PPEM vs. EMM

Last updated Jul 17, 2026

PPEM (Putnam Panagora ESG Emerging Markets Equity ETF -) and EMM (Global X Emerging Markets ex-China ETF) are both Emerging Markets Diversified funds. PPEM is passively managed, while EMM is actively managed. Their correlation of 0.81 suggests significant overlap in exposure. PPEM charges 0.61%/yr vs 0.75%/yr for EMM.

Performance

PPEM vs. EMM - Performance Comparison

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

Returns By Period

PPEM

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

EMM

• 1D: -2.65%
• 1M: -9.10%
• 6M: 15.17%
• YTD: 20.66%
• 1Y: 36.95%
• 3Y*: 16.96%
• 5Y*: —
• 10Y*: —

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

PPEM vs. EMM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	31.88%	35.39%	7.50%	6.29%
EMM Global X Emerging Markets ex-China ETF	20.66%	30.21%	2.34%	2.99%

Correlation

The correlation between PPEM and EMM is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (All Time) Calculated using the full available price history since May 15, 2023	0.81

The correlation between PPEM and EMM has been stable across timeframes, ranging from 0.79 to 0.81 - a consistent structural relationship.

Return for Risk

PPEM vs. EMM — Risk / Return Rank

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

PPEM

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

EMM

EMM Risk / Return Rank: 56
EMM Sharpe Ratio Rank: 52
EMM Sortino Ratio Rank: 49
EMM Omega Ratio Rank: 55
EMM Calmar Ratio Rank: 63
EMM Martin Ratio Rank: 63

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. EMM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM) and Global X Emerging Markets ex-China ETF (EMM). 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	EMM	Difference
Sharpe ratio: Return per unit of total volatility	—	1.45	—
Sortino ratio: Return per unit of downside risk	—	1.97	—
Omega ratio: Gain probability vs. loss probability	—	1.28	—
Calmar ratio: Return relative to maximum drawdown	—	2.52	—
Martin ratio: Return relative to average drawdown	—	8.87	—

Drawdowns

Drawdown Indicators

	PPEM	EMM	Difference
Max Drawdown Largest peak-to-trough decline	—	-21.99%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-14.75%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-21.99%	—
Current Drawdown Current decline from peak	—	-12.68%	—
Average Drawdown Average peak-to-trough decline	—	-4.73%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.17%	—

Volatility

Volatility by Period

	PPEM	EMM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.42%	—
Volatility (6M) Calculated over the trailing 6-month period	—	23.73%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	25.57%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	20.13%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	20.13%	—

PPEM vs. EMM - Expense Ratio Comparison

PPEM has a 0.61% expense ratio, which is lower than EMM's 0.75% expense ratio.

Dividends

PPEM vs. EMM - Dividend Comparison

PPEM has not paid dividends to shareholders, while EMM's dividend yield for the trailing twelve months is around 0.79%.

Position	TTM	2025	2024	2023
EMM Global X Emerging Markets ex-China ETF	0.79%	0.90%	0.80%	0.66%
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	49.06%	6.05%	3.27%	1.94%

Frequently Asked Questions

Can I hold both PPEM and EMM in my portfolio?

PPEM and EMM have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PPEM or EMM?

On fees, PPEM is cheaper at 0.61% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PPEM or EMM?

PPEM is cheaper with a 0.61% expense ratio, compared with 0.75% for EMM.

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

PPEM has the higher dividend yield at 49.06%, compared with 0.79% for EMM.

What is the main difference between PPEM and EMM?

They also come from different issuers: Putnam and Global X. Their fees differ too: 0.61% for PPEM and 0.75% for EMM.