PEMX vs. PPEM

Last updated Jul 14, 2026

PEMX (Putnam Emerging Markets Ex-China ETF) and PPEM (Putnam Panagora ESG Emerging Markets Equity ETF -) are both Emerging Markets Diversified funds from Putnam. PEMX is actively managed, while PPEM is passively managed. Their correlation of 0.80 suggests significant overlap in exposure. PEMX charges 0.85%/yr vs 0.61%/yr for PPEM.

Performance

PEMX vs. PPEM - Performance Comparison

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

Returns By Period

PEMX

• 1D: -4.48%
• 1M: -4.73%
• 6M: 23.98%
• YTD: 30.56%
• 1Y: 52.11%
• 3Y*: 29.12%
• 5Y*: —
• 10Y*: —

PPEM

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

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

PEMX vs. PPEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PEMX Putnam Emerging Markets Ex-China ETF	30.56%	34.01%	17.21%	15.13%
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	31.88%	35.39%	7.50%	4.33%

Correlation

The correlation between PEMX and PPEM is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (All Time) Calculated using the full available price history since May 18, 2023	0.80

The correlation between PEMX and PPEM has been stable across timeframes, ranging from 0.80 to 0.81 - a consistent structural relationship.

Return for Risk

PEMX vs. PPEM — Risk / Return Rank

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

PEMX

PEMX Risk / Return Rank: 79
PEMX Sharpe Ratio Rank: 80
PEMX Sortino Ratio Rank: 70
PEMX Omega Ratio Rank: 78
PEMX Calmar Ratio Rank: 84
PEMX Martin Ratio Rank: 82

PPEM

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

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. PPEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Emerging Markets Ex-China ETF (PEMX) and Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM). 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	PPEM	Difference
Sharpe ratio: Return per unit of total volatility	2.01	—	—
Sortino ratio: Return per unit of downside risk	2.52	—	—
Omega ratio: Gain probability vs. loss probability	1.36	—	—
Calmar ratio: Return relative to maximum drawdown	3.62	—	—
Martin ratio: Return relative to average drawdown	12.60	—	—

Drawdowns

Drawdown Indicators

	PEMX	PPEM	Difference
Max Drawdown Largest peak-to-trough decline	-14.91%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-14.45%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-14.91%	—	—
Current Drawdown Current decline from peak	-11.70%	—	—
Average Drawdown Average peak-to-trough decline	-2.92%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	4.15%	—	—

Volatility

Volatility by Period

	PEMX	PPEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.23%	—	—
Volatility (6M) Calculated over the trailing 6-month period	24.08%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	26.07%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.87%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.87%	—	—

PEMX vs. PPEM - Expense Ratio Comparison

PEMX has a 0.85% expense ratio, which is higher than PPEM's 0.61% expense ratio.

Dividends

PEMX vs. PPEM - Dividend Comparison

PEMX's dividend yield for the trailing twelve months is around 5.36%, while PPEM has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
PEMX Putnam Emerging Markets Ex-China ETF	5.36%	7.00%	5.00%	0.72%
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	49.06%	6.05%	3.27%	1.94%

Frequently Asked Questions

Can I hold both PEMX and PPEM in my portfolio?

PEMX and PPEM have a correlation of 0.81, 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 PPEM?

On fees, PPEM is cheaper at 0.61% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PEMX or PPEM?

PPEM is cheaper with a 0.61% expense ratio, compared with 0.85% for PEMX.

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

PPEM has the higher dividend yield at 49.06%, compared with 5.36% for PEMX.

What is the main difference between PEMX and PPEM?

Their fees differ too: 0.85% for PEMX and 0.61% for PPEM.