PIT vs. MEMX

Last updated Jun 16, 2026

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

Performance

PIT vs. MEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Commodity Strategy ETF (PIT) and Matthews Emerging Markets Ex China Active ETF (MEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIT achieves a 30.77% return, which is significantly lower than MEMX's 34.10% return.

PIT

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

MEMX

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

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

PIT vs. MEMX - Yearly Performance Comparison

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

Correlation

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

Return for Risk

PIT vs. MEMX — Risk / Return Rank

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

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

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

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.

PIT vs. MEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Commodity Strategy ETF (PIT) and Matthews Emerging Markets Ex China Active ETF (MEMX). 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	MEMX	Difference
Sharpe ratio: Return per unit of total volatility	2.05	2.94	-0.88
Sortino ratio: Return per unit of downside risk	2.61	3.59	-0.99
Omega ratio: Gain probability vs. loss probability	1.37	1.53	-0.16
Calmar ratio: Return relative to maximum drawdown	3.78	4.71	-0.93
Martin ratio: Return relative to average drawdown	13.96	18.06	-4.10

PIT vs. MEMX - Sharpe Ratio Comparison

The current PIT Sharpe Ratio is 2.05, which is lower than the MEMX Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of PIT and MEMX, 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. MEMX - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

PIT vs. MEMX - Volatility Comparison

The current volatility for VanEck Commodity Strategy ETF (PIT) is 5.06%, while Matthews Emerging Markets Ex China Active ETF (MEMX) has a volatility of 12.30%. This indicates that PIT experiences smaller price fluctuations and is considered to be less risky than MEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

PIT vs. MEMX - Expense Ratio Comparison

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

Dividends

PIT vs. MEMX - Dividend Comparison

PIT's dividend yield for the trailing twelve months is around 6.82%, more than MEMX's 3.64% 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 PIT and MEMX in my portfolio?

PIT and MEMX 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, PIT or MEMX?

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

Which ETF is better, PIT or MEMX?

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, PIT or MEMX?

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, PIT or MEMX?

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

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

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

What is the main difference between PIT and MEMX?

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

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.