PPEM vs. ESGE

Last updated Jul 15, 2026

PPEM (Putnam Panagora ESG Emerging Markets Equity ETF -) and ESGE (iShares ESG Aware MSCI EM ETF) are both exchange-traded funds - PPEM is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Index, while ESGE is a Emerging Markets Equities fund tracking the MSCI EM Extended ESG Focus Index. Both are passively managed. Their correlation of 0.93 suggests significant overlap in exposure. PPEM charges 0.61%/yr vs 0.25%/yr for ESGE.

Performance

PPEM vs. ESGE - Performance Comparison

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

Returns By Period

PPEM

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

ESGE

• 1D: 1.78%
• 1M: -3.27%
• 6M: 14.04%
• YTD: 19.85%
• 1Y: 36.75%
• 3Y*: 19.99%
• 5Y*: 6.23%
• 10Y*: —

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

PPEM vs. ESGE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	31.88%	35.39%	7.50%	0.19%
ESGE iShares ESG Aware MSCI EM ETF	19.85%	35.86%	6.63%	0.33%

Correlation

The correlation between PPEM and ESGE is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023	0.93

The correlation between PPEM and ESGE has been stable across timeframes, ranging from 0.85 to 0.93 - a consistent structural relationship.

Return for Risk

PPEM vs. ESGE — 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.

ESGE

ESGE Risk / Return Rank: 61
ESGE Sharpe Ratio Rank: 58
ESGE Sortino Ratio Rank: 53
ESGE Omega Ratio Rank: 63
ESGE Calmar Ratio Rank: 67
ESGE Martin Ratio Rank: 64

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. ESGE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM) and iShares ESG Aware MSCI EM ETF (ESGE). 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	ESGE	Difference
Sharpe ratio: Return per unit of total volatility	—	1.56	—
Sortino ratio: Return per unit of downside risk	—	2.07	—
Omega ratio: Gain probability vs. loss probability	—	1.30	—
Calmar ratio: Return relative to maximum drawdown	—	2.66	—
Martin ratio: Return relative to average drawdown	—	9.21	—

Drawdowns

Drawdown Indicators

	PPEM	ESGE	Difference
Max Drawdown Largest peak-to-trough decline	—	-41.07%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-13.90%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-16.71%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-37.07%	—
Current Drawdown Current decline from peak	—	-7.48%	—
Average Drawdown Average peak-to-trough decline	—	-14.36%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.00%	—

Volatility

Volatility by Period

	PPEM	ESGE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.42%	—
Volatility (6M) Calculated over the trailing 6-month period	—	21.58%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	23.61%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	19.89%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	20.26%	—

PPEM vs. ESGE - Expense Ratio Comparison

PPEM has a 0.61% expense ratio, which is higher than ESGE's 0.25% expense ratio.

Dividends

PPEM vs. ESGE - Dividend Comparison

PPEM has not paid dividends to shareholders, while ESGE's dividend yield for the trailing twelve months is around 2.16%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
ESGE iShares ESG Aware MSCI EM ETF	2.16%	2.50%	2.41%	2.64%	2.68%	2.66%	1.31%	2.59%	2.19%	1.86%	0.27%
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	49.06%	6.05%	3.27%	1.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PPEM and ESGE in my portfolio?

PPEM and ESGE have a correlation of 0.85, 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 ESGE?

On fees, ESGE is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PPEM or ESGE?

ESGE is cheaper with a 0.25% expense ratio, compared with 0.61% for PPEM.

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

PPEM has the higher dividend yield at 49.06%, compared with 2.16% for ESGE.

What is the main difference between PPEM and ESGE?

PPEM is categorized as Emerging Markets Diversified, while ESGE is Emerging Markets Equities. PPEM tracks MSCI Emerging Markets Index, while ESGE tracks MSCI EM Extended ESG Focus Index. They also come from different issuers: Putnam and iShares. Their fees differ too: 0.61% for PPEM and 0.25% for ESGE.