PEMX vs. PULT

Last updated Apr 1, 2026

Compare and contrast key facts about Putnam Emerging Markets Ex-China ETF (PEMX) and Putnam ESG Ultra Short ETF (PULT).

PEMX and PULT 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. PULT is an actively managed fund by Putnam. It was launched on Jan 19, 2023.

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.

PEMX vs. PULT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PEMX Putnam Emerging Markets Ex-China ETF	9.03%	34.01%	17.21%	15.13%
PULT Putnam ESG Ultra Short ETF	0.56%	5.08%	5.93%	4.03%

Returns By Period

In the year-to-date period, PEMX achieves a 9.03% return, which is significantly higher than PULT's 0.56% return.

PEMX

• 1D: 4.10%
• 1M: -9.83%
• YTD: 9.03%
• 6M: 19.84%
• 1Y: 50.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PULT

• 1D: 0.08%
• 1M: 0.10%
• YTD: 0.56%
• 6M: 1.75%
• 1Y: 4.37%
• 3Y*: 5.51%
• 5Y*: —
• 10Y*: —

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

PEMX vs. PULT - Expense Ratio Comparison

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

PEMX

Putnam Emerging Markets Ex-China ETF

PULT

Putnam ESG Ultra Short ETF

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: 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: 94

PULT

PULT Risk / Return Rank: 99
PULT Sharpe Ratio Rank: 99
PULT Sortino Ratio Rank: 99
PULT Omega Ratio Rank: 99
PULT Calmar Ratio Rank: 99
PULT Martin Ratio Rank: 99

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.

	PEMX	PULT	Difference
Sharpe ratio Return per unit of total volatility	2.46	7.40	-4.94
Sortino ratio Return per unit of downside risk	3.17	15.34	-12.17
Omega ratio Gain probability vs. loss probability	1.45	3.47	-2.02
Calmar ratio Return relative to maximum drawdown	3.43	20.05	-16.62
Martin ratio Return relative to average drawdown	14.24	97.34	-83.10
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. PULT - Sharpe Ratio Comparison

The current PEMX Sharpe Ratio is 2.46, which is lower than the PULT Sharpe Ratio of 7.40. The chart below compares the historical Sharpe Ratios of PEMX and PULT, 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	PULT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.46	7.40	-4.94
Sharpe Ratio (All Time) Calculated using the full available price history	1.57	9.30	-7.73

Correlation

The correlation between PEMX and PULT is -0.00. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

PEMX vs. PULT - Dividend Comparison

PEMX's dividend yield for the trailing twelve months is around 6.42%, more than PULT's 4.69% yield.

	TTM	2025	2024	2023
PEMX Putnam Emerging Markets Ex-China ETF	6.42%	7.00%	5.00%	0.72%
PULT Putnam ESG Ultra Short ETF	4.69%	4.59%	5.38%	4.88%

Drawdowns

PEMX vs. PULT - Drawdown Comparison

The maximum PEMX drawdown since its inception was -14.91%, which is greater than PULT's maximum drawdown of -0.34%. Use the drawdown chart below to compare losses from any high point for PEMX and PULT.

Drawdown Indicators

	PEMX	PULT	Difference
Max Drawdown Largest peak-to-trough decline	-14.91%	-0.34%	-14.57%
Max Drawdown (1Y) Largest decline over 1 year	-14.45%	-0.22%	-14.23%
Current Drawdown Current decline from peak	-10.94%	0.00%	-10.94%
Average Drawdown Average peak-to-trough decline	-2.88%	-0.02%	-2.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.48%	0.04%	+3.44%

Volatility

PEMX vs. PULT - Volatility Comparison

Putnam Emerging Markets Ex-China ETF (PEMX) has a higher volatility of 11.24% compared to Putnam ESG Ultra Short ETF (PULT) at 0.15%. This indicates that PEMX's price experiences larger fluctuations and is considered to be riskier than PULT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PEMX	PULT	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.24%	0.15%	+11.09%
Volatility (6M) Calculated over the trailing 6-month period	15.87%	0.44%	+15.43%
Volatility (1Y) Calculated over the trailing 1-year period	20.48%	0.59%	+19.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.16%	0.58%	+16.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.16%	0.58%	+16.58%