PEMX vs. IEMG
PEMX (Putnam Emerging Markets Ex-China ETF) and IEMG (iShares Core MSCI Emerging Markets ETF) are both Emerging Markets Diversified funds. PEMX is actively managed, while IEMG is passively managed. Over the past 3 years, PEMX returned 29.12%/yr vs 18.90%/yr for IEMG. Their correlation of 0.86 suggests significant overlap in exposure. PEMX charges 0.85%/yr vs 0.09%/yr for IEMG.
Performance
PEMX vs. IEMG - Performance Comparison
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Returns By Period
In the year-to-date period, PEMX achieves a 30.56% return, which is significantly higher than IEMG's 17.70% return.
PEMX
- 1D
- -4.48%
- 1M
- -4.73%
- 6M
- 23.98%
- YTD
- 30.56%
- 1Y
- 52.11%
- 3Y*
- 29.12%
- 5Y*
- —
- 10Y*
- —
IEMG
- 1D
- -3.48%
- 1M
- -4.18%
- 6M
- 11.50%
- YTD
- 17.70%
- 1Y
- 34.02%
- 3Y*
- 18.90%
- 5Y*
- 6.68%
- 10Y*
- 9.04%
PEMX vs. IEMG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PEMX Putnam Emerging Markets Ex-China ETF | 30.56% | 34.01% | 17.21% | 15.13% |
IEMG iShares Core MSCI Emerging Markets ETF | 17.70% | 32.56% | 6.50% | 7.14% |
Correlation
The correlation between PEMX and IEMG is 0.93, 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 | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since May 18, 2023 | 0.86 |
The correlation between PEMX and IEMG has been stable across timeframes, ranging from 0.86 to 0.93 - a consistent structural relationship.
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Return for Risk
PEMX vs. IEMG — Risk / Return Rank
PEMX
IEMG
PEMX vs. IEMG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam Emerging Markets Ex-China ETF (PEMX) and iShares Core MSCI Emerging Markets ETF (IEMG). 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 | IEMG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.51 | ||
| Sortino ratioReturn per unit of downside risk | +0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.29 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.62 | 2.59 | +1.04 |
| Martin ratioReturn relative to average drawdown | 12.60 | 8.86 | +3.73 |
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Drawdowns
PEMX vs. IEMG - Drawdown Comparison
The maximum PEMX drawdown since its inception was -14.91%, smaller than the maximum IEMG drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for PEMX and IEMG.
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Drawdown Indicators
| PEMX | IEMG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.91% | -38.71% | +23.80% |
Max Drawdown (1Y)Largest decline over 1 year | -14.45% | -13.21% | -1.24% |
Max Drawdown (3Y)Largest decline over 3 years | -14.91% | -17.21% | +2.30% |
Max Drawdown (5Y)Largest decline over 5 years | — | -34.19% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -38.71% | — |
Current DrawdownCurrent decline from peak | -11.70% | -8.73% | -2.97% |
Average DrawdownAverage peak-to-trough decline | -2.92% | -12.91% | +9.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.15% | 3.85% | +0.30% |
Volatility
PEMX vs. IEMG - Volatility Comparison
Putnam Emerging Markets Ex-China ETF (PEMX) has a higher volatility of 13.23% compared to iShares Core MSCI Emerging Markets ETF (IEMG) at 10.84%. This indicates that PEMX's price experiences larger fluctuations and is considered to be riskier than IEMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PEMX | IEMG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.23% | 10.84% | +2.39% |
Volatility (6M)Calculated over the trailing 6-month period | 24.08% | 20.94% | +3.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.07% | 22.88% | +3.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.87% | 19.15% | +0.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.87% | 20.22% | -0.35% |
PEMX vs. IEMG - Expense Ratio Comparison
PEMX has a 0.85% expense ratio, which is higher than IEMG's 0.09% expense ratio.
Dividends
PEMX vs. IEMG - Dividend Comparison
PEMX's dividend yield for the trailing twelve months is around 5.36%, more than IEMG's 2.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEMG iShares Core MSCI Emerging Markets ETF | 2.29% | 2.75% | 3.20% | 2.89% | 2.71% | 3.06% | 1.87% | 3.15% | 2.76% | 2.35% | 2.28% | 2.53% |
PEMX Putnam Emerging Markets Ex-China ETF | 5.36% | 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
With a correlation of 0.93, PEMX and IEMG 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.
PEMX has higher volatility (13.23%) compared to IEMG (10.84%). In terms of maximum drawdown, PEMX dropped -14.91% vs IEMG's -38.71%.
On 3-year performance, PEMX leads with 29.12% vs 18.90% for IEMG. On fees, IEMG is cheaper at 0.09% per year. On volatility, IEMG has been the lower-risk option at 10.84%. 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 29.12% return vs 18.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEMG is cheaper with a 0.09% expense ratio, compared with 0.85% for PEMX.
PEMX has the higher dividend yield at 5.36%, compared with 2.29% for IEMG.
They also come from different issuers: Putnam and iShares. Their fees differ too: 0.85% for PEMX and 0.09% for IEMG.
PEMX currently has the higher Sharpe Ratio (2.01 vs 1.50), 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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