PEMX vs. SPEM

Last updated Aug 2, 2026

PEMX (Putnam Emerging Markets Ex-China ETF) and SPEM (SPDR Portfolio Emerging Markets ETF) are both Emerging Markets Equities funds. PEMX is actively managed, while SPEM is passively managed. Over the past 3 years, PEMX returned 28.43%/yr vs 15.56%/yr for SPEM. Their correlation of 0.81 means they have usually moved in the same direction. PEMX charges 0.85%/yr vs 0.07%/yr for SPEM.

Performance

PEMX vs. SPEM - Performance Comparison

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

Returns By Period

In the year-to-date period, PEMX achieves a 26.42% return, which is significantly higher than SPEM's 9.89% return.

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%

SPEM

• 1D: 0.77%
• 1M: -0.37%
• 6M: 4.56%
• YTD: 9.89%
• 1Y: 22.14%
• 3Y*: 15.56%
• 5Y*: 6.70%
• 10Y*: 8.53%
• ALL TIME*: 5.54%

*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
SPEM SPDR Portfolio Emerging Markets ETF	$90.49M	$105.53M	$120.92M

PEMX vs. SPEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PEMX Putnam Emerging Markets Ex-China ETF	26.42%	34.01%	17.21%	15.13%
SPEM SPDR Portfolio Emerging Markets ETF	9.89%	25.63%	11.40%	6.78%

Correlation

The correlation between PEMX and SPEM is 0.87, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.87
Correlation (3Y) Balances recent behavior with more history.	0.81
Correlation (All Time) Calculated using the full available price history since May 18, 2023	0.81

The correlation between PEMX and SPEM has been stable across timeframes, ranging from 0.81 to 0.87 - a consistent structural relationship.

PEMX vs. SPEM - Sectors Allocation Comparison

Sectors	PEMX	SPEM
Technology	49.1%	32.7%
Financial Services	24.1%	19.9%
Industrials	6.1%	8.3%
Communication Services	6.0%	6.6%
Consumer Cyclical	3.8%	8.9%
Utilities	3.7%	2.7%
Basic Materials	1.5%	7.7%
Healthcare	1.4%	3.9%
Consumer Defensive	1.0%	3.7%
Energy	0.9%	3.8%
Real Estate	-	1.8%

Return for Risk

PEMX vs. SPEM — 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

SPEM

SPEM Risk / Return Rank: 51
SPEM Sharpe Ratio Rank: 50
SPEM Sortino Ratio Rank: 49
SPEM Omega Ratio Rank: 50
SPEM Calmar Ratio Rank: 54
SPEM Martin Ratio Rank: 54

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. SPEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Emerging Markets Ex-China ETF (PEMX) and SPDR Portfolio Emerging Markets ETF (SPEM). 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	SPEM	Difference
Sharpe ratio: Return per unit of total volatility	1.75	1.23	+0.52
Sortino ratio: Return per unit of downside risk	2.27	1.74	+0.53
Omega ratio: Gain probability vs. loss probability	1.31	1.23	+0.09
Calmar ratio: Return relative to maximum drawdown	2.50	1.91	+0.59
Martin ratio: Return relative to average drawdown	9.02	6.31	+2.71

PEMX vs. SPEM - Sharpe Ratio Comparison

The current PEMX Sharpe Ratio is 1.75, which is higher than the SPEM Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of PEMX and SPEM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PEMX vs. SPEM - Drawdown Comparison

The maximum PEMX drawdown since its inception was -19.04%, smaller than the maximum SPEM drawdown of -64.41%. Use the drawdown chart below to compare losses from any high point for PEMX and SPEM.

Drawdown Indicators

	PEMX	SPEM	Difference
Max Drawdown Largest peak-to-trough decline	-19.04%	-64.41%	+45.37%
Max Drawdown (1Y) Largest decline over 1 year	-19.04%	-11.36%	-7.68%
Max Drawdown (3Y) Largest decline over 3 years	-19.04%	-17.62%	-1.42%
Max Drawdown (5Y) Largest decline over 5 years	—	-30.03%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.06%	—
Current Drawdown Current decline from peak	-14.50%	-4.14%	-10.36%
Average Drawdown Average peak-to-trough decline	-3.11%	-14.66%	+11.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.27%	3.43%	+1.84%

Volatility

PEMX vs. SPEM - Volatility Comparison

Putnam Emerging Markets Ex-China ETF (PEMX) has a higher volatility of 10.79% compared to SPDR Portfolio Emerging Markets ETF (SPEM) at 5.72%. This indicates that PEMX's price experiences larger fluctuations and is considered to be riskier than SPEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PEMX	SPEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.79%	5.72%	+5.07%
Volatility (6M) Calculated over the trailing 6-month period	25.23%	15.43%	+9.80%
Volatility (1Y) Calculated over the trailing 1-year period	27.22%	17.70%	+9.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.23%	17.36%	+2.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.23%	18.80%	+1.43%

PEMX vs. SPEM - Expense Ratio Comparison

PEMX has a 0.85% expense ratio, which is higher than SPEM's 0.07% expense ratio.

Dividends

PEMX vs. SPEM - Dividend Comparison

PEMX's dividend yield for the trailing twelve months is around 5.54%, more than SPEM's 2.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PEMX Putnam Emerging Markets Ex-China ETF	5.54%	7.00%	5.00%	0.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPEM SPDR Portfolio Emerging Markets ETF	2.55%	2.77%	2.78%	2.80%	3.38%	3.14%	1.92%	2.94%	2.34%	1.12%	1.51%	2.40%

Frequently Asked Questions

Can I hold both PEMX and SPEM in my portfolio?

PEMX and SPEM have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PEMX or SPEM?

PEMX has higher volatility (10.79%) compared to SPEM (5.72%). In terms of maximum drawdown, PEMX dropped -19.04% vs SPEM's -64.41%.

Which ETF is better, PEMX or SPEM?

On 3-year performance, PEMX leads with 28.43% vs 15.56% for SPEM. On fees, SPEM is cheaper at 0.07% per year. On volatility, SPEM has been the lower-risk option at 5.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PEMX or SPEM?

Over the 3-year period, PEMX has performed better with a 28.43% return vs 15.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PEMX or SPEM?

SPEM is cheaper with a 0.07% expense ratio, compared with 0.85% for PEMX.

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

PEMX has the higher dividend yield at 5.54%, compared with 2.55% for SPEM.

What is the main difference between PEMX and SPEM?

They also come from different issuers: Putnam and State Street. Their fees differ too: 0.85% for PEMX and 0.07% for SPEM.

Which has better risk-adjusted returns?

PEMX currently has the higher Sharpe Ratio (1.75 vs 1.23), 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.