PIT vs. PEMX

Last updated Jun 14, 2026

PIT (VanEck Commodity Strategy ETF) and PEMX (Putnam Emerging Markets Ex-China ETF) are both exchange-traded funds - PIT is a Commodities fund actively managed by VanEck, while PEMX is a Emerging Markets Diversified fund actively managed by Putnam. Both are actively managed. Over the past 3 years, PIT returned 21.53%/yr vs 32.32%/yr for PEMX. At a 0.10 correlation, their price movements are largely independent. PIT charges 0.55%/yr vs 0.85%/yr for PEMX.

Performance

PIT vs. PEMX - Performance Comparison

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

Returns By Period

In the year-to-date period, PIT achieves a 32.48% return, which is significantly lower than PEMX's 37.04% return.

PIT

• 1D: -1.00%
• 1M: -9.34%
• YTD: 32.48%
• 6M: 34.12%
• 1Y: 45.92%
• 3Y*: 21.53%
• 5Y*: —
• 10Y*: —

PEMX

• 1D: 0.38%
• 1M: 8.00%
• YTD: 37.04%
• 6M: 41.88%
• 1Y: 68.11%
• 3Y*: 32.32%
• 5Y*: —
• 10Y*: —

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

PIT vs. PEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PIT VanEck Commodity Strategy ETF	32.48%	21.63%	6.77%	3.75%
PEMX Putnam Emerging Markets Ex-China ETF	37.04%	34.01%	17.21%	15.13%

Correlation

The correlation between PIT and PEMX is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (All Time) Calculated using the full available price history since May 18, 2023	0.10

The correlation between PIT and PEMX shifts across timeframes, from -0.10 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PIT vs. PEMX — Risk / Return Rank

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

PIT

PIT Risk / Return Rank: 82
PIT Sharpe Ratio Rank: 82
PIT Sortino Ratio Rank: 73
PIT Omega Ratio Rank: 78
PIT Calmar Ratio Rank: 89
PIT Martin Ratio Rank: 87

PEMX

PEMX Risk / Return Rank: 89
PEMX Sharpe Ratio Rank: 92
PEMX Sortino Ratio Rank: 86
PEMX Omega Ratio Rank: 89
PEMX Calmar Ratio Rank: 88
PEMX 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. PEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Commodity Strategy ETF (PIT) and Putnam Emerging Markets Ex-China ETF (PEMX). 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	PEMX	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.79	-0.51
Sortino ratio: Return per unit of downside risk	2.84	3.40	-0.56
Omega ratio: Gain probability vs. loss probability	1.40	1.49	-0.09
Calmar ratio: Return relative to maximum drawdown	4.66	4.56	+0.09
Martin ratio: Return relative to average drawdown	15.95	17.36	-1.41

PIT vs. PEMX - Sharpe Ratio Comparison

The current PIT Sharpe Ratio is 2.28, which is comparable to the PEMX Sharpe Ratio of 2.79. The chart below compares the historical Sharpe Ratios of PIT and PEMX, 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. PEMX - Drawdown Comparison

The maximum PIT drawdown since its inception was -12.27%, smaller than the maximum PEMX drawdown of -14.91%. Use the drawdown chart below to compare losses from any high point for PIT and PEMX.

Drawdown Indicators

	PIT	PEMX	Difference
Max Drawdown Largest peak-to-trough decline	-12.27%	-14.91%	+2.64%
Max Drawdown (1Y) Largest decline over 1 year	-10.56%	-14.45%	+3.89%
Max Drawdown (3Y) Largest decline over 3 years	-12.27%	-14.91%	+2.64%
Current Drawdown Current decline from peak	-10.56%	-2.98%	-7.58%
Average Drawdown Average peak-to-trough decline	-4.02%	-2.86%	-1.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	3.79%	-0.71%

Volatility

PIT vs. PEMX - Volatility Comparison

The current volatility for VanEck Commodity Strategy ETF (PIT) is 4.99%, while Putnam Emerging Markets Ex-China ETF (PEMX) has a volatility of 12.65%. This indicates that PIT experiences smaller price fluctuations and is considered to be less risky than PEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIT	PEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.99%	12.65%	-7.66%
Volatility (6M) Calculated over the trailing 6-month period	19.29%	21.23%	-1.94%
Volatility (1Y) Calculated over the trailing 1-year period	21.58%	23.64%	-2.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.50%	18.94%	-1.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.50%	18.94%	-1.44%

PIT vs. PEMX - Expense Ratio Comparison

PIT has a 0.55% expense ratio, which is lower than PEMX's 0.85% expense ratio.

Dividends

PIT vs. PEMX - Dividend Comparison

PIT's dividend yield for the trailing twelve months is around 6.73%, more than PEMX's 5.11% yield.

Position	TTM	2025	2024	2023
PEMX Putnam Emerging Markets Ex-China ETF	5.11%	7.00%	5.00%	0.72%
PIT VanEck Commodity Strategy ETF	6.73%	8.92%	3.59%	6.44%

Frequently Asked Questions

Can I hold both PIT and PEMX in my portfolio?

PIT and PEMX have a correlation of -0.10, 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 PEMX?

PEMX has higher volatility (12.65%) compared to PIT (4.99%). In terms of maximum drawdown, PIT dropped -12.27% vs PEMX's -14.91%.

Which ETF is better, PIT or PEMX?

On 3-year performance, PEMX leads with 32.32% vs 21.53% for PIT. On fees, PIT is cheaper at 0.55% per year. On volatility, PIT has been the lower-risk option at 4.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIT or PEMX?

Over the 3-year period, PEMX has performed better with a 32.32% return vs 21.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIT or PEMX?

PIT is cheaper with a 0.55% expense ratio, compared with 0.85% for PEMX.

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

PIT has the higher dividend yield at 6.73%, compared with 5.11% for PEMX.

What is the main difference between PIT and PEMX?

PIT is categorized as Commodities, while PEMX is Emerging Markets Diversified. They also come from different issuers: VanEck and Putnam. Their fees differ too: 0.55% for PIT and 0.85% for PEMX.

Which has better risk-adjusted returns?

PEMX currently has the higher Sharpe Ratio (2.79 vs 2.28), 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.