FENI vs PPIE
Fidelity Enhanced International ETF vs Putnam PanAgora ESG International Equity ETF
Which is better, FENI or PPIE?
Nearly the same fund. FENI costs less.
FENI has a lower expense ratio. FENI led over the full window, PPIE over 1Y. The two have moved almost in lockstep, correlation 0.97. FENI is less concentrated, with 15.8% 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 | FENI | PPIE |
|---|---|---|
| Expense Ratio | 0.28%Best | 0.49% |
| AUM | $11.5B | $4M |
| Dividend Yield | 3.05% | 12.07% |
| Holdings | 883 | 142 |
| Volatility (annualized) | 12.1% | 11.6%Best |
| Max Drawdown | -14.2% | -13.6%Best |
| $10,000 over 2.6 years | $16,978Best | $16,450 |
| Top 10 Weight | 15.8%Best | 26.8% |
| Fund Family | Fidelity Investments (US) | Putnam Investments |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Nov 20, 2023 | Jan 19, 2023 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 128 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. FENI has data through Oct 15, 2026 and PPIE through Jun 9, 2026.
Volatility and max drawdown, and the $10,000 over 2.6 years row, are measured over the window both funds cover: Nov 20, 2023 to Jun 9, 2026 (2.6 years).
Risk: Volatility and Drawdowns
FENI has been the more volatile fund, with annualized monthly volatility of 12.1% compared with 11.6% for PPIE. 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 -14.2% for FENI 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 0.97. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FENI charges 0.28% per year while PPIE charges 0.49%. On a $10,000 position that is $28 vs $49 annually, a gap of $21 per year that compounds over a long holding period. On income, FENI currently yields 3.05% against 12.07% for PPIE.
Holdings Overlap
26.6% of FENI's money is in holdings PPIE also owns. 60.9% of PPIE's money is in holdings FENI also owns.
The two portfolios partly overlap.
The two holdings books were reported 217 days apart, FENI as of Oct 2, 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.
72 positions in common, counted across the 423 positions we hold weights for in FENI and 137 in PPIE, against full books of 883 and 142.
What only one of them owns
Our book lists 1 positions for PPIE that do not appear in our book for FENI (4.8% of the fund), and 2 for FENI that do not appear in PPIE (1.8%).
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 FENI | Weight in PPIE | Difference |
|---|---|---|---|
| ASML:ASASML HOLDING NV | 3.58% | 3.63% | 0.05% |
| 6758:JPSony Group Corp. | 1.14% | 2.80% | 1.66% |
| ISP:MIIntesa Sanpaolo SpA Shs | 0.83% | 2.75% | 1.92% |
| SIE:SGSiemens Ag | 1.51% | 1.65% | 0.14% |
| TSCO:LNTesco Plc | 0.10% | 2.92% | 2.82% |
| SGEF:PAVinci Sa Common Stock | 0.07% | 2.69% | 2.62% |
| 8001:JPItochu Corp | 0.36% | 2.37% | 2.01% |
| 8306:JPMitsubishi Ufj Financial Group, Inc. | 1.18% | 1.28% | 0.10% |
| III:LN3I Group PLC | 0.00% | 2.10% | 2.10% |
| BCS:LNBarclays Plc-Spons Adr Sedol 2077756 | 0.25% | 1.78% | 1.53% |
60.9% of PPIE is already inside FENI.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, FENI or PPIE?
FENI has an expense ratio of 0.28% while PPIE charges 0.49%. FENI is the cheaper option, by $21 a year on a $10,000 investment.
Which is riskier, FENI or PPIE?
FENI has been the more volatile fund at 12.1% annualized versus 11.6% for PPIE. Worst drawdown: FENI -14.2% vs PPIE -13.6%.
Should I hold both FENI and PPIE?
FENI and PPIE have a monthly-return correlation of 0.97, 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 FENI and PPIE?
60.9% of PPIE's money is in holdings FENI also owns. 60.9% of PPIE's is in holdings FENI also owns. They hold 72 positions in common, counted across the 423 positions we hold weights for in FENI and 137 in PPIE.
Which pays a higher dividend, FENI or PPIE?
FENI yields 3.05% while PPIE yields 12.07%, so PPIE currently pays the higher dividend yield.
Is PPIE better than FENI?
FENI has a lower expense ratio. FENI led over the full window, PPIE over 1Y. The two have moved almost in lockstep, correlation 0.97. FENI is less concentrated, with 15.8% 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.