FPA vs. ISCMF
FPA (First Trust Asia Pacific ex-Japan AlphaDEX Fund) and ISCMF (iShares Diversified Commodity Swap UCITS ETF) are both exchange-traded funds - FPA is a Asia Pacific Equities fund tracking the NASDAQ AlphaDEX Asia Pacific Ex-Japan Index, while ISCMF is a Commodities fund tracking the Bloomberg Commodity Index. Both are passively managed. Over the past 3 years, FPA returned 33.38%/yr vs 16.78%/yr for ISCMF. At a correlation of -0.04, they often move in opposite directions. FPA charges 0.80%/yr vs 0.19%/yr for ISCMF.
Performance
FPA vs. ISCMF - Performance Comparison
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Returns By Period
In the year-to-date period, FPA achieves a 52.71% return, which is significantly higher than ISCMF's 22.87% return.
FPA
- 1D
- -1.89%
- 1M
- 6.12%
- YTD
- 52.71%
- 6M
- 53.85%
- 1Y
- 72.66%
- 3Y*
- 33.38%
- 5Y*
- 13.80%
- 10Y*
- 11.58%
ISCMF
- 1D
- 0.00%
- 1M
- -4.99%
- YTD
- 22.87%
- 6M
- 22.87%
- 1Y
- 31.30%
- 3Y*
- 16.78%
- 5Y*
- —
- 10Y*
- —
FPA vs. ISCMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund | 52.71% | 43.16% | 3.95% | 9.97% | -9.59% |
ISCMF iShares Diversified Commodity Swap UCITS ETF | 22.87% | 19.65% | 3.13% | -9.58% | -5.82% |
Correlation
The correlation between FPA and ISCMF is -0.11, 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 | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Mar 17, 2022 | -0.04 |
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Return for Risk
FPA vs. ISCMF — Risk / Return Rank
FPA
ISCMF
FPA vs. ISCMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) 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.
| FPA | ISCMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.82 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 2.31 | -0.86 |
| Calmar ratioReturn relative to maximum drawdown | 4.75 | 5.53 | -0.78 |
| Martin ratioReturn relative to average drawdown | 16.32 | 11.95 | +4.38 |
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Drawdowns
FPA vs. ISCMF - Drawdown Comparison
The maximum FPA drawdown since its inception was -52.91%, which is greater than ISCMF's maximum drawdown of -25.42%. Use the drawdown chart below to compare losses from any high point for FPA and ISCMF.
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Drawdown Indicators
| FPA | ISCMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.91% | -25.42% | -27.49% |
Max Drawdown (1Y)Largest decline over 1 year | -15.37% | -5.69% | -9.68% |
Max Drawdown (3Y)Largest decline over 3 years | -20.66% | -7.62% | -13.04% |
Max Drawdown (5Y)Largest decline over 5 years | -34.38% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -52.91% | — | — |
Current DrawdownCurrent decline from peak | -3.33% | -5.26% | +1.93% |
Average DrawdownAverage peak-to-trough decline | -13.46% | -13.36% | -0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.47% | 2.63% | +1.84% |
Volatility
FPA vs. ISCMF - Volatility Comparison
First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) has a higher volatility of 15.18% compared to iShares Diversified Commodity Swap UCITS ETF (ISCMF) at 5.11%. This indicates that FPA'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
| FPA | ISCMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.18% | 5.11% | +10.07% |
Volatility (6M)Calculated over the trailing 6-month period | 25.18% | 15.45% | +9.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.29% | 17.87% | +10.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.64% | 14.29% | +10.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.73% | 14.29% | +8.44% |
FPA vs. ISCMF - Expense Ratio Comparison
FPA has a 0.80% expense ratio, which is higher than ISCMF's 0.19% expense ratio.
Dividends
FPA vs. ISCMF - Dividend Comparison
FPA's dividend yield for the trailing twelve months is around 3.49%, while ISCMF has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund | 3.49% | 4.71% | 3.40% | 3.02% | 4.22% | 5.12% | 1.59% | 3.90% | 2.81% | 3.15% | 2.42% | 1.74% |
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
FPA and ISCMF have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FPA has higher volatility (15.18%) compared to ISCMF (5.11%). In terms of maximum drawdown, FPA dropped -52.91% vs ISCMF's -25.42%.
On 3-year performance, FPA leads with 33.38% vs 16.78% for ISCMF. 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, FPA has performed better with a 33.38% return vs 16.78%. 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 0.80% for FPA.
FPA has the higher dividend yield at 3.49%, compared with 0.00% for ISCMF.
FPA is categorized as Asia Pacific Equities, while ISCMF is Commodities. FPA tracks NASDAQ AlphaDEX Asia Pacific Ex-Japan Index, while ISCMF tracks Bloomberg Commodity Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.80% for FPA and 0.19% for ISCMF.
FPA currently has the higher Sharpe Ratio (2.59 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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