CXSE vs. ISCMF
CXSE (WisdomTree China ex-State-Owned Enterprises Fund) and ISCMF (iShares Diversified Commodity Swap UCITS ETF) are both exchange-traded funds - CXSE is a China Equities fund tracking the WisdomTree China ex-State-Owned Enterprises Index, while ISCMF is a Commodities fund tracking the Bloomberg Commodity Index. Both are passively managed. Over the past 3 years, CXSE returned 10.02%/yr vs 16.78%/yr for ISCMF. At a correlation of -0.01, they often move in opposite directions. CXSE charges 0.32%/yr vs 0.19%/yr for ISCMF.
Performance
CXSE vs. ISCMF - Performance Comparison
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Returns By Period
In the year-to-date period, CXSE achieves a -4.16% return, which is significantly lower than ISCMF's 22.87% return.
CXSE
- 1D
- -0.29%
- 1M
- -3.14%
- YTD
- -4.16%
- 6M
- -5.53%
- 1Y
- 12.86%
- 3Y*
- 10.02%
- 5Y*
- -9.30%
- 10Y*
- 7.01%
ISCMF
- 1D
- 0.00%
- 1M
- -4.99%
- YTD
- 22.87%
- 6M
- 22.87%
- 1Y
- 31.30%
- 3Y*
- 16.78%
- 5Y*
- —
- 10Y*
- —
CXSE vs. ISCMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CXSE WisdomTree China ex-State-Owned Enterprises Fund | -4.16% | 37.00% | 8.56% | -18.02% | -16.17% |
ISCMF iShares Diversified Commodity Swap UCITS ETF | 22.87% | 19.65% | 3.13% | -9.58% | -5.82% |
Correlation
The correlation between CXSE and ISCMF is -0.10, 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 | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Mar 17, 2022 | -0.01 |
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Return for Risk
CXSE vs. ISCMF — Risk / Return Rank
CXSE
ISCMF
CXSE vs. ISCMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree China ex-State-Owned Enterprises Fund (CXSE) and iShares Diversified Commodity Swap UCITS ETF (ISCMF). 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.
| CXSE | ISCMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.17 | ||
| Sortino ratioReturn per unit of downside risk | -2.23 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 2.31 | -1.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.73 | 5.53 | -4.80 |
| Martin ratioReturn relative to average drawdown | 1.44 | 11.76 | -10.32 |
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Drawdowns
CXSE vs. ISCMF - Drawdown Comparison
The maximum CXSE drawdown since its inception was -70.01%, which is greater than ISCMF's maximum drawdown of -25.42%. Use the drawdown chart below to compare losses from any high point for CXSE and ISCMF.
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Drawdown Indicators
| CXSE | ISCMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.01% | -25.42% | -44.59% |
Max Drawdown (1Y)Largest decline over 1 year | -17.70% | -5.69% | -12.01% |
Max Drawdown (3Y)Largest decline over 3 years | -32.12% | -7.62% | -24.50% |
Max Drawdown (5Y)Largest decline over 5 years | -64.47% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -70.01% | — | — |
Current DrawdownCurrent decline from peak | -48.73% | -5.26% | -43.47% |
Average DrawdownAverage peak-to-trough decline | -27.90% | -13.34% | -14.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.96% | 2.67% | +6.29% |
Volatility
CXSE vs. ISCMF - Volatility Comparison
WisdomTree China ex-State-Owned Enterprises Fund (CXSE) has a higher volatility of 7.43% compared to iShares Diversified Commodity Swap UCITS ETF (ISCMF) at 5.11%. This indicates that CXSE's price experiences larger fluctuations and is considered to be riskier than ISCMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CXSE | ISCMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.43% | 5.11% | +2.32% |
Volatility (6M)Calculated over the trailing 6-month period | 15.56% | 15.45% | +0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.86% | 17.84% | +4.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.37% | 14.28% | +18.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.73% | 14.28% | +14.45% |
CXSE vs. ISCMF - Expense Ratio Comparison
CXSE has a 0.32% expense ratio, which is higher than ISCMF's 0.19% expense ratio.
Dividends
CXSE vs. ISCMF - Dividend Comparison
CXSE's dividend yield for the trailing twelve months is around 2.09%, while ISCMF has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CXSE WisdomTree China ex-State-Owned Enterprises Fund | 2.09% | 1.95% | 1.70% | 1.71% | 1.55% | 0.86% | 0.54% | 0.96% | 1.49% | 1.24% | 1.39% | 2.50% |
ISCMF iShares Diversified Commodity Swap UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CXSE and ISCMF have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CXSE has higher volatility (7.43%) compared to ISCMF (5.11%). In terms of maximum drawdown, CXSE dropped -70.01% vs ISCMF's -25.42%.
On 3-year performance, ISCMF leads with 16.78% vs 10.02% for CXSE. On fees, ISCMF is cheaper at 0.19% per year. On volatility, ISCMF has been the lower-risk option at 5.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, ISCMF has performed better with a 16.78% return vs 10.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ISCMF is cheaper with a 0.19% expense ratio, compared with 0.32% for CXSE.
CXSE has the higher dividend yield at 2.09%, compared with 0.00% for ISCMF.
CXSE is categorized as China Equities, while ISCMF is Commodities. CXSE tracks WisdomTree China ex-State-Owned Enterprises Index, while ISCMF tracks Bloomberg Commodity Index. They also come from different issuers: WisdomTree and iShares. Their fees differ too: 0.32% for CXSE and 0.19% for ISCMF.
ISCMF currently has the higher Sharpe Ratio (1.76 vs 0.60), 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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