ISCMF vs. ZSB

Last updated Jun 4, 2026

ISCMF (iShares Diversified Commodity Swap UCITS ETF) and ZSB (USCF Sustainable Battery Metals Strategy Fund) are both Commodities funds - ISCMF tracks the Bloomberg Commodity Index while ZSB tracks the S&P GSCI Electric Vehicle Meals Index. Both are passively managed. Over the past 3 years, ISCMF returned 15.20%/yr vs 5.94%/yr for ZSB. At a 0.04 correlation, their price movements are largely independent. ISCMF charges 0.19%/yr vs 0.59%/yr for ZSB.

Performance

ISCMF vs. ZSB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Diversified Commodity Swap UCITS ETF (ISCMF) and USCF Sustainable Battery Metals Strategy Fund (ZSB). 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 ZSB's 11.80% return.

ISCMF

• 1D: 0.00%
• 1M: -0.67%
• YTD: 22.87%
• 6M: 27.76%
• 1Y: 37.85%
• 3Y*: 15.20%
• 5Y*: —
• 10Y*: —

ZSB

• 1D: -1.94%
• 1M: 1.21%
• YTD: 11.80%
• 6M: 25.71%
• 1Y: 75.67%
• 3Y*: 5.94%
• 5Y*: —
• 10Y*: —

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

ISCMF vs. ZSB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ISCMF iShares Diversified Commodity Swap UCITS ETF	22.87%	19.65%	3.13%	-9.58%
ZSB USCF Sustainable Battery Metals Strategy Fund	11.80%	64.34%	-19.70%	-31.38%

Correlation

The correlation between ISCMF and ZSB is 0.03, 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	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (All Time) Calculated using the full available price history since Jan 12, 2023	0.04

Return for Risk

ISCMF vs. ZSB — Risk / Return Rank

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

ISCMF

ISCMF Risk / Return Rank: 83
ISCMF Sharpe Ratio Rank: 61
ISCMF Sortino Ratio Rank: 83
ISCMF Omega Ratio Rank: 99
ISCMF Calmar Ratio Rank: 93
ISCMF Martin Ratio Rank: 80

ZSB

ZSB Risk / Return Rank: 80
ZSB Sharpe Ratio Rank: 87
ZSB Sortino Ratio Rank: 73
ZSB Omega Ratio Rank: 86
ZSB Calmar Ratio Rank: 84
ZSB Martin Ratio Rank: 70

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. ZSB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Diversified Commodity Swap UCITS ETF (ISCMF) and USCF Sustainable Battery Metals Strategy Fund (ZSB). 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.

	ISCMF	ZSB	Difference
Sharpe ratio: Return per unit of total volatility	2.05	2.88	-0.83
Sortino ratio: Return per unit of downside risk	3.74	3.28	+0.45
Omega ratio: Gain probability vs. loss probability	2.53	1.52	+1.01
Calmar ratio: Return relative to maximum drawdown	6.69	4.54	+2.14
Martin ratio: Return relative to average drawdown	15.68	12.79	+2.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ISCMF vs. ZSB - Sharpe Ratio Comparison

The current ISCMF Sharpe Ratio is 2.05, which is comparable to the ZSB Sharpe Ratio of 2.88. The chart below compares the historical Sharpe Ratios of ISCMF and ZSB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ISCMF	ZSB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	2.88	-0.83
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.02	+0.43

Drawdowns

ISCMF vs. ZSB - Drawdown Comparison

The maximum ISCMF drawdown since its inception was -25.42%, smaller than the maximum ZSB drawdown of -49.26%. Use the drawdown chart below to compare losses from any high point for ISCMF and ZSB.

Drawdown Indicators

	ISCMF	ZSB	Difference
Max Drawdown Largest peak-to-trough decline	-25.42%	-49.26%	+23.84%
Max Drawdown (1Y) Largest decline over 1 year	-5.69%	-16.75%	+11.06%
Max Drawdown (3Y) Largest decline over 3 years	-7.62%	-43.22%	+35.60%
Current Drawdown Current decline from peak	-5.26%	-5.74%	+0.48%
Average Drawdown Average peak-to-trough decline	-13.43%	-30.95%	+17.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	5.93%	-3.51%

Volatility

ISCMF vs. ZSB - Volatility Comparison

iShares Diversified Commodity Swap UCITS ETF (ISCMF) has a higher volatility of 7.14% compared to USCF Sustainable Battery Metals Strategy Fund (ZSB) at 5.71%. This indicates that ISCMF's price experiences larger fluctuations and is considered to be riskier than ZSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISCMF	ZSB	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.14%	5.71%	+1.43%
Volatility (6M) Calculated over the trailing 6-month period	15.90%	22.65%	-6.75%
Volatility (1Y) Calculated over the trailing 1-year period	18.53%	26.40%	-7.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.38%	19.62%	-5.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.38%	19.62%	-5.24%

ISCMF vs. ZSB - Expense Ratio Comparison

ISCMF has a 0.19% expense ratio, which is lower than ZSB's 0.59% expense ratio.

Dividends

ISCMF vs. ZSB - Dividend Comparison

ISCMF has not paid dividends to shareholders, while ZSB's dividend yield for the trailing twelve months is around 0.82%.

Position	TTM	2025	2024	2023
ISCMF iShares Diversified Commodity Swap UCITS ETF	0.00%	0.00%	0.00%	0.00%
ZSB USCF Sustainable Battery Metals Strategy Fund	0.82%	0.92%	2.96%	3.59%

Frequently Asked Questions

Can I hold both ISCMF and ZSB in my portfolio?

ISCMF and ZSB have a correlation of 0.03, 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 ZSB?

ISCMF has higher volatility (7.14%) compared to ZSB (5.71%). In terms of maximum drawdown, ISCMF dropped -25.42% vs ZSB's -49.26%.

Which ETF is better, ISCMF or ZSB?

On 3-year performance, ISCMF leads with 15.20% vs 5.94% for ZSB. On fees, ISCMF is cheaper at 0.19% per year. On volatility, ZSB has been the lower-risk option at 5.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISCMF or ZSB?

Over the 3-year period, ISCMF has performed better with a 15.20% return vs 5.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISCMF or ZSB?

ISCMF is cheaper with a 0.19% expense ratio, compared with 0.59% for ZSB.

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

ZSB has the higher dividend yield at 0.82%, compared with 0.00% for ISCMF.

What is the main difference between ISCMF and ZSB?

ISCMF tracks Bloomberg Commodity Index, while ZSB tracks S&P GSCI Electric Vehicle Meals Index. They also come from different issuers: iShares and USCF. Their fees differ too: 0.19% for ISCMF and 0.59% for ZSB.

Which has better risk-adjusted returns?

ZSB currently has the higher Sharpe Ratio (2.88 vs 2.05), 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.