ISCMF vs. FMNY
ISCMF (iShares Diversified Commodity Swap UCITS ETF) and FMNY (First Trust New York High Income Municipal ETF) are both exchange-traded funds - ISCMF is a Commodities fund tracking the Bloomberg Commodity Index, while FMNY is a Municipal Bonds fund actively managed by First Trust. ISCMF is passively managed, while FMNY is actively managed. Over the past 3 years, ISCMF returned 16.78%/yr vs 3.86%/yr for FMNY. At a correlation of -0.03, they often move in opposite directions. ISCMF charges 0.19%/yr vs 0.65%/yr for FMNY.
Performance
ISCMF vs. FMNY - Performance Comparison
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Returns By Period
In the year-to-date period, ISCMF achieves a 22.87% return, which is significantly higher than FMNY's 2.09% return.
ISCMF
- 1D
- 0.00%
- 1M
- -4.99%
- YTD
- 22.87%
- 6M
- 22.87%
- 1Y
- 31.30%
- 3Y*
- 16.78%
- 5Y*
- —
- 10Y*
- —
FMNY
- 1D
- -0.06%
- 1M
- 1.34%
- YTD
- 2.09%
- 6M
- 2.24%
- 1Y
- 7.10%
- 3Y*
- 3.86%
- 5Y*
- 0.63%
- 10Y*
- —
ISCMF vs. FMNY - 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% |
FMNY First Trust New York High Income Municipal ETF | 2.09% | 3.94% | 1.74% | 6.14% | -3.99% |
Correlation
The correlation between ISCMF and FMNY is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Mar 17, 2022 | -0.03 |
The correlation between ISCMF and FMNY shifts across timeframes, from -0.17 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ISCMF vs. FMNY — Risk / Return Rank
ISCMF
FMNY
ISCMF vs. FMNY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Diversified Commodity Swap UCITS ETF (ISCMF) and First Trust New York High Income Municipal ETF (FMNY). 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 | FMNY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.43 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 2.31 | 1.46 | +0.86 |
| Calmar ratioReturn relative to maximum drawdown | 5.53 | 2.52 | +3.01 |
| Martin ratioReturn relative to average drawdown | 11.95 | 8.07 | +3.88 |
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Drawdowns
ISCMF vs. FMNY - Drawdown Comparison
The maximum ISCMF drawdown since its inception was -25.42%, which is greater than FMNY's maximum drawdown of -15.90%. Use the drawdown chart below to compare losses from any high point for ISCMF and FMNY.
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Drawdown Indicators
| ISCMF | FMNY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.42% | -15.90% | -9.52% |
Max Drawdown (1Y)Largest decline over 1 year | -5.69% | -2.83% | -2.86% |
Max Drawdown (3Y)Largest decline over 3 years | -7.62% | -5.88% | -1.74% |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.90% | — |
Current DrawdownCurrent decline from peak | -5.26% | -0.50% | -4.76% |
Average DrawdownAverage peak-to-trough decline | -13.36% | -5.64% | -7.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.63% | 0.88% | +1.75% |
Volatility
ISCMF vs. FMNY - Volatility Comparison
iShares Diversified Commodity Swap UCITS ETF (ISCMF) has a higher volatility of 5.11% compared to First Trust New York High Income Municipal ETF (FMNY) at 0.54%. This indicates that ISCMF's price experiences larger fluctuations and is considered to be riskier than FMNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ISCMF | FMNY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.11% | 0.54% | +4.57% |
Volatility (6M)Calculated over the trailing 6-month period | 15.45% | 2.35% | +13.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.87% | 3.26% | +14.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.29% | 4.00% | +10.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.29% | 3.97% | +10.32% |
ISCMF vs. FMNY - Expense Ratio Comparison
ISCMF has a 0.19% expense ratio, which is lower than FMNY's 0.65% expense ratio.
Dividends
ISCMF vs. FMNY - Dividend Comparison
ISCMF has not paid dividends to shareholders, while FMNY's dividend yield for the trailing twelve months is around 3.68%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
FMNY First Trust New York High Income Municipal ETF | 3.68% | 3.64% | 3.56% | 3.25% | 2.34% | 0.72% |
ISCMF iShares Diversified Commodity Swap UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ISCMF and FMNY have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ISCMF has higher volatility (5.11%) compared to FMNY (0.54%). In terms of maximum drawdown, ISCMF dropped -25.42% vs FMNY's -15.90%.
On 3-year performance, ISCMF leads with 16.78% vs 3.86% for FMNY. On fees, ISCMF is cheaper at 0.19% per year. On volatility, FMNY has been the lower-risk option at 0.54%. 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 3.86%. 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 0.65% for FMNY.
FMNY has the higher dividend yield at 3.68%, compared with 0.00% for ISCMF.
ISCMF is categorized as Commodities, while FMNY is Municipal Bonds. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.19% for ISCMF and 0.65% for FMNY.
FMNY currently has the higher Sharpe Ratio (2.19 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.
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