AFDM vs PPIE
First Trust Active Factor International ETF vs Putnam PanAgora ESG International Equity ETF
Which is better, AFDM or PPIE?
Nearly the same fund. PPIE costs less.
PPIE has a lower expense ratio. AFDM led over the full window, PPIE over 1Y. The two have moved almost in lockstep, correlation 0.95. AFDM is less concentrated, with 15.1% of the fund in its ten largest positions against 26.8%.
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 | AFDM | PPIE |
|---|---|---|
| Expense Ratio | 0.83% | 0.49%Best |
| AUM | $149M | $4M |
| Dividend Yield | 3.47% | 12.07% |
| Holdings | 178 | 142 |
| Volatility (annualized) | 11.6%Best | 12.1% |
| Max Drawdown | -13.4%Best | -13.6% |
| $10,000 over 3.4 years | $17,263Best | $17,025 |
| Top 10 Weight | 15.1%Best | 26.8% |
| Fund Family | First Trust Portfolios (US) | Putnam Investments |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Apr 14, 2016 | Jan 19, 2023 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 127 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. AFDM has data through Oct 14, 2026 and PPIE through Jun 9, 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
PPIE has been the more volatile fund, with annualized monthly volatility of 12.1% compared with 11.6% for AFDM. 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 -13.4% for AFDM and -13.6% for PPIE. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.95. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
AFDM charges 0.83% per year while PPIE charges 0.49%. On a $10,000 position that is $83 vs $49 annually, a gap of $34 per year that compounds over a long holding period. On income, AFDM currently yields 3.47% against 12.07% for PPIE.
Holdings Overlap
13.7% of AFDM's money is in holdings PPIE also owns. 17.2% of PPIE's money is in holdings AFDM also owns.
PPIE and AFDM share little of their money.
The two holdings books were reported 216 days apart, AFDM as of Oct 1, 2026 and PPIE as of Feb 27, 2026, so some of the difference between them is the time between the two reports rather than the funds.
19 positions in common, counted across the 178 positions we hold weights for in AFDM and 137 in PPIE, against full books of 178 and 142.
What only one of them owns
Our book lists 3 positions for PPIE that do not appear in our book for AFDM (4.8% of the fund), and 7 for AFDM that do not appear in PPIE (3.9%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in AFDM | Weight in PPIE | Difference |
|---|---|---|---|
| ASML:ASASML HOLDING NV | 2.20% | 3.63% | 1.43% |
| SGEF:PAVinci Sa Common Stock | 0.35% | 2.69% | 2.34% |
| III:LN3I Group PLC | 0.80% | 2.10% | 1.30% |
| BNP:PABnp Paribas Sa | 1.58% | 0.71% | 0.87% |
| BHP:AUBhp Group Ltd | 0.87% | 1.29% | 0.42% |
| AD:ASKoninklijke Ahold N.v. | 0.81% | 0.69% | 0.12% |
| NN:ASNn Group Nv | 0.78% | 0.72% | 0.06% |
| FOUG:PAEiffage Sa | 0.70% | 0.72% | 0.02% |
| 0N9G:LNEndesa Sa - Common | 1.02% | 0.33% | 0.69% |
| REP:MARepsol Sa Sp/Adr Ordinary Shares | 0.87% | 0.41% | 0.46% |
You are not choosing between two funds in isolation.
Whichever of AFDM and PPIE 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, AFDM or PPIE?
AFDM has an expense ratio of 0.83% while PPIE charges 0.49%. PPIE is the cheaper option, by $34 a year on a $10,000 investment.
Which is riskier, AFDM or PPIE?
PPIE has been the more volatile fund at 12.1% annualized versus 11.6% for AFDM. Worst drawdown: AFDM -13.4% vs PPIE -13.6%.
Should I hold both AFDM and PPIE?
AFDM and PPIE have a monthly-return correlation of 0.95, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between AFDM and PPIE?
17.2% of PPIE's money is in holdings AFDM also owns. 17.2% of PPIE's is in holdings AFDM also owns. They hold 19 positions in common, counted across the 178 positions we hold weights for in AFDM and 137 in PPIE.
Which pays a higher dividend, AFDM or PPIE?
AFDM yields 3.47% while PPIE yields 12.07%, so PPIE currently pays the higher dividend yield.
Is PPIE better than AFDM?
PPIE has a lower expense ratio. AFDM led over the full window, PPIE over 1Y. The two have moved almost in lockstep, correlation 0.95. AFDM is less concentrated, with 15.1% of the fund in its ten largest positions against 26.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.