XTL vs. PEMX

Last updated Jun 16, 2026

XTL (SPDR S&P Telecom ETF) and PEMX (Putnam Emerging Markets Ex-China ETF) are both exchange-traded funds - XTL is a Communications Equities fund tracking the S&P Telecom Select Industry Index, while PEMX is a Emerging Markets Diversified fund actively managed by Putnam. XTL is passively managed, while PEMX is actively managed. Over the past 3 years, XTL returned 45.66%/yr vs 33.94%/yr for PEMX. A 0.53 correlation means they provide meaningful diversification when combined. XTL charges 0.35%/yr vs 0.85%/yr for PEMX.

Performance

XTL vs. PEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Telecom ETF (XTL) 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, XTL achieves a 51.46% return, which is significantly higher than PEMX's 42.45% return.

XTL

• 1D: 0.12%
• 1M: 2.37%
• YTD: 51.46%
• 6M: 55.42%
• 1Y: 120.69%
• 3Y*: 45.66%
• 5Y*: 19.06%
• 10Y*: 16.10%

PEMX

• 1D: 3.95%
• 1M: 12.26%
• YTD: 42.45%
• 6M: 47.78%
• 1Y: 74.75%
• 3Y*: 33.94%
• 5Y*: —
• 10Y*: —

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

XTL vs. PEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XTL SPDR S&P Telecom ETF	51.46%	44.95%	34.89%	12.09%
PEMX Putnam Emerging Markets Ex-China ETF	42.45%	34.01%	17.21%	15.13%

Correlation

The correlation between XTL and PEMX is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (All Time) Calculated using the full available price history since May 18, 2023	0.53

The correlation between XTL and PEMX has been stable across timeframes, ranging from 0.53 to 0.55 - a consistent structural relationship.

Return for Risk

XTL vs. PEMX — Risk / Return Rank

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

XTL

XTL Risk / Return Rank: 95
XTL Sharpe Ratio Rank: 97
XTL Sortino Ratio Rank: 94
XTL Omega Ratio Rank: 93
XTL Calmar Ratio Rank: 96
XTL Martin Ratio Rank: 96

PEMX

PEMX Risk / Return Rank: 91
PEMX Sharpe Ratio Rank: 93
PEMX Sortino Ratio Rank: 89
PEMX Omega Ratio Rank: 91
PEMX Calmar Ratio Rank: 90
PEMX Martin Ratio Rank: 91

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.

XTL vs. PEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Telecom ETF (XTL) 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.

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.

	XTL	PEMX	Difference
Sharpe ratio: Return per unit of total volatility	4.04	3.15	+0.89
Sortino ratio: Return per unit of downside risk	4.39	3.77	+0.62
Omega ratio: Gain probability vs. loss probability	1.58	1.55	+0.04
Calmar ratio: Return relative to maximum drawdown	8.26	5.20	+3.06
Martin ratio: Return relative to average drawdown	34.62	19.79	+14.83

XTL vs. PEMX - Sharpe Ratio Comparison

The current XTL Sharpe Ratio is 4.04, which is comparable to the PEMX Sharpe Ratio of 3.15. The chart below compares the historical Sharpe Ratios of XTL 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.

Drawdowns

XTL vs. PEMX - Drawdown Comparison

The maximum XTL drawdown since its inception was -37.01%, which is greater than PEMX's maximum drawdown of -14.91%. Use the drawdown chart below to compare losses from any high point for XTL and PEMX.

Drawdown Indicators

	XTL	PEMX	Difference
Max Drawdown Largest peak-to-trough decline	-37.01%	-14.91%	-22.10%
Max Drawdown (1Y) Largest decline over 1 year	-14.70%	-14.45%	-0.25%
Max Drawdown (3Y) Largest decline over 3 years	-22.79%	-14.91%	-7.88%
Max Drawdown (5Y) Largest decline over 5 years	-37.01%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-37.01%	—	—
Current Drawdown Current decline from peak	-6.61%	0.00%	-6.61%
Average Drawdown Average peak-to-trough decline	-9.76%	-2.86%	-6.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.50%	3.79%	-0.29%

Volatility

XTL vs. PEMX - Volatility Comparison

The current volatility for SPDR S&P Telecom ETF (XTL) is 11.24%, while Putnam Emerging Markets Ex-China ETF (PEMX) has a volatility of 13.14%. This indicates that XTL 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

	XTL	PEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.24%	13.14%	-1.90%
Volatility (6M) Calculated over the trailing 6-month period	24.21%	21.52%	+2.69%
Volatility (1Y) Calculated over the trailing 1-year period	30.10%	23.92%	+6.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.35%	19.05%	+6.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.67%	19.05%	+4.62%

XTL vs. PEMX - Expense Ratio Comparison

XTL has a 0.35% expense ratio, which is lower than PEMX's 0.85% expense ratio.

Dividends

XTL vs. PEMX - Dividend Comparison

XTL's dividend yield for the trailing twelve months is around 0.86%, less than PEMX's 4.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PEMX Putnam Emerging Markets Ex-China ETF	4.92%	7.00%	5.00%	0.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XTL SPDR S&P Telecom ETF	0.86%	1.05%	0.62%	0.80%	0.74%	1.25%	0.88%	0.92%	1.90%	2.08%	1.11%	1.38%

Frequently Asked Questions

Can I hold both XTL and PEMX in my portfolio?

XTL and PEMX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XTL or PEMX?

PEMX has higher volatility (13.14%) compared to XTL (11.24%). In terms of maximum drawdown, XTL dropped -37.01% vs PEMX's -14.91%.

Which ETF is better, XTL or PEMX?

On 3-year performance, XTL leads with 45.66% vs 33.94% for PEMX. On fees, XTL is cheaper at 0.35% per year. On volatility, XTL has been the lower-risk option at 11.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XTL or PEMX?

Over the 3-year period, XTL has performed better with a 45.66% return vs 33.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XTL or PEMX?

XTL is cheaper with a 0.35% expense ratio, compared with 0.85% for PEMX.

Which ETF pays a higher dividend yield, XTL or PEMX?

PEMX has the higher dividend yield at 4.92%, compared with 0.86% for XTL.

What is the main difference between XTL and PEMX?

XTL is categorized as Communications Equities, while PEMX is Emerging Markets Diversified. They also come from different issuers: State Street and Putnam. Their fees differ too: 0.35% for XTL and 0.85% for PEMX.

Which has better risk-adjusted returns?

XTL currently has the higher Sharpe Ratio (4.04 vs 3.15), 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.