PIT vs. GLD

Last updated Aug 1, 2026

PIT (VanEck Commodity Strategy ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - PIT is a Commodities fund actively managed by VanEck, while GLD is a Gold fund tracking the LBMA Gold Price PM. PIT is actively managed, while GLD is passively managed. Over the past 3 years, PIT returned 19.64%/yr vs 27.22%/yr for GLD. Their 0.37 correlation means their historical movements had little consistent relationship. PIT charges 0.55%/yr vs 0.40%/yr for GLD.

Performance

PIT vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Commodity Strategy ETF (PIT) and SPDR Gold Shares (GLD). 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 GLD's -6.25% return.

PIT

• 1D: -0.05%
• 1M: 12.38%
• 6M: 25.04%
• YTD: 39.56%
• 1Y: 54.64%
• 3Y*: 19.64%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.95%

GLD

• 1D: -1.49%
• 1M: 0.25%
• 6M: -16.50%
• YTD: -6.25%
• 1Y: 22.64%
• 3Y*: 27.22%
• 5Y*: 16.95%
• 10Y*: 11.05%
• ALL TIME*: 10.28%

*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)
GLD SPDR Gold Shares	$2.38B	$2.40B	$2.72B
PIT VanEck Commodity Strategy ETF	$1.38M	$2.80M	$3.76M

PIT vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PIT VanEck Commodity Strategy ETF	39.56%	21.63%	6.77%	-4.54%	1.67%
GLD SPDR Gold Shares	-6.25%	63.68%	26.66%	12.69%	0.50%

Correlation

The correlation between PIT and GLD is 0.30, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.30
Correlation (3Y) Balances recent behavior with more history.	0.40
Correlation (All Time) Calculated using the full available price history since Dec 22, 2022	0.37

Return for Risk

PIT vs. GLD — 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

GLD

GLD Risk / Return Rank: 30
GLD Sharpe Ratio Rank: 33
GLD Sortino Ratio Rank: 31
GLD Omega Ratio Rank: 35
GLD Calmar Ratio Rank: 27
GLD Martin Ratio Rank: 24

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. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Commodity Strategy ETF (PIT) and SPDR Gold Shares (GLD). 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	GLD	Difference
Sharpe ratio: Return per unit of total volatility	2.47	0.81	+1.66
Sortino ratio: Return per unit of downside risk	3.08	1.16	+1.91
Omega ratio: Gain probability vs. loss probability	1.42	1.17	+0.25
Calmar ratio: Return relative to maximum drawdown	3.19	0.86	+2.33
Martin ratio: Return relative to average drawdown	10.87	1.86	+9.01

PIT vs. GLD - Sharpe Ratio Comparison

The current PIT Sharpe Ratio is 2.47, which is higher than the GLD Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of PIT and GLD, 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. GLD - Drawdown Comparison

The maximum PIT drawdown since its inception was -17.20%, smaller than the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for PIT and GLD.

Drawdown Indicators

	PIT	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-17.20%	-45.56%	+28.36%
Max Drawdown (1Y) Largest decline over 1 year	-17.20%	-26.40%	+9.20%
Max Drawdown (3Y) Largest decline over 3 years	-17.20%	-26.40%	+9.20%
Max Drawdown (5Y) Largest decline over 5 years	—	-26.40%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-26.40%	—
Current Drawdown Current decline from peak	-5.78%	-25.08%	+19.30%
Average Drawdown Average peak-to-trough decline	-4.27%	-16.21%	+11.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.05%	12.18%	-7.13%

Volatility

PIT vs. GLD - Volatility Comparison

VanEck Commodity Strategy ETF (PIT) and SPDR Gold Shares (GLD) have volatilities of 6.47% and 6.40%, 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.

Volatility by Period

	PIT	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.47%	6.40%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	19.93%	23.52%	-3.59%
Volatility (1Y) Calculated over the trailing 1-year period	22.30%	28.13%	-5.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.70%	18.49%	-0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.70%	16.14%	+1.56%

PIT vs. GLD - Expense Ratio Comparison

PIT has a 0.55% expense ratio, which is higher than GLD's 0.40% expense ratio.

Dividends

PIT vs. GLD - Dividend Comparison

PIT's dividend yield for the trailing twelve months is around 6.39%, while GLD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
GLD SPDR Gold Shares	0.00%	0.00%	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 GLD in my portfolio?

PIT and GLD have a correlation of 0.30, 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 GLD?

PIT has higher volatility (6.47%) compared to GLD (6.40%). In terms of maximum drawdown, PIT dropped -17.20% vs GLD's -45.56%.

Which ETF is better, PIT or GLD?

On 3-year performance, GLD leads with 27.22% vs 19.64% for PIT. On fees, GLD is cheaper at 0.40% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIT or GLD?

Over the 3-year period, GLD has performed better with a 27.22% return vs 19.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIT or GLD?

GLD is cheaper with a 0.40% expense ratio, compared with 0.55% for PIT.

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

PIT has the higher dividend yield at 6.39%, compared with 0.00% for GLD.

What is the main difference between PIT and GLD?

PIT is categorized as Commodities, while GLD is Gold. They also come from different issuers: VanEck and State Street. Their fees differ too: 0.55% for PIT and 0.40% for GLD.

Which has better risk-adjusted returns?

PIT currently has the higher Sharpe Ratio (2.47 vs 0.81), 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.