ISMF vs. MMNIX
ISMF (iShares Managed Futures Active ETF) and MMNIX (Miller Market Neutral Income Fund Class I) are both funds - ISMF is a Systematic Trend fund actively managed by iShares, while MMNIX is a Equity Market Neutral fund actively managed by Miller. Both are actively managed. Over the past year, ISMF returned 22.64% vs 9.63% for MMNIX. At a correlation of -0.15, they often move in opposite directions. ISMF charges 0.80%/yr vs 1.69%/yr for MMNIX.
Performance
ISMF vs. MMNIX - Performance Comparison
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Returns By Period
In the year-to-date period, ISMF achieves a 8.37% return, which is significantly higher than MMNIX's 3.47% return.
ISMF
- 1D
- 0.83%
- 1M
- 1.62%
- YTD
- 8.37%
- 6M
- 11.16%
- 1Y
- 22.64%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MMNIX
- 1D
- -0.09%
- 1M
- 0.71%
- YTD
- 3.47%
- 6M
- 4.33%
- 1Y
- 9.63%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ISMF vs. MMNIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ISMF iShares Managed Futures Active ETF | 8.37% | 11.58% |
MMNIX Miller Market Neutral Income Fund Class I | 3.47% | 7.57% |
Correlation
The correlation between ISMF and MMNIX 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 (All Time) Calculated using the full available price history since Mar 14, 2025 | -0.15 |
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Return for Risk
ISMF vs. MMNIX — Risk / Return Rank
ISMF
MMNIX
ISMF vs. MMNIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Managed Futures Active ETF (ISMF) and Miller Market Neutral Income Fund Class I (MMNIX). 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.
| ISMF | MMNIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.26 | ||
| Sortino ratioReturn per unit of downside risk | -7.49 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 2.82 | -1.21 |
| Calmar ratioReturn relative to maximum drawdown | 5.77 | 20.83 | -15.06 |
| Martin ratioReturn relative to average drawdown | 19.96 | 89.27 | -69.31 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ISMF | MMNIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.88 | 6.14 | -3.26 |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.17 | 5.53 | -3.36 |
Drawdowns
ISMF vs. MMNIX - Drawdown Comparison
The maximum ISMF drawdown since its inception was -4.23%, which is greater than MMNIX's maximum drawdown of -0.49%. Use the drawdown chart below to compare losses from any high point for ISMF and MMNIX.
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Drawdown Indicators
| ISMF | MMNIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.23% | -0.49% | -3.74% |
Max Drawdown (1Y)Largest decline over 1 year | -3.94% | -0.46% | -3.48% |
Current DrawdownCurrent decline from peak | 0.00% | -0.09% | +0.09% |
Average DrawdownAverage peak-to-trough decline | -1.27% | -0.06% | -1.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.14% | 0.11% | +1.03% |
Volatility
ISMF vs. MMNIX - Volatility Comparison
iShares Managed Futures Active ETF (ISMF) has a higher volatility of 1.89% compared to Miller Market Neutral Income Fund Class I (MMNIX) at 0.42%. This indicates that ISMF's price experiences larger fluctuations and is considered to be riskier than MMNIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ISMF | MMNIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.89% | 0.42% | +1.47% |
Volatility (6M)Calculated over the trailing 6-month period | 6.33% | 1.12% | +5.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.92% | 1.56% | +6.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.78% | 1.74% | +6.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.78% | 1.74% | +6.04% |
ISMF vs. MMNIX - Expense Ratio Comparison
ISMF has a 0.80% expense ratio, which is lower than MMNIX's 1.69% expense ratio.
Dividends
ISMF vs. MMNIX - Dividend Comparison
ISMF's dividend yield for the trailing twelve months is around 5.75%, more than MMNIX's 4.75% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
ISMF iShares Managed Futures Active ETF | 5.75% | 6.23% | 0.00% |
MMNIX Miller Market Neutral Income Fund Class I | 4.75% | 5.03% | 4.74% |
Frequently Asked Questions
ISMF and MMNIX 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.
ISMF has higher volatility (1.89%) compared to MMNIX (0.42%). In terms of maximum drawdown, ISMF dropped -4.23% vs MMNIX's -0.49%.
MMNIX currently has the higher Sharpe Ratio (6.14 vs 2.88), 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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