ISCMF vs. USE

Last updated Jun 24, 2026

ISCMF (iShares Diversified Commodity Swap UCITS ETF) and USE (USCF Energy Commodity Strategy Absolute Return Fund) are both Commodities funds. ISCMF is passively managed, while USE is actively managed. Over the past 3 years, ISCMF returned 16.78%/yr vs 10.72%/yr for USE. At a 0.13 correlation, their price movements are largely independent. ISCMF charges 0.19%/yr vs 0.79%/yr for USE.

Performance

ISCMF vs. USE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Diversified Commodity Swap UCITS ETF (ISCMF) and USCF Energy Commodity Strategy Absolute Return Fund (USE). 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 higher than USE's 19.51% return.

ISCMF

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

USE

• 1D: -0.88%
• 1M: -18.62%
• YTD: 19.51%
• 6M: 20.11%
• 1Y: 2.57%
• 3Y*: 10.72%
• 5Y*: —
• 10Y*: —

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

ISCMF vs. USE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ISCMF iShares Diversified Commodity Swap UCITS ETF	22.87%	19.65%	3.13%	-0.08%
USE USCF Energy Commodity Strategy Absolute Return Fund	19.51%	-14.97%	22.58%	9.68%

Correlation

The correlation between ISCMF and USE is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (All Time) Calculated using the full available price history since May 4, 2023	0.13

Return for Risk

ISCMF vs. USE — Risk / Return Rank

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

ISCMF

ISCMF Risk / Return Rank: 78
ISCMF Sharpe Ratio Rank: 56
ISCMF Sortino Ratio Rank: 77
ISCMF Omega Ratio Rank: 98
ISCMF Calmar Ratio Rank: 92
ISCMF Martin Ratio Rank: 69

USE

USE Risk / Return Rank: 10
USE Sharpe Ratio Rank: 10
USE Sortino Ratio Rank: 10
USE Omega Ratio Rank: 10
USE Calmar Ratio Rank: 10
USE Martin Ratio Rank: 10

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. USE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Diversified Commodity Swap UCITS ETF (ISCMF) and USCF Energy Commodity Strategy Absolute Return Fund (USE). 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	USE	Difference
Sharpe ratio: Return per unit of total volatility	1.76	0.08	+1.68
Sortino ratio: Return per unit of downside risk	3.18	0.34	+2.84
Omega ratio: Gain probability vs. loss probability	2.31	1.04	+1.27
Calmar ratio: Return relative to maximum drawdown	5.53	0.10	+5.43
Martin ratio: Return relative to average drawdown	11.85	0.19	+11.67

ISCMF vs. USE - Sharpe Ratio Comparison

The current ISCMF Sharpe Ratio is 1.76, which is higher than the USE Sharpe Ratio of 0.08. The chart below compares the historical Sharpe Ratios of ISCMF and USE, 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. USE - Drawdown Comparison

The maximum ISCMF drawdown since its inception was -25.42%, roughly equal to the maximum USE drawdown of -26.24%. Use the drawdown chart below to compare losses from any high point for ISCMF and USE.

Drawdown Indicators

	ISCMF	USE	Difference
Max Drawdown Largest peak-to-trough decline	-25.42%	-26.24%	+0.82%
Max Drawdown (1Y) Largest decline over 1 year	-5.69%	-26.24%	+20.55%
Max Drawdown (3Y) Largest decline over 3 years	-7.62%	-26.24%	+18.62%
Current Drawdown Current decline from peak	-5.26%	-23.19%	+17.93%
Average Drawdown Average peak-to-trough decline	-13.35%	-8.07%	-5.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.65%	13.80%	-11.15%

Volatility

ISCMF vs. USE - Volatility Comparison

The current volatility for iShares Diversified Commodity Swap UCITS ETF (ISCMF) is 5.11%, while USCF Energy Commodity Strategy Absolute Return Fund (USE) has a volatility of 9.95%. This indicates that ISCMF experiences smaller price fluctuations and is considered to be less risky than USE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISCMF	USE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.11%	9.95%	-4.84%
Volatility (6M) Calculated over the trailing 6-month period	15.45%	27.41%	-11.96%
Volatility (1Y) Calculated over the trailing 1-year period	17.84%	31.31%	-13.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.29%	27.31%	-13.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.29%	27.31%	-13.02%

ISCMF vs. USE - Expense Ratio Comparison

ISCMF has a 0.19% expense ratio, which is lower than USE's 0.79% expense ratio.

Dividends

ISCMF vs. USE - Dividend Comparison

ISCMF has not paid dividends to shareholders, while USE's dividend yield for the trailing twelve months is around 2.56%.

Position	TTM	2025	2024	2023
ISCMF iShares Diversified Commodity Swap UCITS ETF	0.00%	0.00%	0.00%	0.00%
USE USCF Energy Commodity Strategy Absolute Return Fund	2.56%	3.06%	38.65%	4.83%

Frequently Asked Questions

Can I hold both ISCMF and USE in my portfolio?

ISCMF and USE have a correlation of 0.13, 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 USE?

USE has higher volatility (9.95%) compared to ISCMF (5.11%). In terms of maximum drawdown, ISCMF dropped -25.42% vs USE's -26.24%.

Which ETF is better, ISCMF or USE?

On 3-year performance, ISCMF leads with 16.78% vs 10.72% for USE. 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 USE?

Over the 3-year period, ISCMF has performed better with a 16.78% return vs 10.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISCMF or USE?

ISCMF is cheaper with a 0.19% expense ratio, compared with 0.79% for USE.

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

USE has the higher dividend yield at 2.56%, compared with 0.00% for ISCMF.

What is the main difference between ISCMF and USE?

They also come from different issuers: iShares and USCF. Their fees differ too: 0.19% for ISCMF and 0.79% for USE.

Which has better risk-adjusted returns?

ISCMF currently has the higher Sharpe Ratio (1.76 vs 0.08), 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.