PPEM vs. DFEV

Last updated Jun 24, 2026

PPEM (Putnam Panagora ESG Emerging Markets Equity ETF -) and DFEV (Dimensional Emerging Markets Value ETF) are both Emerging Markets Diversified funds. PPEM is passively managed, while DFEV is actively managed. Over the past 3 years, PPEM returned 24.99%/yr vs 24.39%/yr for DFEV. Their correlation of 0.88 suggests significant overlap in exposure. PPEM charges 0.61%/yr vs 0.43%/yr for DFEV.

Performance

PPEM vs. DFEV - Performance Comparison

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

Returns By Period

In the year-to-date period, PPEM achieves a 31.88% return, which is significantly higher than DFEV's 25.45% return.

PPEM

• 1D: 0.56%
• 1M: 4.33%
• YTD: 31.88%
• 6M: 33.23%
• 1Y: 55.34%
• 3Y*: 24.99%
• 5Y*: —
• 10Y*: —

DFEV

• 1D: -5.33%
• 1M: 2.00%
• YTD: 25.45%
• 6M: 26.35%
• 1Y: 48.75%
• 3Y*: 24.39%
• 5Y*: —
• 10Y*: —

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

PPEM vs. DFEV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	31.88%	35.39%	7.50%	0.19%
DFEV Dimensional Emerging Markets Value ETF	25.45%	32.54%	7.26%	8.96%

Correlation

The correlation between PPEM and DFEV is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023	0.88

The correlation between PPEM and DFEV has been stable across timeframes, ranging from 0.83 to 0.88 - a consistent structural relationship.

Return for Risk

PPEM vs. DFEV — Risk / Return Rank

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

PPEM

PPEM Risk / Return Rank: 83
PPEM Sharpe Ratio Rank: 86
PPEM Sortino Ratio Rank: 84
PPEM Omega Ratio Rank: 87
PPEM Calmar Ratio Rank: 76
PPEM Martin Ratio Rank: 80

DFEV

DFEV Risk / Return Rank: 80
DFEV Sharpe Ratio Rank: 81
DFEV Sortino Ratio Rank: 73
DFEV Omega Ratio Rank: 83
DFEV Calmar Ratio Rank: 84
DFEV Martin Ratio Rank: 81

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. DFEV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM) and Dimensional Emerging Markets Value ETF (DFEV). 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.

	PPEM	DFEV	Difference
Sharpe ratio: Return per unit of total volatility	2.62	2.45	+0.17
Sortino ratio: Return per unit of downside risk	3.48	3.09	+0.39
Omega ratio: Gain probability vs. loss probability	1.49	1.47	+0.02
Calmar ratio: Return relative to maximum drawdown	3.64	4.31	-0.67
Martin ratio: Return relative to average drawdown	14.57	15.41	-0.84

PPEM vs. DFEV - Sharpe Ratio Comparison

The current PPEM Sharpe Ratio is 2.62, which is comparable to the DFEV Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of PPEM and DFEV, 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

PPEM vs. DFEV - Drawdown Comparison

The maximum PPEM drawdown since its inception was -18.44%, roughly equal to the maximum DFEV drawdown of -18.49%. Use the drawdown chart below to compare losses from any high point for PPEM and DFEV.

Drawdown Indicators

	PPEM	DFEV	Difference
Max Drawdown Largest peak-to-trough decline	-18.44%	-18.49%	+0.05%
Max Drawdown (1Y) Largest decline over 1 year	-15.28%	-11.35%	-3.93%
Max Drawdown (3Y) Largest decline over 3 years	-18.44%	-17.94%	-0.50%
Current Drawdown Current decline from peak	-1.80%	-5.33%	+3.53%
Average Drawdown Average peak-to-trough decline	-4.19%	-4.63%	+0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.81%	3.17%	+0.64%

Volatility

PPEM vs. DFEV - Volatility Comparison

The current volatility for Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM) is 7.94%, while Dimensional Emerging Markets Value ETF (DFEV) has a volatility of 11.67%. This indicates that PPEM experiences smaller price fluctuations and is considered to be less risky than DFEV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PPEM	DFEV	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.94%	11.67%	-3.73%
Volatility (6M) Calculated over the trailing 6-month period	18.76%	18.08%	+0.68%
Volatility (1Y) Calculated over the trailing 1-year period	21.24%	20.00%	+1.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.26%	17.09%	+1.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.26%	17.09%	+1.17%

PPEM vs. DFEV - Expense Ratio Comparison

PPEM has a 0.61% expense ratio, which is higher than DFEV's 0.43% expense ratio.

Dividends

PPEM vs. DFEV - Dividend Comparison

PPEM's dividend yield for the trailing twelve months is around 49.06%, more than DFEV's 2.09% yield.

Position	TTM	2025	2024	2023	2022
DFEV Dimensional Emerging Markets Value ETF	2.09%	2.69%	3.17%	3.47%	3.35%
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 PPEM and DFEV in my portfolio?

PPEM and DFEV have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PPEM or DFEV?

DFEV has higher volatility (11.67%) compared to PPEM (7.94%). In terms of maximum drawdown, PPEM dropped -18.44% vs DFEV's -18.49%.

Which ETF is better, PPEM or DFEV?

On 3-year performance, PPEM leads with 24.99% vs 24.39% for DFEV. On fees, DFEV is cheaper at 0.43% per year. On volatility, PPEM has been the lower-risk option at 7.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PPEM or DFEV?

Over the 3-year period, PPEM has performed better with a 24.99% return vs 24.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PPEM or DFEV?

DFEV is cheaper with a 0.43% expense ratio, compared with 0.61% for PPEM.

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

PPEM has the higher dividend yield at 49.06%, compared with 2.09% for DFEV.

What is the main difference between PPEM and DFEV?

They also come from different issuers: Putnam and Dimensional. Their fees differ too: 0.61% for PPEM and 0.43% for DFEV.

Which has better risk-adjusted returns?

PPEM currently has the higher Sharpe Ratio (2.62 vs 2.45), 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.