MEMX vs. PIT

Last updated Jun 16, 2026

MEMX (Matthews Emerging Markets Ex China Active ETF) and PIT (VanEck Commodity Strategy ETF) are both exchange-traded funds - MEMX is a Emerging Markets Diversified fund actively managed by Matthews, while PIT is a Commodities fund actively managed by VanEck. Both are actively managed. Over the past 3 years, MEMX returned 25.86%/yr vs 19.41%/yr for PIT. At a 0.19 correlation, their price movements are largely independent. MEMX charges 0.79%/yr vs 0.55%/yr for PIT.

Performance

MEMX vs. PIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Emerging Markets Ex China Active ETF (MEMX) 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, MEMX achieves a 34.10% return, which is significantly higher than PIT's 30.77% return.

MEMX

• 1D: 3.31%
• 1M: 8.49%
• YTD: 34.10%
• 6M: 43.05%
• 1Y: 68.84%
• 3Y*: 25.86%
• 5Y*: —
• 10Y*: —

PIT

• 1D: -1.29%
• 1M: -10.51%
• YTD: 30.77%
• 6M: 32.74%
• 1Y: 44.04%
• 3Y*: 19.41%
• 5Y*: —
• 10Y*: —

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

MEMX vs. PIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MEMX Matthews Emerging Markets Ex China Active ETF	34.10%	35.88%	5.50%	11.33%
PIT VanEck Commodity Strategy ETF	30.77%	21.63%	6.77%	-0.37%

Correlation

The correlation between MEMX and PIT is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (All Time) Calculated using the full available price history since Jan 11, 2023	0.19

The correlation between MEMX and PIT shifts across timeframes, from -0.05 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MEMX vs. PIT — Risk / Return Rank

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

MEMX

MEMX Risk / Return Rank: 89
MEMX Sharpe Ratio Rank: 92
MEMX Sortino Ratio Rank: 87
MEMX Omega Ratio Rank: 90
MEMX Calmar Ratio Rank: 88
MEMX Martin Ratio Rank: 89

PIT

PIT Risk / Return Rank: 71
PIT Sharpe Ratio Rank: 69
PIT Sortino Ratio Rank: 61
PIT Omega Ratio Rank: 67
PIT Calmar Ratio Rank: 79
PIT Martin Ratio Rank: 79

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.

MEMX vs. PIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Emerging Markets Ex China Active ETF (MEMX) 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.

	MEMX	PIT	Difference
Sharpe ratio: Return per unit of total volatility	2.94	2.05	+0.88
Sortino ratio: Return per unit of downside risk	3.59	2.61	+0.99
Omega ratio: Gain probability vs. loss probability	1.53	1.37	+0.16
Calmar ratio: Return relative to maximum drawdown	4.71	3.78	+0.93
Martin ratio: Return relative to average drawdown	18.06	13.96	+4.10

MEMX vs. PIT - Sharpe Ratio Comparison

The current MEMX Sharpe Ratio is 2.94, which is higher than the PIT Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of MEMX 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

MEMX vs. PIT - Drawdown Comparison

The maximum MEMX drawdown since its inception was -19.27%, which is greater than PIT's maximum drawdown of -12.27%. Use the drawdown chart below to compare losses from any high point for MEMX and PIT.

Drawdown Indicators

	MEMX	PIT	Difference
Max Drawdown Largest peak-to-trough decline	-19.27%	-12.27%	-7.00%
Max Drawdown (1Y) Largest decline over 1 year	-14.70%	-11.71%	-2.99%
Max Drawdown (3Y) Largest decline over 3 years	-19.27%	-12.27%	-7.00%
Current Drawdown Current decline from peak	-0.20%	-11.71%	+11.51%
Average Drawdown Average peak-to-trough decline	-3.50%	-4.03%	+0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.82%	3.16%	+0.66%

Volatility

MEMX vs. PIT - Volatility Comparison

Matthews Emerging Markets Ex China Active ETF (MEMX) has a higher volatility of 12.30% compared to VanEck Commodity Strategy ETF (PIT) at 5.06%. This indicates that MEMX'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

	MEMX	PIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.30%	5.06%	+7.24%
Volatility (6M) Calculated over the trailing 6-month period	21.45%	19.35%	+2.10%
Volatility (1Y) Calculated over the trailing 1-year period	23.60%	21.58%	+2.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.81%	17.51%	+0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.81%	17.51%	+0.30%

MEMX vs. PIT - Expense Ratio Comparison

MEMX has a 0.79% expense ratio, which is higher than PIT's 0.55% expense ratio.

Dividends

MEMX vs. PIT - Dividend Comparison

MEMX's dividend yield for the trailing twelve months is around 3.64%, less than PIT's 6.82% yield.

Position	TTM	2025	2024	2023
MEMX Matthews Emerging Markets Ex China Active ETF	3.64%	4.88%	0.99%	1.13%
PIT VanEck Commodity Strategy ETF	6.82%	8.92%	3.59%	6.44%

Frequently Asked Questions

Can I hold both MEMX and PIT in my portfolio?

MEMX and PIT have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MEMX or PIT?

MEMX has higher volatility (12.30%) compared to PIT (5.06%). In terms of maximum drawdown, MEMX dropped -19.27% vs PIT's -12.27%.

Which ETF is better, MEMX or PIT?

On 3-year performance, MEMX leads with 25.86% vs 19.41% for PIT. On fees, PIT is cheaper at 0.55% per year. On volatility, PIT has been the lower-risk option at 5.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MEMX or PIT?

Over the 3-year period, MEMX has performed better with a 25.86% return vs 19.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MEMX or PIT?

PIT is cheaper with a 0.55% expense ratio, compared with 0.79% for MEMX.

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

PIT has the higher dividend yield at 6.82%, compared with 3.64% for MEMX.

What is the main difference between MEMX and PIT?

MEMX is categorized as Emerging Markets Diversified, while PIT is Commodities. They also come from different issuers: Matthews and VanEck. Their fees differ too: 0.79% for MEMX and 0.55% for PIT.

Which has better risk-adjusted returns?

MEMX currently has the higher Sharpe Ratio (2.94 vs 2.05), 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.