PIT vs. TLT
PIT (VanEck Commodity Strategy ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - PIT is a Commodities fund actively managed by VanEck, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. PIT is actively managed, while TLT is passively managed. Over the past 3 years, PIT returned 19.64%/yr vs -1.80%/yr for TLT. Their -0.13 correlation means they have often moved in opposite directions in the past. PIT charges 0.55%/yr vs 0.15%/yr for TLT.
Performance
PIT vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, PIT achieves a 39.56% return, which is significantly higher than TLT's -3.49% 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%
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.38M | $2.80M | $3.76M | |
| $2.33B | $2.02B | $2.19B |
PIT vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PIT VanEck Commodity Strategy ETF | 39.56% | 21.63% | 6.77% | -4.54% | 1.67% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 2.77% | -3.99% |
Correlation
The correlation between PIT and TLT is -0.33, 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. | -0.33 |
Correlation (3Y) Balances recent behavior with more history. | -0.15 |
Correlation (All Time) Calculated using the full available price history since Dec 22, 2022 | -0.13 |
Over the past year, the inverse relationship between PIT and TLT has strengthened: their correlation has moved from -0.13 to -0.33, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
PIT vs. TLT — Risk / Return Rank
PIT
TLT
PIT vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Commodity Strategy ETF (PIT) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.58 | ||
| Sortino ratioReturn per unit of downside risk | +3.17 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 0.99 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 3.19 | -0.14 | +3.33 |
| Martin ratioReturn relative to average drawdown | 10.87 | -0.30 | +11.17 |
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Drawdowns
PIT vs. TLT - Drawdown Comparison
The maximum PIT drawdown since its inception was -17.20%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for PIT and TLT.
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Drawdown Indicators
| PIT | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.20% | -48.35% | +31.15% |
Max Drawdown (1Y)Largest decline over 1 year | -17.20% | -7.74% | -9.46% |
Max Drawdown (3Y)Largest decline over 3 years | -17.20% | -14.79% | -2.41% |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -5.78% | -42.36% | +36.58% |
Average DrawdownAverage peak-to-trough decline | -4.27% | -13.99% | +9.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.05% | 3.57% | +1.48% |
Volatility
PIT vs. TLT - Volatility Comparison
VanEck Commodity Strategy ETF (PIT) has a higher volatility of 6.47% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.46%. This indicates that PIT's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PIT | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.47% | 2.46% | +4.01% |
Volatility (6M)Calculated over the trailing 6-month period | 19.93% | 6.85% | +13.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.30% | 9.32% | +12.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.70% | 15.74% | +1.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.70% | 14.83% | +2.87% |
PIT vs. TLT - Expense Ratio Comparison
PIT has a 0.55% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
PIT vs. TLT - Dividend Comparison
PIT's dividend yield for the trailing twelve months is around 6.39%, more than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PIT VanEck Commodity Strategy ETF | 6.39% | 8.92% | 3.59% | 6.44% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.34% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
PIT and TLT have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PIT has higher volatility (6.47%) compared to TLT (2.46%). In terms of maximum drawdown, PIT dropped -17.20% vs TLT's -48.35%.
On 3-year performance, PIT leads with 19.64% vs -1.80% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.46%. 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 19.64% return vs -1.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.55% for PIT.
PIT has the higher dividend yield at 6.39%, compared with 4.34% for TLT.
PIT is categorized as Commodities, while TLT is Government Bonds. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.55% for PIT and 0.15% for TLT.
PIT currently has the higher Sharpe Ratio (2.47 vs -0.11), 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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