PPEM vs. XCNY

Last updated Jul 17, 2026

PPEM (Putnam Panagora ESG Emerging Markets Equity ETF -) and XCNY (SPDR S&P Emerging Markets ex-China ETF) are both Emerging Markets Diversified funds - PPEM tracks the MSCI Emerging Markets Index while XCNY tracks the S&P Emerging ex-China BMI. Both are passively managed. A 0.78 correlation means they provide meaningful diversification when combined. PPEM charges 0.61%/yr vs 0.15%/yr for XCNY.

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.

Returns By Period

PPEM

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

XCNY

• 1D: -1.39%
• 1M: -2.17%
• 6M: 12.55%
• YTD: 16.99%
• 1Y: 27.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PPEM vs. XCNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	31.88%	35.39%	-0.53%
XCNY SPDR S&P Emerging Markets ex-China ETF	16.99%	20.42%	-3.63%

Correlation

The correlation between PPEM and XCNY is 0.80, 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	0.80
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	0.78

The correlation between PPEM and XCNY has been stable across timeframes, ranging from 0.78 to 0.80 - a consistent structural relationship.

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

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

XCNY

XCNY Risk / Return Rank: 56
XCNY Sharpe Ratio Rank: 54
XCNY Sortino Ratio Rank: 52
XCNY Omega Ratio Rank: 55
XCNY Calmar Ratio Rank: 58
XCNY Martin Ratio Rank: 60

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.

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	XCNY	Difference
Sharpe ratio: Return per unit of total volatility	—	1.49	—
Sortino ratio: Return per unit of downside risk	—	2.07	—
Omega ratio: Gain probability vs. loss probability	—	1.28	—
Calmar ratio: Return relative to maximum drawdown	—	2.32	—
Martin ratio: Return relative to average drawdown	—	8.36	—

Drawdowns

Drawdown Indicators

	PPEM	XCNY	Difference
Max Drawdown Largest peak-to-trough decline	—	-19.70%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-11.86%	—
Current Drawdown Current decline from peak	—	-5.24%	—
Average Drawdown Average peak-to-trough decline	—	-4.08%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.29%	—

Volatility

Volatility by Period

	PPEM	XCNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.79%	—
Volatility (6M) Calculated over the trailing 6-month period	—	16.85%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	18.50%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	18.45%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	18.45%	—

PPEM vs. XCNY - Expense Ratio Comparison

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

Dividends

PPEM vs. XCNY - Dividend Comparison

PPEM has not paid dividends to shareholders, while XCNY's dividend yield for the trailing twelve months is around 2.29%.

Position	TTM	2025	2024	2023
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	49.06%	6.05%	3.27%	1.94%
XCNY SPDR S&P Emerging Markets ex-China ETF	2.29%	2.68%	1.07%	0.00%

Frequently Asked Questions

Can I hold both PPEM and XCNY in my portfolio?

PPEM and XCNY have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PPEM or XCNY?

On fees, XCNY is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PPEM or XCNY?

XCNY is cheaper with a 0.15% expense ratio, compared with 0.61% for PPEM.

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

PPEM has the higher dividend yield at 49.06%, compared with 2.29% for XCNY.

What is the main difference between PPEM and XCNY?

PPEM tracks MSCI Emerging Markets Index, while XCNY tracks S&P Emerging ex-China BMI. They also come from different issuers: Putnam and State Street. Their fees differ too: 0.61% for PPEM and 0.15% for XCNY.