ISCMF vs. ZSC

Last updated Jun 3, 2026

ISCMF (iShares Diversified Commodity Swap UCITS ETF) and ZSC (USCF Sustainable Commodity Strategy Fund) are both Commodities funds. ISCMF is passively managed, while ZSC is actively managed. Over the past year, ISCMF returned 37.85% vs 36.69% for ZSC. At a 0.04 correlation, their price movements are largely independent. ISCMF charges 0.19%/yr vs 0.59%/yr for ZSC.

Performance

ISCMF vs. ZSC - 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 Commodity Strategy Fund (ZSC). 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 ZSC's 10.17% return.

ISCMF

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

ZSC

• 1D: 0.00%
• 1M: 1.61%
• YTD: 10.17%
• 6M: 15.71%
• 1Y: 36.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ISCMF vs. ZSC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ISCMF iShares Diversified Commodity Swap UCITS ETF	22.87%	19.65%	3.13%	-3.03%
ZSC USCF Sustainable Commodity Strategy Fund	10.17%	28.43%	-14.39%	-10.63%

Correlation

The correlation between ISCMF and ZSC is 0.02, 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	0.02
Correlation (All Time) Calculated using the full available price history since Aug 10, 2023	0.04

Return for Risk

ISCMF vs. ZSC — Risk / Return Rank

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

ISCMF

ISCMF Risk / Return Rank: 82
ISCMF Sharpe Ratio Rank: 60
ISCMF Sortino Ratio Rank: 82
ISCMF Omega Ratio Rank: 99
ISCMF Calmar Ratio Rank: 93
ISCMF Martin Ratio Rank: 79

ZSC

ZSC Risk / Return Rank: 84
ZSC Sharpe Ratio Rank: 86
ZSC Sortino Ratio Rank: 82
ZSC Omega Ratio Rank: 87
ZSC Calmar Ratio Rank: 86
ZSC Martin Ratio Rank: 77

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. ZSC - 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 Commodity Strategy Fund (ZSC). 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	ZSC	Difference
Sharpe ratio Return per unit of total volatility	2.05	2.91	-0.86
Sortino ratio Return per unit of downside risk	3.74	3.76	-0.02
Omega ratio Gain probability vs. loss probability	2.53	1.55	+0.98
Calmar ratio Return relative to maximum drawdown	6.66	4.86	+1.80
Martin ratio Return relative to average drawdown	15.79	15.07	+0.72
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. ZSC - Sharpe Ratio Comparison

The current ISCMF Sharpe Ratio is 2.05, which is comparable to the ZSC Sharpe Ratio of 2.91. The chart below compares the historical Sharpe Ratios of ISCMF and ZSC, 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	ZSC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	2.91	-0.86
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.24	+0.22

Drawdowns

ISCMF vs. ZSC - Drawdown Comparison

The maximum ISCMF drawdown since its inception was -25.42%, roughly equal to the maximum ZSC drawdown of -26.49%. Use the drawdown chart below to compare losses from any high point for ISCMF and ZSC.

Drawdown Indicators

	ISCMF	ZSC	Difference
Max Drawdown Largest peak-to-trough decline	-25.42%	-26.49%	+1.07%
Max Drawdown (1Y) Largest decline over 1 year	-5.69%	-7.69%	+2.00%
Max Drawdown (3Y) Largest decline over 3 years	-7.62%	—	—
Current Drawdown Current decline from peak	-5.26%	-2.09%	-3.17%
Average Drawdown Average peak-to-trough decline	-13.44%	-14.76%	+1.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	2.48%	-0.08%

Volatility

ISCMF vs. ZSC - Volatility Comparison

iShares Diversified Commodity Swap UCITS ETF (ISCMF) has a higher volatility of 7.14% compared to USCF Sustainable Commodity Strategy Fund (ZSC) at 3.20%. This indicates that ISCMF's price experiences larger fluctuations and is considered to be riskier than ZSC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISCMF	ZSC	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.14%	3.20%	+3.94%
Volatility (6M) Calculated over the trailing 6-month period	15.90%	9.11%	+6.79%
Volatility (1Y) Calculated over the trailing 1-year period	18.53%	12.68%	+5.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.38%	12.24%	+2.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.38%	12.24%	+2.14%

ISCMF vs. ZSC - Expense Ratio Comparison

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

Dividends

ISCMF vs. ZSC - Dividend Comparison

ISCMF has not paid dividends to shareholders, while ZSC's dividend yield for the trailing twelve months is around 1.59%.

Position	TTM	2025	2024	2023
ISCMF iShares Diversified Commodity Swap UCITS ETF	0.00%	0.00%	0.00%	0.00%
ZSC USCF Sustainable Commodity Strategy Fund	1.59%	1.75%	2.18%	1.40%

Frequently Asked Questions

Can I hold both ISCMF and ZSC in my portfolio?

ISCMF and ZSC have a correlation of 0.02, 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 ZSC?

ISCMF has higher volatility (7.14%) compared to ZSC (3.20%). In terms of maximum drawdown, ISCMF dropped -25.42% vs ZSC's -26.49%.

Which ETF is better, ISCMF or ZSC?

On 1-year performance, ISCMF leads with 37.85% vs 36.69% for ZSC. On fees, ISCMF is cheaper at 0.19% per year. On volatility, ZSC has been the lower-risk option at 3.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISCMF or ZSC?

Over the 1-year period, ISCMF has performed better with a 37.85% return vs 36.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISCMF or ZSC?

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

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

ZSC has the higher dividend yield at 1.59%, compared with 0.00% for ISCMF.

What is the main difference between ISCMF and ZSC?

They also come from different issuers: iShares and USCF. Their fees differ too: 0.19% for ISCMF and 0.59% for ZSC.

Which has better risk-adjusted returns?

ZSC currently has the higher Sharpe Ratio (2.91 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.