PIT vs. FMUB

Last updated Aug 2, 2026

PIT (VanEck Commodity Strategy ETF) and FMUB (Fidelity Municipal Bond Opportunities ETF) are both exchange-traded funds - PIT is a Commodities fund actively managed by VanEck, while FMUB is a Municipal Bonds fund actively managed by Fidelity. Both are actively managed. Over the past year, PIT returned 56.01% vs 4.81% for FMUB. Their -0.20 correlation means they have often moved in opposite directions in the past. PIT charges 0.55%/yr vs 0.30%/yr for FMUB.

Performance

PIT vs. FMUB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Commodity Strategy ETF (PIT) and Fidelity Municipal Bond Opportunities ETF (FMUB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIT achieves a 39.56% return, which is significantly higher than FMUB's 0.94% return.

PIT

• 1D: -0.05%
• 1M: 12.06%
• 6M: 25.04%
• YTD: 39.56%
• 1Y: 56.01%
• 3Y*: 19.64%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.95%

FMUB

• 1D: -0.13%
• 1M: -1.59%
• 6M: 0.32%
• YTD: 0.94%
• 1Y: 4.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.29%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FMUB Fidelity Municipal Bond Opportunities ETF	$1.86M	$2.43M	$1.70M
PIT VanEck Commodity Strategy ETF	$1.38M	$2.80M	$3.76M

PIT vs. FMUB - Yearly Performance Comparison

	2026 (YTD)	2025
PIT VanEck Commodity Strategy ETF	39.56%	21.96%
FMUB Fidelity Municipal Bond Opportunities ETF	0.94%	4.69%

Correlation

The correlation between PIT and FMUB is -0.32, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.32
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025	-0.20

The correlation between PIT and FMUB shifts across timeframes, from -0.32 (1 year) to -0.20 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PIT vs. FMUB — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PIT

PIT Risk / Return Rank: 88
PIT Sharpe Ratio Rank: 93
PIT Sortino Ratio Rank: 89
PIT Omega Ratio Rank: 90
PIT Calmar Ratio Rank: 84
PIT Martin Ratio Rank: 82

FMUB

FMUB Risk / Return Rank: 76
FMUB Sharpe Ratio Rank: 84
FMUB Sortino Ratio Rank: 84
FMUB Omega Ratio Rank: 88
FMUB Calmar Ratio Rank: 61
FMUB Martin Ratio Rank: 65

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PIT vs. FMUB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Commodity Strategy ETF (PIT) and Fidelity Municipal Bond Opportunities ETF (FMUB). 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	FMUB	Difference
Sharpe ratio: Return per unit of total volatility	2.47	1.96	+0.50
Sortino ratio: Return per unit of downside risk	3.08	2.75	+0.32
Omega ratio: Gain probability vs. loss probability	1.42	1.40	+0.02
Calmar ratio: Return relative to maximum drawdown	3.19	2.14	+1.05
Martin ratio: Return relative to average drawdown	10.87	7.91	+2.96

PIT vs. FMUB - Sharpe Ratio Comparison

The current PIT Sharpe Ratio is 2.47, which is comparable to the FMUB Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of PIT and FMUB, 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

PIT vs. FMUB - Drawdown Comparison

The maximum PIT drawdown since its inception was -17.20%, which is greater than FMUB's maximum drawdown of -2.74%. Use the drawdown chart below to compare losses from any high point for PIT and FMUB.

Drawdown Indicators

	PIT	FMUB	Difference
Max Drawdown Largest peak-to-trough decline	-17.20%	-2.74%	-14.46%
Max Drawdown (1Y) Largest decline over 1 year	-17.20%	-2.49%	-14.71%
Max Drawdown (3Y) Largest decline over 3 years	-17.20%	—	—
Current Drawdown Current decline from peak	-5.78%	-1.62%	-4.16%
Average Drawdown Average peak-to-trough decline	-4.27%	-0.48%	-3.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.05%	0.67%	+4.38%

Volatility

PIT vs. FMUB - Volatility Comparison

VanEck Commodity Strategy ETF (PIT) has a higher volatility of 6.47% compared to Fidelity Municipal Bond Opportunities ETF (FMUB) at 0.86%. This indicates that PIT's price experiences larger fluctuations and is considered to be riskier than FMUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIT	FMUB	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.47%	0.86%	+5.61%
Volatility (6M) Calculated over the trailing 6-month period	19.93%	2.19%	+17.74%
Volatility (1Y) Calculated over the trailing 1-year period	22.30%	2.75%	+19.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.70%	3.59%	+14.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.70%	3.59%	+14.11%

PIT vs. FMUB - Expense Ratio Comparison

PIT has a 0.55% expense ratio, which is higher than FMUB's 0.30% expense ratio.

Dividends

PIT vs. FMUB - Dividend Comparison

PIT's dividend yield for the trailing twelve months is around 6.39%, more than FMUB's 3.55% yield.

Position	TTM	2025	2024	2023
FMUB Fidelity Municipal Bond Opportunities ETF	3.55%	2.63%	0.00%	0.00%
PIT VanEck Commodity Strategy ETF	6.39%	8.92%	3.59%	6.44%

Frequently Asked Questions

Can I hold both PIT and FMUB in my portfolio?

PIT and FMUB have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIT or FMUB?

PIT has higher volatility (6.47%) compared to FMUB (0.86%). In terms of maximum drawdown, PIT dropped -17.20% vs FMUB's -2.74%.

Which ETF is better, PIT or FMUB?

On 1-year performance, PIT leads with 56.01% vs 4.81% for FMUB. On fees, FMUB is cheaper at 0.30% per year. On volatility, FMUB has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIT or FMUB?

Over the 1-year period, PIT has performed better with a 56.01% return vs 4.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIT or FMUB?

FMUB is cheaper with a 0.30% expense ratio, compared with 0.55% for PIT.

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

PIT has the higher dividend yield at 6.39%, compared with 3.55% for FMUB.

What is the main difference between PIT and FMUB?

PIT is categorized as Commodities, while FMUB is Municipal Bonds. They also come from different issuers: VanEck and Fidelity. Their fees differ too: 0.55% for PIT and 0.30% for FMUB.

Which has better risk-adjusted returns?

PIT currently has the higher Sharpe Ratio (2.47 vs 1.96), 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.