GXC vs. ISCMF
GXC (SPDR S&P China ETF) and ISCMF (iShares Diversified Commodity Swap UCITS ETF) are both exchange-traded funds - GXC is a China Equities fund tracking the S&P China BMI Index, while ISCMF is a Commodities fund tracking the Bloomberg Commodity Index. Both are passively managed. Over the past 3 years, GXC returned 10.33%/yr vs 16.78%/yr for ISCMF. At a correlation of -0.01, they often move in opposite directions. GXC charges 0.59%/yr vs 0.19%/yr for ISCMF.
Performance
GXC vs. ISCMF - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GXC achieves a -6.50% return, which is significantly lower than ISCMF's 22.87% return.
GXC
- 1D
- 0.75%
- 1M
- -2.98%
- YTD
- -6.50%
- 6M
- -8.11%
- 1Y
- 8.50%
- 3Y*
- 10.33%
- 5Y*
- -4.63%
- 10Y*
- 5.28%
ISCMF
- 1D
- 0.00%
- 1M
- -4.99%
- YTD
- 22.87%
- 6M
- 22.87%
- 1Y
- 31.30%
- 3Y*
- 16.78%
- 5Y*
- —
- 10Y*
- —
GXC vs. ISCMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GXC SPDR S&P China ETF | -6.50% | 30.84% | 14.60% | -9.93% | -11.51% |
ISCMF iShares Diversified Commodity Swap UCITS ETF | 22.87% | 19.65% | 3.13% | -9.58% | -5.82% |
Correlation
The correlation between GXC 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 | -0.01 |
Correlation (All Time) Calculated using the full available price history since Mar 17, 2022 | -0.01 |
The correlation between GXC and ISCMF shifts across timeframes, from -0.12 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GXC vs. ISCMF — Risk / Return Rank
GXC
ISCMF
GXC vs. ISCMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P China ETF (GXC) 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.
| GXC | ISCMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.31 | ||
| Sortino ratioReturn per unit of downside risk | -2.43 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 2.31 | -1.22 |
| Calmar ratioReturn relative to maximum drawdown | 0.58 | 5.53 | -4.95 |
| Martin ratioReturn relative to average drawdown | 1.26 | 11.95 | -10.69 |
Loading charts...
Drawdowns
GXC vs. ISCMF - Drawdown Comparison
The maximum GXC drawdown since its inception was -71.96%, which is greater than ISCMF's maximum drawdown of -25.42%. Use the drawdown chart below to compare losses from any high point for GXC and ISCMF.
Loading charts...
Drawdown Indicators
| GXC | ISCMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.96% | -25.42% | -46.54% |
Max Drawdown (1Y)Largest decline over 1 year | -14.63% | -5.69% | -8.94% |
Max Drawdown (3Y)Largest decline over 3 years | -25.54% | -7.62% | -17.92% |
Max Drawdown (5Y)Largest decline over 5 years | -53.99% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -60.23% | — | — |
Current DrawdownCurrent decline from peak | -33.92% | -5.26% | -28.66% |
Average DrawdownAverage peak-to-trough decline | -28.83% | -13.36% | -15.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.77% | 2.63% | +4.14% |
Volatility
GXC vs. ISCMF - Volatility Comparison
SPDR S&P China ETF (GXC) has a higher volatility of 5.75% compared to iShares Diversified Commodity Swap UCITS ETF (ISCMF) at 5.11%. This indicates that GXC'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.
Loading charts...
Volatility by Period
| GXC | ISCMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.75% | 5.11% | +0.64% |
Volatility (6M)Calculated over the trailing 6-month period | 13.95% | 15.45% | -1.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.01% | 17.87% | +1.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.00% | 14.29% | +14.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.09% | 14.29% | +11.80% |
GXC vs. ISCMF - Expense Ratio Comparison
GXC has a 0.59% expense ratio, which is higher than ISCMF's 0.19% expense ratio.
Dividends
GXC vs. ISCMF - Dividend Comparison
GXC's dividend yield for the trailing twelve months is around 3.33%, while ISCMF has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GXC SPDR S&P China ETF | 3.33% | 2.40% | 2.81% | 3.70% | 2.67% | 1.35% | 1.04% | 1.60% | 2.03% | 1.84% | 2.05% | 2.85% |
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
GXC 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.
GXC has higher volatility (5.75%) compared to ISCMF (5.11%). In terms of maximum drawdown, GXC dropped -71.96% vs ISCMF's -25.42%.
On 3-year performance, ISCMF leads with 16.78% vs 10.33% for GXC. 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, ISCMF has performed better with a 16.78% return vs 10.33%. 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 0.59% for GXC.
GXC has the higher dividend yield at 3.33%, compared with 0.00% for ISCMF.
GXC is categorized as China Equities, while ISCMF is Commodities. GXC tracks S&P China BMI Index, while ISCMF tracks Bloomberg Commodity Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.59% for GXC and 0.19% for ISCMF.
ISCMF currently has the higher Sharpe Ratio (1.76 vs 0.45), 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.
Find the right allocation for GXC and ISCMF
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer