PPEM vs. GSG

Last updated Jul 17, 2026

PPEM (Putnam Panagora ESG Emerging Markets Equity ETF -) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - PPEM is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. At a 0.11 correlation, their price movements are largely independent. PPEM charges 0.61%/yr vs 0.75%/yr for GSG.

Performance

PPEM vs. GSG - 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 S&P GSCI Commodity-Indexed Trust (GSG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PPEM

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

GSG

• 1D: -0.93%
• 1M: 4.15%
• 6M: 29.74%
• YTD: 33.95%
• 1Y: 37.41%
• 3Y*: 15.32%
• 5Y*: 14.20%
• 10Y*: 7.61%

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

PPEM vs. GSG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	31.88%	35.39%	7.50%	0.19%
GSG iShares S&P GSCI Commodity-Indexed Trust	33.95%	5.93%	8.52%	-5.73%

Correlation

The correlation between PPEM and GSG is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023	0.11

The correlation between PPEM and GSG shifts across timeframes, from -0.14 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PPEM vs. GSG — 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.

GSG

GSG Risk / Return Rank: 54
GSG Sharpe Ratio Rank: 60
GSG Sortino Ratio Rank: 56
GSG Omega Ratio Rank: 57
GSG Calmar Ratio Rank: 48
GSG Martin Ratio Rank: 49

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. GSG - 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 S&P GSCI Commodity-Indexed Trust (GSG). 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	GSG	Difference
Sharpe ratio: Return per unit of total volatility	—	1.60	—
Sortino ratio: Return per unit of downside risk	—	2.20	—
Omega ratio: Gain probability vs. loss probability	—	1.29	—
Calmar ratio: Return relative to maximum drawdown	—	2.00	—
Martin ratio: Return relative to average drawdown	—	6.66	—

Drawdowns

Drawdown Indicators

	PPEM	GSG	Difference
Max Drawdown Largest peak-to-trough decline	—	-89.62%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-18.81%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-18.81%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-29.12%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-57.64%	—
Current Drawdown Current decline from peak	—	-59.56%	—
Average Drawdown Average peak-to-trough decline	—	-63.68%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	5.63%	—

Volatility

Volatility by Period

	PPEM	GSG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.17%	—
Volatility (6M) Calculated over the trailing 6-month period	—	21.54%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	23.48%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	22.80%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	22.00%	—

PPEM vs. GSG - Expense Ratio Comparison

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

Dividends

PPEM vs. GSG - Dividend Comparison

Neither PPEM nor GSG has paid dividends to shareholders.

Position	TTM	2025	2024	2023
GSG iShares S&P GSCI Commodity-Indexed Trust	0.00%	0.00%	0.00%	0.00%
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 GSG in my portfolio?

PPEM and GSG have a correlation of -0.14, 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 GSG?

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 GSG?

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

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

PPEM has the higher dividend yield at 49.06%, compared with 0.00% for GSG.

What is the main difference between PPEM and GSG?

PPEM is categorized as Emerging Markets Diversified, while GSG is Commodities. PPEM tracks MSCI Emerging Markets Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Putnam and iShares. Their fees differ too: 0.61% for PPEM and 0.75% for GSG.