PPIE vs. GMOI

Last updated Jun 24, 2026

PPIE (Putnam Panagora ESG International Equity ETF -) and GMOI (GMO International Value ETF) are both Foreign Large Cap Equities funds. PPIE is actively managed, while GMOI is passively managed. Over the past year, PPIE returned 21.66% vs 35.21% for GMOI. Their correlation of 0.87 suggests significant overlap in exposure. PPIE charges 0.49%/yr vs 0.60%/yr for GMOI.

Performance

PPIE vs. GMOI - Performance Comparison

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

Returns By Period

In the year-to-date period, PPIE achieves a 8.31% return, which is significantly lower than GMOI's 11.52% return.

PPIE

• 1D: 0.02%
• 1M: 0.47%
• YTD: 8.31%
• 6M: 8.34%
• 1Y: 21.66%
• 3Y*: 18.34%
• 5Y*: —
• 10Y*: —

GMOI

• 1D: -1.03%
• 1M: -1.76%
• YTD: 11.52%
• 6M: 11.19%
• 1Y: 35.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PPIE vs. GMOI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PPIE Putnam Panagora ESG International Equity ETF -	8.31%	32.77%	-3.55%
GMOI GMO International Value ETF	11.52%	45.64%	-4.48%

Correlation

The correlation between PPIE and GMOI is 0.86, 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	0.86
Correlation (All Time) Calculated using the full available price history since Oct 29, 2024	0.87

The correlation between PPIE and GMOI has been stable across timeframes, ranging from 0.86 to 0.87 - a consistent structural relationship.

Return for Risk

PPIE vs. GMOI — 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

GMOI

GMOI Risk / Return Rank: 85
GMOI Sharpe Ratio Rank: 87
GMOI Sortino Ratio Rank: 87
GMOI Omega Ratio Rank: 83
GMOI Calmar Ratio Rank: 84
GMOI Martin Ratio Rank: 85

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. GMOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Panagora ESG International Equity ETF - (PPIE) and GMO International Value ETF (GMOI). 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	GMOI	Difference
Sharpe ratio: Return per unit of total volatility	1.31	2.64	-1.33
Sortino ratio: Return per unit of downside risk	1.88	3.65	-1.77
Omega ratio: Gain probability vs. loss probability	1.24	1.47	-0.23
Calmar ratio: Return relative to maximum drawdown	1.66	4.23	-2.57
Martin ratio: Return relative to average drawdown	6.12	16.65	-10.53

PPIE vs. GMOI - Sharpe Ratio Comparison

The current PPIE Sharpe Ratio is 1.31, which is lower than the GMOI Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of PPIE and GMOI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PPIE vs. GMOI - Drawdown Comparison

The maximum PPIE drawdown since its inception was -13.55%, smaller than the maximum GMOI drawdown of -14.67%. Use the drawdown chart below to compare losses from any high point for PPIE and GMOI.

Drawdown Indicators

	PPIE	GMOI	Difference
Max Drawdown Largest peak-to-trough decline	-13.55%	-14.67%	+1.12%
Max Drawdown (1Y) Largest decline over 1 year	-12.00%	-8.36%	-3.64%
Max Drawdown (3Y) Largest decline over 3 years	-13.55%	—	—
Current Drawdown Current decline from peak	-0.75%	-2.63%	+1.88%
Average Drawdown Average peak-to-trough decline	-2.50%	-1.69%	-0.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	2.12%	+1.12%

Volatility

PPIE vs. GMOI - Volatility Comparison

The current volatility for Putnam Panagora ESG International Equity ETF - (PPIE) is 3.00%, while GMO International Value ETF (GMOI) has a volatility of 3.99%. This indicates that PPIE experiences smaller price fluctuations and is considered to be less risky than GMOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PPIE	GMOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.00%	3.99%	-0.99%
Volatility (6M) Calculated over the trailing 6-month period	12.30%	10.67%	+1.63%
Volatility (1Y) Calculated over the trailing 1-year period	15.22%	13.40%	+1.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.78%	15.57%	-0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.78%	15.57%	-0.79%

PPIE vs. GMOI - Expense Ratio Comparison

PPIE has a 0.49% expense ratio, which is lower than GMOI's 0.60% expense ratio.

Dividends

PPIE vs. GMOI - Dividend Comparison

PPIE's dividend yield for the trailing twelve months is around 12.06%, more than GMOI's 2.45% yield.

Position	TTM	2025	2024	2023
GMOI GMO International Value ETF	2.45%	2.74%	0.54%	0.00%
PPIE Putnam Panagora ESG International Equity ETF -	12.06%	8.40%	5.12%	3.30%

Frequently Asked Questions

Can I hold both PPIE and GMOI in my portfolio?

PPIE and GMOI have a correlation of 0.86, 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 GMOI?

GMOI has higher volatility (3.99%) compared to PPIE (3.00%). In terms of maximum drawdown, PPIE dropped -13.55% vs GMOI's -14.67%.

Which ETF is better, PPIE or GMOI?

On 1-year performance, GMOI leads with 35.21% vs 21.66% for PPIE. On fees, PPIE is cheaper at 0.49% per year. On volatility, PPIE has been the lower-risk option at 3.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PPIE or GMOI?

Over the 1-year period, GMOI has performed better with a 35.21% return vs 21.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PPIE or GMOI?

PPIE is cheaper with a 0.49% expense ratio, compared with 0.60% for GMOI.

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

PPIE has the higher dividend yield at 12.06%, compared with 2.45% for GMOI.

What is the main difference between PPIE and GMOI?

They also come from different issuers: Putnam and GMO. Their fees differ too: 0.49% for PPIE and 0.60% for GMOI.

Which has better risk-adjusted returns?

GMOI currently has the higher Sharpe Ratio (2.64 vs 1.31), 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.