PPEM vs. IEMG
PPEM (Putnam Panagora ESG Emerging Markets Equity ETF -) and IEMG (iShares Core MSCI Emerging Markets ETF) are both Emerging Markets Diversified funds - PPEM tracks the MSCI Emerging Markets Index while IEMG tracks the MSCI Emerging Markets Investable Market Index (USD) (Net). Both are passively managed. Over the past 3 years, PPEM returned 24.99%/yr vs 22.14%/yr for IEMG. Their correlation of 0.94 suggests significant overlap in exposure. PPEM charges 0.61%/yr vs 0.09%/yr for IEMG.
Performance
PPEM vs. IEMG - Performance Comparison
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Returns By Period
In the year-to-date period, PPEM achieves a 31.88% return, which is significantly higher than IEMG's 21.95% return.
PPEM
- 1D
- 0.56%
- 1M
- 4.33%
- YTD
- 31.88%
- 6M
- 33.23%
- 1Y
- 55.34%
- 3Y*
- 24.99%
- 5Y*
- —
- 10Y*
- —
IEMG
- 1D
- -5.44%
- 1M
- 1.74%
- YTD
- 21.95%
- 6M
- 22.64%
- 1Y
- 43.66%
- 3Y*
- 22.14%
- 5Y*
- 7.05%
- 10Y*
- 10.38%
PPEM vs. IEMG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PPEM Putnam Panagora ESG Emerging Markets Equity ETF - | 31.88% | 35.39% | 7.50% | 0.19% |
IEMG iShares Core MSCI Emerging Markets ETF | 21.95% | 32.56% | 6.50% | 3.13% |
Correlation
The correlation between PPEM and IEMG is 0.90, 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 | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023 | 0.94 |
The correlation between PPEM and IEMG has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.
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Return for Risk
PPEM vs. IEMG — Risk / Return Rank
PPEM
IEMG
PPEM vs. IEMG - 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 Core MSCI Emerging Markets ETF (IEMG). 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 | IEMG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.64 | ||
| Sortino ratioReturn per unit of downside risk | +0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.38 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 3.64 | 3.32 | +0.32 |
| Martin ratioReturn relative to average drawdown | 14.57 | 12.15 | +2.43 |
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Drawdowns
PPEM vs. IEMG - Drawdown Comparison
The maximum PPEM drawdown since its inception was -18.44%, smaller than the maximum IEMG drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for PPEM and IEMG.
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Drawdown Indicators
| PPEM | IEMG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.44% | -38.71% | +20.27% |
Max Drawdown (1Y)Largest decline over 1 year | -15.28% | -13.21% | -2.07% |
Max Drawdown (3Y)Largest decline over 3 years | -18.44% | -17.21% | -1.23% |
Max Drawdown (5Y)Largest decline over 5 years | — | -35.75% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -38.71% | — |
Current DrawdownCurrent decline from peak | -1.80% | -5.44% | +3.64% |
Average DrawdownAverage peak-to-trough decline | -4.19% | -12.93% | +8.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.81% | 3.61% | +0.20% |
Volatility
PPEM vs. IEMG - Volatility Comparison
The current volatility for Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM) is 7.94%, while iShares Core MSCI Emerging Markets ETF (IEMG) has a volatility of 12.22%. This indicates that PPEM experiences smaller price fluctuations and is considered to be less risky than IEMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PPEM | IEMG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.94% | 12.22% | -4.28% |
Volatility (6M)Calculated over the trailing 6-month period | 18.76% | 20.14% | -1.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.24% | 22.12% | -0.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.26% | 18.99% | -0.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.26% | 20.20% | -1.94% |
PPEM vs. IEMG - Expense Ratio Comparison
PPEM has a 0.61% expense ratio, which is higher than IEMG's 0.09% expense ratio.
Dividends
PPEM vs. IEMG - Dividend Comparison
PPEM's dividend yield for the trailing twelve months is around 49.06%, more than IEMG's 2.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEMG iShares Core MSCI Emerging Markets ETF | 2.21% | 2.75% | 3.20% | 2.89% | 2.71% | 3.06% | 1.87% | 3.15% | 2.76% | 2.35% | 2.28% | 2.53% |
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% | 0.00% |
Frequently Asked Questions
PPEM and IEMG have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEMG has higher volatility (12.22%) compared to PPEM (7.94%). In terms of maximum drawdown, PPEM dropped -18.44% vs IEMG's -38.71%.
On 3-year performance, PPEM leads with 24.99% vs 22.14% for IEMG. On fees, IEMG is cheaper at 0.09% 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.
Over the 3-year period, PPEM has performed better with a 24.99% return vs 22.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEMG is cheaper with a 0.09% expense ratio, compared with 0.61% for PPEM.
PPEM has the higher dividend yield at 49.06%, compared with 2.21% for IEMG.
PPEM tracks MSCI Emerging Markets Index, while IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net). They also come from different issuers: Putnam and iShares. Their fees differ too: 0.61% for PPEM and 0.09% for IEMG.
PPEM currently has the higher Sharpe Ratio (2.62 vs 1.98), 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.
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