PPEM vs. ISCMF

Last updated Jul 12, 2026

PPEM (Putnam Panagora ESG Emerging Markets Equity ETF -) and ISCMF (iShares Diversified Commodity Swap UCITS ETF) are both exchange-traded funds - PPEM is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Index, while ISCMF is a Commodities fund tracking the Bloomberg Commodity Index. Both are passively managed. At a correlation of -0.01, they often move in opposite directions. PPEM charges 0.61%/yr vs 0.19%/yr for ISCMF.

Performance

PPEM vs. ISCMF - 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 Diversified Commodity Swap UCITS ETF (ISCMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PPEM

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

ISCMF

• 1D: 0.00%
• 1M: -8.88%
• 6M: 11.96%
• YTD: 11.96%
• 1Y: 22.55%
• 3Y*: 10.82%
• 5Y*: —
• 10Y*: —

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

PPEM vs. ISCMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	31.88%	35.39%	7.50%	0.19%
ISCMF iShares Diversified Commodity Swap UCITS ETF	11.96%	19.65%	3.13%	-9.58%

Correlation

The correlation between PPEM and ISCMF is -0.10, 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	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023	-0.01

Return for Risk

PPEM vs. ISCMF — 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.

ISCMF

ISCMF Risk / Return Rank: 58
ISCMF Sharpe Ratio Rank: 43
ISCMF Sortino Ratio Rank: 48
ISCMF Omega Ratio Rank: 97
ISCMF Calmar Ratio Rank: 44
ISCMF Martin Ratio Rank: 57

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. ISCMF - 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 Diversified Commodity Swap UCITS ETF (ISCMF). 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	ISCMF	Difference
Sharpe ratio: Return per unit of total volatility	—	1.24	—
Sortino ratio: Return per unit of downside risk	—	1.94	—
Omega ratio: Gain probability vs. loss probability	—	1.89	—
Calmar ratio: Return relative to maximum drawdown	—	1.77	—
Martin ratio: Return relative to average drawdown	—	7.87	—

Drawdowns

Drawdown Indicators

	PPEM	ISCMF	Difference
Max Drawdown Largest peak-to-trough decline	—	-25.42%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-13.68%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-13.68%	—
Current Drawdown Current decline from peak	—	-13.68%	—
Average Drawdown Average peak-to-trough decline	—	-13.31%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.08%	—

Volatility

Volatility by Period

	PPEM	ISCMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.30%	—
Volatility (6M) Calculated over the trailing 6-month period	—	18.12%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	19.62%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	14.84%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	14.84%	—

PPEM vs. ISCMF - Expense Ratio Comparison

PPEM has a 0.61% expense ratio, which is higher than ISCMF's 0.19% expense ratio.

Dividends

PPEM vs. ISCMF - Dividend Comparison

Neither PPEM nor ISCMF has paid dividends to shareholders.

Position	TTM	2025	2024	2023
ISCMF iShares Diversified Commodity Swap UCITS ETF	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 ISCMF in my portfolio?

PPEM and ISCMF have a correlation of -0.10, 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 ISCMF?

On fees, ISCMF is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PPEM or ISCMF?

ISCMF is cheaper with a 0.19% expense ratio, compared with 0.61% for PPEM.

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

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

What is the main difference between PPEM and ISCMF?

PPEM is categorized as Emerging Markets Diversified, while ISCMF is Commodities. PPEM tracks MSCI Emerging Markets Index, while ISCMF tracks Bloomberg Commodity Index. They also come from different issuers: Putnam and iShares. Their fees differ too: 0.61% for PPEM and 0.19% for ISCMF.