MEMS vs. ISCMF

Last updated Jun 24, 2026

MEMS (Matthews Emerging Markets Discovery Active ETF) and ISCMF (iShares Diversified Commodity Swap UCITS ETF) are both exchange-traded funds - MEMS is a Emerging Markets Diversified fund actively managed by Matthews, while ISCMF is a Commodities fund tracking the Bloomberg Commodity Index. MEMS is actively managed, while ISCMF is passively managed. Over the past year, MEMS returned 27.58% vs 31.30% for ISCMF. At a correlation of -0.02, they often move in opposite directions. MEMS charges 0.89%/yr vs 0.19%/yr for ISCMF.

Performance

MEMS vs. ISCMF - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with MEMS having a 22.13% return and ISCMF slightly higher at 22.87%.

MEMS

• 1D: -4.14%
• 1M: 0.12%
• YTD: 22.13%
• 6M: 21.85%
• 1Y: 27.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ISCMF

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

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

MEMS vs. ISCMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MEMS Matthews Emerging Markets Discovery Active ETF	22.13%	11.12%	-5.32%
ISCMF iShares Diversified Commodity Swap UCITS ETF	22.87%	19.65%	4.95%

Correlation

The correlation between MEMS and ISCMF is -0.09, 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	-0.09
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	-0.02

Return for Risk

MEMS vs. ISCMF — Risk / Return Rank

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

MEMS

MEMS Risk / Return Rank: 41
MEMS Sharpe Ratio Rank: 39
MEMS Sortino Ratio Rank: 38
MEMS Omega Ratio Rank: 38
MEMS Calmar Ratio Rank: 46
MEMS Martin Ratio Rank: 44

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

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.

MEMS vs. ISCMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Emerging Markets Discovery Active ETF (MEMS) and iShares Diversified Commodity Swap UCITS ETF (ISCMF). 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.

	MEMS	ISCMF	Difference
Sharpe ratio: Return per unit of total volatility	1.26	1.76	-0.50
Sortino ratio: Return per unit of downside risk	1.81	3.18	-1.37
Omega ratio: Gain probability vs. loss probability	1.23	2.31	-1.08
Calmar ratio: Return relative to maximum drawdown	2.12	5.53	-3.41
Martin ratio: Return relative to average drawdown	6.76	11.85	-5.09

MEMS vs. ISCMF - Sharpe Ratio Comparison

The current MEMS Sharpe Ratio is 1.26, which is comparable to the ISCMF Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of MEMS and ISCMF, 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

MEMS vs. ISCMF - Drawdown Comparison

The maximum MEMS drawdown since its inception was -22.24%, smaller than the maximum ISCMF drawdown of -25.42%. Use the drawdown chart below to compare losses from any high point for MEMS and ISCMF.

Drawdown Indicators

	MEMS	ISCMF	Difference
Max Drawdown Largest peak-to-trough decline	-22.24%	-25.42%	+3.18%
Max Drawdown (1Y) Largest decline over 1 year	-13.05%	-5.69%	-7.36%
Max Drawdown (3Y) Largest decline over 3 years	—	-7.62%	—
Current Drawdown Current decline from peak	-4.16%	-5.26%	+1.10%
Average Drawdown Average peak-to-trough decline	-5.17%	-13.35%	+8.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.09%	2.65%	+1.44%

Volatility

MEMS vs. ISCMF - Volatility Comparison

Matthews Emerging Markets Discovery Active ETF (MEMS) has a higher volatility of 9.34% compared to iShares Diversified Commodity Swap UCITS ETF (ISCMF) at 5.11%. This indicates that MEMS's price experiences larger fluctuations and is considered to be riskier than ISCMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MEMS	ISCMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.34%	5.11%	+4.23%
Volatility (6M) Calculated over the trailing 6-month period	19.36%	15.45%	+3.91%
Volatility (1Y) Calculated over the trailing 1-year period	21.93%	17.84%	+4.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.95%	14.29%	+5.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.95%	14.29%	+5.66%

MEMS vs. ISCMF - Expense Ratio Comparison

MEMS has a 0.89% expense ratio, which is higher than ISCMF's 0.19% expense ratio.

Dividends

MEMS vs. ISCMF - Dividend Comparison

MEMS's dividend yield for the trailing twelve months is around 2.30%, while ISCMF has not paid dividends to shareholders.

Position	TTM	2025	2024
ISCMF iShares Diversified Commodity Swap UCITS ETF	0.00%	0.00%	0.00%
MEMS Matthews Emerging Markets Discovery Active ETF	2.30%	2.81%	1.42%

Frequently Asked Questions

Can I hold both MEMS and ISCMF in my portfolio?

MEMS and ISCMF have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MEMS or ISCMF?

MEMS has higher volatility (9.34%) compared to ISCMF (5.11%). In terms of maximum drawdown, MEMS dropped -22.24% vs ISCMF's -25.42%.

Which ETF is better, MEMS or ISCMF?

On 1-year performance, ISCMF leads with 31.30% vs 27.58% for MEMS. 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, MEMS or ISCMF?

Over the 1-year period, ISCMF has performed better with a 31.30% return vs 27.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MEMS or ISCMF?

ISCMF is cheaper with a 0.19% expense ratio, compared with 0.89% for MEMS.

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

MEMS has the higher dividend yield at 2.30%, compared with 0.00% for ISCMF.

What is the main difference between MEMS and ISCMF?

MEMS is categorized as Emerging Markets Diversified, while ISCMF is Commodities. They also come from different issuers: Matthews and iShares. Their fees differ too: 0.89% for MEMS and 0.19% for ISCMF.

Which has better risk-adjusted returns?

ISCMF currently has the higher Sharpe Ratio (1.76 vs 1.26), 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.