XCNY vs. PPEM

Last updated Jun 6, 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. Over the past year, XCNY returned 30.73% vs 56.46% for PPEM. Their correlation of 0.82 suggests significant overlap in exposure. 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

In the year-to-date period, XCNY achieves a 14.37% return, which is significantly lower than PPEM's 31.24% return.

XCNY

• 1D: -4.45%
• 1M: -3.03%
• YTD: 14.37%
• 6M: 17.01%
• 1Y: 30.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PPEM

• 1D: 0.06%
• 1M: 3.18%
• YTD: 31.24%
• 6M: 32.93%
• 1Y: 56.46%
• 3Y*: 25.06%
• 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	14.37%	20.42%	-3.51%
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	31.24%	35.39%	-0.64%

Correlation

The correlation between XCNY and PPEM 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 Sep 6, 2024	0.82

The correlation between XCNY and PPEM has been stable across timeframes, ranging from 0.82 to 0.86 - a consistent structural relationship.

XCNY vs. PPEM - Sectors Allocation Comparison

Sectors	XCNY	PPEM
Technology	36.1%	50.2%
Financial Services	21.7%	16.0%
Basic Materials	8.7%	3.8%
Industrials	7.7%	4.6%
Consumer Cyclical	5.6%	5.9%
Energy	4.9%	1.6%
Consumer Defensive	3.6%	1.0%
Communication Services	3.5%	6.9%
Utilities	3.3%	2.2%
Healthcare	2.7%	2.6%
Real Estate	2.3%	1.6%

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: 57
XCNY Sharpe Ratio Rank: 57
XCNY Sortino Ratio Rank: 56
XCNY Omega Ratio Rank: 59
XCNY Calmar Ratio Rank: 56
XCNY Martin Ratio Rank: 59

PPEM

PPEM Risk / Return Rank: 82
PPEM Sharpe Ratio Rank: 85
PPEM Sortino Ratio Rank: 83
PPEM Omega Ratio Rank: 86
PPEM Calmar Ratio Rank: 77
PPEM Martin Ratio Rank: 80

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.

	XCNY	PPEM	Difference
Sharpe ratio: Return per unit of total volatility	1.79	2.67	-0.88
Sortino ratio: Return per unit of downside risk	2.47	3.54	-1.07
Omega ratio: Gain probability vs. loss probability	1.33	1.50	-0.17
Calmar ratio: Return relative to maximum drawdown	2.60	3.71	-1.11
Martin ratio: Return relative to average drawdown	9.94	14.89	-4.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XCNY vs. PPEM - Sharpe Ratio Comparison

The current XCNY Sharpe Ratio is 1.79, which is lower than the PPEM Sharpe Ratio of 2.67. The chart below compares the historical Sharpe Ratios of XCNY and PPEM, 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

	XCNY	PPEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	2.67	-0.88
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	1.17	-0.18

Drawdowns

XCNY vs. PPEM - Drawdown Comparison

The maximum XCNY drawdown since its inception was -19.70%, which is greater than PPEM's maximum drawdown of -18.44%. Use the drawdown chart below to compare losses from any high point for XCNY and PPEM.

Drawdown Indicators

	XCNY	PPEM	Difference
Max Drawdown Largest peak-to-trough decline	-19.70%	-18.44%	-1.26%
Max Drawdown (1Y) Largest decline over 1 year	-11.86%	-15.28%	+3.42%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.44%	—
Current Drawdown Current decline from peak	-5.49%	-2.27%	-3.22%
Average Drawdown Average peak-to-trough decline	-4.14%	-4.20%	+0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	3.80%	-0.70%

Volatility

XCNY vs. PPEM - Volatility Comparison

The current volatility for SPDR S&P Emerging Markets ex-China ETF (XCNY) is 7.62%, while Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM) has a volatility of 8.25%. This indicates that XCNY experiences smaller price fluctuations and is considered to be less risky than PPEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XCNY	PPEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.62%	8.25%	-0.63%
Volatility (6M) Calculated over the trailing 6-month period	15.21%	18.76%	-3.55%
Volatility (1Y) Calculated over the trailing 1-year period	17.22%	21.23%	-4.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.04%	18.29%	-0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.04%	18.29%	-0.25%

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 2.35%, less than PPEM's 49.30% yield.

Position	TTM	2025	2024	2023
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	49.30%	6.05%	3.27%	1.94%
XCNY SPDR S&P Emerging Markets ex-China ETF	2.35%	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 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XCNY or PPEM?

PPEM has higher volatility (8.25%) compared to XCNY (7.62%). In terms of maximum drawdown, XCNY dropped -19.70% vs PPEM's -18.44%.

Which ETF is better, XCNY or PPEM?

On 1-year performance, PPEM leads with 56.46% vs 30.73% for XCNY. On fees, XCNY is cheaper at 0.15% per year. On volatility, XCNY has been the lower-risk option at 7.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XCNY or PPEM?

Over the 1-year period, PPEM has performed better with a 56.46% return vs 30.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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 49.30%, compared with 2.35% 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.

Which has better risk-adjusted returns?

PPEM currently has the higher Sharpe Ratio (2.67 vs 1.79), 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.