PPEM vs. PULT

Last updated Jun 5, 2026

PPEM (Putnam Panagora ESG Emerging Markets Equity ETF -) and PULT (Putnam ESG Ultra Short ETF) are both exchange-traded funds - PPEM is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Index, while PULT is a Ultrashort Bond fund actively managed by Putnam. PPEM is passively managed, while PULT is actively managed. Over the past 3 years, PPEM returned 25.49%/yr vs 5.34%/yr for PULT. At a 0.02 correlation, their price movements are largely independent. PPEM charges 0.61%/yr vs 0.25%/yr for PULT.

Performance

PPEM vs. PULT - Performance Comparison

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

Returns By Period

In the year-to-date period, PPEM achieves a 31.17% return, which is significantly higher than PULT's 1.19% return.

PPEM

• 1D: -0.38%
• 1M: 6.80%
• YTD: 31.17%
• 6M: 33.71%
• 1Y: 56.99%
• 3Y*: 25.49%
• 5Y*: —
• 10Y*: —

PULT

• 1D: -0.04%
• 1M: 0.27%
• YTD: 1.19%
• 6M: 1.62%
• 1Y: 4.18%
• 3Y*: 5.34%
• 5Y*: —
• 10Y*: —

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

PPEM vs. PULT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	31.17%	35.39%	7.50%	0.11%
PULT Putnam ESG Ultra Short ETF	1.19%	5.08%	5.93%	5.46%

Correlation

The correlation between PPEM and PULT is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (All Time) Calculated using the full available price history since Jan 23, 2023	0.02

PPEM vs. PULT - Sectors Allocation Comparison

Sectors	PPEM	PULT
Technology	50.2%	0.6%
Financial Services	16.0%	2.8%
Communication Services	6.9%	0.6%
Consumer Cyclical	5.9%	0.7%
Industrials	4.6%	0.9%
Basic Materials	3.8%	0.1%
Healthcare	2.6%	0.3%
Utilities	2.2%	0.2%
Real Estate	1.6%	1.5%
Energy	1.6%	0.1%
Consumer Defensive	1.0%	-

Return for Risk

PPEM vs. PULT — Risk / Return Rank

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

PPEM

PPEM Risk / Return Rank: 81
PPEM Sharpe Ratio Rank: 84
PPEM Sortino Ratio Rank: 81
PPEM Omega Ratio Rank: 84
PPEM Calmar Ratio Rank: 76
PPEM Martin Ratio Rank: 79

PULT

PULT Risk / Return Rank: 98
PULT Sharpe Ratio Rank: 98
PULT Sortino Ratio Rank: 99
PULT Omega Ratio Rank: 99
PULT Calmar Ratio Rank: 98
PULT Martin Ratio Rank: 99

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. PULT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM) and Putnam ESG Ultra Short ETF (PULT). 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.

	PPEM	PULT	Difference
Sharpe ratio: Return per unit of total volatility	2.70	5.59	-2.89
Sortino ratio: Return per unit of downside risk	3.56	10.01	-6.45
Omega ratio: Gain probability vs. loss probability	1.50	3.04	-1.53
Calmar ratio: Return relative to maximum drawdown	3.75	12.86	-9.11
Martin ratio: Return relative to average drawdown	15.04	89.82	-74.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PPEM vs. PULT - Sharpe Ratio Comparison

The current PPEM Sharpe Ratio is 2.70, which is lower than the PULT Sharpe Ratio of 5.59. The chart below compares the historical Sharpe Ratios of PPEM and PULT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PPEM	PULT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.70	5.59	-2.89
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	8.33	-7.16

Drawdowns

PPEM vs. PULT - Drawdown Comparison

The maximum PPEM drawdown since its inception was -18.44%, which is greater than PULT's maximum drawdown of -0.34%. Use the drawdown chart below to compare losses from any high point for PPEM and PULT.

Drawdown Indicators

	PPEM	PULT	Difference
Max Drawdown Largest peak-to-trough decline	-18.44%	-0.34%	-18.10%
Max Drawdown (1Y) Largest decline over 1 year	-15.28%	-0.33%	-14.95%
Max Drawdown (3Y) Largest decline over 3 years	-18.44%	-0.33%	-18.11%
Current Drawdown Current decline from peak	-2.33%	-0.33%	-2.00%
Average Drawdown Average peak-to-trough decline	-4.20%	-0.02%	-4.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.80%	0.05%	+3.75%

Volatility

PPEM vs. PULT - Volatility Comparison

Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM) has a higher volatility of 8.91% compared to Putnam ESG Ultra Short ETF (PULT) at 0.52%. This indicates that PPEM's price experiences larger fluctuations and is considered to be riskier than PULT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PPEM	PULT	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.91%	0.52%	+8.39%
Volatility (6M) Calculated over the trailing 6-month period	18.76%	0.62%	+18.14%
Volatility (1Y) Calculated over the trailing 1-year period	21.27%	0.75%	+20.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.30%	0.63%	+17.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.30%	0.63%	+17.67%

PPEM vs. PULT - Expense Ratio Comparison

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

Dividends

PPEM vs. PULT - Dividend Comparison

PPEM's dividend yield for the trailing twelve months is around 49.33%, more than PULT's 4.65% yield.

Position	TTM	2025	2024	2023
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	49.33%	6.05%	3.27%	1.94%
PULT Putnam ESG Ultra Short ETF	4.65%	4.59%	5.38%	4.88%

Frequently Asked Questions

Can I hold both PPEM and PULT in my portfolio?

PPEM and PULT have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PPEM or PULT?

PPEM has higher volatility (8.91%) compared to PULT (0.52%). In terms of maximum drawdown, PPEM dropped -18.44% vs PULT's -0.34%.

Which ETF is better, PPEM or PULT?

On 3-year performance, PPEM leads with 25.49% vs 5.34% for PULT. On fees, PULT is cheaper at 0.25% per year. On volatility, PULT has been the lower-risk option at 0.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PPEM or PULT?

Over the 3-year period, PPEM has performed better with a 25.49% return vs 5.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PPEM or PULT?

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

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

PPEM has the higher dividend yield at 49.33%, compared with 4.65% for PULT.

What is the main difference between PPEM and PULT?

PPEM is categorized as Emerging Markets Diversified, while PULT is Ultrashort Bond. Their fees differ too: 0.61% for PPEM and 0.25% for PULT.

Which has better risk-adjusted returns?

PULT currently has the higher Sharpe Ratio (5.59 vs 2.70), 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.