ISCMF vs. BWET

Last updated Jun 23, 2026

ISCMF (iShares Diversified Commodity Swap UCITS ETF) and BWET (Breakwave Tanker Shipping ETF) are both Commodities funds - ISCMF tracks the Bloomberg Commodity Index while BWET tracks the Breakwave Wet Freight Futures Index. Both are passively managed. Over the past 3 years, ISCMF returned 16.78%/yr vs 128.11%/yr for BWET. At a correlation of -0.01, they often move in opposite directions. ISCMF charges 0.19%/yr vs 3.50%/yr for BWET.

Performance

ISCMF vs. BWET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Diversified Commodity Swap UCITS ETF (ISCMF) and Breakwave Tanker Shipping ETF (BWET). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ISCMF achieves a 22.87% return, which is significantly lower than BWET's 1,030.31% return.

ISCMF

• 1D: 0.00%
• 1M: -4.99%
• YTD: 22.87%
• 6M: 22.87%
• 1Y: 31.30%
• 3Y*: 16.78%
• 5Y*: —
• 10Y*: —

BWET

• 1D: 2.73%
• 1M: 25.30%
• YTD: 1,030.31%
• 6M: 892.97%
• 1Y: 1,640.62%
• 3Y*: 128.11%
• 5Y*: —
• 10Y*: —

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

ISCMF vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ISCMF iShares Diversified Commodity Swap UCITS ETF	22.87%	19.65%	3.13%	-0.08%
BWET Breakwave Tanker Shipping ETF	1,030.31%	96.22%	-39.21%	14.13%

Correlation

The correlation between ISCMF and BWET is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.00
Correlation (All Time) Calculated using the full available price history since May 3, 2023	-0.01

Return for Risk

ISCMF vs. BWET — Risk / Return Rank

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

ISCMF

ISCMF Risk / Return Rank: 77
ISCMF Sharpe Ratio Rank: 53
ISCMF Sortino Ratio Rank: 74
ISCMF Omega Ratio Rank: 98
ISCMF Calmar Ratio Rank: 91
ISCMF Martin Ratio Rank: 67

BWET

BWET Risk / Return Rank: 98
BWET Sharpe Ratio Rank: 100
BWET Sortino Ratio Rank: 97
BWET Omega Ratio Rank: 97
BWET Calmar Ratio Rank: 99
BWET Martin Ratio Rank: 99

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.

ISCMF vs. BWET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Diversified Commodity Swap UCITS ETF (ISCMF) and Breakwave Tanker Shipping ETF (BWET). 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.

	ISCMF	BWET	Difference
Sharpe ratio: Return per unit of total volatility	1.76	16.89	-15.12
Sortino ratio: Return per unit of downside risk	3.18	6.36	-3.18
Omega ratio: Gain probability vs. loss probability	2.31	1.92	+0.39
Calmar ratio: Return relative to maximum drawdown	5.53	54.19	-48.67
Martin ratio: Return relative to average drawdown	11.95	142.88	-130.93

ISCMF vs. BWET - Sharpe Ratio Comparison

The current ISCMF Sharpe Ratio is 1.76, which is lower than the BWET Sharpe Ratio of 16.89. The chart below compares the historical Sharpe Ratios of ISCMF and BWET, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ISCMF vs. BWET - Drawdown Comparison

The maximum ISCMF drawdown since its inception was -25.42%, smaller than the maximum BWET drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for ISCMF and BWET.

Drawdown Indicators

	ISCMF	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-25.42%	-56.90%	+31.48%
Max Drawdown (1Y) Largest decline over 1 year	-5.69%	-30.64%	+24.95%
Max Drawdown (3Y) Largest decline over 3 years	-7.62%	-56.81%	+49.19%
Current Drawdown Current decline from peak	-5.26%	0.00%	-5.26%
Average Drawdown Average peak-to-trough decline	-13.36%	-23.78%	+10.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	11.60%	-8.97%

Volatility

ISCMF vs. BWET - Volatility Comparison

The current volatility for iShares Diversified Commodity Swap UCITS ETF (ISCMF) is 5.11%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 25.51%. This indicates that ISCMF experiences smaller price fluctuations and is considered to be less risky than BWET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISCMF	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.11%	25.51%	-20.40%
Volatility (6M) Calculated over the trailing 6-month period	15.45%	88.96%	-73.51%
Volatility (1Y) Calculated over the trailing 1-year period	17.87%	98.53%	-80.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.29%	70.43%	-56.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.29%	70.43%	-56.14%

ISCMF vs. BWET - Expense Ratio Comparison

ISCMF has a 0.19% expense ratio, which is lower than BWET's 3.50% expense ratio.

Dividends

ISCMF vs. BWET - Dividend Comparison

Neither ISCMF nor BWET has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ISCMF and BWET in my portfolio?

ISCMF and BWET have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ISCMF or BWET?

BWET has higher volatility (25.51%) compared to ISCMF (5.11%). In terms of maximum drawdown, ISCMF dropped -25.42% vs BWET's -56.90%.

Which ETF is better, ISCMF or BWET?

On 3-year performance, BWET leads with 128.11% 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.

Which ETF has performed better, ISCMF or BWET?

Over the 3-year period, BWET has performed better with a 128.11% return vs 16.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISCMF or BWET?

ISCMF is cheaper with a 0.19% expense ratio, compared with 3.50% for BWET.

Which ETF pays a higher dividend yield, ISCMF or BWET?

ISCMF and BWET have nearly identical dividend yields, around 0.00%.

What is the main difference between ISCMF and BWET?

ISCMF tracks Bloomberg Commodity Index, while BWET tracks Breakwave Wet Freight Futures Index. They also come from different issuers: iShares and Amplify. Their fees differ too: 0.19% for ISCMF and 3.50% for BWET.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (16.89 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.