AMUN vs. ISMF

Last updated Jun 5, 2026

AMUN (abrdn Ultra Short Municipal Income Active ETF) and ISMF (iShares Managed Futures Active ETF) are both exchange-traded funds - AMUN is a Municipal Bonds fund actively managed by abrdn, while ISMF is a Systematic Trend fund actively managed by iShares. Both are actively managed. At a correlation of -0.12, they often move in opposite directions. AMUN charges 0.25%/yr vs 0.80%/yr for ISMF.

Performance

AMUN vs. ISMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in abrdn Ultra Short Municipal Income Active ETF (AMUN) and iShares Managed Futures Active ETF (ISMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMUN achieves a 1.13% return, which is significantly lower than ISMF's 7.97% return.

AMUN

• 1D: 0.02%
• 1M: 0.32%
• YTD: 1.13%
• 6M: 1.36%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ISMF

• 1D: -0.37%
• 1M: 1.57%
• YTD: 7.97%
• 6M: 10.87%
• 1Y: 21.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AMUN vs. ISMF - Yearly Performance Comparison

	2026 (YTD)	2025
AMUN abrdn Ultra Short Municipal Income Active ETF	1.13%	0.14%
ISMF iShares Managed Futures Active ETF	7.97%	3.18%

Correlation

The correlation between AMUN and ISMF is -0.12, 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 (All Time) Calculated using the full available price history since Oct 21, 2025	-0.12

Return for Risk

AMUN vs. ISMF — Risk / Return Rank

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

ISMF

ISMF Risk / Return Rank: 88
ISMF Sharpe Ratio Rank: 86
ISMF Sortino Ratio Rank: 85
ISMF Omega Ratio Rank: 91
ISMF Calmar Ratio Rank: 90
ISMF 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.

AMUN vs. ISMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for abrdn Ultra Short Municipal Income Active ETF (AMUN) and iShares Managed Futures Active ETF (ISMF). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	AMUN	ISMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.07	2.12	-0.05

Drawdowns

AMUN vs. ISMF - Drawdown Comparison

The maximum AMUN drawdown since its inception was -0.61%, smaller than the maximum ISMF drawdown of -4.23%. Use the drawdown chart below to compare losses from any high point for AMUN and ISMF.

Drawdown Indicators

	AMUN	ISMF	Difference
Max Drawdown Largest peak-to-trough decline	-0.61%	-4.23%	+3.62%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.94%	—
Current Drawdown Current decline from peak	-0.00%	-0.37%	+0.37%
Average Drawdown Average peak-to-trough decline	-0.09%	-1.27%	+1.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.14%	—

Volatility

Volatility by Period

	AMUN	ISMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.90%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.34%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.00%	7.92%	-6.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.00%	7.78%	-6.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.00%	7.78%	-6.78%

AMUN vs. ISMF - Expense Ratio Comparison

AMUN has a 0.25% expense ratio, which is lower than ISMF's 0.80% expense ratio.

Dividends

AMUN vs. ISMF - Dividend Comparison

AMUN's dividend yield for the trailing twelve months is around 1.89%, less than ISMF's 5.77% yield.

Position	TTM	2025
AMUN abrdn Ultra Short Municipal Income Active ETF	1.89%	0.66%
ISMF iShares Managed Futures Active ETF	5.77%	6.23%

Frequently Asked Questions

Can I hold both AMUN and ISMF in my portfolio?

AMUN and ISMF have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AMUN or ISMF?

On fees, AMUN is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AMUN or ISMF?

AMUN is cheaper with a 0.25% expense ratio, compared with 0.80% for ISMF.

Which ETF pays a higher dividend yield, AMUN or ISMF?

ISMF has the higher dividend yield at 5.77%, compared with 1.89% for AMUN.

What is the main difference between AMUN and ISMF?

AMUN is categorized as Municipal Bonds, while ISMF is Systematic Trend. They also come from different issuers: abrdn and iShares. Their fees differ too: 0.25% for AMUN and 0.80% for ISMF.