ISCMF vs. DBC

Last updated Jun 23, 2026

ISCMF (iShares Diversified Commodity Swap UCITS ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both Commodities funds - ISCMF tracks the Bloomberg Commodity Index while DBC tracks the DBIQ Optimum Yield Diversified Commodity Index Excess Return. Both are passively managed. Over the past 3 years, ISCMF returned 16.78%/yr vs 10.98%/yr for DBC. At a 0.09 correlation, their price movements are largely independent. ISCMF charges 0.19%/yr vs 0.85%/yr for DBC.

Performance

ISCMF vs. DBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Diversified Commodity Swap UCITS ETF (ISCMF) and Invesco DB Commodity Index Tracking Fund (DBC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ISCMF having a 22.87% return and DBC slightly lower at 22.58%.

ISCMF

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

DBC

• 1D: -0.80%
• 1M: -10.25%
• YTD: 22.58%
• 6M: 22.42%
• 1Y: 21.81%
• 3Y*: 10.98%
• 5Y*: 10.64%
• 10Y*: 8.01%

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

ISCMF vs. DBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ISCMF iShares Diversified Commodity Swap UCITS ETF	22.87%	19.65%	3.13%	-9.58%	-5.82%
DBC Invesco DB Commodity Index Tracking Fund	22.58%	8.10%	2.18%	-6.19%	1.72%

Correlation

The correlation between ISCMF and DBC is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (All Time) Calculated using the full available price history since Mar 17, 2022	0.09

Return for Risk

ISCMF vs. DBC — 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

DBC

DBC Risk / Return Rank: 34
DBC Sharpe Ratio Rank: 33
DBC Sortino Ratio Rank: 31
DBC Omega Ratio Rank: 32
DBC Calmar Ratio Rank: 33
DBC Martin Ratio Rank: 43

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. DBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Diversified Commodity Swap UCITS ETF (ISCMF) and Invesco DB Commodity Index Tracking Fund (DBC). 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	DBC	Difference
Sharpe ratio: Return per unit of total volatility	1.76	1.17	+0.59
Sortino ratio: Return per unit of downside risk	3.18	1.64	+1.54
Omega ratio: Gain probability vs. loss probability	2.31	1.21	+1.10
Calmar ratio: Return relative to maximum drawdown	5.53	1.62	+3.91
Martin ratio: Return relative to average drawdown	11.95	6.82	+5.13

ISCMF vs. DBC - Sharpe Ratio Comparison

The current ISCMF Sharpe Ratio is 1.76, which is higher than the DBC Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of ISCMF and DBC, 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. DBC - Drawdown Comparison

The maximum ISCMF drawdown since its inception was -25.42%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for ISCMF and DBC.

Drawdown Indicators

	ISCMF	DBC	Difference
Max Drawdown Largest peak-to-trough decline	-25.42%	-76.36%	+50.94%
Max Drawdown (1Y) Largest decline over 1 year	-5.69%	-13.51%	+7.82%
Max Drawdown (3Y) Largest decline over 3 years	-7.62%	-13.82%	+6.20%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.34%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.71%	—
Current Drawdown Current decline from peak	-5.26%	-29.09%	+23.83%
Average Drawdown Average peak-to-trough decline	-13.36%	-46.17%	+32.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	3.97%	-1.34%

Volatility

ISCMF vs. DBC - Volatility Comparison

iShares Diversified Commodity Swap UCITS ETF (ISCMF) has a higher volatility of 5.11% compared to Invesco DB Commodity Index Tracking Fund (DBC) at 4.60%. This indicates that ISCMF's price experiences larger fluctuations and is considered to be riskier than DBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISCMF	DBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.11%	4.60%	+0.51%
Volatility (6M) Calculated over the trailing 6-month period	15.45%	16.16%	-0.71%
Volatility (1Y) Calculated over the trailing 1-year period	17.87%	18.75%	-0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.29%	19.20%	-4.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.29%	17.81%	-3.52%

ISCMF vs. DBC - Expense Ratio Comparison

ISCMF has a 0.19% expense ratio, which is lower than DBC's 0.85% expense ratio.

Dividends

ISCMF vs. DBC - Dividend Comparison

ISCMF has not paid dividends to shareholders, while DBC's dividend yield for the trailing twelve months is around 2.72%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBC Invesco DB Commodity Index Tracking Fund	2.72%	3.33%	5.22%	4.94%	0.59%	0.00%	0.00%	1.59%	1.30%
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%

Frequently Asked Questions

Can I hold both ISCMF and DBC in my portfolio?

ISCMF and DBC 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.

Which is riskier, ISCMF or DBC?

ISCMF has higher volatility (5.11%) compared to DBC (4.60%). In terms of maximum drawdown, ISCMF dropped -25.42% vs DBC's -76.36%.

Which ETF is better, ISCMF or DBC?

On 3-year performance, ISCMF leads with 16.78% vs 10.98% for DBC. On fees, ISCMF is cheaper at 0.19% per year. On volatility, DBC has been the lower-risk option at 4.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISCMF or DBC?

Over the 3-year period, ISCMF has performed better with a 16.78% return vs 10.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISCMF or DBC?

ISCMF is cheaper with a 0.19% expense ratio, compared with 0.85% for DBC.

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

DBC has the higher dividend yield at 2.72%, compared with 0.00% for ISCMF.

What is the main difference between ISCMF and DBC?

ISCMF tracks Bloomberg Commodity Index, while DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.19% for ISCMF and 0.85% for DBC.

Which has better risk-adjusted returns?

ISCMF currently has the higher Sharpe Ratio (1.76 vs 1.17), 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.