PEMX vs. PULT

Last updated Jul 14, 2026

PEMX (Putnam Emerging Markets Ex-China ETF) and PULT (Putnam ESG Ultra Short ETF) are both exchange-traded funds - PEMX is a Emerging Markets Diversified fund actively managed by Putnam, while PULT is a Ultrashort Bond fund actively managed by Putnam. Both are actively managed. At a 0.03 correlation, their price movements are largely independent. PEMX charges 0.85%/yr vs 0.25%/yr for PULT.

Performance

PEMX vs. PULT - 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 Ultra Short ETF (PULT). 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*: —

PULT

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

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

PEMX vs. PULT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PEMX Putnam Emerging Markets Ex-China ETF	30.56%	34.01%	17.21%	15.13%
PULT Putnam ESG Ultra Short ETF	1.23%	5.08%	5.93%	4.02%

Correlation

The correlation between PEMX and PULT is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (All Time) Calculated using the full available price history since May 18, 2023	0.03

Return for Risk

PEMX vs. PULT — 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

PULT

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. PULT - 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 Ultra Short ETF (PULT). 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	PULT	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	PULT	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	PULT	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. PULT - Expense Ratio Comparison

PEMX has a 0.85% expense ratio, which is higher than PULT's 0.25% expense ratio.

Dividends

PEMX vs. PULT - Dividend Comparison

PEMX's dividend yield for the trailing twelve months is around 5.36%, while PULT 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%
PULT Putnam ESG Ultra Short ETF	3.89%	4.59%	5.38%	4.88%

Frequently Asked Questions

Can I hold both PEMX and PULT in my portfolio?

PEMX and PULT have a correlation of 0.06, 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 PULT?

On fees, PULT is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PEMX or PULT?

PULT is cheaper with a 0.25% expense ratio, compared with 0.85% for PEMX.

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

PEMX has the higher dividend yield at 5.36%, compared with 3.89% for PULT.

What is the main difference between PEMX and PULT?

PEMX is categorized as Emerging Markets Diversified, while PULT is Ultrashort Bond. Their fees differ too: 0.85% for PEMX and 0.25% for PULT.