PPEM vs SPY
Putnam PanAgora ESG Emerging Markets Equity ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, PPEM or SPY?
All Cap Blend against Large Cap Blend.
SPY has a lower expense ratio. PPEM led over 1Y, SPY over the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | PPEM | SPY |
|---|---|---|
| Expense Ratio | 0.60% | 0.09%Best |
| AUM | $2M | $814.4B |
| Dividend Yield | 49.41% | 1.01% |
| Holdings | 116 | 505 |
| Volatility (annualized) | 16.7% | 12.9%Best |
| Max Drawdown | -18.4%Best | -18.8% |
| $10,000 over 3.4 years | $19,275 | $19,482Best |
| Fund Family | Putnam Investments | State Street Investment Management |
| Category | Equity | Equity |
| Style | All Cap Blend | Large Cap Blend |
| Inception | Jan 19, 2023 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized), Top 10 Weight.
The two price series end 87 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. PPEM has data through Jun 9, 2026 and SPY through Sep 4, 2026.
Volatility and max drawdown, and the $10,000 over 3.4 years row, are measured over the window both funds cover: Jan 20, 2023 to Jun 9, 2026 (3.4 years).
Risk: Volatility and Drawdowns
PPEM has been the more volatile fund, with annualized monthly volatility of 16.7% compared with 12.9% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -18.4% for PPEM and -18.8% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.68. They move together some of the time, and apart the rest.
Fees and Cost Over Time
PPEM charges 0.60% per year while SPY charges 0.09%. On a $10,000 position that is $60 vs $9 annually, a gap of $51 per year that compounds over a long holding period. On income, PPEM currently yields 49.41% against 1.01% for SPY.
Holdings Overlap
At least 0.1% of SPY's money is in holdings PPEM also owns.
Only one direction is shown: for PPEM, our book for it lists positions totalling 108.0% of the fund, which is what a leveraged book looks like and is not a denominator we can divide by.
We cannot see either book well enough to say how much of this pair is duplicated.
The two holdings books were reported 158 days apart, PPEM as of Feb 27, 2026 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
1 positions in common, counted across the 109 positions we hold weights for in PPEM and 504 in SPY, against full books of 116 and 505.
Top Shared Holdings
| Stock | Weight in PPEM | Weight in SPY | Difference |
|---|---|---|---|
| TELTe Connectivity Ltd. | 0.24% | 0.10% | 0.14% |
You are not choosing between two funds in isolation.
Whichever of PPEM and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, PPEM or SPY?
PPEM has an expense ratio of 0.60% while SPY charges 0.09%. SPY is the cheaper option, by $51 a year on a $10,000 investment.
Which is riskier, PPEM or SPY?
PPEM has been the more volatile fund at 16.7% annualized versus 12.9% for SPY. Worst drawdown: PPEM -18.4% vs SPY -18.8%.
Should I hold both PPEM and SPY?
PPEM and SPY have a monthly-return correlation of 0.68, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, PPEM or SPY?
PPEM yields 49.41% while SPY yields 1.01%, so PPEM currently pays the higher dividend yield.
Is SPY better than PPEM?
SPY has a lower expense ratio. PPEM led over 1Y, SPY over the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.