ISCMF vs. HIMU

Last updated Jul 14, 2026

ISCMF (iShares Diversified Commodity Swap UCITS ETF) and HIMU (iShares High Yield Muni Active ETF) are both exchange-traded funds - ISCMF is a Commodities fund tracking the Bloomberg Commodity Index, while HIMU is a High Yield Muni fund actively managed by iShares. ISCMF is passively managed, while HIMU is actively managed. Over the past year, ISCMF returned 22.55% vs 8.32% for HIMU. At a correlation of -0.00, they often move in opposite directions. ISCMF charges 0.19%/yr vs 0.42%/yr for HIMU.

Performance

ISCMF vs. HIMU - Performance Comparison

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

Returns By Period

In the year-to-date period, ISCMF achieves a 11.96% return, which is significantly higher than HIMU's 4.05% return.

ISCMF

• 1D: 0.00%
• 1M: -8.88%
• 6M: 11.96%
• YTD: 11.96%
• 1Y: 22.55%
• 3Y*: 10.82%
• 5Y*: —
• 10Y*: —

HIMU

• 1D: -0.08%
• 1M: 1.24%
• 6M: 3.27%
• YTD: 4.05%
• 1Y: 8.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ISCMF vs. HIMU - Yearly Performance Comparison

	2026 (YTD)	2025
ISCMF iShares Diversified Commodity Swap UCITS ETF	11.96%	11.02%
HIMU iShares High Yield Muni Active ETF	4.05%	1.48%

Correlation

The correlation between ISCMF and HIMU is -0.14, 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	-0.14
Correlation (All Time) Calculated using the full available price history since Feb 10, 2025	-0.00

The correlation between ISCMF and HIMU shifts across timeframes, from -0.14 (1 year) to -0.00 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ISCMF vs. HIMU — Risk / Return Rank

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

ISCMF

ISCMF Risk / Return Rank: 55
ISCMF Sharpe Ratio Rank: 41
ISCMF Sortino Ratio Rank: 45
ISCMF Omega Ratio Rank: 97
ISCMF Calmar Ratio Rank: 40
ISCMF Martin Ratio Rank: 52

HIMU

HIMU Risk / Return Rank: 73
HIMU Sharpe Ratio Rank: 75
HIMU Sortino Ratio Rank: 76
HIMU Omega Ratio Rank: 81
HIMU Calmar Ratio Rank: 64
HIMU Martin Ratio Rank: 69

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. HIMU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Diversified Commodity Swap UCITS ETF (ISCMF) and iShares High Yield Muni Active ETF (HIMU). 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	HIMU	Difference
Sharpe ratio: Return per unit of total volatility	1.16	1.91	-0.76
Sortino ratio: Return per unit of downside risk	1.83	2.72	-0.89
Omega ratio: Gain probability vs. loss probability	1.84	1.38	+0.46
Calmar ratio: Return relative to maximum drawdown	1.66	2.54	-0.88
Martin ratio: Return relative to average drawdown	7.07	9.99	-2.92

ISCMF vs. HIMU - Sharpe Ratio Comparison

The current ISCMF Sharpe Ratio is 1.16, which is lower than the HIMU Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of ISCMF and HIMU, 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. HIMU - Drawdown Comparison

The maximum ISCMF drawdown since its inception was -25.42%, which is greater than HIMU's maximum drawdown of -8.01%. Use the drawdown chart below to compare losses from any high point for ISCMF and HIMU.

Drawdown Indicators

	ISCMF	HIMU	Difference
Max Drawdown Largest peak-to-trough decline	-25.42%	-8.01%	-17.41%
Max Drawdown (1Y) Largest decline over 1 year	-13.68%	-3.29%	-10.39%
Max Drawdown (3Y) Largest decline over 3 years	-13.68%	—	—
Current Drawdown Current decline from peak	-13.68%	-0.56%	-13.12%
Average Drawdown Average peak-to-trough decline	-13.31%	-1.63%	-11.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	0.87%	+2.33%

Volatility

ISCMF vs. HIMU - Volatility Comparison

iShares Diversified Commodity Swap UCITS ETF (ISCMF) has a higher volatility of 9.30% compared to iShares High Yield Muni Active ETF (HIMU) at 0.96%. This indicates that ISCMF's price experiences larger fluctuations and is considered to be riskier than HIMU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISCMF	HIMU	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.30%	0.96%	+8.34%
Volatility (6M) Calculated over the trailing 6-month period	18.12%	3.26%	+14.86%
Volatility (1Y) Calculated over the trailing 1-year period	19.62%	4.37%	+15.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.84%	7.20%	+7.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.84%	7.20%	+7.64%

ISCMF vs. HIMU - Expense Ratio Comparison

ISCMF has a 0.19% expense ratio, which is lower than HIMU's 0.42% expense ratio.

Dividends

ISCMF vs. HIMU - Dividend Comparison

ISCMF has not paid dividends to shareholders, while HIMU's dividend yield for the trailing twelve months is around 5.10%.

Position	TTM	2025
HIMU iShares High Yield Muni Active ETF	5.10%	4.57%
ISCMF iShares Diversified Commodity Swap UCITS ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both ISCMF and HIMU in my portfolio?

ISCMF and HIMU have a correlation of -0.14, 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 HIMU?

ISCMF has higher volatility (9.30%) compared to HIMU (0.96%). In terms of maximum drawdown, ISCMF dropped -25.42% vs HIMU's -8.01%.

Which ETF is better, ISCMF or HIMU?

On 1-year performance, ISCMF leads with 22.55% vs 8.32% for HIMU. On fees, ISCMF is cheaper at 0.19% per year. On volatility, HIMU has been the lower-risk option at 0.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISCMF or HIMU?

Over the 1-year period, ISCMF has performed better with a 22.55% return vs 8.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISCMF or HIMU?

ISCMF is cheaper with a 0.19% expense ratio, compared with 0.42% for HIMU.

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

HIMU has the higher dividend yield at 5.10%, compared with 0.00% for ISCMF.

What is the main difference between ISCMF and HIMU?

ISCMF is categorized as Commodities, while HIMU is High Yield Muni. Their fees differ too: 0.19% for ISCMF and 0.42% for HIMU.

Which has better risk-adjusted returns?

HIMU currently has the higher Sharpe Ratio (1.91 vs 1.16), 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.