PPEM vs. AVEE

Last updated Apr 1, 2026

Compare and contrast key facts about Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM) and Avantis Emerging Markets Small Cap Equity ETF (AVEE).

PPEM and AVEE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PPEM is a passively managed fund by Putnam that tracks the performance of the MSCI Emerging Markets Index. It was launched on Jan 19, 2023. AVEE is an actively managed fund by Avantis. It was launched on Nov 7, 2023.

Performance

PPEM vs. AVEE - Performance Comparison

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

PPEM vs. AVEE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	5.27%	35.39%	7.50%	8.11%
AVEE Avantis Emerging Markets Small Cap Equity ETF	1.69%	19.80%	2.91%	7.28%

Returns By Period

In the year-to-date period, PPEM achieves a 5.27% return, which is significantly higher than AVEE's 1.69% return.

PPEM

• 1D: 4.09%
• 1M: -10.61%
• YTD: 5.27%
• 6M: 8.34%
• 1Y: 38.04%
• 3Y*: 16.98%
• 5Y*: —
• 10Y*: —

AVEE

• 1D: 2.63%
• 1M: -7.57%
• YTD: 1.69%
• 6M: 0.63%
• 1Y: 23.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PPEM vs. AVEE - Expense Ratio Comparison

PPEM has a 0.61% expense ratio, which is higher than AVEE's 0.42% expense ratio.

PPEM

Putnam Panagora ESG Emerging Markets Equity ETF -

AVEE

Avantis Emerging Markets Small Cap Equity ETF

Return for Risk

PPEM vs. AVEE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PPEM

PPEM Risk / Return Rank: 86
PPEM Sharpe Ratio Rank: 87
PPEM Sortino Ratio Rank: 88
PPEM Omega Ratio Rank: 87
PPEM Calmar Ratio Rank: 83
PPEM Martin Ratio Rank: 85

AVEE

AVEE Risk / Return Rank: 74
AVEE Sharpe Ratio Rank: 77
AVEE Sortino Ratio Rank: 76
AVEE Omega Ratio Rank: 73
AVEE Calmar Ratio Rank: 75
AVEE Martin Ratio Rank: 69

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.

PPEM vs. AVEE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM) and Avantis Emerging Markets Small Cap Equity ETF (AVEE). 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.

	PPEM	AVEE	Difference
Sharpe ratio Return per unit of total volatility	1.81	1.38	+0.43
Sortino ratio Return per unit of downside risk	2.44	1.85	+0.59
Omega ratio Gain probability vs. loss probability	1.36	1.26	+0.10
Calmar ratio Return relative to maximum drawdown	2.41	1.87	+0.54
Martin ratio Return relative to average drawdown	9.97	6.70	+3.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PPEM vs. AVEE - Sharpe Ratio Comparison

The current PPEM Sharpe Ratio is 1.81, which is higher than the AVEE Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of PPEM and AVEE, 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

	PPEM	AVEE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	1.38	+0.43
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.83	-0.01

Correlation

The correlation between PPEM and AVEE is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

PPEM vs. AVEE - Dividend Comparison

PPEM's dividend yield for the trailing twelve months is around 61.46%, more than AVEE's 2.27% yield.

	TTM	2025	2024	2023
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	61.46%	6.05%	3.27%	1.94%
AVEE Avantis Emerging Markets Small Cap Equity ETF	2.27%	2.25%	3.26%	0.39%

Drawdowns

PPEM vs. AVEE - Drawdown Comparison

The maximum PPEM drawdown since its inception was -18.44%, smaller than the maximum AVEE drawdown of -20.21%. Use the drawdown chart below to compare losses from any high point for PPEM and AVEE.

Drawdown Indicators

	PPEM	AVEE	Difference
Max Drawdown Largest peak-to-trough decline	-18.44%	-20.21%	+1.77%
Max Drawdown (1Y) Largest decline over 1 year	-15.28%	-12.14%	-3.14%
Current Drawdown Current decline from peak	-11.81%	-8.30%	-3.51%
Average Drawdown Average peak-to-trough decline	-4.29%	-3.78%	-0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.69%	3.38%	+0.31%

Volatility

PPEM vs. AVEE - Volatility Comparison

Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM) has a higher volatility of 11.49% compared to Avantis Emerging Markets Small Cap Equity ETF (AVEE) at 8.45%. This indicates that PPEM's price experiences larger fluctuations and is considered to be riskier than AVEE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PPEM	AVEE	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.49%	8.45%	+3.04%
Volatility (6M) Calculated over the trailing 6-month period	16.26%	11.92%	+4.34%
Volatility (1Y) Calculated over the trailing 1-year period	21.10%	17.25%	+3.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.49%	16.02%	+1.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.49%	16.02%	+1.47%