PIT vs. EWZ
PIT (VanEck Commodity Strategy ETF) and EWZ (iShares MSCI Brazil ETF) are both exchange-traded funds - PIT is a Commodities fund actively managed by VanEck, while EWZ is a Latin America Equities fund tracking the MSCI Brazil 25/50 Index. PIT is actively managed, while EWZ is passively managed. Over the past 3 years, PIT returned 19.03%/yr vs 10.52%/yr for EWZ. At a 0.21 correlation, their price movements are largely independent. PIT charges 0.55%/yr vs 0.59%/yr for EWZ.
Performance
PIT vs. EWZ - Performance Comparison
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Returns By Period
In the year-to-date period, PIT achieves a 29.50% return, which is significantly higher than EWZ's 14.17% return.
PIT
- 1D
- -0.32%
- 1M
- -3.23%
- 6M
- 25.36%
- YTD
- 29.50%
- 1Y
- 40.55%
- 3Y*
- 19.03%
- 5Y*
- —
- 10Y*
- —
EWZ
- 1D
- 2.77%
- 1M
- 4.20%
- 6M
- 9.71%
- YTD
- 14.17%
- 1Y
- 36.37%
- 3Y*
- 10.52%
- 5Y*
- 6.56%
- 10Y*
- 6.86%
PIT vs. EWZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PIT VanEck Commodity Strategy ETF | 29.50% | 21.63% | 6.77% | -4.54% | 1.67% |
EWZ iShares MSCI Brazil ETF | 14.17% | 48.81% | -30.41% | 32.62% | -0.14% |
Correlation
The correlation between PIT and EWZ is 0.06, 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 | 0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Dec 22, 2022 | 0.21 |
The correlation between PIT and EWZ shifts across timeframes, from 0.06 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PIT vs. EWZ — Risk / Return Rank
PIT
EWZ
PIT vs. EWZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Commodity Strategy ETF (PIT) and iShares MSCI Brazil ETF (EWZ). 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.
| PIT | EWZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.52 | ||
| Sortino ratioReturn per unit of downside risk | +0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.25 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | 1.85 | +0.63 |
| Martin ratioReturn relative to average drawdown | 8.70 | 4.94 | +3.77 |
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Drawdowns
PIT vs. EWZ - Drawdown Comparison
The maximum PIT drawdown since its inception was -17.20%, smaller than the maximum EWZ drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for PIT and EWZ.
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Drawdown Indicators
| PIT | EWZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.20% | -77.25% | +60.05% |
Max Drawdown (1Y)Largest decline over 1 year | -17.20% | -19.27% | +2.07% |
Max Drawdown (3Y)Largest decline over 3 years | -17.20% | -31.36% | +14.16% |
Max Drawdown (5Y)Largest decline over 5 years | — | -32.24% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -56.99% | — |
Current DrawdownCurrent decline from peak | -12.57% | -20.49% | +7.92% |
Average DrawdownAverage peak-to-trough decline | -4.23% | -35.90% | +31.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.88% | 7.20% | -2.32% |
Volatility
PIT vs. EWZ - Volatility Comparison
VanEck Commodity Strategy ETF (PIT) and iShares MSCI Brazil ETF (EWZ) have volatilities of 5.78% and 5.74%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PIT | EWZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.78% | 5.74% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 19.58% | 19.70% | -0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.84% | 24.98% | -3.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.58% | 27.60% | -10.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.58% | 33.90% | -16.32% |
PIT vs. EWZ - Expense Ratio Comparison
PIT has a 0.55% expense ratio, which is lower than EWZ's 0.59% expense ratio.
Dividends
PIT vs. EWZ - Dividend Comparison
PIT's dividend yield for the trailing twelve months is around 6.88%, more than EWZ's 4.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWZ iShares MSCI Brazil ETF | 4.07% | 5.19% | 8.91% | 5.66% | 12.59% | 9.87% | 1.71% | 2.54% | 2.89% | 1.71% | 1.81% | 4.08% |
PIT VanEck Commodity Strategy ETF | 6.88% | 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
PIT and EWZ have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PIT has higher volatility (5.78%) compared to EWZ (5.74%). In terms of maximum drawdown, PIT dropped -17.20% vs EWZ's -77.25%.
On 3-year performance, PIT leads with 19.03% vs 10.52% for EWZ. On fees, PIT is cheaper at 0.55% per year. Their volatility is very similar. 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 19.03% return vs 10.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PIT is cheaper with a 0.55% expense ratio, compared with 0.59% for EWZ.
PIT has the higher dividend yield at 6.88%, compared with 4.07% for EWZ.
PIT is categorized as Commodities, while EWZ is Latin America Equities. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.55% for PIT and 0.59% for EWZ.
PIT currently has the higher Sharpe Ratio (1.95 vs 1.43), 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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