EMDM vs. PIT

Last updated Jun 14, 2026

EMDM (First Trust Bloomberg Emerging Market Democracies ETF) and PIT (VanEck Commodity Strategy ETF) are both exchange-traded funds - EMDM is a Emerging Markets Diversified fund tracking the Bloomberg Emerging Market Democracies Index - Benchmark TR Net, while PIT is a Commodities fund actively managed by VanEck. EMDM is passively managed, while PIT is actively managed. Over the past 3 years, EMDM returned 30.34%/yr vs 21.53%/yr for PIT. At a 0.22 correlation, their price movements are largely independent. EMDM charges 0.75%/yr vs 0.55%/yr for PIT.

Performance

EMDM vs. PIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Bloomberg Emerging Market Democracies ETF (EMDM) and VanEck Commodity Strategy ETF (PIT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMDM achieves a 36.28% return, which is significantly higher than PIT's 32.48% return.

EMDM

• 1D: 0.70%
• 1M: 6.11%
• YTD: 36.28%
• 6M: 42.03%
• 1Y: 83.08%
• 3Y*: 30.34%
• 5Y*: —
• 10Y*: —

PIT

• 1D: -1.00%
• 1M: -9.34%
• YTD: 32.48%
• 6M: 34.12%
• 1Y: 45.92%
• 3Y*: 21.53%
• 5Y*: —
• 10Y*: —

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

EMDM vs. PIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EMDM First Trust Bloomberg Emerging Market Democracies ETF	36.28%	59.68%	-4.93%	14.75%
PIT VanEck Commodity Strategy ETF	32.48%	21.63%	6.77%	-0.29%

Correlation

The correlation between EMDM and PIT is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (All Time) Calculated using the full available price history since Mar 3, 2023	0.22

The correlation between EMDM and PIT shifts across timeframes, from -0.01 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EMDM vs. PIT — Risk / Return Rank

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

EMDM

EMDM Risk / Return Rank: 92
EMDM Sharpe Ratio Rank: 94
EMDM Sortino Ratio Rank: 91
EMDM Omega Ratio Rank: 92
EMDM Calmar Ratio Rank: 91
EMDM Martin Ratio Rank: 92

PIT

PIT Risk / Return Rank: 82
PIT Sharpe Ratio Rank: 82
PIT Sortino Ratio Rank: 73
PIT Omega Ratio Rank: 78
PIT Calmar Ratio Rank: 89
PIT Martin Ratio Rank: 87

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.

EMDM vs. PIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Bloomberg Emerging Market Democracies ETF (EMDM) and VanEck Commodity Strategy ETF (PIT). 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.

	EMDM	PIT	Difference
Sharpe ratio: Return per unit of total volatility	3.21	2.28	+0.93
Sortino ratio: Return per unit of downside risk	3.78	2.84	+0.94
Omega ratio: Gain probability vs. loss probability	1.55	1.40	+0.15
Calmar ratio: Return relative to maximum drawdown	5.18	4.66	+0.52
Martin ratio: Return relative to average drawdown	20.59	15.95	+4.65

EMDM vs. PIT - Sharpe Ratio Comparison

The current EMDM Sharpe Ratio is 3.21, which is higher than the PIT Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of EMDM and PIT, 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

EMDM vs. PIT - Drawdown Comparison

The maximum EMDM drawdown since its inception was -18.81%, which is greater than PIT's maximum drawdown of -12.27%. Use the drawdown chart below to compare losses from any high point for EMDM and PIT.

Drawdown Indicators

	EMDM	PIT	Difference
Max Drawdown Largest peak-to-trough decline	-18.81%	-12.27%	-6.54%
Max Drawdown (1Y) Largest decline over 1 year	-15.65%	-10.56%	-5.09%
Max Drawdown (3Y) Largest decline over 3 years	-18.81%	-12.27%	-6.54%
Current Drawdown Current decline from peak	-3.27%	-10.56%	+7.29%
Average Drawdown Average peak-to-trough decline	-4.08%	-4.02%	-0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.93%	3.08%	+0.85%

Volatility

EMDM vs. PIT - Volatility Comparison

First Trust Bloomberg Emerging Market Democracies ETF (EMDM) has a higher volatility of 12.16% compared to VanEck Commodity Strategy ETF (PIT) at 4.99%. This indicates that EMDM's price experiences larger fluctuations and is considered to be riskier than PIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMDM	PIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.16%	4.99%	+7.17%
Volatility (6M) Calculated over the trailing 6-month period	22.86%	19.29%	+3.57%
Volatility (1Y) Calculated over the trailing 1-year period	25.23%	21.58%	+3.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.36%	17.50%	+2.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.36%	17.50%	+2.86%

EMDM vs. PIT - Expense Ratio Comparison

EMDM has a 0.75% expense ratio, which is higher than PIT's 0.55% expense ratio.

Dividends

EMDM vs. PIT - Dividend Comparison

EMDM's dividend yield for the trailing twelve months is around 2.62%, less than PIT's 6.73% yield.

Position	TTM	2025	2024	2023
EMDM First Trust Bloomberg Emerging Market Democracies ETF	2.62%	3.57%	5.87%	2.16%
PIT VanEck Commodity Strategy ETF	6.73%	8.92%	3.59%	6.44%

Frequently Asked Questions

Can I hold both EMDM and PIT in my portfolio?

EMDM and PIT have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMDM or PIT?

EMDM has higher volatility (12.16%) compared to PIT (4.99%). In terms of maximum drawdown, EMDM dropped -18.81% vs PIT's -12.27%.

Which ETF is better, EMDM or PIT?

On 3-year performance, EMDM leads with 30.34% vs 21.53% for PIT. On fees, PIT is cheaper at 0.55% per year. On volatility, PIT has been the lower-risk option at 4.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMDM or PIT?

Over the 3-year period, EMDM has performed better with a 30.34% return vs 21.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMDM or PIT?

PIT is cheaper with a 0.55% expense ratio, compared with 0.75% for EMDM.

Which ETF pays a higher dividend yield, EMDM or PIT?

PIT has the higher dividend yield at 6.73%, compared with 2.62% for EMDM.

What is the main difference between EMDM and PIT?

EMDM is categorized as Emerging Markets Diversified, while PIT is Commodities. They also come from different issuers: First Trust and VanEck. Their fees differ too: 0.75% for EMDM and 0.55% for PIT.

Which has better risk-adjusted returns?

EMDM currently has the higher Sharpe Ratio (3.21 vs 2.28), 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.