FLEH vs. PIT

Last updated Jun 24, 2026

FLEH (Franklin FTSE Europe Hedged ETF) and PIT (VanEck Commodity Strategy ETF) are both exchange-traded funds - FLEH is a Europe Equities fund tracking the FTSE Developed Europe RIC Capped Index, while PIT is a Commodities fund actively managed by VanEck. FLEH is passively managed, while PIT is actively managed. Over the past 3 years, FLEH returned 17.50%/yr vs 18.98%/yr for PIT. At a 0.08 correlation, their price movements are largely independent. FLEH charges 0.09%/yr vs 0.55%/yr for PIT.

Performance

FLEH vs. PIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE Europe Hedged ETF (FLEH) 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, FLEH achieves a 7.40% return, which is significantly lower than PIT's 25.62% return.

FLEH

• 1D: -1.70%
• 1M: 1.76%
• YTD: 7.40%
• 6M: 7.90%
• 1Y: 20.48%
• 3Y*: 17.50%
• 5Y*: 11.75%
• 10Y*: —

PIT

• 1D: -1.32%
• 1M: -11.78%
• YTD: 25.62%
• 6M: 23.58%
• 1Y: 39.64%
• 3Y*: 18.98%
• 5Y*: —
• 10Y*: —

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

FLEH vs. PIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FLEH Franklin FTSE Europe Hedged ETF	7.40%	41.56%	2.26%	16.21%	-1.16%
PIT VanEck Commodity Strategy ETF	25.62%	21.63%	6.77%	-4.54%	1.67%

Correlation

The correlation between FLEH and PIT is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (All Time) Calculated using the full available price history since Dec 22, 2022	0.08

The correlation between FLEH and PIT shifts across timeframes, from -0.13 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FLEH vs. PIT — Risk / Return Rank

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

FLEH

FLEH Risk / Return Rank: 35
FLEH Sharpe Ratio Rank: 35
FLEH Sortino Ratio Rank: 35
FLEH Omega Ratio Rank: 34
FLEH Calmar Ratio Rank: 32
FLEH Martin Ratio Rank: 38

PIT

PIT Risk / Return Rank: 57
PIT Sharpe Ratio Rank: 59
PIT Sortino Ratio Rank: 52
PIT Omega Ratio Rank: 56
PIT Calmar Ratio Rank: 56
PIT Martin Ratio Rank: 63

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.

FLEH vs. PIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Europe Hedged ETF (FLEH) 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.

	FLEH	PIT	Difference
Sharpe ratio: Return per unit of total volatility	1.18	1.85	-0.67
Sortino ratio: Return per unit of downside risk	1.75	2.40	-0.65
Omega ratio: Gain probability vs. loss probability	1.22	1.33	-0.11
Calmar ratio: Return relative to maximum drawdown	1.53	2.62	-1.09
Martin ratio: Return relative to average drawdown	5.57	10.88	-5.32

FLEH vs. PIT - Sharpe Ratio Comparison

The current FLEH Sharpe Ratio is 1.18, which is lower than the PIT Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of FLEH 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

FLEH vs. PIT - Drawdown Comparison

The maximum FLEH drawdown since its inception was -33.94%, which is greater than PIT's maximum drawdown of -15.19%. Use the drawdown chart below to compare losses from any high point for FLEH and PIT.

Drawdown Indicators

	FLEH	PIT	Difference
Max Drawdown Largest peak-to-trough decline	-33.94%	-15.19%	-18.75%
Max Drawdown (1Y) Largest decline over 1 year	-13.41%	-15.19%	+1.78%
Max Drawdown (3Y) Largest decline over 3 years	-15.67%	-15.19%	-0.48%
Max Drawdown (5Y) Largest decline over 5 years	-18.67%	—	—
Current Drawdown Current decline from peak	-2.00%	-15.19%	+13.19%
Average Drawdown Average peak-to-trough decline	-4.68%	-4.08%	-0.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.69%	3.66%	+0.03%

Volatility

FLEH vs. PIT - Volatility Comparison

Franklin FTSE Europe Hedged ETF (FLEH) has a higher volatility of 5.38% compared to VanEck Commodity Strategy ETF (PIT) at 4.72%. This indicates that FLEH'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

	FLEH	PIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.38%	4.72%	+0.66%
Volatility (6M) Calculated over the trailing 6-month period	15.05%	19.40%	-4.35%
Volatility (1Y) Calculated over the trailing 1-year period	17.53%	21.66%	-4.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.47%	17.50%	-1.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.27%	17.50%	+0.77%

FLEH vs. PIT - Expense Ratio Comparison

FLEH has a 0.09% expense ratio, which is lower than PIT's 0.55% expense ratio.

Dividends

FLEH vs. PIT - Dividend Comparison

FLEH's dividend yield for the trailing twelve months is around 1.08%, less than PIT's 7.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLEH Franklin FTSE Europe Hedged ETF	1.08%	2.22%	3.18%	3.25%	21.45%	3.03%	1.94%	6.06%	12.17%	0.07%
PIT VanEck Commodity Strategy ETF	7.10%	8.92%	3.59%	6.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLEH and PIT in my portfolio?

FLEH and PIT have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLEH or PIT?

FLEH has higher volatility (5.38%) compared to PIT (4.72%). In terms of maximum drawdown, FLEH dropped -33.94% vs PIT's -15.19%.

Which ETF is better, FLEH or PIT?

On 3-year performance, PIT leads with 18.98% vs 17.50% for FLEH. On fees, FLEH is cheaper at 0.09% per year. On volatility, PIT has been the lower-risk option at 4.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLEH or PIT?

Over the 3-year period, PIT has performed better with a 18.98% return vs 17.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLEH or PIT?

FLEH is cheaper with a 0.09% expense ratio, compared with 0.55% for PIT.

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

PIT has the higher dividend yield at 7.10%, compared with 1.08% for FLEH.

What is the main difference between FLEH and PIT?

FLEH is categorized as Europe Equities, while PIT is Commodities. They also come from different issuers: Franklin Templeton and VanEck. Their fees differ too: 0.09% for FLEH and 0.55% for PIT.

Which has better risk-adjusted returns?

PIT currently has the higher Sharpe Ratio (1.85 vs 1.18), 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.