PGRO vs. PEMX

Last updated Aug 2, 2026

PGRO (Putnam Focused Large Cap Growth ETF) and PEMX (Putnam Emerging Markets Ex-China ETF) are both exchange-traded funds - PGRO is a Large Cap Growth Equities fund actively managed by Putnam, while PEMX is a Emerging Markets Equities fund actively managed by Putnam. Both are actively managed. Over the past 3 years, PGRO returned 19.26%/yr vs 28.43%/yr for PEMX. Their 0.70 correlation means they have sometimes moved together and sometimes differently. PGRO charges 0.55%/yr vs 0.85%/yr for PEMX.

Performance

PGRO vs. PEMX - Performance Comparison

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

Returns By Period

In the year-to-date period, PGRO achieves a 1.37% return, which is significantly lower than PEMX's 26.42% return.

PGRO

• 1D: 0.76%
• 1M: -2.55%
• 6M: 2.79%
• YTD: 1.37%
• 1Y: 9.32%
• 3Y*: 19.26%
• 5Y*: 10.40%
• 10Y*: —
• ALL TIME*: 12.18%

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%

*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
PGRO Putnam Focused Large Cap Growth ETF	$9.82M	$4.94M	$2.18M

PGRO vs. PEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PGRO Putnam Focused Large Cap Growth ETF	1.37%	15.13%	34.01%	21.31%
PEMX Putnam Emerging Markets Ex-China ETF	26.42%	34.01%	17.21%	15.13%

Correlation

The correlation between PGRO and PEMX is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.70
Correlation (All Time) Calculated using the full available price history since May 18, 2023	0.70

The correlation between PGRO and PEMX has been stable across timeframes, ranging from 0.70 to 0.75 - a consistent structural relationship.

PGRO vs. PEMX - Sectors Allocation Comparison

Sectors	PGRO	PEMX
Technology	50.3%	49.1%
Communication Services	15.8%	6.0%
Healthcare	7.7%	1.4%
Consumer Cyclical	7.3%	3.8%
Financial Services	5.9%	24.1%
Industrials	4.1%	6.1%
Utilities	2.5%	3.7%
Basic Materials	2.4%	1.5%
Consumer Defensive	2.0%	1.0%
Real Estate	0.9%	-
Energy	-	0.9%

Return for Risk

PGRO vs. PEMX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PGRO

PGRO Risk / Return Rank: 20
PGRO Sharpe Ratio Rank: 20
PGRO Sortino Ratio Rank: 20
PGRO Omega Ratio Rank: 19
PGRO Calmar Ratio Rank: 19
PGRO Martin Ratio Rank: 20

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

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.

PGRO vs. PEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Focused Large Cap Growth ETF (PGRO) and Putnam Emerging Markets Ex-China ETF (PEMX). 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.

	PGRO	PEMX	Difference
Sharpe ratio: Return per unit of total volatility	0.41	1.75	-1.34
Sortino ratio: Return per unit of downside risk	0.69	2.27	-1.58
Omega ratio: Gain probability vs. loss probability	1.08	1.31	-0.23
Calmar ratio: Return relative to maximum drawdown	0.45	2.50	-2.05
Martin ratio: Return relative to average drawdown	1.32	9.02	-7.69

PGRO vs. PEMX - Sharpe Ratio Comparison

The current PGRO Sharpe Ratio is 0.41, which is lower than the PEMX Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of PGRO and PEMX, 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

PGRO vs. PEMX - Drawdown Comparison

The maximum PGRO drawdown since its inception was -34.73%, which is greater than PEMX's maximum drawdown of -19.04%. Use the drawdown chart below to compare losses from any high point for PGRO and PEMX.

Drawdown Indicators

	PGRO	PEMX	Difference
Max Drawdown Largest peak-to-trough decline	-34.73%	-19.04%	-15.69%
Max Drawdown (1Y) Largest decline over 1 year	-16.34%	-19.04%	+2.70%
Max Drawdown (3Y) Largest decline over 3 years	-23.31%	-19.04%	-4.27%
Max Drawdown (5Y) Largest decline over 5 years	-34.73%	—	—
Current Drawdown Current decline from peak	-8.08%	-14.50%	+6.42%
Average Drawdown Average peak-to-trough decline	-10.13%	-3.11%	-7.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.52%	5.27%	+0.25%

Volatility

PGRO vs. PEMX - Volatility Comparison

The current volatility for Putnam Focused Large Cap Growth ETF (PGRO) is 5.72%, while Putnam Emerging Markets Ex-China ETF (PEMX) has a volatility of 10.79%. This indicates that PGRO experiences smaller price fluctuations and is considered to be less risky than PEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGRO	PEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.72%	10.79%	-5.07%
Volatility (6M) Calculated over the trailing 6-month period	14.18%	25.23%	-11.05%
Volatility (1Y) Calculated over the trailing 1-year period	17.90%	27.22%	-9.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.07%	20.23%	+1.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.77%	20.23%	+1.54%

PGRO vs. PEMX - Expense Ratio Comparison

PGRO has a 0.55% expense ratio, which is lower than PEMX's 0.85% expense ratio.

Dividends

PGRO vs. PEMX - Dividend Comparison

PGRO's dividend yield for the trailing twelve months is around 0.02%, less than PEMX's 5.54% yield.

Position	TTM	2025	2024	2023	2022
PEMX Putnam Emerging Markets Ex-China ETF	5.54%	7.00%	5.00%	0.72%	0.00%
PGRO Putnam Focused Large Cap Growth ETF	0.02%	0.02%	0.08%	0.19%	0.12%

Frequently Asked Questions

Can I hold both PGRO and PEMX in my portfolio?

PGRO and PEMX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PGRO or PEMX?

PEMX has higher volatility (10.79%) compared to PGRO (5.72%). In terms of maximum drawdown, PGRO dropped -34.73% vs PEMX's -19.04%.

Which ETF is better, PGRO or PEMX?

On 3-year performance, PEMX leads with 28.43% vs 19.26% for PGRO. On fees, PGRO is cheaper at 0.55% per year. On volatility, PGRO 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, PGRO or PEMX?

Over the 3-year period, PEMX has performed better with a 28.43% return vs 19.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PGRO or PEMX?

PGRO is cheaper with a 0.55% expense ratio, compared with 0.85% for PEMX.

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

PEMX has the higher dividend yield at 5.54%, compared with 0.02% for PGRO.

What is the main difference between PGRO and PEMX?

PGRO is categorized as Large Cap Growth Equities, while PEMX is Emerging Markets Equities. Their fees differ too: 0.55% for PGRO and 0.85% for PEMX.

Which has better risk-adjusted returns?

PEMX currently has the higher Sharpe Ratio (1.75 vs 0.41), 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.