PPIE vs. USD=X

Last updated Jun 26, 2026

PPIE (Putnam Panagora ESG International Equity ETF -) is Foreign Large Cap Equities fund actively managed by Putnam, while USD=X (USD Cash) is a currency. Over the past 3 years, PPIE returned 18.34%/yr vs 0.00%/yr for USD=X.

Performance

PPIE vs. USD=X - Performance Comparison

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

Returns By Period

PPIE

• 1D: 0.02%
• 1M: -0.75%
• YTD: 8.31%
• 6M: 8.24%
• 1Y: 20.75%
• 3Y*: 18.34%
• 5Y*: —
• 10Y*: —

USD=X

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 0.00%
• 3Y*: 0.00%
• 5Y*: 0.00%
• 10Y*: 0.00%

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

PPIE vs. USD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PPIE Putnam Panagora ESG International Equity ETF -	8.31%	32.77%	7.67%	9.74%
USD=X USD Cash	0.00%	0.00%	0.00%	0.00%

Return for Risk

PPIE vs. USD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Panagora ESG International Equity ETF - (PPIE) and USD Cash (USD=X). 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	USD=X	Difference
Sharpe ratio: Return per unit of total volatility	1.31	—	—
Sortino ratio: Return per unit of downside risk	1.88	—	—
Omega ratio: Gain probability vs. loss probability	1.24	—	—
Calmar ratio: Return relative to maximum drawdown	1.66	—	—
Martin ratio: Return relative to average drawdown	6.12	—	—

Drawdowns

PPIE vs. USD=X - Drawdown Comparison

The maximum PPIE drawdown since its inception was -13.55%, which is greater than USD=X's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for PPIE and USD=X.

Drawdown Indicators

	PPIE	USD=X	Difference
Max Drawdown Largest peak-to-trough decline	-13.55%	0.00%	-13.55%
Max Drawdown (1Y) Largest decline over 1 year	-12.00%	0.00%	-12.00%
Max Drawdown (3Y) Largest decline over 3 years	-13.55%	0.00%	-13.55%
Max Drawdown (5Y) Largest decline over 5 years	—	0.00%	—
Max Drawdown (10Y) Largest decline over 10 years	—	0.00%	—
Current Drawdown Current decline from peak	-0.75%	0.00%	-0.75%
Average Drawdown Average peak-to-trough decline	-2.50%	0.00%	-2.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	0.00%	+3.24%

Volatility

PPIE vs. USD=X - Volatility Comparison

Putnam Panagora ESG International Equity ETF - (PPIE) has a higher volatility of 3.00% compared to USD Cash (USD=X) at 0.00%. This indicates that PPIE's price experiences larger fluctuations and is considered to be riskier than USD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PPIE	USD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.00%	0.00%	+3.00%
Volatility (6M) Calculated over the trailing 6-month period	12.30%	0.00%	+12.30%
Volatility (1Y) Calculated over the trailing 1-year period	15.22%	0.00%	+15.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.78%	0.00%	+14.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.78%	0.00%	+14.78%

Frequently Asked Questions

Which is riskier, PPIE or USD=X?

PPIE has higher volatility (3.00%) compared to USD=X (0.00%). In terms of maximum drawdown, PPIE dropped -13.55% vs USD=X's 0.00%.