PEMX vs. PHYD

Last updated Aug 2, 2026

PEMX (Putnam Emerging Markets Ex-China ETF) and PHYD (Putnam ESG High Yield ETF -) are both exchange-traded funds - PEMX is a Emerging Markets Equities fund actively managed by Putnam, while PHYD is a High Yield Bonds fund actively managed by Putnam. Both are actively managed. Their 0.46 correlation means their historical movements had little consistent relationship. PEMX charges 0.85%/yr vs 0.55%/yr for PHYD.

Performance

PEMX vs. PHYD - Performance Comparison

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

Returns By Period

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%

PHYD

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
PEMX Putnam Emerging Markets Ex-China ETF	$78.06K	$81.41K	$258.35K

PEMX vs. PHYD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PEMX Putnam Emerging Markets Ex-China ETF	26.42%	34.01%	17.21%	15.13%
PHYD Putnam ESG High Yield ETF -	2.32%	8.84%	7.35%	8.34%

Correlation

The correlation between PEMX and PHYD is 0.47, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.47
Correlation (3Y) Balances recent behavior with more history.	0.46
Correlation (All Time) Calculated using the full available price history since May 18, 2023	0.46

Return for Risk

PEMX vs. PHYD — 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

PHYD

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. PHYD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Emerging Markets Ex-China ETF (PEMX) and Putnam ESG High Yield ETF - (PHYD). 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	PHYD	Difference
Sharpe ratio: Return per unit of total volatility	1.75	—	—
Sortino ratio: Return per unit of downside risk	2.27	—	—
Omega ratio: Gain probability vs. loss probability	1.31	—	—
Calmar ratio: Return relative to maximum drawdown	2.50	—	—
Martin ratio: Return relative to average drawdown	9.02	—	—

Drawdowns

Drawdown Indicators

	PEMX	PHYD	Difference
Max Drawdown Largest peak-to-trough decline	-19.04%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-19.04%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-19.04%	—	—
Current Drawdown Current decline from peak	-14.50%	—	—
Average Drawdown Average peak-to-trough decline	-3.11%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	5.27%	—	—

Volatility

Volatility by Period

	PEMX	PHYD	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.79%	—	—
Volatility (6M) Calculated over the trailing 6-month period	25.23%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	27.22%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.23%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.23%	—	—

PEMX vs. PHYD - Expense Ratio Comparison

PEMX has a 0.85% expense ratio, which is higher than PHYD's 0.55% expense ratio.

Dividends

PEMX vs. PHYD - Dividend Comparison

PEMX's dividend yield for the trailing twelve months is around 5.54%, while PHYD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
PEMX Putnam Emerging Markets Ex-China ETF	5.54%	7.00%	5.00%	0.72%
PHYD Putnam ESG High Yield ETF -	8.00%	6.63%	6.80%	6.15%

Frequently Asked Questions

Can I hold both PEMX and PHYD in my portfolio?

PEMX and PHYD have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PEMX or PHYD?

On fees, PHYD is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PEMX or PHYD?

PHYD is cheaper with a 0.55% expense ratio, compared with 0.85% for PEMX.

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

PHYD has the higher dividend yield at 8.00%, compared with 5.54% for PEMX.

What is the main difference between PEMX and PHYD?

PEMX is categorized as Emerging Markets Equities, while PHYD is High Yield Bonds. Their fees differ too: 0.85% for PEMX and 0.55% for PHYD.