IBTP vs. PIT

Last updated Jul 14, 2026

IBTP (iShares iBonds Dec 2034 Term Treasury ETF) and PIT (VanEck Commodity Strategy ETF) are both exchange-traded funds - IBTP is a Government Bonds fund tracking the ICE 2034 Maturity US Treasury Index, while PIT is a Commodities fund actively managed by VanEck. IBTP is passively managed, while PIT is actively managed. Over the past year, IBTP returned 3.02% vs 44.72% for PIT. At a correlation of -0.18, they often move in opposite directions. IBTP charges 0.07%/yr vs 0.55%/yr for PIT.

Performance

IBTP vs. PIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2034 Term Treasury ETF (IBTP) 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, IBTP achieves a -1.01% return, which is significantly lower than PIT's 33.35% return.

IBTP

• 1D: -0.40%
• 1M: -0.58%
• 6M: -1.03%
• YTD: -1.01%
• 1Y: 3.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PIT

• 1D: 2.97%
• 1M: 0.66%
• 6M: 27.09%
• YTD: 33.35%
• 1Y: 44.72%
• 3Y*: 19.62%
• 5Y*: —
• 10Y*: —

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

IBTP vs. PIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IBTP iShares iBonds Dec 2034 Term Treasury ETF	-1.01%	8.16%	-0.12%
PIT VanEck Commodity Strategy ETF	33.35%	21.63%	0.71%

Correlation

The correlation between IBTP and PIT is -0.29, 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	-0.29
Correlation (All Time) Calculated using the full available price history since Jun 12, 2024	-0.18

The correlation between IBTP and PIT shifts across timeframes, from -0.29 (1 year) to -0.18 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IBTP vs. PIT — Risk / Return Rank

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

IBTP

IBTP Risk / Return Rank: 21
IBTP Sharpe Ratio Rank: 23
IBTP Sortino Ratio Rank: 21
IBTP Omega Ratio Rank: 19
IBTP Calmar Ratio Rank: 21
IBTP Martin Ratio Rank: 21

PIT

PIT Risk / Return Rank: 72
PIT Sharpe Ratio Rank: 81
PIT Sortino Ratio Rank: 73
PIT Omega Ratio Rank: 77
PIT Calmar Ratio Rank: 66
PIT Martin Ratio Rank: 64

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.

IBTP vs. PIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2034 Term Treasury ETF (IBTP) 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.

	IBTP	PIT	Difference
Sharpe ratio: Return per unit of total volatility	0.65	2.04	-1.39
Sortino ratio: Return per unit of downside risk	0.98	2.63	-1.65
Omega ratio: Gain probability vs. loss probability	1.11	1.36	-0.25
Calmar ratio: Return relative to maximum drawdown	0.76	2.61	-1.85
Martin ratio: Return relative to average drawdown	1.95	9.11	-7.16

IBTP vs. PIT - Sharpe Ratio Comparison

The current IBTP Sharpe Ratio is 0.65, which is lower than the PIT Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of IBTP 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

IBTP vs. PIT - Drawdown Comparison

The maximum IBTP drawdown since its inception was -7.40%, smaller than the maximum PIT drawdown of -17.20%. Use the drawdown chart below to compare losses from any high point for IBTP and PIT.

Drawdown Indicators

	IBTP	PIT	Difference
Max Drawdown Largest peak-to-trough decline	-7.40%	-17.20%	+9.80%
Max Drawdown (1Y) Largest decline over 1 year	-3.99%	-17.20%	+13.21%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.20%	—
Current Drawdown Current decline from peak	-3.18%	-9.97%	+6.79%
Average Drawdown Average peak-to-trough decline	-2.13%	-4.24%	+2.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.55%	4.92%	-3.37%

Volatility

IBTP vs. PIT - Volatility Comparison

The current volatility for iShares iBonds Dec 2034 Term Treasury ETF (IBTP) is 1.56%, while VanEck Commodity Strategy ETF (PIT) has a volatility of 6.57%. This indicates that IBTP 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.

Volatility by Period

	IBTP	PIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.56%	6.57%	-5.01%
Volatility (6M) Calculated over the trailing 6-month period	3.51%	19.74%	-16.23%
Volatility (1Y) Calculated over the trailing 1-year period	4.68%	22.03%	-17.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.92%	17.64%	-11.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.92%	17.64%	-11.72%

IBTP vs. PIT - Expense Ratio Comparison

IBTP has a 0.07% expense ratio, which is lower than PIT's 0.55% expense ratio.

Dividends

IBTP vs. PIT - Dividend Comparison

IBTP's dividend yield for the trailing twelve months is around 4.09%, less than PIT's 6.69% yield.

Position	TTM	2025	2024	2023
IBTP iShares iBonds Dec 2034 Term Treasury ETF	4.09%	3.92%	1.78%	0.00%
PIT VanEck Commodity Strategy ETF	6.69%	8.92%	3.59%	6.44%

Frequently Asked Questions

Can I hold both IBTP and PIT in my portfolio?

IBTP and PIT have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBTP or PIT?

PIT has higher volatility (6.57%) compared to IBTP (1.56%). In terms of maximum drawdown, IBTP dropped -7.40% vs PIT's -17.20%.

Which ETF is better, IBTP or PIT?

On 1-year performance, PIT leads with 44.72% vs 3.02% for IBTP. On fees, IBTP is cheaper at 0.07% per year. On volatility, IBTP has been the lower-risk option at 1.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBTP or PIT?

Over the 1-year period, PIT has performed better with a 44.72% return vs 3.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBTP or PIT?

IBTP is cheaper with a 0.07% expense ratio, compared with 0.55% for PIT.

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

PIT has the higher dividend yield at 6.69%, compared with 4.09% for IBTP.

What is the main difference between IBTP and PIT?

IBTP is categorized as Government Bonds, while PIT is Commodities. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.07% for IBTP and 0.55% for PIT.

Which has better risk-adjusted returns?

PIT currently has the higher Sharpe Ratio (2.04 vs 0.65), 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.