VWOB vs. PIT
VWOB (Vanguard Emerging Markets Government Bond ETF) and PIT (VanEck Commodity Strategy ETF) are both exchange-traded funds - VWOB is a Emerging Markets Bonds fund tracking the Bloomberg USD Emerging Markets Government RIC Capped Index, while PIT is a Commodities fund actively managed by VanEck. VWOB is passively managed, while PIT is actively managed. Over the past 3 years, VWOB returned 9.07%/yr vs 19.51%/yr for PIT. At a correlation of -0.02, they often move in opposite directions. VWOB charges 0.15%/yr vs 0.55%/yr for PIT.
Performance
VWOB vs. PIT - Performance Comparison
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Returns By Period
In the year-to-date period, VWOB achieves a 2.09% return, which is significantly lower than PIT's 27.31% return.
VWOB
- 1D
- -0.37%
- 1M
- 1.81%
- YTD
- 2.09%
- 6M
- 2.11%
- 1Y
- 10.57%
- 3Y*
- 9.07%
- 5Y*
- 2.13%
- 10Y*
- 3.52%
PIT
- 1D
- -0.75%
- 1M
- -10.60%
- YTD
- 27.31%
- 6M
- 26.74%
- 1Y
- 38.33%
- 3Y*
- 19.51%
- 5Y*
- —
- 10Y*
- —
VWOB vs. PIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
VWOB Vanguard Emerging Markets Government Bond ETF | 2.09% | 13.49% | 5.20% | 10.68% | -1.91% |
PIT VanEck Commodity Strategy ETF | 27.31% | 21.63% | 6.77% | -4.54% | 1.67% |
Correlation
The correlation between VWOB and PIT is -0.26, 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 | -0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Dec 22, 2022 | -0.02 |
Over the past year, the inverse relationship between VWOB and PIT has strengthened: their correlation has moved from -0.02 to -0.26, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
VWOB vs. PIT — Risk / Return Rank
VWOB
PIT
VWOB vs. PIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Emerging Markets Government Bond ETF (VWOB) and VanEck Commodity Strategy ETF (PIT). 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.
| VWOB | PIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.32 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.37 | 2.74 | -0.37 |
| Martin ratioReturn relative to average drawdown | 9.98 | 10.88 | -0.90 |
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Drawdowns
VWOB vs. PIT - Drawdown Comparison
The maximum VWOB drawdown since its inception was -26.98%, which is greater than PIT's maximum drawdown of -14.05%. Use the drawdown chart below to compare losses from any high point for VWOB and PIT.
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Drawdown Indicators
| VWOB | PIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.98% | -14.05% | -12.93% |
Max Drawdown (1Y)Largest decline over 1 year | -4.48% | -14.05% | +9.57% |
Max Drawdown (3Y)Largest decline over 3 years | -7.71% | -14.05% | +6.34% |
Max Drawdown (5Y)Largest decline over 5 years | -26.98% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -26.98% | — | — |
Current DrawdownCurrent decline from peak | -0.37% | -14.05% | +13.68% |
Average DrawdownAverage peak-to-trough decline | -4.79% | -4.07% | -0.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.06% | 3.59% | -2.53% |
Volatility
VWOB vs. PIT - Volatility Comparison
The current volatility for Vanguard Emerging Markets Government Bond ETF (VWOB) is 1.72%, while VanEck Commodity Strategy ETF (PIT) has a volatility of 4.67%. This indicates that VWOB experiences smaller price fluctuations and is considered to be less risky than PIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWOB | PIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.72% | 4.67% | -2.95% |
Volatility (6M)Calculated over the trailing 6-month period | 4.36% | 19.36% | -15.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.29% | 21.66% | -16.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.19% | 17.50% | -8.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.35% | 17.50% | -8.15% |
VWOB vs. PIT - Expense Ratio Comparison
VWOB has a 0.15% expense ratio, which is lower than PIT's 0.55% expense ratio.
Dividends
VWOB vs. PIT - Dividend Comparison
VWOB's dividend yield for the trailing twelve months is around 5.81%, less than PIT's 7.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PIT VanEck Commodity Strategy ETF | 7.00% | 8.92% | 3.59% | 6.44% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VWOB Vanguard Emerging Markets Government Bond ETF | 5.81% | 5.92% | 6.08% | 5.50% | 5.30% | 4.04% | 4.18% | 4.58% | 4.52% | 4.61% | 4.71% | 4.93% |
Frequently Asked Questions
VWOB and PIT have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PIT has higher volatility (4.67%) compared to VWOB (1.72%). In terms of maximum drawdown, VWOB dropped -26.98% vs PIT's -14.05%.
On 3-year performance, PIT leads with 19.51% vs 9.07% for VWOB. On fees, VWOB is cheaper at 0.15% per year. On volatility, VWOB has been the lower-risk option at 1.72%. 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 19.51% return vs 9.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VWOB is cheaper with a 0.15% expense ratio, compared with 0.55% for PIT.
PIT has the higher dividend yield at 7.00%, compared with 5.81% for VWOB.
VWOB is categorized as Emerging Markets Bonds, while PIT is Commodities. They also come from different issuers: Vanguard and VanEck. Their fees differ too: 0.15% for VWOB and 0.55% for PIT.
VWOB currently has the higher Sharpe Ratio (2.01 vs 1.78), 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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