FCA vs. ISCMF

Last updated Jun 4, 2026

FCA (First Trust China AlphaDEX Fund) and ISCMF (iShares Diversified Commodity Swap UCITS ETF) are both exchange-traded funds - FCA is a China Equities fund tracking the NASDAQ AlphaDEX China Index, while ISCMF is a Commodities fund tracking the Bloomberg Commodity Index. Both are passively managed. Over the past 3 years, FCA returned 20.23%/yr vs 15.20%/yr for ISCMF. At a 0.03 correlation, their price movements are largely independent. FCA charges 0.80%/yr vs 0.19%/yr for ISCMF.

Performance

FCA vs. ISCMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust China AlphaDEX Fund (FCA) and iShares Diversified Commodity Swap UCITS ETF (ISCMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCA achieves a 11.99% return, which is significantly lower than ISCMF's 22.87% return.

FCA

• 1D: 0.41%
• 1M: -2.70%
• YTD: 11.99%
• 6M: 10.11%
• 1Y: 44.72%
• 3Y*: 20.23%
• 5Y*: 5.03%
• 10Y*: 9.93%

ISCMF

• 1D: 0.00%
• 1M: -0.67%
• YTD: 22.87%
• 6M: 27.76%
• 1Y: 37.85%
• 3Y*: 15.20%
• 5Y*: —
• 10Y*: —

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

FCA vs. ISCMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FCA First Trust China AlphaDEX Fund	11.99%	45.20%	14.07%	-8.28%	-10.41%
ISCMF iShares Diversified Commodity Swap UCITS ETF	22.87%	19.65%	3.13%	-9.58%	-5.08%

Correlation

The correlation between FCA and ISCMF 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 (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (All Time) Calculated using the full available price history since Mar 18, 2022	0.03

The correlation between FCA and ISCMF shifts across timeframes, from -0.12 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FCA vs. ISCMF — Risk / Return Rank

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

FCA

FCA Risk / Return Rank: 62
FCA Sharpe Ratio Rank: 59
FCA Sortino Ratio Rank: 53
FCA Omega Ratio Rank: 55
FCA Calmar Ratio Rank: 79
FCA Martin Ratio Rank: 64

ISCMF

ISCMF Risk / Return Rank: 83
ISCMF Sharpe Ratio Rank: 61
ISCMF Sortino Ratio Rank: 83
ISCMF Omega Ratio Rank: 99
ISCMF Calmar Ratio Rank: 93
ISCMF Martin Ratio Rank: 80

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.

FCA vs. ISCMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust China AlphaDEX Fund (FCA) 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.

	FCA	ISCMF	Difference
Sharpe ratio Return per unit of total volatility	2.02	2.05	-0.04
Sortino ratio Return per unit of downside risk	2.58	3.74	-1.16
Omega ratio Gain probability vs. loss probability	1.34	2.53	-1.19
Calmar ratio Return relative to maximum drawdown	4.04	6.69	-2.65
Martin ratio Return relative to average drawdown	11.48	15.68	-4.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCA vs. ISCMF - Sharpe Ratio Comparison

The current FCA Sharpe Ratio is 2.02, which is comparable to the ISCMF Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of FCA and ISCMF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FCA	ISCMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	2.05	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	0.45	-0.32

Drawdowns

FCA vs. ISCMF - Drawdown Comparison

The maximum FCA drawdown since its inception was -45.56%, which is greater than ISCMF's maximum drawdown of -25.42%. Use the drawdown chart below to compare losses from any high point for FCA and ISCMF.

Drawdown Indicators

	FCA	ISCMF	Difference
Max Drawdown Largest peak-to-trough decline	-45.56%	-25.42%	-20.14%
Max Drawdown (1Y) Largest decline over 1 year	-11.13%	-5.69%	-5.44%
Max Drawdown (3Y) Largest decline over 3 years	-26.13%	-7.62%	-18.51%
Max Drawdown (5Y) Largest decline over 5 years	-42.47%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.47%	—	—
Current Drawdown Current decline from peak	-8.50%	-5.26%	-3.24%
Average Drawdown Average peak-to-trough decline	-21.62%	-13.43%	-8.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.91%	2.42%	+1.49%

Volatility

FCA vs. ISCMF - Volatility Comparison

First Trust China AlphaDEX Fund (FCA) has a higher volatility of 8.33% compared to iShares Diversified Commodity Swap UCITS ETF (ISCMF) at 7.14%. This indicates that FCA'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.

Volatility by Period

	FCA	ISCMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.33%	7.14%	+1.19%
Volatility (6M) Calculated over the trailing 6-month period	16.57%	15.90%	+0.67%
Volatility (1Y) Calculated over the trailing 1-year period	22.29%	18.53%	+3.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.59%	14.38%	+13.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.63%	14.38%	+12.25%

FCA vs. ISCMF - Expense Ratio Comparison

FCA has a 0.80% expense ratio, which is higher than ISCMF's 0.19% expense ratio.

Dividends

FCA vs. ISCMF - Dividend Comparison

FCA's dividend yield for the trailing twelve months is around 2.30%, while ISCMF has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCA First Trust China AlphaDEX Fund	2.30%	2.67%	5.17%	5.70%	6.00%	4.91%	4.12%	3.73%	3.10%	2.30%	2.51%	4.13%
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

Can I hold both FCA and ISCMF in my portfolio?

FCA and ISCMF 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 is riskier, FCA or ISCMF?

FCA has higher volatility (8.33%) compared to ISCMF (7.14%). In terms of maximum drawdown, FCA dropped -45.56% vs ISCMF's -25.42%.

Which ETF is better, FCA or ISCMF?

On 3-year performance, FCA leads with 20.23% vs 15.20% for ISCMF. On fees, ISCMF is cheaper at 0.19% per year. On volatility, ISCMF has been the lower-risk option at 7.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FCA or ISCMF?

Over the 3-year period, FCA has performed better with a 20.23% return vs 15.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FCA or ISCMF?

ISCMF is cheaper with a 0.19% expense ratio, compared with 0.80% for FCA.

Which ETF pays a higher dividend yield, FCA or ISCMF?

FCA has the higher dividend yield at 2.30%, compared with 0.00% for ISCMF.

What is the main difference between FCA and ISCMF?

FCA is categorized as China Equities, while ISCMF is Commodities. FCA tracks NASDAQ AlphaDEX China Index, while ISCMF tracks Bloomberg Commodity Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.80% for FCA and 0.19% for ISCMF.

Which has better risk-adjusted returns?

ISCMF currently has the higher Sharpe Ratio (2.05 vs 2.02), 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.