PPEM vs. XCNY

Last updated Apr 2, 2026

Compare and contrast key facts about Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM) and SPDR S&P Emerging Markets ex-China ETF (XCNY).

PPEM and XCNY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PPEM is a passively managed fund by Putnam that tracks the performance of the MSCI Emerging Markets Index. It was launched on Jan 19, 2023. XCNY is a passively managed fund by State Street that tracks the performance of the S&P Emerging ex-China BMI. It was launched on Sep 4, 2024. Both PPEM and XCNY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PPEM vs. XCNY - Performance Comparison

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

PPEM vs. XCNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	6.47%	35.39%	-0.64%
XCNY SPDR S&P Emerging Markets ex-China ETF	2.91%	20.42%	-3.51%

Returns By Period

In the year-to-date period, PPEM achieves a 6.47% return, which is significantly higher than XCNY's 2.91% return.

PPEM

• 1D: 1.14%
• 1M: -8.48%
• YTD: 6.47%
• 6M: 8.83%
• 1Y: 38.78%
• 3Y*: 17.42%
• 5Y*: —
• 10Y*: —

XCNY

• 1D: 0.45%
• 1M: -5.62%
• YTD: 2.91%
• 6M: 7.19%
• 1Y: 27.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PPEM vs. XCNY - Expense Ratio Comparison

PPEM has a 0.61% expense ratio, which is higher than XCNY's 0.15% expense ratio.

PPEM

Putnam Panagora ESG Emerging Markets Equity ETF -

XCNY

SPDR S&P Emerging Markets ex-China ETF

Return for Risk

PPEM vs. XCNY — Risk / Return Rank

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

PPEM

PPEM Risk / Return Rank: 85
PPEM Sharpe Ratio Rank: 86
PPEM Sortino Ratio Rank: 87
PPEM Omega Ratio Rank: 87
PPEM Calmar Ratio Rank: 81
PPEM Martin Ratio Rank: 84

XCNY

XCNY Risk / Return Rank: 76
XCNY Sharpe Ratio Rank: 76
XCNY Sortino Ratio Rank: 78
XCNY Omega Ratio Rank: 76
XCNY Calmar Ratio Rank: 75
XCNY Martin Ratio Rank: 75

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. XCNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM) and SPDR S&P Emerging Markets ex-China ETF (XCNY). 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	XCNY	Difference
Sharpe ratio Return per unit of total volatility	1.85	1.46	+0.39
Sortino ratio Return per unit of downside risk	2.48	2.12	+0.36
Omega ratio Gain probability vs. loss probability	1.37	1.30	+0.06
Calmar ratio Return relative to maximum drawdown	2.59	2.32	+0.27
Martin ratio Return relative to average drawdown	10.55	8.97	+1.58
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. XCNY - Sharpe Ratio Comparison

The current PPEM Sharpe Ratio is 1.85, which is comparable to the XCNY Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of PPEM and XCNY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PPEM	XCNY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	1.46	+0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	0.71	+0.14

Correlation

The correlation between PPEM and XCNY is 0.81, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

PPEM vs. XCNY - Dividend Comparison

PPEM's dividend yield for the trailing twelve months is around 60.77%, more than XCNY's 2.61% yield.

	TTM	2025	2024	2023
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	60.77%	6.05%	3.27%	1.94%
XCNY SPDR S&P Emerging Markets ex-China ETF	2.61%	2.68%	1.07%	0.00%

Drawdowns

PPEM vs. XCNY - Drawdown Comparison

The maximum PPEM drawdown since its inception was -18.44%, smaller than the maximum XCNY drawdown of -19.70%. Use the drawdown chart below to compare losses from any high point for PPEM and XCNY.

Drawdown Indicators

	PPEM	XCNY	Difference
Max Drawdown Largest peak-to-trough decline	-18.44%	-19.70%	+1.26%
Max Drawdown (1Y) Largest decline over 1 year	-15.28%	-11.86%	-3.42%
Current Drawdown Current decline from peak	-10.80%	-8.34%	-2.46%
Average Drawdown Average peak-to-trough decline	-4.30%	-4.39%	+0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.75%	3.07%	+0.68%

Volatility

PPEM vs. XCNY - Volatility Comparison

Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM) has a higher volatility of 10.10% compared to SPDR S&P Emerging Markets ex-China ETF (XCNY) at 8.18%. This indicates that PPEM's price experiences larger fluctuations and is considered to be riskier than XCNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PPEM	XCNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.10%	8.18%	+1.92%
Volatility (6M) Calculated over the trailing 6-month period	16.29%	12.38%	+3.91%
Volatility (1Y) Calculated over the trailing 1-year period	21.10%	18.81%	+2.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.49%	17.12%	+0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.49%	17.12%	+0.37%