PEMX vs. STXE

Last updated Jul 14, 2026

PEMX (Putnam Emerging Markets Ex-China ETF) and STXE (Strive Emerging Markets Ex-China ETF) are both Emerging Markets Diversified funds. PEMX is actively managed, while STXE is passively managed. Over the past 3 years, PEMX returned 29.12%/yr vs 24.14%/yr for STXE. Their correlation of 0.91 suggests significant overlap in exposure. PEMX charges 0.85%/yr vs 0.32%/yr for STXE.

Performance

PEMX vs. STXE - Performance Comparison

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

Returns By Period

In the year-to-date period, PEMX achieves a 30.56% return, which is significantly lower than STXE's 34.42% return.

PEMX

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

STXE

• 1D: -4.66%
• 1M: -5.87%
• 6M: 26.56%
• YTD: 34.42%
• 1Y: 58.13%
• 3Y*: 24.14%
• 5Y*: —
• 10Y*: —

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

PEMX vs. STXE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PEMX Putnam Emerging Markets Ex-China ETF	30.56%	34.01%	17.21%	15.13%
STXE Strive Emerging Markets Ex-China ETF	34.42%	34.23%	2.09%	11.07%

Correlation

The correlation between PEMX and STXE is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (All Time) Calculated using the full available price history since May 18, 2023	0.91

The correlation between PEMX and STXE has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.

Return for Risk

PEMX vs. STXE — 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

STXE

STXE Risk / Return Rank: 82
STXE Sharpe Ratio Rank: 82
STXE Sortino Ratio Rank: 72
STXE Omega Ratio Rank: 83
STXE Calmar Ratio Rank: 88
STXE Martin Ratio Rank: 86

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. STXE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Emerging Markets Ex-China ETF (PEMX) and Strive Emerging Markets Ex-China ETF (STXE). 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	STXE	Difference
Sharpe ratio: Return per unit of total volatility	2.01	2.08	-0.07
Sortino ratio: Return per unit of downside risk	2.52	2.60	-0.08
Omega ratio: Gain probability vs. loss probability	1.36	1.39	-0.02
Calmar ratio: Return relative to maximum drawdown	3.62	4.03	-0.40
Martin ratio: Return relative to average drawdown	12.60	14.03	-1.43

PEMX vs. STXE - Sharpe Ratio Comparison

The current PEMX Sharpe Ratio is 2.01, which is comparable to the STXE Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of PEMX and STXE, 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. STXE - Drawdown Comparison

The maximum PEMX drawdown since its inception was -14.91%, smaller than the maximum STXE drawdown of -18.92%. Use the drawdown chart below to compare losses from any high point for PEMX and STXE.

Drawdown Indicators

	PEMX	STXE	Difference
Max Drawdown Largest peak-to-trough decline	-14.91%	-18.92%	+4.01%
Max Drawdown (1Y) Largest decline over 1 year	-14.45%	-14.51%	+0.06%
Max Drawdown (3Y) Largest decline over 3 years	-14.91%	-18.92%	+4.01%
Current Drawdown Current decline from peak	-11.70%	-12.68%	+0.98%
Average Drawdown Average peak-to-trough decline	-2.92%	-3.78%	+0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.15%	4.16%	-0.01%

Volatility

PEMX vs. STXE - Volatility Comparison

The current volatility for Putnam Emerging Markets Ex-China ETF (PEMX) is 13.23%, while Strive Emerging Markets Ex-China ETF (STXE) has a volatility of 14.44%. This indicates that PEMX experiences smaller price fluctuations and is considered to be less risky than STXE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PEMX	STXE	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.23%	14.44%	-1.21%
Volatility (6M) Calculated over the trailing 6-month period	24.08%	26.40%	-2.32%
Volatility (1Y) Calculated over the trailing 1-year period	26.07%	28.09%	-2.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.87%	19.56%	+0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.87%	19.56%	+0.31%

PEMX vs. STXE - Expense Ratio Comparison

PEMX has a 0.85% expense ratio, which is higher than STXE's 0.32% expense ratio.

Dividends

PEMX vs. STXE - Dividend Comparison

PEMX's dividend yield for the trailing twelve months is around 5.36%, more than STXE's 1.87% yield.

Position	TTM	2025	2024	2023
PEMX Putnam Emerging Markets Ex-China ETF	5.36%	7.00%	5.00%	0.72%
STXE Strive Emerging Markets Ex-China ETF	1.87%	2.66%	3.22%	1.08%

Frequently Asked Questions

Can I hold both PEMX and STXE in my portfolio?

With a correlation of 0.96, PEMX and STXE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PEMX or STXE?

STXE has higher volatility (14.44%) compared to PEMX (13.23%). In terms of maximum drawdown, PEMX dropped -14.91% vs STXE's -18.92%.

Which ETF is better, PEMX or STXE?

On 3-year performance, PEMX leads with 29.12% vs 24.14% for STXE. On fees, STXE is cheaper at 0.32% per year. On volatility, PEMX has been the lower-risk option at 13.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PEMX or STXE?

Over the 3-year period, PEMX has performed better with a 29.12% return vs 24.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PEMX or STXE?

STXE is cheaper with a 0.32% expense ratio, compared with 0.85% for PEMX.

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

PEMX has the higher dividend yield at 5.36%, compared with 1.87% for STXE.

What is the main difference between PEMX and STXE?

They also come from different issuers: Putnam and Strive. Their fees differ too: 0.85% for PEMX and 0.32% for STXE.

Which has better risk-adjusted returns?

STXE currently has the higher Sharpe Ratio (2.08 vs 2.01), 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.