GRN vs. ISCMF

Last updated Apr 1, 2026

Compare and contrast key facts about iPath Series B Carbon ETN (GRN) and iShares Diversified Commodity Swap UCITS ETF (ISCMF).

GRN and ISCMF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GRN is a passively managed fund by Barclays Capital that tracks the performance of the Barclays Global Carbon II Index. It was launched on Sep 10, 2019. ISCMF is a passively managed fund by iShares that tracks the performance of the Bloomberg Commodity Index. It was launched on Mar 4, 2022. Both GRN and ISCMF are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

GRN vs. ISCMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iPath Series B Carbon ETN (GRN) and iShares Diversified Commodity Swap UCITS ETF (ISCMF). The values are adjusted to include any dividend payments, if applicable.

GRN vs. ISCMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GRN iPath Series B Carbon ETN	-16.12%	20.33%	-7.34%	-2.99%	0.66%
ISCMF iShares Diversified Commodity Swap UCITS ETF	17.84%	19.65%	3.13%	-9.58%	-5.08%

Returns By Period

In the year-to-date period, GRN achieves a -16.12% return, which is significantly lower than ISCMF's 17.84% return.

GRN

• 1D: 1.04%
• 1M: 4.57%
• YTD: -16.12%
• 6M: -4.84%
• 1Y: 7.43%
• 3Y*: -7.04%
• 5Y*: 11.37%
• 10Y*: —

ISCMF

• 1D: 0.00%
• 1M: 7.22%
• YTD: 17.84%
• 6M: 26.76%
• 1Y: 29.86%
• 3Y*: 12.27%
• 5Y*: —
• 10Y*: —

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

GRN vs. ISCMF - Expense Ratio Comparison

GRN has a 0.75% expense ratio, which is higher than ISCMF's 0.19% expense ratio.

GRN

iPath Series B Carbon ETN

ISCMF

iShares Diversified Commodity Swap UCITS ETF

Return for Risk

GRN vs. ISCMF — Risk / Return Rank

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

GRN

GRN Risk / Return Rank: 19
GRN Sharpe Ratio Rank: 19
GRN Sortino Ratio Rank: 21
GRN Omega Ratio Rank: 20
GRN Calmar Ratio Rank: 17
GRN Martin Ratio Rank: 17

ISCMF

ISCMF Risk / Return Rank: 94
ISCMF Sharpe Ratio Rank: 86
ISCMF Sortino Ratio Rank: 96
ISCMF Omega Ratio Rank: 99
ISCMF Calmar Ratio Rank: 97
ISCMF Martin Ratio Rank: 91

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.

GRN vs. ISCMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iPath Series B Carbon ETN (GRN) 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.

	GRN	ISCMF	Difference
Sharpe ratio Return per unit of total volatility	0.25	1.79	-1.54
Sortino ratio Return per unit of downside risk	0.55	3.44	-2.89
Omega ratio Gain probability vs. loss probability	1.07	2.36	-1.29
Calmar ratio Return relative to maximum drawdown	0.22	5.25	-5.03
Martin ratio Return relative to average drawdown	0.71	12.38	-11.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GRN vs. ISCMF - Sharpe Ratio Comparison

The current GRN Sharpe Ratio is 0.25, which is lower than the ISCMF Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of GRN and ISCMF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GRN	ISCMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.25	1.79	-1.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.40	-0.02

Correlation

The correlation between GRN and ISCMF is -0.04. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

GRN vs. ISCMF - Dividend Comparison

Neither GRN nor ISCMF has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

GRN vs. ISCMF - Drawdown Comparison

The maximum GRN drawdown since its inception was -47.96%, which is greater than ISCMF's maximum drawdown of -25.42%. Use the drawdown chart below to compare losses from any high point for GRN and ISCMF.

Drawdown Indicators

	GRN	ISCMF	Difference
Max Drawdown Largest peak-to-trough decline	-47.96%	-25.42%	-22.54%
Max Drawdown (1Y) Largest decline over 1 year	-30.39%	-5.69%	-24.70%
Max Drawdown (5Y) Largest decline over 5 years	-47.96%	—	—
Current Drawdown Current decline from peak	-26.34%	-2.55%	-23.79%
Average Drawdown Average peak-to-trough decline	-17.38%	-13.98%	-3.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.46%	2.41%	+7.05%

Volatility

GRN vs. ISCMF - Volatility Comparison

iPath Series B Carbon ETN (GRN) has a higher volatility of 13.05% compared to iShares Diversified Commodity Swap UCITS ETF (ISCMF) at 9.72%. This indicates that GRN'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

	GRN	ISCMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.05%	9.72%	+3.33%
Volatility (6M) Calculated over the trailing 6-month period	23.68%	13.85%	+9.83%
Volatility (1Y) Calculated over the trailing 1-year period	29.63%	16.72%	+12.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.22%	14.05%	+26.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.32%	14.05%	+28.27%