ASMF vs. ISMF

Last updated Apr 1, 2026

Compare and contrast key facts about Virtus AlphaSimplex Managed Futures ETF (ASMF) and iShares Managed Futures Active ETF (ISMF).

ASMF and ISMF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ASMF is an actively managed fund by Virtus. It was launched on May 15, 2024. ISMF is an actively managed fund by iShares. It was launched on Mar 12, 2025.

Performance

ASMF vs. ISMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus AlphaSimplex Managed Futures ETF (ASMF) and iShares Managed Futures Active ETF (ISMF). The values are adjusted to include any dividend payments, if applicable.

ASMF vs. ISMF - Yearly Performance Comparison

	2026 (YTD)	2025
ASMF Virtus AlphaSimplex Managed Futures ETF	5.61%	4.27%
ISMF iShares Managed Futures Active ETF	3.84%	11.58%

Returns By Period

In the year-to-date period, ASMF achieves a 5.61% return, which is significantly higher than ISMF's 3.84% return.

ASMF

• 1D: 0.95%
• 1M: -4.12%
• YTD: 5.61%
• 6M: 9.20%
• 1Y: 9.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ISMF

• 1D: 0.21%
• 1M: -1.88%
• YTD: 3.84%
• 6M: 9.57%
• 1Y: 15.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ASMF vs. ISMF - Expense Ratio Comparison

Both ASMF and ISMF have an expense ratio of 0.80%.

ASMF

Virtus AlphaSimplex Managed Futures ETF

ISMF

iShares Managed Futures Active ETF

Return for Risk

ASMF vs. ISMF — Risk / Return Rank

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

ASMF

ASMF Risk / Return Rank: 44
ASMF Sharpe Ratio Rank: 41
ASMF Sortino Ratio Rank: 39
ASMF Omega Ratio Rank: 36
ASMF Calmar Ratio Rank: 65
ASMF Martin Ratio Rank: 40

ISMF

ISMF Risk / Return Rank: 86
ISMF Sharpe Ratio Rank: 87
ISMF Sortino Ratio Rank: 88
ISMF Omega Ratio Rank: 89
ISMF Calmar Ratio Rank: 93
ISMF Martin Ratio Rank: 74

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.

ASMF vs. ISMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus AlphaSimplex Managed Futures ETF (ASMF) 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.

	ASMF	ISMF	Difference
Sharpe ratio Return per unit of total volatility	0.79	1.84	-1.05
Sortino ratio Return per unit of downside risk	1.14	2.44	-1.30
Omega ratio Gain probability vs. loss probability	1.15	1.38	-0.22
Calmar ratio Return relative to maximum drawdown	1.70	3.60	-1.90
Martin ratio Return relative to average drawdown	3.75	7.89	-4.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ASMF vs. ISMF - Sharpe Ratio Comparison

The current ASMF Sharpe Ratio is 0.79, which is lower than the ISMF Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of ASMF and ISMF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ASMF	ISMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.79	1.84	-1.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	1.87	-1.73

Correlation

The correlation between ASMF and ISMF is 0.54, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ASMF vs. ISMF - Dividend Comparison

ASMF's dividend yield for the trailing twelve months is around 0.20%, less than ISMF's 6.00% yield.

	TTM	2025	2024
ASMF Virtus AlphaSimplex Managed Futures ETF	0.20%	0.22%	1.66%
ISMF iShares Managed Futures Active ETF	6.00%	6.23%	0.00%

Drawdowns

ASMF vs. ISMF - Drawdown Comparison

The maximum ASMF drawdown since its inception was -15.31%, which is greater than ISMF's maximum drawdown of -4.23%. Use the drawdown chart below to compare losses from any high point for ASMF and ISMF.

Drawdown Indicators

	ASMF	ISMF	Difference
Max Drawdown Largest peak-to-trough decline	-15.31%	-4.23%	-11.08%
Max Drawdown (1Y) Largest decline over 1 year	-5.31%	-4.23%	-1.08%
Current Drawdown Current decline from peak	-4.12%	-2.10%	-2.02%
Average Drawdown Average peak-to-trough decline	-8.10%	-1.41%	-6.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.54%	1.93%	+0.61%

Volatility

ASMF vs. ISMF - Volatility Comparison

Virtus AlphaSimplex Managed Futures ETF (ASMF) has a higher volatility of 4.65% compared to iShares Managed Futures Active ETF (ISMF) at 2.90%. This indicates that ASMF's price experiences larger fluctuations and is considered to be riskier than ISMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASMF	ISMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.65%	2.90%	+1.75%
Volatility (6M) Calculated over the trailing 6-month period	9.90%	7.19%	+2.71%
Volatility (1Y) Calculated over the trailing 1-year period	11.80%	8.24%	+3.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.21%	8.10%	+3.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.21%	8.10%	+3.11%