KBE vs. PIT

Last updated Jun 23, 2026

KBE (SPDR S&P Bank ETF) and PIT (VanEck Commodity Strategy ETF) are both exchange-traded funds - KBE is a Financials Equities fund tracking the S&P Banks Select Industry Index, while PIT is a Commodities fund actively managed by VanEck. KBE is passively managed, while PIT is actively managed. Over the past 3 years, KBE returned 27.15%/yr vs 19.51%/yr for PIT. At a 0.05 correlation, their price movements are largely independent. KBE charges 0.35%/yr vs 0.55%/yr for PIT.

Performance

KBE vs. PIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Bank ETF (KBE) 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, KBE achieves a 9.90% return, which is significantly lower than PIT's 27.31% return.

KBE

• 1D: 0.92%
• 1M: 4.37%
• YTD: 9.90%
• 6M: 6.59%
• 1Y: 27.34%
• 3Y*: 27.15%
• 5Y*: 8.02%
• 10Y*: 10.94%

PIT

• 1D: -0.75%
• 1M: -10.60%
• YTD: 27.31%
• 6M: 26.74%
• 1Y: 38.33%
• 3Y*: 19.51%
• 5Y*: —
• 10Y*: —

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

KBE vs. PIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
KBE SPDR S&P Bank ETF	9.90%	12.36%	23.78%	5.30%	0.80%
PIT VanEck Commodity Strategy ETF	27.31%	21.63%	6.77%	-4.54%	1.67%

Correlation

The correlation between KBE and PIT is -0.11, 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	-0.11
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	0.05

The correlation between KBE and PIT shifts across timeframes, from -0.11 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.

Return for Risk

KBE vs. PIT — Risk / Return Rank

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

KBE

KBE Risk / Return Rank: 36
KBE Sharpe Ratio Rank: 37
KBE Sortino Ratio Rank: 35
KBE Omega Ratio Rank: 37
KBE Calmar Ratio Rank: 39
KBE Martin Ratio Rank: 34

PIT

PIT Risk / Return Rank: 55
PIT Sharpe Ratio Rank: 54
PIT Sortino Ratio Rank: 48
PIT Omega Ratio Rank: 52
PIT Calmar Ratio Rank: 57
PIT Martin Ratio Rank: 62

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.

KBE vs. PIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Bank ETF (KBE) 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.

	KBE	PIT	Difference
Sharpe ratio: Return per unit of total volatility	1.27	1.78	-0.51
Sortino ratio: Return per unit of downside risk	1.81	2.32	-0.51
Omega ratio: Gain probability vs. loss probability	1.24	1.32	-0.08
Calmar ratio: Return relative to maximum drawdown	1.88	2.74	-0.86
Martin ratio: Return relative to average drawdown	4.93	10.88	-5.95

KBE vs. PIT - Sharpe Ratio Comparison

The current KBE Sharpe Ratio is 1.27, which is comparable to the PIT Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of KBE 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

KBE vs. PIT - Drawdown Comparison

The maximum KBE drawdown since its inception was -83.15%, which is greater than PIT's maximum drawdown of -14.05%. Use the drawdown chart below to compare losses from any high point for KBE and PIT.

Drawdown Indicators

	KBE	PIT	Difference
Max Drawdown Largest peak-to-trough decline	-83.15%	-14.05%	-69.10%
Max Drawdown (1Y) Largest decline over 1 year	-14.63%	-14.05%	-0.58%
Max Drawdown (3Y) Largest decline over 3 years	-25.97%	-14.05%	-11.92%
Max Drawdown (5Y) Largest decline over 5 years	-45.25%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-53.14%	—	—
Current Drawdown Current decline from peak	-1.05%	-14.05%	+13.00%
Average Drawdown Average peak-to-trough decline	-27.47%	-4.07%	-23.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.56%	3.59%	+1.97%

Volatility

KBE vs. PIT - Volatility Comparison

SPDR S&P Bank ETF (KBE) has a higher volatility of 5.74% compared to VanEck Commodity Strategy ETF (PIT) at 4.67%. This indicates that KBE'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

	KBE	PIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.74%	4.67%	+1.07%
Volatility (6M) Calculated over the trailing 6-month period	15.07%	19.36%	-4.29%
Volatility (1Y) Calculated over the trailing 1-year period	21.64%	21.66%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.24%	17.50%	+9.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.85%	17.50%	+12.35%

KBE vs. PIT - Expense Ratio Comparison

KBE has a 0.35% expense ratio, which is lower than PIT's 0.55% expense ratio.

Dividends

KBE vs. PIT - Dividend Comparison

KBE's dividend yield for the trailing twelve months is around 2.78%, less than PIT's 7.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KBE SPDR S&P Bank ETF	2.78%	2.51%	2.35%	2.78%	2.99%	2.16%	2.44%	2.33%	2.18%	1.36%	1.39%	1.70%
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

Can I hold both KBE and PIT in my portfolio?

KBE and PIT have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KBE or PIT?

KBE has higher volatility (5.74%) compared to PIT (4.67%). In terms of maximum drawdown, KBE dropped -83.15% vs PIT's -14.05%.

Which ETF is better, KBE or PIT?

On 3-year performance, KBE leads with 27.15% vs 19.51% for PIT. On fees, KBE is cheaper at 0.35% 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.

Which ETF has performed better, KBE or PIT?

Over the 3-year period, KBE has performed better with a 27.15% return vs 19.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KBE or PIT?

KBE is cheaper with a 0.35% expense ratio, compared with 0.55% for PIT.

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

PIT has the higher dividend yield at 7.00%, compared with 2.78% for KBE.

What is the main difference between KBE and PIT?

KBE is categorized as Financials Equities, while PIT is Commodities. They also come from different issuers: State Street and VanEck. Their fees differ too: 0.35% for KBE and 0.55% for PIT.

Which has better risk-adjusted returns?

PIT currently has the higher Sharpe Ratio (1.78 vs 1.27), 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.