PPEM vs. UEVM

Last updated Jun 24, 2026

PPEM (Putnam Panagora ESG Emerging Markets Equity ETF -) and UEVM (VictoryShares Emerging Markets Value Momentum ETF) are both exchange-traded funds - PPEM is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Index, while UEVM is a Momentum fund tracking the Nasdaq Victory Emerging Market Value Momentum Index. Both are passively managed. Over the past 3 years, PPEM returned 24.99%/yr vs 17.49%/yr for UEVM. Their correlation of 0.82 suggests significant overlap in exposure. PPEM charges 0.61%/yr vs 0.45%/yr for UEVM.

Performance

PPEM vs. UEVM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM) and VictoryShares Emerging Markets Value Momentum ETF (UEVM). 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 higher than UEVM's 6.12% return.

PPEM

• 1D: 0.56%
• 1M: 4.33%
• YTD: 31.88%
• 6M: 33.23%
• 1Y: 55.34%
• 3Y*: 24.99%
• 5Y*: —
• 10Y*: —

UEVM

• 1D: -2.16%
• 1M: -0.96%
• YTD: 6.12%
• 6M: 5.85%
• 1Y: 19.69%
• 3Y*: 17.49%
• 5Y*: 7.30%
• 10Y*: —

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

PPEM vs. UEVM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	31.88%	35.39%	7.50%	0.19%
UEVM VictoryShares Emerging Markets Value Momentum ETF	6.12%	22.74%	11.92%	12.54%

Correlation

The correlation between PPEM and UEVM is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023	0.82

The correlation between PPEM and UEVM has been stable across timeframes, ranging from 0.79 to 0.83 - a consistent structural relationship.

Return for Risk

PPEM vs. UEVM — Risk / Return Rank

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

PPEM

PPEM Risk / Return Rank: 83
PPEM Sharpe Ratio Rank: 86
PPEM Sortino Ratio Rank: 84
PPEM Omega Ratio Rank: 87
PPEM Calmar Ratio Rank: 76
PPEM Martin Ratio Rank: 80

UEVM

UEVM Risk / Return Rank: 39
UEVM Sharpe Ratio Rank: 37
UEVM Sortino Ratio Rank: 35
UEVM Omega Ratio Rank: 36
UEVM Calmar Ratio Rank: 43
UEVM Martin Ratio Rank: 43

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. UEVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM) and VictoryShares Emerging Markets Value Momentum ETF (UEVM). 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	UEVM	Difference
Sharpe ratio: Return per unit of total volatility	2.62	1.25	+1.37
Sortino ratio: Return per unit of downside risk	3.48	1.74	+1.74
Omega ratio: Gain probability vs. loss probability	1.49	1.23	+0.26
Calmar ratio: Return relative to maximum drawdown	3.64	2.02	+1.62
Martin ratio: Return relative to average drawdown	14.57	6.57	+8.00

PPEM vs. UEVM - Sharpe Ratio Comparison

The current PPEM Sharpe Ratio is 2.62, which is higher than the UEVM Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of PPEM and UEVM, 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. UEVM - Drawdown Comparison

The maximum PPEM drawdown since its inception was -18.44%, smaller than the maximum UEVM drawdown of -45.44%. Use the drawdown chart below to compare losses from any high point for PPEM and UEVM.

Drawdown Indicators

	PPEM	UEVM	Difference
Max Drawdown Largest peak-to-trough decline	-18.44%	-45.44%	+27.00%
Max Drawdown (1Y) Largest decline over 1 year	-15.28%	-9.79%	-5.49%
Max Drawdown (3Y) Largest decline over 3 years	-18.44%	-18.88%	+0.44%
Max Drawdown (5Y) Largest decline over 5 years	—	-26.73%	—
Current Drawdown Current decline from peak	-1.80%	-4.76%	+2.96%
Average Drawdown Average peak-to-trough decline	-4.19%	-11.62%	+7.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.81%	3.00%	+0.81%

Volatility

PPEM vs. UEVM - Volatility Comparison

Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM) has a higher volatility of 7.94% compared to VictoryShares Emerging Markets Value Momentum ETF (UEVM) at 6.38%. This indicates that PPEM's price experiences larger fluctuations and is considered to be riskier than UEVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PPEM	UEVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.94%	6.38%	+1.56%
Volatility (6M) Calculated over the trailing 6-month period	18.76%	13.13%	+5.63%
Volatility (1Y) Calculated over the trailing 1-year period	21.24%	15.84%	+5.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.26%	16.05%	+2.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.26%	18.42%	-0.16%

PPEM vs. UEVM - Expense Ratio Comparison

PPEM has a 0.61% expense ratio, which is higher than UEVM's 0.45% expense ratio.

Dividends

PPEM vs. UEVM - Dividend Comparison

PPEM's dividend yield for the trailing twelve months is around 49.06%, more than UEVM's 2.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
UEVM VictoryShares Emerging Markets Value Momentum ETF	2.85%	4.02%	5.65%	4.71%	3.46%	4.49%	2.19%	2.79%	2.34%	0.79%

Frequently Asked Questions

Can I hold both PPEM and UEVM in my portfolio?

PPEM and UEVM have a correlation of 0.79, 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 UEVM?

PPEM has higher volatility (7.94%) compared to UEVM (6.38%). In terms of maximum drawdown, PPEM dropped -18.44% vs UEVM's -45.44%.

Which ETF is better, PPEM or UEVM?

On 3-year performance, PPEM leads with 24.99% vs 17.49% for UEVM. On fees, UEVM is cheaper at 0.45% per year. On volatility, UEVM has been the lower-risk option at 6.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PPEM or UEVM?

Over the 3-year period, PPEM has performed better with a 24.99% return vs 17.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PPEM or UEVM?

UEVM is cheaper with a 0.45% expense ratio, compared with 0.61% for PPEM.

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

PPEM has the higher dividend yield at 49.06%, compared with 2.85% for UEVM.

What is the main difference between PPEM and UEVM?

PPEM is categorized as Emerging Markets Diversified, while UEVM is Momentum. PPEM tracks MSCI Emerging Markets Index, while UEVM tracks Nasdaq Victory Emerging Market Value Momentum Index. They also come from different issuers: Putnam and Victory Capital. Their fees differ too: 0.61% for PPEM and 0.45% for UEVM.

Which has better risk-adjusted returns?

PPEM currently has the higher Sharpe Ratio (2.62 vs 1.25), 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.