PPEM vs. STXE

Last updated Jun 23, 2026

PPEM (Putnam Panagora ESG Emerging Markets Equity ETF -) and STXE (Strive Emerging Markets Ex-China ETF) are both Emerging Markets Diversified funds - PPEM tracks the MSCI Emerging Markets Index while STXE tracks the Bloomberg US 1000 Dividend Growth Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, PPEM returned 24.99%/yr vs 31.44%/yr for STXE. Their correlation of 0.82 suggests significant overlap in exposure. PPEM charges 0.61%/yr vs 0.32%/yr for STXE.

Performance

PPEM vs. STXE - Performance Comparison

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

Returns By Period

In the year-to-date period, PPEM achieves a 31.88% return, which is significantly lower than STXE's 53.94% return.

PPEM

• 1D: 0.56%
• 1M: 4.33%
• YTD: 31.88%
• 6M: 34.07%
• 1Y: 55.67%
• 3Y*: 24.99%
• 5Y*: —
• 10Y*: —

STXE

• 1D: 0.43%
• 1M: 13.55%
• YTD: 53.94%
• 6M: 57.48%
• 1Y: 88.62%
• 3Y*: 31.44%
• 5Y*: —
• 10Y*: —

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

PPEM vs. STXE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	31.88%	35.39%	7.50%	0.75%
STXE Strive Emerging Markets Ex-China ETF	53.94%	34.23%	2.09%	12.38%

Correlation

The correlation between PPEM and STXE 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	0.83
Correlation (All Time) Calculated using the full available price history since Jan 31, 2023	0.82

The correlation between PPEM and STXE has been stable across timeframes, ranging from 0.82 to 0.85 - a consistent structural relationship.

Return for Risk

PPEM vs. STXE — 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: 82
PPEM Omega Ratio Rank: 85
PPEM Calmar Ratio Rank: 74
PPEM Martin Ratio Rank: 78

STXE

STXE Risk / Return Rank: 93
STXE Sharpe Ratio Rank: 94
STXE Sortino Ratio Rank: 91
STXE Omega Ratio Rank: 93
STXE Calmar Ratio Rank: 93
STXE Martin Ratio Rank: 93

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. STXE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM) and Strive Emerging Markets Ex-China ETF (STXE). 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	STXE	Difference
Sharpe ratio: Return per unit of total volatility	2.62	3.45	-0.83
Sortino ratio: Return per unit of downside risk	3.48	4.06	-0.58
Omega ratio: Gain probability vs. loss probability	1.49	1.62	-0.13
Calmar ratio: Return relative to maximum drawdown	3.64	6.14	-2.50
Martin ratio: Return relative to average drawdown	14.57	23.88	-9.31

PPEM vs. STXE - Sharpe Ratio Comparison

The current PPEM Sharpe Ratio is 2.62, which is comparable to the STXE Sharpe Ratio of 3.45. The chart below compares the historical Sharpe Ratios of PPEM and STXE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PPEM vs. STXE - Drawdown Comparison

The maximum PPEM drawdown since its inception was -18.44%, roughly equal to the maximum STXE drawdown of -18.92%. Use the drawdown chart below to compare losses from any high point for PPEM and STXE.

Drawdown Indicators

	PPEM	STXE	Difference
Max Drawdown Largest peak-to-trough decline	-18.44%	-18.92%	+0.48%
Max Drawdown (1Y) Largest decline over 1 year	-15.28%	-14.51%	-0.77%
Max Drawdown (3Y) Largest decline over 3 years	-18.44%	-18.92%	+0.48%
Current Drawdown Current decline from peak	-1.80%	0.00%	-1.80%
Average Drawdown Average peak-to-trough decline	-4.19%	-3.72%	-0.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.81%	3.72%	+0.09%

Volatility

PPEM vs. STXE - Volatility Comparison

The current volatility for Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM) is 7.94%, while Strive Emerging Markets Ex-China ETF (STXE) has a volatility of 13.76%. This indicates that PPEM experiences smaller price fluctuations and is considered to be less risky than STXE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PPEM	STXE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.94%	13.76%	-5.82%
Volatility (6M) Calculated over the trailing 6-month period	18.76%	23.96%	-5.20%
Volatility (1Y) Calculated over the trailing 1-year period	21.24%	25.88%	-4.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.26%	18.76%	-0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.26%	18.76%	-0.50%

PPEM vs. STXE - Expense Ratio Comparison

PPEM has a 0.61% expense ratio, which is higher than STXE's 0.32% expense ratio.

Dividends

PPEM vs. STXE - Dividend Comparison

PPEM's dividend yield for the trailing twelve months is around 49.06%, more than STXE's 1.75% yield.

Position	TTM	2025	2024	2023
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	49.06%	6.05%	3.27%	1.94%
STXE Strive Emerging Markets Ex-China ETF	1.75%	2.66%	3.22%	1.08%

Frequently Asked Questions

Can I hold both PPEM and STXE in my portfolio?

PPEM and STXE 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 is riskier, PPEM or STXE?

STXE has higher volatility (13.76%) compared to PPEM (7.94%). In terms of maximum drawdown, PPEM dropped -18.44% vs STXE's -18.92%.

Which ETF is better, PPEM or STXE?

On 3-year performance, STXE leads with 31.44% vs 24.99% for PPEM. On fees, STXE is cheaper at 0.32% 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.

Which ETF has performed better, PPEM or STXE?

Over the 3-year period, STXE has performed better with a 31.44% return vs 24.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PPEM or STXE?

STXE is cheaper with a 0.32% expense ratio, compared with 0.61% for PPEM.

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

PPEM has the higher dividend yield at 49.06%, compared with 1.75% for STXE.

What is the main difference between PPEM and STXE?

PPEM tracks MSCI Emerging Markets Index, while STXE tracks Bloomberg US 1000 Dividend Growth Index - Benchmark TR Gross. They also come from different issuers: Putnam and Strive. Their fees differ too: 0.61% for PPEM and 0.32% for STXE.

Which has better risk-adjusted returns?

STXE currently has the higher Sharpe Ratio (3.45 vs 2.62), 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.