PPIE vs. ESGU

Last updated Jul 17, 2026

PPIE (Putnam Panagora ESG International Equity ETF -) and ESGU (iShares ESG Aware MSCI USA ETF) are both exchange-traded funds - PPIE is a Foreign Large Cap Equities fund actively managed by Putnam, while ESGU is a Large Cap Blend Equities fund tracking the MSCI USA Extended ESG Focus Index. PPIE is actively managed, while ESGU is passively managed. A 0.69 correlation means they provide meaningful diversification when combined. PPIE charges 0.49%/yr vs 0.15%/yr for ESGU.

Performance

PPIE vs. ESGU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Panagora ESG International Equity ETF - (PPIE) and iShares ESG Aware MSCI USA ETF (ESGU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PPIE

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

ESGU

• 1D: -0.60%
• 1M: 0.73%
• 6M: 9.72%
• YTD: 11.14%
• 1Y: 22.24%
• 3Y*: 19.78%
• 5Y*: 12.15%
• 10Y*: —

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

PPIE vs. ESGU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PPIE Putnam Panagora ESG International Equity ETF -	8.31%	32.77%	7.67%	9.74%
ESGU iShares ESG Aware MSCI USA ETF	11.14%	16.90%	24.31%	23.71%

Correlation

The correlation between PPIE and ESGU is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023	0.69

The correlation between PPIE and ESGU has been stable across timeframes, ranging from 0.65 to 0.69 - a consistent structural relationship.

PPIE vs. ESGU - Sectors Allocation Comparison

Sectors	PPIE	ESGU
Financial Services	24.0%	11.1%
Industrials	21.7%	8.0%
Technology	14.2%	39.4%
Healthcare	11.9%	8.9%
Consumer Defensive	6.4%	4.2%
Consumer Cyclical	5.9%	9.3%
Basic Materials	5.3%	1.9%
Communication Services	3.3%	9.9%
Energy	3.3%	3.4%
Utilities	3.2%	1.8%
Real Estate	0.9%	2.1%

Return for Risk

PPIE vs. ESGU — Risk / Return Rank

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

PPIE

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

ESGU

ESGU Risk / Return Rank: 66
ESGU Sharpe Ratio Rank: 67
ESGU Sortino Ratio Rank: 64
ESGU Omega Ratio Rank: 65
ESGU Calmar Ratio Rank: 60
ESGU Martin Ratio Rank: 71

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.

PPIE vs. ESGU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Panagora ESG International Equity ETF - (PPIE) and iShares ESG Aware MSCI USA ETF (ESGU). 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.

	PPIE	ESGU	Difference
Sharpe ratio: Return per unit of total volatility	—	1.74	—
Sortino ratio: Return per unit of downside risk	—	2.38	—
Omega ratio: Gain probability vs. loss probability	—	1.31	—
Calmar ratio: Return relative to maximum drawdown	—	2.41	—
Martin ratio: Return relative to average drawdown	—	10.34	—

Drawdowns

Drawdown Indicators

	PPIE	ESGU	Difference
Max Drawdown Largest peak-to-trough decline	—	-33.87%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-9.26%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-19.32%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.15%	—
Current Drawdown Current decline from peak	—	-0.73%	—
Average Drawdown Average peak-to-trough decline	—	-4.85%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.15%	—

Volatility

Volatility by Period

	PPIE	ESGU	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.36%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.22%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	12.83%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	17.43%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	18.56%	—

PPIE vs. ESGU - Expense Ratio Comparison

PPIE has a 0.49% expense ratio, which is higher than ESGU's 0.15% expense ratio.

Dividends

PPIE vs. ESGU - Dividend Comparison

PPIE has not paid dividends to shareholders, while ESGU's dividend yield for the trailing twelve months is around 0.93%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ESGU iShares ESG Aware MSCI USA ETF	0.93%	0.99%	1.18%	1.43%	1.58%	1.06%	1.27%	1.32%	1.73%	1.82%
PPIE Putnam Panagora ESG International Equity ETF -	12.06%	8.40%	5.12%	3.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PPIE and ESGU in my portfolio?

PPIE and ESGU have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PPIE or ESGU?

On fees, ESGU 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, PPIE or ESGU?

ESGU is cheaper with a 0.15% expense ratio, compared with 0.49% for PPIE.

Which ETF pays a higher dividend yield, PPIE or ESGU?

PPIE has the higher dividend yield at 12.06%, compared with 0.93% for ESGU.

What is the main difference between PPIE and ESGU?

PPIE is categorized as Foreign Large Cap Equities, while ESGU is Large Cap Blend Equities. They also come from different issuers: Putnam and iShares. Their fees differ too: 0.49% for PPIE and 0.15% for ESGU.