FOXY vs. ISMF

Last updated Jun 5, 2026

FOXY (Simplify Currency Strategy ETF) and ISMF (iShares Managed Futures Active ETF) are both exchange-traded funds - FOXY is a Leveraged Currency fund actively managed by Simplify, while ISMF is a Systematic Trend fund actively managed by iShares. Both are actively managed. Over the past year, FOXY returned 22.46% vs 21.91% for ISMF. At a 0.13 correlation, their price movements are largely independent. FOXY charges 0.81%/yr vs 0.80%/yr for ISMF.

Performance

FOXY vs. ISMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Currency Strategy ETF (FOXY) 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, FOXY achieves a 12.20% return, which is significantly higher than ISMF's 7.97% return.

FOXY

• 1D: 0.58%
• 1M: 2.49%
• YTD: 12.20%
• 6M: 7.84%
• 1Y: 22.46%
• 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)

FOXY vs. ISMF - Yearly Performance Comparison

	2026 (YTD)	2025
FOXY Simplify Currency Strategy ETF	12.20%	9.02%
ISMF iShares Managed Futures Active ETF	7.97%	11.58%

Correlation

The correlation between FOXY and ISMF is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (All Time) Calculated using the full available price history since Mar 14, 2025	0.13

Return for Risk

FOXY vs. ISMF — Risk / Return Rank

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

FOXY

FOXY Risk / Return Rank: 77
FOXY Sharpe Ratio Rank: 71
FOXY Sortino Ratio Rank: 76
FOXY Omega Ratio Rank: 70
FOXY Calmar Ratio Rank: 89
FOXY Martin Ratio Rank: 77

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.

FOXY vs. ISMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Currency Strategy ETF (FOXY) 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.

	FOXY	ISMF	Difference
Sharpe ratio: Return per unit of total volatility	2.29	2.78	-0.49
Sortino ratio: Return per unit of downside risk	3.38	3.78	-0.40
Omega ratio: Gain probability vs. loss probability	1.41	1.59	-0.18
Calmar ratio: Return relative to maximum drawdown	5.22	5.58	-0.37
Martin ratio: Return relative to average drawdown	14.61	19.40	-4.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FOXY vs. ISMF - Sharpe Ratio Comparison

The current FOXY Sharpe Ratio is 2.29, which is comparable to the ISMF Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of FOXY and ISMF, 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

	FOXY	ISMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.29	2.78	-0.49
Sharpe Ratio (All Time) Calculated using the full available price history	1.40	2.12	-0.72

Drawdowns

FOXY vs. ISMF - Drawdown Comparison

The maximum FOXY drawdown since its inception was -13.09%, which is greater than ISMF's maximum drawdown of -4.23%. Use the drawdown chart below to compare losses from any high point for FOXY and ISMF.

Drawdown Indicators

	FOXY	ISMF	Difference
Max Drawdown Largest peak-to-trough decline	-13.09%	-4.23%	-8.86%
Max Drawdown (1Y) Largest decline over 1 year	-4.32%	-3.94%	-0.38%
Current Drawdown Current decline from peak	-0.74%	-0.37%	-0.37%
Average Drawdown Average peak-to-trough decline	-2.11%	-1.27%	-0.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.54%	1.14%	+0.40%

Volatility

FOXY vs. ISMF - Volatility Comparison

Simplify Currency Strategy ETF (FOXY) has a higher volatility of 2.18% compared to iShares Managed Futures Active ETF (ISMF) at 1.90%. This indicates that FOXY'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

	FOXY	ISMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.18%	1.90%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	7.43%	6.34%	+1.09%
Volatility (1Y) Calculated over the trailing 1-year period	9.90%	7.92%	+1.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.05%	7.78%	+7.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.05%	7.78%	+7.27%

FOXY vs. ISMF - Expense Ratio Comparison

FOXY has a 0.81% expense ratio, which is higher than ISMF's 0.80% expense ratio.

Dividends

FOXY vs. ISMF - Dividend Comparison

FOXY's dividend yield for the trailing twelve months is around 8.09%, more than ISMF's 5.77% yield.

Position	TTM	2025
FOXY Simplify Currency Strategy ETF	8.09%	5.51%
ISMF iShares Managed Futures Active ETF	5.77%	6.23%

Frequently Asked Questions

Can I hold both FOXY and ISMF in my portfolio?

FOXY and ISMF have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FOXY or ISMF?

FOXY has higher volatility (2.18%) compared to ISMF (1.90%). In terms of maximum drawdown, FOXY dropped -13.09% vs ISMF's -4.23%.

Which ETF is better, FOXY or ISMF?

On 1-year performance, FOXY leads with 22.46% vs 21.91% for ISMF. On fees, ISMF is cheaper at 0.80% per year. On volatility, ISMF has been the lower-risk option at 1.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FOXY or ISMF?

Over the 1-year period, FOXY has performed better with a 22.46% return vs 21.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FOXY or ISMF?

ISMF is cheaper with a 0.80% expense ratio, compared with 0.81% for FOXY.

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

FOXY has the higher dividend yield at 8.09%, compared with 5.77% for ISMF.

What is the main difference between FOXY and ISMF?

FOXY is categorized as Leveraged Currency, while ISMF is Systematic Trend. They also come from different issuers: Simplify and iShares. Their fees differ too: 0.81% for FOXY and 0.80% for ISMF.

Which has better risk-adjusted returns?

ISMF currently has the higher Sharpe Ratio (2.78 vs 2.29), 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.