XCNY vs. PPEM

Last updated Jul 18, 2026

XCNY (SPDR S&P Emerging Markets ex-China ETF) and PPEM (Putnam Panagora ESG Emerging Markets Equity ETF -) are both Emerging Markets Diversified funds - XCNY tracks the S&P Emerging ex-China BMI while PPEM tracks the MSCI Emerging Markets Index. Both are passively managed. A 0.78 correlation means they provide meaningful diversification when combined. XCNY charges 0.15%/yr vs 0.61%/yr for PPEM.

Performance

XCNY vs. PPEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Emerging Markets ex-China ETF (XCNY) and Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

XCNY

• 1D: -1.56%
• 1M: -3.81%
• 6M: 10.93%
• YTD: 15.17%
• 1Y: 24.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PPEM

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

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

XCNY vs. PPEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XCNY SPDR S&P Emerging Markets ex-China ETF	15.17%	20.42%	-3.63%
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	31.88%	35.39%	-0.53%

Correlation

The correlation between XCNY and PPEM is 0.79, 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	0.79
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	0.78

The correlation between XCNY and PPEM has been stable across timeframes, ranging from 0.78 to 0.79 - a consistent structural relationship.

Return for Risk

XCNY vs. PPEM — Risk / Return Rank

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

XCNY

XCNY Risk / Return Rank: 52
XCNY Sharpe Ratio Rank: 49
XCNY Sortino Ratio Rank: 48
XCNY Omega Ratio Rank: 51
XCNY Calmar Ratio Rank: 54
XCNY Martin Ratio Rank: 56

PPEM

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

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.

XCNY vs. PPEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Emerging Markets ex-China ETF (XCNY) and Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM). 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.

	XCNY	PPEM	Difference
Sharpe ratio: Return per unit of total volatility	1.34	—	—
Sortino ratio: Return per unit of downside risk	1.88	—	—
Omega ratio: Gain probability vs. loss probability	1.25	—	—
Calmar ratio: Return relative to maximum drawdown	2.09	—	—
Martin ratio: Return relative to average drawdown	7.47	—	—

Drawdowns

Drawdown Indicators

	XCNY	PPEM	Difference
Max Drawdown Largest peak-to-trough decline	-19.70%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-11.86%	—	—
Current Drawdown Current decline from peak	-6.71%	—	—
Average Drawdown Average peak-to-trough decline	-4.08%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	3.32%	—	—

Volatility

Volatility by Period

	XCNY	PPEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.89%	—	—
Volatility (6M) Calculated over the trailing 6-month period	16.93%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	18.57%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.47%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.47%	—	—

XCNY vs. PPEM - Expense Ratio Comparison

XCNY has a 0.15% expense ratio, which is lower than PPEM's 0.61% expense ratio.

Dividends

XCNY vs. PPEM - Dividend Comparison

XCNY's dividend yield for the trailing twelve months is around 2.32%, while PPEM has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	49.06%	6.05%	3.27%	1.94%
XCNY SPDR S&P Emerging Markets ex-China ETF	2.32%	2.68%	1.07%	0.00%

Frequently Asked Questions

Can I hold both XCNY and PPEM in my portfolio?

XCNY and PPEM have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XCNY or PPEM?

On fees, XCNY 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, XCNY or PPEM?

XCNY is cheaper with a 0.15% expense ratio, compared with 0.61% for PPEM.

Which ETF pays a higher dividend yield, XCNY or PPEM?

PPEM has the higher dividend yield at 49.06%, compared with 2.32% for XCNY.

What is the main difference between XCNY and PPEM?

XCNY tracks S&P Emerging ex-China BMI, while PPEM tracks MSCI Emerging Markets Index. They also come from different issuers: State Street and Putnam. Their fees differ too: 0.15% for XCNY and 0.61% for PPEM.