PIT vs. TSM

Last updated Jun 14, 2026

PIT (VanEck Commodity Strategy ETF) is Commodities fund actively managed by VanEck, while TSM (Taiwan Semiconductor Manufacturing Company Limited) is a stock. Over the past 3 years, PIT returned 21.53%/yr vs 60.80%/yr for TSM. At a 0.09 correlation, their price movements are largely independent.

Performance

PIT vs. TSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Commodity Strategy ETF (PIT) and Taiwan Semiconductor Manufacturing Company Limited (TSM). 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 TSM's 40.22% return.

PIT

• 1D: -1.00%
• 1M: -9.18%
• YTD: 32.48%
• 6M: 34.12%
• 1Y: 45.92%
• 3Y*: 21.53%
• 5Y*: —
• 10Y*: —

TSM

• 1D: 0.68%
• 1M: 1.72%
• YTD: 40.22%
• 6M: 45.91%
• 1Y: 103.01%
• 3Y*: 60.80%
• 5Y*: 31.30%
• 10Y*: 35.80%

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

PIT vs. TSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PIT VanEck Commodity Strategy ETF	32.48%	21.63%	6.77%	-4.54%	1.67%
TSM Taiwan Semiconductor Manufacturing Company Limited	40.22%	55.91%	92.58%	42.33%	-3.44%

Correlation

The correlation between PIT and TSM is -0.08, 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	-0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (All Time) Calculated using the full available price history since Dec 22, 2022	0.09

The correlation between PIT and TSM shifts across timeframes, from -0.08 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PIT vs. TSM — 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

TSM

TSM Risk / Return Rank: 93
TSM Sharpe Ratio Rank: 94
TSM Sortino Ratio Rank: 92
TSM Omega Ratio Rank: 90
TSM Calmar Ratio Rank: 94
TSM Martin Ratio Rank: 96

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. TSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Commodity Strategy ETF (PIT) and Taiwan Semiconductor Manufacturing Company Limited (TSM). 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	TSM	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.71	-0.43
Sortino ratio: Return per unit of downside risk	2.84	3.30	-0.46
Omega ratio: Gain probability vs. loss probability	1.40	1.40	0.00
Calmar ratio: Return relative to maximum drawdown	4.66	5.48	-0.83
Martin ratio: Return relative to average drawdown	15.95	19.42	-3.48

PIT vs. TSM - Sharpe Ratio Comparison

The current PIT Sharpe Ratio is 2.28, which is comparable to the TSM Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of PIT and TSM, 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. TSM - Drawdown Comparison

The maximum PIT drawdown since its inception was -12.27%, smaller than the maximum TSM drawdown of -89.08%. Use the drawdown chart below to compare losses from any high point for PIT and TSM.

Drawdown Indicators

	PIT	TSM	Difference
Max Drawdown Largest peak-to-trough decline	-12.27%	-89.08%	+76.81%
Max Drawdown (1Y) Largest decline over 1 year	-10.56%	-18.14%	+7.58%
Max Drawdown (3Y) Largest decline over 3 years	-12.27%	-36.82%	+24.55%
Max Drawdown (5Y) Largest decline over 5 years	—	-56.47%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-56.47%	—
Current Drawdown Current decline from peak	-10.56%	-4.87%	-5.69%
Average Drawdown Average peak-to-trough decline	-4.02%	-42.85%	+38.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	5.11%	-2.03%

Volatility

PIT vs. TSM - Volatility Comparison

The current volatility for VanEck Commodity Strategy ETF (PIT) is 4.99%, while Taiwan Semiconductor Manufacturing Company Limited (TSM) has a volatility of 13.42%. This indicates that PIT experiences smaller price fluctuations and is considered to be less risky than TSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIT	TSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.99%	13.42%	-8.43%
Volatility (6M) Calculated over the trailing 6-month period	19.29%	28.65%	-9.36%
Volatility (1Y) Calculated over the trailing 1-year period	21.58%	36.69%	-15.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.50%	37.46%	-19.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.50%	34.23%	-16.73%

Dividends

PIT vs. TSM - Dividend Comparison

PIT's dividend yield for the trailing twelve months is around 6.73%, more than TSM's 0.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIT VanEck Commodity Strategy ETF	6.73%	8.92%	3.59%	6.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TSM Taiwan Semiconductor Manufacturing Company Limited	0.83%	1.00%	1.18%	1.78%	2.49%	1.57%	1.56%	3.46%	3.64%	2.32%	2.61%	2.54%

Frequently Asked Questions

Can I hold both PIT and TSM in my portfolio?

PIT and TSM have a correlation of -0.08, 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 TSM?

TSM has higher volatility (13.42%) compared to PIT (4.99%). In terms of maximum drawdown, PIT dropped -12.27% vs TSM's -89.08%.

Which has better risk-adjusted returns?

TSM currently has the higher Sharpe Ratio (2.71 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.