe Ratio is 2.52, which is higher than the FFEM Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of PEMX and FFEM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PEMX	FFEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	1.91	+0.61
Sharpe Ratio (All Time) Calculated using the full available price history	1.60	1.56	+0.05

Correlation

The correlation between PEMX and FFEM is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

PEMX vs. FFEM - Dividend Comparison

PEMX's dividend yield for the trailing twelve months is around 6.34%, more than FFEM's 1.52% yield.

	TTM	2025	2024	2023
PEMX Putnam Emerging Markets Ex-China ETF	6.34%	7.00%	5.00%	0.72%
FFEM Fidelity Fundamental Emerging Markets ETF	1.52%	1.59%	0.16%	0.00%

Drawdowns

PEMX vs. FFEM - Drawdown Comparison

The maximum PEMX drawdown since its inception was -14.91%, smaller than the maximum FFEM drawdown of -16.29%. Use the drawdown chart below to compare losses from any high point for PEMX and FFEM.

Drawdown Indicators

	PEMX	FFEM	Difference
Max Drawdown Largest peak-to-trough decline	-14.91%	-16.29%	+1.38%
Max Drawdown (1Y) Largest decline over 1 year	-14.45%	-13.57%	-0.88%
Current Drawdown Current decline from peak	-9.73%	-9.03%	-0.70%
Average Drawdown Average peak-to-trough decline	-2.89%	-2.46%	-0.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.53%	3.58%	-0.05%

Volatility

PEMX vs. FFEM - Volatility Comparison

Putnam Emerging Markets Ex-China ETF (PEMX) and Fidelity Fundamental Emerging Markets ETF (FFEM) have volatilities of 10.37% and 10.69%, 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	FFEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.37%	10.69%	-0.32%
Volatility (6M) Calculated over the trailing 6-month period	15.91%	16.76%	-0.85%
Volatility (1Y) Calculated over the trailing 1-year period	20.51%	22.16%	-1.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.17%	21.11%	-3.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.17%	21.11%	-3.94%