FMNY vs. ISCMF
FMNY (First Trust New York High Income Municipal ETF) and ISCMF (iShares Diversified Commodity Swap UCITS ETF) are both exchange-traded funds - FMNY is a Municipal Bonds fund actively managed by First Trust, while ISCMF is a Commodities fund tracking the Bloomberg Commodity Index. FMNY is actively managed, while ISCMF is passively managed. Over the past 3 years, FMNY returned 3.86%/yr vs 16.78%/yr for ISCMF. At a correlation of -0.03, they often move in opposite directions. FMNY charges 0.65%/yr vs 0.19%/yr for ISCMF.
Performance
FMNY vs. ISCMF - Performance Comparison
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Returns By Period
In the year-to-date period, FMNY achieves a 2.09% return, which is significantly lower than ISCMF's 22.87% return.
FMNY
- 1D
- -0.06%
- 1M
- 1.34%
- YTD
- 2.09%
- 6M
- 2.24%
- 1Y
- 7.10%
- 3Y*
- 3.86%
- 5Y*
- 0.63%
- 10Y*
- —
ISCMF
- 1D
- 0.00%
- 1M
- -4.99%
- YTD
- 22.87%
- 6M
- 22.87%
- 1Y
- 31.30%
- 3Y*
- 16.78%
- 5Y*
- —
- 10Y*
- —
FMNY vs. ISCMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FMNY First Trust New York High Income Municipal ETF | 2.09% | 3.94% | 1.74% | 6.14% | -3.99% |
ISCMF iShares Diversified Commodity Swap UCITS ETF | 22.87% | 19.65% | 3.13% | -9.58% | -5.82% |
Correlation
The correlation between FMNY and ISCMF is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Mar 17, 2022 | -0.03 |
The correlation between FMNY and ISCMF shifts across timeframes, from -0.17 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FMNY vs. ISCMF — Risk / Return Rank
FMNY
ISCMF
FMNY vs. ISCMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust New York High Income Municipal ETF (FMNY) 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.
| FMNY | ISCMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.43 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 2.31 | -0.86 |
| Calmar ratioReturn relative to maximum drawdown | 2.52 | 5.53 | -3.01 |
| Martin ratioReturn relative to average drawdown | 8.07 | 11.95 | -3.88 |
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Drawdowns
FMNY vs. ISCMF - Drawdown Comparison
The maximum FMNY drawdown since its inception was -15.90%, smaller than the maximum ISCMF drawdown of -25.42%. Use the drawdown chart below to compare losses from any high point for FMNY and ISCMF.
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Drawdown Indicators
| FMNY | ISCMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.90% | -25.42% | +9.52% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -5.69% | +2.86% |
Max Drawdown (3Y)Largest decline over 3 years | -5.88% | -7.62% | +1.74% |
Max Drawdown (5Y)Largest decline over 5 years | -15.90% | — | — |
Current DrawdownCurrent decline from peak | -0.50% | -5.26% | +4.76% |
Average DrawdownAverage peak-to-trough decline | -5.64% | -13.36% | +7.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 2.63% | -1.75% |
Volatility
FMNY vs. ISCMF - Volatility Comparison
The current volatility for First Trust New York High Income Municipal ETF (FMNY) is 0.54%, while iShares Diversified Commodity Swap UCITS ETF (ISCMF) has a volatility of 5.11%. This indicates that FMNY experiences smaller price fluctuations and is considered to be less risky 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
| FMNY | ISCMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.54% | 5.11% | -4.57% |
Volatility (6M)Calculated over the trailing 6-month period | 2.35% | 15.45% | -13.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.26% | 17.87% | -14.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.00% | 14.29% | -10.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.97% | 14.29% | -10.32% |
FMNY vs. ISCMF - Expense Ratio Comparison
FMNY has a 0.65% expense ratio, which is higher than ISCMF's 0.19% expense ratio.
Dividends
FMNY vs. ISCMF - Dividend Comparison
FMNY's dividend yield for the trailing twelve months is around 3.68%, while ISCMF has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
FMNY First Trust New York High Income Municipal ETF | 3.68% | 3.64% | 3.56% | 3.25% | 2.34% | 0.72% |
ISCMF iShares Diversified Commodity Swap UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FMNY and ISCMF have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ISCMF has higher volatility (5.11%) compared to FMNY (0.54%). In terms of maximum drawdown, FMNY dropped -15.90% vs ISCMF's -25.42%.
On 3-year performance, ISCMF leads with 16.78% vs 3.86% for FMNY. On fees, ISCMF is cheaper at 0.19% per year. On volatility, FMNY has been the lower-risk option at 0.54%. 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 3.86%. 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 0.65% for FMNY.
FMNY has the higher dividend yield at 3.68%, compared with 0.00% for ISCMF.
FMNY is categorized as Municipal Bonds, while ISCMF is Commodities. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.65% for FMNY and 0.19% for ISCMF.
FMNY currently has the higher Sharpe Ratio (2.19 vs 1.76), 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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