PPT vs. PEMX

Last updated Jun 5, 2026

PPT (Putnam Premier Income Trust) and PEMX (Putnam Emerging Markets Ex-China ETF) are both funds - PPT is a Multisector Bonds fund actively managed by Putnam Investments, while PEMX is a Emerging Markets Diversified fund actively managed by Putnam. Both are actively managed. Over the past 3 years, PPT returned 7.71%/yr vs 34.40%/yr for PEMX. At a 0.20 correlation, their price movements are largely independent.

Performance

PPT vs. PEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Premier Income Trust (PPT) and Putnam Emerging Markets Ex-China ETF (PEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PPT achieves a 1.69% return, which is significantly lower than PEMX's 38.90% return.

PPT

• 1D: 0.00%
• 1M: 0.18%
• YTD: 1.69%
• 6M: 0.74%
• 1Y: 2.56%
• 3Y*: 7.71%
• 5Y*: 2.37%
• 10Y*: 4.72%

PEMX

• 1D: -1.04%
• 1M: 7.45%
• YTD: 38.90%
• 6M: 44.55%
• 1Y: 72.01%
• 3Y*: 34.40%
• 5Y*: —
• 10Y*: —

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

PPT vs. PEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PPT Putnam Premier Income Trust	1.69%	8.39%	8.80%	7.34%
PEMX Putnam Emerging Markets Ex-China ETF	38.90%	34.01%	17.21%	15.13%

Correlation

The correlation between PPT and PEMX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (All Time) Calculated using the full available price history since May 19, 2023	0.20

Return for Risk

PPT vs. PEMX — Risk / Return Rank

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

PPT

PPT Risk / Return Rank: 5
PPT Sharpe Ratio Rank: 5
PPT Sortino Ratio Rank: 5
PPT Omega Ratio Rank: 4
PPT Calmar Ratio Rank: 6
PPT Martin Ratio Rank: 6

PEMX

PEMX Risk / Return Rank: 90
PEMX Sharpe Ratio Rank: 93
PEMX Sortino Ratio Rank: 90
PEMX Omega Ratio Rank: 90
PEMX Calmar Ratio Rank: 88
PEMX Martin Ratio Rank: 89

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.

PPT vs. PEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Premier Income Trust (PPT) and Putnam Emerging Markets Ex-China ETF (PEMX). 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.

	PPT	PEMX	Difference
Sharpe ratio: Return per unit of total volatility	0.27	3.36	-3.09
Sortino ratio: Return per unit of downside risk	0.46	4.15	-3.69
Omega ratio: Gain probability vs. loss probability	1.05	1.57	-0.52
Calmar ratio: Return relative to maximum drawdown	0.51	5.01	-4.50
Martin ratio: Return relative to average drawdown	1.22	19.75	-18.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PPT vs. PEMX - Sharpe Ratio Comparison

The current PPT Sharpe Ratio is 0.27, which is lower than the PEMX Sharpe Ratio of 3.36. The chart below compares the historical Sharpe Ratios of PPT and PEMX, 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

	PPT	PEMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.27	3.36	-3.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	1.96	-1.79

Drawdowns

PPT vs. PEMX - Drawdown Comparison

The maximum PPT drawdown since its inception was -49.76%, which is greater than PEMX's maximum drawdown of -14.91%. Use the drawdown chart below to compare losses from any high point for PPT and PEMX.

Drawdown Indicators

	PPT	PEMX	Difference
Max Drawdown Largest peak-to-trough decline	-49.76%	-14.91%	-34.85%
Max Drawdown (1Y) Largest decline over 1 year	-5.05%	-14.45%	+9.40%
Max Drawdown (3Y) Largest decline over 3 years	-9.10%	-14.91%	+5.81%
Max Drawdown (5Y) Largest decline over 5 years	-18.92%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-31.79%	—	—
Current Drawdown Current decline from peak	-2.78%	-1.67%	-1.11%
Average Drawdown Average peak-to-trough decline	-11.24%	-2.84%	-8.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	3.66%	-1.56%

Volatility

PPT vs. PEMX - Volatility Comparison

The current volatility for Putnam Premier Income Trust (PPT) is 2.44%, while Putnam Emerging Markets Ex-China ETF (PEMX) has a volatility of 9.60%. This indicates that PPT experiences smaller price fluctuations and is considered to be less risky than PEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PPT	PEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.44%	9.60%	-7.16%
Volatility (6M) Calculated over the trailing 6-month period	7.02%	18.77%	-11.75%
Volatility (1Y) Calculated over the trailing 1-year period	9.37%	21.54%	-12.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.99%	18.18%	-6.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.47%	18.18%	-3.71%

Dividends

PPT vs. PEMX - Dividend Comparison

PPT's dividend yield for the trailing twelve months is around 8.99%, more than PEMX's 5.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PEMX Putnam Emerging Markets Ex-China ETF	5.04%	7.00%	5.00%	0.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PPT Putnam Premier Income Trust	8.99%	8.81%	8.76%	8.74%	8.60%	7.31%	8.84%	7.73%	6.84%	5.85%	6.28%	6.30%

Frequently Asked Questions

Can I hold both PPT and PEMX in my portfolio?

PPT and PEMX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PPT or PEMX?

PEMX has higher volatility (9.60%) compared to PPT (2.44%). In terms of maximum drawdown, PPT dropped -49.76% vs PEMX's -14.91%.

Which has better risk-adjusted returns?

PEMX currently has the higher Sharpe Ratio (3.36 vs 0.27), 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.