PPIE vs. FDEV

Last updated Jun 4, 2026

PPIE (Putnam Panagora ESG International Equity ETF -) and FDEV (Fidelity International Multifactor ETF) are both Foreign Large Cap Equities funds. PPIE is actively managed, while FDEV is passively managed. Over the past 3 years, PPIE returned 18.32%/yr vs 14.70%/yr for FDEV. Their correlation of 0.88 suggests significant overlap in exposure. PPIE charges 0.49%/yr vs 0.39%/yr for FDEV.

Performance

PPIE vs. FDEV - Performance Comparison

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

Returns By Period

In the year-to-date period, PPIE achieves a 8.26% return, which is significantly higher than FDEV's 3.89% return.

PPIE

• 1D: 0.04%
• 1M: 6.12%
• YTD: 8.26%
• 6M: 10.45%
• 1Y: 20.97%
• 3Y*: 18.32%
• 5Y*: —
• 10Y*: —

FDEV

• 1D: -0.50%
• 1M: -1.71%
• YTD: 3.89%
• 6M: 6.83%
• 1Y: 15.07%
• 3Y*: 14.70%
• 5Y*: 7.01%
• 10Y*: —

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

PPIE vs. FDEV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PPIE Putnam Panagora ESG International Equity ETF -	8.26%	32.77%	7.67%	9.66%
FDEV Fidelity International Multifactor ETF	3.89%	30.36%	5.84%	7.38%

Correlation

The correlation between PPIE and FDEV is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jan 23, 2023	0.88

The correlation between PPIE and FDEV has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.

PPIE vs. FDEV - Sectors Allocation Comparison

Sectors	PPIE	FDEV
Financial Services	24.8%	21.9%
Industrials	20.3%	15.9%
Technology	15.9%	3.7%
Healthcare	10.7%	13.3%
Consumer Defensive	6.0%	9.5%
Basic Materials	5.4%	4.1%
Consumer Cyclical	5.2%	4.5%
Communication Services	3.3%	7.2%
Energy	3.0%	10.8%
Utilities	2.9%	8.1%
Real Estate	1.0%	-

Return for Risk

PPIE vs. FDEV — Risk / Return Rank

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

PPIE

PPIE Risk / Return Rank: 39
PPIE Sharpe Ratio Rank: 40
PPIE Sortino Ratio Rank: 39
PPIE Omega Ratio Rank: 39
PPIE Calmar Ratio Rank: 36
PPIE Martin Ratio Rank: 41

FDEV

FDEV Risk / Return Rank: 36
FDEV Sharpe Ratio Rank: 35
FDEV Sortino Ratio Rank: 34
FDEV Omega Ratio Rank: 35
FDEV Calmar Ratio Rank: 36
FDEV Martin Ratio Rank: 42

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. FDEV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Panagora ESG International Equity ETF - (PPIE) and Fidelity International Multifactor ETF (FDEV). 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.

	PPIE	FDEV	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.28	+0.10
Sortino ratio: Return per unit of downside risk	1.98	1.82	+0.16
Omega ratio: Gain probability vs. loss probability	1.25	1.23	+0.02
Calmar ratio: Return relative to maximum drawdown	1.75	1.79	-0.03
Martin ratio: Return relative to average drawdown	6.48	6.78	-0.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PPIE vs. FDEV - Sharpe Ratio Comparison

The current PPIE Sharpe Ratio is 1.38, which is comparable to the FDEV Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of PPIE and FDEV, 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

	PPIE	FDEV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	1.28	+0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.51	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	0.52	+0.63

Drawdowns

PPIE vs. FDEV - Drawdown Comparison

The maximum PPIE drawdown since its inception was -13.55%, smaller than the maximum FDEV drawdown of -30.11%. Use the drawdown chart below to compare losses from any high point for PPIE and FDEV.

Drawdown Indicators

	PPIE	FDEV	Difference
Max Drawdown Largest peak-to-trough decline	-13.55%	-30.11%	+16.56%
Max Drawdown (1Y) Largest decline over 1 year	-12.00%	-8.46%	-3.54%
Max Drawdown (3Y) Largest decline over 3 years	-13.55%	-10.47%	-3.08%
Max Drawdown (5Y) Largest decline over 5 years	—	-29.02%	—
Current Drawdown Current decline from peak	-0.80%	-4.78%	+3.98%
Average Drawdown Average peak-to-trough decline	-2.51%	-6.29%	+3.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	2.23%	+1.01%

Volatility

PPIE vs. FDEV - Volatility Comparison

Putnam Panagora ESG International Equity ETF - (PPIE) has a higher volatility of 4.18% compared to Fidelity International Multifactor ETF (FDEV) at 3.61%. This indicates that PPIE's price experiences larger fluctuations and is considered to be riskier than FDEV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PPIE	FDEV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.18%	3.61%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	12.30%	9.68%	+2.62%
Volatility (1Y) Calculated over the trailing 1-year period	15.27%	11.90%	+3.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.83%	13.90%	+0.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.83%	15.33%	-0.50%

PPIE vs. FDEV - Expense Ratio Comparison

PPIE has a 0.49% expense ratio, which is higher than FDEV's 0.39% expense ratio.

Dividends

PPIE vs. FDEV - Dividend Comparison

PPIE's dividend yield for the trailing twelve months is around 12.07%, more than FDEV's 2.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FDEV Fidelity International Multifactor ETF	2.83%	2.86%	2.99%	2.80%	2.65%	2.81%	1.88%	2.73%
PPIE Putnam Panagora ESG International Equity ETF -	12.07%	8.40%	5.12%	3.30%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PPIE and FDEV in my portfolio?

PPIE and FDEV have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PPIE or FDEV?

PPIE has higher volatility (4.18%) compared to FDEV (3.61%). In terms of maximum drawdown, PPIE dropped -13.55% vs FDEV's -30.11%.

Which ETF is better, PPIE or FDEV?

On 3-year performance, PPIE leads with 18.32% vs 14.70% for FDEV. On fees, FDEV is cheaper at 0.39% per year. On volatility, FDEV has been the lower-risk option at 3.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PPIE or FDEV?

Over the 3-year period, PPIE has performed better with a 18.32% return vs 14.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PPIE or FDEV?

FDEV is cheaper with a 0.39% expense ratio, compared with 0.49% for PPIE.

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

PPIE has the higher dividend yield at 12.07%, compared with 2.83% for FDEV.

What is the main difference between PPIE and FDEV?

They also come from different issuers: Putnam and Fidelity. Their fees differ too: 0.49% for PPIE and 0.39% for FDEV.

Which has better risk-adjusted returns?

PPIE currently has the higher Sharpe Ratio (1.38 vs 1.28), 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.