PPEM vs. XC

Last updated Jun 4, 2026

PPEM (Putnam Panagora ESG Emerging Markets Equity ETF -) and XC (WisdomTree Emerging Markets ex-China Fund) are both Emerging Markets Diversified funds - PPEM tracks the MSCI Emerging Markets Index while XC tracks the WisdomTree Emerging Markets ex-China Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, PPEM returned 25.58%/yr vs 9.87%/yr for XC. Their correlation of 0.80 suggests significant overlap in exposure. PPEM charges 0.61%/yr vs 0.32%/yr for XC.

Performance

PPEM vs. XC - Performance Comparison

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

Returns By Period

In the year-to-date period, PPEM achieves a 31.67% return, which is significantly higher than XC's -3.47% return.

PPEM

• 1D: -0.03%
• 1M: 9.45%
• YTD: 31.67%
• 6M: 34.19%
• 1Y: 59.91%
• 3Y*: 25.58%
• 5Y*: —
• 10Y*: —

XC

• 1D: -1.53%
• 1M: -1.76%
• YTD: -3.47%
• 6M: -2.10%
• 1Y: 8.33%
• 3Y*: 9.87%
• 5Y*: —
• 10Y*: —

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

PPEM vs. XC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	31.67%	35.39%	7.50%	0.11%
XC WisdomTree Emerging Markets ex-China Fund	-3.47%	18.19%	5.49%	12.96%

Correlation

The correlation between PPEM and XC is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jan 23, 2023	0.80

The correlation between PPEM and XC has been stable across timeframes, ranging from 0.75 to 0.80 - a consistent structural relationship.

PPEM vs. XC - Sectors Allocation Comparison

Sectors	PPEM	XC
Technology	50.2%	1.2%
Financial Services	16.0%	13.8%
Communication Services	6.9%	2.7%
Consumer Cyclical	5.9%	6.8%
Industrials	4.6%	4.7%
Basic Materials	3.8%	7.0%
Healthcare	2.6%	0.7%
Utilities	2.2%	1.3%
Real Estate	1.6%	1.3%
Energy	1.6%	1.6%
Consumer Defensive	1.0%	4.9%

Return for Risk

PPEM vs. XC — Risk / Return Rank

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

PPEM

PPEM Risk / Return Rank: 82
PPEM Sharpe Ratio Rank: 86
PPEM Sortino Ratio Rank: 82
PPEM Omega Ratio Rank: 85
PPEM Calmar Ratio Rank: 77
PPEM Martin Ratio Rank: 80

XC

XC Risk / Return Rank: 18
XC Sharpe Ratio Rank: 18
XC Sortino Ratio Rank: 18
XC Omega Ratio Rank: 17
XC Calmar Ratio Rank: 17
XC Martin Ratio Rank: 18

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. XC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM) and WisdomTree Emerging Markets ex-China Fund (XC). 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	XC	Difference
Sharpe ratio: Return per unit of total volatility	2.83	0.57	+2.27
Sortino ratio: Return per unit of downside risk	3.70	0.91	+2.79
Omega ratio: Gain probability vs. loss probability	1.53	1.11	+0.42
Calmar ratio: Return relative to maximum drawdown	3.94	0.67	+3.27
Martin ratio: Return relative to average drawdown	15.82	1.94	+13.88
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. XC - Sharpe Ratio Comparison

The current PPEM Sharpe Ratio is 2.83, which is higher than the XC Sharpe Ratio of 0.57. The chart below compares the historical Sharpe Ratios of PPEM and XC, 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	XC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.83	0.57	+2.27
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	0.71	+0.46

Drawdowns

PPEM vs. XC - Drawdown Comparison

The maximum PPEM drawdown since its inception was -18.44%, smaller than the maximum XC drawdown of -20.97%. Use the drawdown chart below to compare losses from any high point for PPEM and XC.

Drawdown Indicators

	PPEM	XC	Difference
Max Drawdown Largest peak-to-trough decline	-18.44%	-20.97%	+2.53%
Max Drawdown (1Y) Largest decline over 1 year	-15.28%	-12.47%	-2.81%
Max Drawdown (3Y) Largest decline over 3 years	-18.44%	-20.97%	+2.53%
Current Drawdown Current decline from peak	-1.95%	-9.35%	+7.40%
Average Drawdown Average peak-to-trough decline	-4.21%	-4.12%	-0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.80%	4.29%	-0.49%

Volatility

PPEM vs. XC - Volatility Comparison

Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM) has a higher volatility of 9.04% compared to WisdomTree Emerging Markets ex-China Fund (XC) at 5.00%. This indicates that PPEM's price experiences larger fluctuations and is considered to be riskier than XC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PPEM	XC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.04%	5.00%	+4.04%
Volatility (6M) Calculated over the trailing 6-month period	18.75%	12.60%	+6.15%
Volatility (1Y) Calculated over the trailing 1-year period	21.26%	14.78%	+6.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.31%	15.87%	+2.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.31%	15.87%	+2.44%

PPEM vs. XC - Expense Ratio Comparison

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

Dividends

PPEM vs. XC - Dividend Comparison

PPEM's dividend yield for the trailing twelve months is around 49.14%, more than XC's 12.41% yield.

Position	TTM	2025	2024	2023	2022
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	49.14%	6.05%	3.27%	1.94%	0.00%
XC WisdomTree Emerging Markets ex-China Fund	12.41%	11.74%	1.49%	1.42%	0.57%

Frequently Asked Questions

Can I hold both PPEM and XC in my portfolio?

PPEM and XC have a correlation of 0.75, 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 XC?

PPEM has higher volatility (9.04%) compared to XC (5.00%). In terms of maximum drawdown, PPEM dropped -18.44% vs XC's -20.97%.

Which ETF is better, PPEM or XC?

On 3-year performance, PPEM leads with 25.58% vs 9.87% for XC. On fees, XC is cheaper at 0.32% per year. On volatility, XC has been the lower-risk option at 5.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PPEM or XC?

Over the 3-year period, PPEM has performed better with a 25.58% return vs 9.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PPEM or XC?

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

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

PPEM has the higher dividend yield at 49.14%, compared with 12.41% for XC.

What is the main difference between PPEM and XC?

PPEM tracks MSCI Emerging Markets Index, while XC tracks WisdomTree Emerging Markets ex-China Index - Benchmark TR Net. They also come from different issuers: Putnam and WisdomTree. Their fees differ too: 0.61% for PPEM and 0.32% for XC.

Which has better risk-adjusted returns?

PPEM currently has the higher Sharpe Ratio (2.83 vs 0.57), 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.