HYEM vs. PIT
HYEM (VanEck Vectors Emerging Markets High Yield Bond ETF) and PIT (VanEck Commodity Strategy ETF) are both exchange-traded funds - HYEM is a High Yield Bonds fund tracking the BofA Merrill Lynch Diversified High Yield US Emerging Markets Corporate Plus Index, while PIT is a Commodities fund actively managed by VanEck. HYEM is passively managed, while PIT is actively managed. Over the past 3 years, HYEM returned 10.41%/yr vs 19.51%/yr for PIT. At a 0.04 correlation, their price movements are largely independent. HYEM charges 0.40%/yr vs 0.55%/yr for PIT.
Performance
HYEM vs. PIT - Performance Comparison
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Returns By Period
In the year-to-date period, HYEM achieves a 4.43% return, which is significantly lower than PIT's 27.31% return.
HYEM
- 1D
- 0.20%
- 1M
- 1.41%
- YTD
- 4.43%
- 6M
- 4.34%
- 1Y
- 9.89%
- 3Y*
- 10.41%
- 5Y*
- 3.07%
- 10Y*
- 4.65%
PIT
- 1D
- -0.75%
- 1M
- -10.60%
- YTD
- 27.31%
- 6M
- 26.74%
- 1Y
- 38.33%
- 3Y*
- 19.51%
- 5Y*
- —
- 10Y*
- —
HYEM vs. PIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HYEM VanEck Vectors Emerging Markets High Yield Bond ETF | 4.43% | 9.24% | 12.14% | 8.35% | -0.25% |
PIT VanEck Commodity Strategy ETF | 27.31% | 21.63% | 6.77% | -4.54% | 1.67% |
Correlation
The correlation between HYEM 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 | 0.03 |
Correlation (All Time) Calculated using the full available price history since Dec 22, 2022 | 0.04 |
The correlation between HYEM and PIT shifts across timeframes, from -0.13 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HYEM vs. PIT — Risk / Return Rank
HYEM
PIT
HYEM vs. PIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM) 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.
| HYEM | PIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.48 | ||
| Sortino ratioReturn per unit of downside risk | +0.96 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.32 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 3.64 | 2.74 | +0.90 |
| Martin ratioReturn relative to average drawdown | 14.81 | 10.88 | +3.93 |
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Drawdowns
HYEM vs. PIT - Drawdown Comparison
The maximum HYEM drawdown since its inception was -30.96%, which is greater than PIT's maximum drawdown of -14.05%. Use the drawdown chart below to compare losses from any high point for HYEM and PIT.
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Drawdown Indicators
| HYEM | PIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.96% | -14.05% | -16.91% |
Max Drawdown (1Y)Largest decline over 1 year | -2.73% | -14.05% | +11.32% |
Max Drawdown (3Y)Largest decline over 3 years | -5.23% | -14.05% | +8.82% |
Max Drawdown (5Y)Largest decline over 5 years | -26.30% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -30.96% | — | — |
Current DrawdownCurrent decline from peak | -0.05% | -14.05% | +14.00% |
Average DrawdownAverage peak-to-trough decline | -4.39% | -4.07% | -0.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.67% | 3.59% | -2.92% |
Volatility
HYEM vs. PIT - Volatility Comparison
The current volatility for VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM) is 1.20%, while VanEck Commodity Strategy ETF (PIT) has a volatility of 4.67%. This indicates that HYEM experiences smaller price fluctuations and is considered to be less risky 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
| HYEM | PIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 4.67% | -3.47% |
Volatility (6M)Calculated over the trailing 6-month period | 3.25% | 19.36% | -16.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.40% | 21.66% | -17.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.51% | 17.50% | -9.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.27% | 17.50% | -8.23% |
HYEM vs. PIT - Expense Ratio Comparison
HYEM has a 0.40% expense ratio, which is lower than PIT's 0.55% expense ratio.
Dividends
HYEM vs. PIT - Dividend Comparison
HYEM's dividend yield for the trailing twelve months is around 6.49%, less than PIT's 7.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYEM VanEck Vectors Emerging Markets High Yield Bond ETF | 6.49% | 6.67% | 6.34% | 6.27% | 6.47% | 5.33% | 5.56% | 6.14% | 5.71% | 5.86% | 6.25% | 7.64% |
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
HYEM 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.
PIT has higher volatility (4.67%) compared to HYEM (1.20%). In terms of maximum drawdown, HYEM dropped -30.96% vs PIT's -14.05%.
On 3-year performance, PIT leads with 19.51% vs 10.41% for HYEM. On fees, HYEM is cheaper at 0.40% per year. On volatility, HYEM has been the lower-risk option at 1.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PIT has performed better with a 19.51% return vs 10.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYEM is cheaper with a 0.40% expense ratio, compared with 0.55% for PIT.
PIT has the higher dividend yield at 7.00%, compared with 6.49% for HYEM.
HYEM is categorized as High Yield Bonds, while PIT is Commodities. Their fees differ too: 0.40% for HYEM and 0.55% for PIT.
HYEM currently has the higher Sharpe Ratio (2.26 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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