HIPS vs. ISCMF
HIPS (GraniteShares HIPS US High Income ETF) and ISCMF (iShares Diversified Commodity Swap UCITS ETF) are both exchange-traded funds - HIPS is a Diversified Portfolio fund tracking the TFMS HIPS Index, while ISCMF is a Commodities fund tracking the Bloomberg Commodity Index. Both are passively managed. Over the past 3 years, HIPS returned 11.34%/yr vs 15.20%/yr for ISCMF. At a correlation of -0.03, they often move in opposite directions. HIPS charges 3.19%/yr vs 0.19%/yr for ISCMF.
Performance
HIPS vs. ISCMF - Performance Comparison
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Returns By Period
In the year-to-date period, HIPS achieves a 4.55% return, which is significantly lower than ISCMF's 22.87% return.
HIPS
- 1D
- 1.23%
- 1M
- -2.34%
- YTD
- 4.55%
- 6M
- 3.39%
- 1Y
- 7.93%
- 3Y*
- 11.34%
- 5Y*
- 4.21%
- 10Y*
- 5.57%
ISCMF
- 1D
- 0.00%
- 1M
- -0.67%
- YTD
- 22.87%
- 6M
- 22.87%
- 1Y
- 37.85%
- 3Y*
- 15.20%
- 5Y*
- —
- 10Y*
- —
HIPS vs. ISCMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HIPS GraniteShares HIPS US High Income ETF | 4.55% | 1.00% | 13.71% | 16.09% | -8.43% |
ISCMF iShares Diversified Commodity Swap UCITS ETF | 22.87% | 19.65% | 3.13% | -9.58% | -5.08% |
Correlation
The correlation between HIPS 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 | -0.01 |
Correlation (All Time) Calculated using the full available price history since Mar 18, 2022 | -0.03 |
The correlation between HIPS and ISCMF shifts across timeframes, from -0.11 (1 year) to -0.01 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
HIPS vs. ISCMF — Risk / Return Rank
HIPS
ISCMF
HIPS vs. ISCMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GraniteShares HIPS US High Income ETF (HIPS) 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.
| HIPS | ISCMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.22 | ||
| Sortino ratioReturn per unit of downside risk | -2.52 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 2.53 | -1.39 |
| Calmar ratioReturn relative to maximum drawdown | 1.29 | 6.69 | -5.39 |
| Martin ratioReturn relative to average drawdown | 3.46 | 15.54 | -12.08 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HIPS | ISCMF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.83 | 2.05 | -1.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.32 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.31 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.45 | -0.22 |
Drawdowns
HIPS vs. ISCMF - Drawdown Comparison
The maximum HIPS drawdown since its inception was -53.14%, which is greater than ISCMF's maximum drawdown of -25.42%. Use the drawdown chart below to compare losses from any high point for HIPS and ISCMF.
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Drawdown Indicators
| HIPS | ISCMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.14% | -25.42% | -27.72% |
Max Drawdown (1Y)Largest decline over 1 year | -6.15% | -5.69% | -0.46% |
Max Drawdown (3Y)Largest decline over 3 years | -15.41% | -7.62% | -7.79% |
Max Drawdown (5Y)Largest decline over 5 years | -21.28% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -53.14% | — | — |
Current DrawdownCurrent decline from peak | -3.05% | -5.26% | +2.21% |
Average DrawdownAverage peak-to-trough decline | -7.39% | -13.42% | +6.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.30% | 2.44% | -0.14% |
Volatility
HIPS vs. ISCMF - Volatility Comparison
The current volatility for GraniteShares HIPS US High Income ETF (HIPS) is 2.25%, while iShares Diversified Commodity Swap UCITS ETF (ISCMF) has a volatility of 7.14%. This indicates that HIPS 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
| HIPS | ISCMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.25% | 7.14% | -4.89% |
Volatility (6M)Calculated over the trailing 6-month period | 7.14% | 15.90% | -8.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.60% | 18.53% | -8.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.31% | 14.37% | -1.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.08% | 14.37% | +3.71% |
HIPS vs. ISCMF - Expense Ratio Comparison
HIPS has a 3.19% expense ratio, which is higher than ISCMF's 0.19% expense ratio.
Dividends
HIPS vs. ISCMF - Dividend Comparison
HIPS's dividend yield for the trailing twelve months is around 11.05%, while ISCMF has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HIPS GraniteShares HIPS US High Income ETF | 11.05% | 11.04% | 10.04% | 10.32% | 10.76% | 8.43% | 9.50% | 6.93% | 8.66% | 7.28% | 7.20% | 8.17% |
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
HIPS 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.
ISCMF has higher volatility (7.14%) compared to HIPS (2.25%). In terms of maximum drawdown, HIPS dropped -53.14% vs ISCMF's -25.42%.
On 3-year performance, ISCMF leads with 15.20% vs 11.34% for HIPS. On fees, ISCMF is cheaper at 0.19% per year. On volatility, HIPS has been the lower-risk option at 2.25%. 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 15.20% return vs 11.34%. 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 3.19% for HIPS.
HIPS has the higher dividend yield at 11.05%, compared with 0.00% for ISCMF.
HIPS is categorized as Diversified Portfolio, while ISCMF is Commodities. HIPS tracks TFMS HIPS Index, while ISCMF tracks Bloomberg Commodity Index. They also come from different issuers: GraniteShares and iShares. Their fees differ too: 3.19% for HIPS and 0.19% for ISCMF.
ISCMF currently has the higher Sharpe Ratio (2.05 vs 0.83), 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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