HEZU vs. PIT
HEZU (iShares Currency Hedged MSCI Eurozone ETF) and PIT (VanEck Commodity Strategy ETF) are both exchange-traded funds - HEZU is a Europe Equities fund tracking the MSCI EMU 100% USD Hedged Index, while PIT is a Commodities fund actively managed by VanEck. HEZU is passively managed, while PIT is actively managed. Over the past 3 years, HEZU returned 19.93%/yr vs 19.51%/yr for PIT. At a 0.03 correlation, their price movements are largely independent. HEZU charges 0.52%/yr vs 0.55%/yr for PIT.
Performance
HEZU vs. PIT - Performance Comparison
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Returns By Period
In the year-to-date period, HEZU achieves a 14.69% return, which is significantly lower than PIT's 27.31% return.
HEZU
- 1D
- 0.34%
- 1M
- 5.63%
- YTD
- 14.69%
- 6M
- 14.92%
- 1Y
- 28.75%
- 3Y*
- 19.93%
- 5Y*
- 13.51%
- 10Y*
- 13.36%
PIT
- 1D
- -0.75%
- 1M
- -10.60%
- YTD
- 27.31%
- 6M
- 26.74%
- 1Y
- 38.33%
- 3Y*
- 19.51%
- 5Y*
- —
- 10Y*
- —
HEZU vs. PIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HEZU iShares Currency Hedged MSCI Eurozone ETF | 14.69% | 25.93% | 10.63% | 22.98% | -1.90% |
PIT VanEck Commodity Strategy ETF | 27.31% | 21.63% | 6.77% | -4.54% | 1.67% |
Correlation
The correlation between HEZU and PIT is -0.18, 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 | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Dec 22, 2022 | 0.03 |
The correlation between HEZU and PIT shifts across timeframes, from -0.18 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HEZU vs. PIT — Risk / Return Rank
HEZU
PIT
HEZU vs. PIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Eurozone ETF (HEZU) 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.
| HEZU | PIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.32 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.64 | 2.74 | -0.10 |
| Martin ratioReturn relative to average drawdown | 10.37 | 10.88 | -0.51 |
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Drawdowns
HEZU vs. PIT - Drawdown Comparison
The maximum HEZU drawdown since its inception was -38.80%, which is greater than PIT's maximum drawdown of -14.05%. Use the drawdown chart below to compare losses from any high point for HEZU and PIT.
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Drawdown Indicators
| HEZU | PIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.80% | -14.05% | -24.75% |
Max Drawdown (1Y)Largest decline over 1 year | -10.95% | -14.05% | +3.10% |
Max Drawdown (3Y)Largest decline over 3 years | -14.83% | -14.05% | -0.78% |
Max Drawdown (5Y)Largest decline over 5 years | -22.79% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -38.80% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -14.05% | +14.05% |
Average DrawdownAverage peak-to-trough decline | -5.81% | -4.07% | -1.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.78% | 3.59% | -0.81% |
Volatility
HEZU vs. PIT - Volatility Comparison
iShares Currency Hedged MSCI Eurozone ETF (HEZU) has a higher volatility of 5.04% compared to VanEck Commodity Strategy ETF (PIT) at 4.67%. This indicates that HEZU'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.
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Volatility by Period
| HEZU | PIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.04% | 4.67% | +0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 13.10% | 19.36% | -6.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.47% | 21.66% | -6.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.58% | 17.50% | -0.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.40% | 17.50% | +0.90% |
HEZU vs. PIT - Expense Ratio Comparison
HEZU has a 0.52% expense ratio, which is lower than PIT's 0.55% expense ratio.
Dividends
HEZU vs. PIT - Dividend Comparison
HEZU's dividend yield for the trailing twelve months is around 2.55%, less than PIT's 7.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HEZU iShares Currency Hedged MSCI Eurozone ETF | 2.55% | 2.92% | 2.77% | 2.52% | 23.26% | 2.25% | 2.32% | 5.40% | 3.48% | 1.92% | 3.11% | 2.68% |
PIT VanEck Commodity Strategy ETF | 7.00% | 8.92% | 3.59% | 6.44% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HEZU and PIT have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HEZU has higher volatility (5.04%) compared to PIT (4.67%). In terms of maximum drawdown, HEZU dropped -38.80% vs PIT's -14.05%.
On 3-year performance, HEZU leads with 19.93% vs 19.51% for PIT. On fees, HEZU is cheaper at 0.52% per year. On volatility, PIT has been the lower-risk option at 4.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HEZU has performed better with a 19.93% return vs 19.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HEZU is cheaper with a 0.52% expense ratio, compared with 0.55% for PIT.
PIT has the higher dividend yield at 7.00%, compared with 2.55% for HEZU.
HEZU is categorized as Europe Equities, while PIT is Commodities. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.52% for HEZU and 0.55% for PIT.
HEZU currently has the higher Sharpe Ratio (1.87 vs 1.78), 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.
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