PGRO vs. PPEM

Last updated Aug 2, 2026

PGRO (Putnam Focused Large Cap Growth ETF) and PPEM (Putnam Panagora ESG Emerging Markets Equity ETF -) are both exchange-traded funds - PGRO is a Large Cap Growth Equities fund actively managed by Putnam, while PPEM is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Index. PGRO is actively managed, while PPEM is passively managed. Their 0.55 correlation means they have sometimes moved together and sometimes differently. PGRO charges 0.55%/yr vs 0.61%/yr for PPEM.

Performance

PGRO vs. PPEM - Performance Comparison

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

Returns By Period

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%

PPEM

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

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

PGRO vs. PPEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PGRO Putnam Focused Large Cap Growth ETF	1.37%	15.13%	34.01%	42.10%
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	31.88%	35.39%	7.50%	0.19%

Correlation

The correlation between PGRO and PPEM is 0.60, 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.	0.60
Correlation (3Y) Balances recent behavior with more history.	0.54
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023	0.55

The correlation between PGRO and PPEM has been stable across timeframes, ranging from 0.54 to 0.60 - a consistent structural relationship.

PGRO vs. PPEM - Sectors Allocation Comparison

Sectors	PGRO	PPEM
Technology	50.3%	50.9%
Communication Services	15.8%	8.0%
Healthcare	7.7%	2.5%
Consumer Cyclical	7.3%	7.7%
Financial Services	5.9%	16.8%
Industrials	4.1%	3.2%
Utilities	2.5%	2.4%
Basic Materials	2.4%	3.6%
Consumer Defensive	2.0%	1.0%
Real Estate	0.9%	1.5%
Energy	-	2.5%

Return for Risk

PGRO vs. PPEM — 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

PPEM

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. PPEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Focused Large Cap Growth ETF (PGRO) and Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM). 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	PPEM	Difference
Sharpe ratio: Return per unit of total volatility	0.41	—	—
Sortino ratio: Return per unit of downside risk	0.69	—	—
Omega ratio: Gain probability vs. loss probability	1.08	—	—
Calmar ratio: Return relative to maximum drawdown	0.45	—	—
Martin ratio: Return relative to average drawdown	1.32	—	—

Drawdowns

Drawdown Indicators

	PGRO	PPEM	Difference
Max Drawdown Largest peak-to-trough decline	-34.73%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-16.34%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-23.31%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-34.73%	—	—
Current Drawdown Current decline from peak	-8.08%	—	—
Average Drawdown Average peak-to-trough decline	-10.13%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	5.52%	—	—

Volatility

Volatility by Period

	PGRO	PPEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.72%	—	—
Volatility (6M) Calculated over the trailing 6-month period	14.18%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	17.90%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.07%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.77%	—	—

PGRO vs. PPEM - Expense Ratio Comparison

PGRO has a 0.55% expense ratio, which is lower than PPEM's 0.61% expense ratio.

Dividends

PGRO vs. PPEM - Dividend Comparison

PGRO's dividend yield for the trailing twelve months is around 0.02%, while PPEM has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
PGRO Putnam Focused Large Cap Growth ETF	0.02%	0.02%	0.08%	0.19%	0.12%
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	49.06%	6.05%	3.27%	1.94%	0.00%

Frequently Asked Questions

Can I hold both PGRO and PPEM in my portfolio?

PGRO and PPEM have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PGRO or PPEM?

On fees, PGRO is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PGRO or PPEM?

PGRO is cheaper with a 0.55% expense ratio, compared with 0.61% for PPEM.

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

PPEM has the higher dividend yield at 49.06%, compared with 0.02% for PGRO.

What is the main difference between PGRO and PPEM?

PGRO is categorized as Large Cap Growth Equities, while PPEM is Emerging Markets Equities. Their fees differ too: 0.55% for PGRO and 0.61% for PPEM.