MEMX vs. ISCMF

Last updated Jun 24, 2026

MEMX (Matthews Emerging Markets Ex China Active ETF) and ISCMF (iShares Diversified Commodity Swap UCITS ETF) are both exchange-traded funds - MEMX is a Emerging Markets Diversified fund actively managed by Matthews, while ISCMF is a Commodities fund tracking the Bloomberg Commodity Index. MEMX is actively managed, while ISCMF is passively managed. Over the past 3 years, MEMX returned 25.58%/yr vs 16.78%/yr for ISCMF. At a correlation of -0.01, they often move in opposite directions. MEMX charges 0.79%/yr vs 0.19%/yr for ISCMF.

Performance

MEMX vs. ISCMF - Performance Comparison

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

Returns By Period

In the year-to-date period, MEMX achieves a 29.86% return, which is significantly higher than ISCMF's 22.87% return.

MEMX

• 1D: -5.58%
• 1M: 3.50%
• YTD: 29.86%
• 6M: 31.95%
• 1Y: 62.81%
• 3Y*: 25.58%
• 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)

MEMX vs. ISCMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MEMX Matthews Emerging Markets Ex China Active ETF	29.86%	35.88%	5.50%	11.33%
ISCMF iShares Diversified Commodity Swap UCITS ETF	22.87%	19.65%	3.13%	-9.58%

Correlation

The correlation between MEMX 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 (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Jan 11, 2023	-0.01

Return for Risk

MEMX vs. ISCMF — Risk / Return Rank

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

MEMX

MEMX Risk / Return Rank: 83
MEMX Sharpe Ratio Rank: 85
MEMX Sortino Ratio Rank: 77
MEMX Omega Ratio Rank: 84
MEMX Calmar Ratio Rank: 85
MEMX Martin Ratio Rank: 85

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.

MEMX vs. ISCMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Emerging Markets Ex China Active ETF (MEMX) 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.

	MEMX	ISCMF	Difference
Sharpe ratio: Return per unit of total volatility	2.57	1.76	+0.81
Sortino ratio: Return per unit of downside risk	3.17	3.18	-0.02
Omega ratio: Gain probability vs. loss probability	1.47	2.31	-0.84
Calmar ratio: Return relative to maximum drawdown	4.30	5.53	-1.23
Martin ratio: Return relative to average drawdown	16.40	11.85	+4.55

MEMX vs. ISCMF - Sharpe Ratio Comparison

The current MEMX Sharpe Ratio is 2.57, which is higher than the ISCMF Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of MEMX 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

MEMX vs. ISCMF - Drawdown Comparison

The maximum MEMX drawdown since its inception was -19.27%, smaller than the maximum ISCMF drawdown of -25.42%. Use the drawdown chart below to compare losses from any high point for MEMX and ISCMF.

Drawdown Indicators

	MEMX	ISCMF	Difference
Max Drawdown Largest peak-to-trough decline	-19.27%	-25.42%	+6.15%
Max Drawdown (1Y) Largest decline over 1 year	-14.70%	-5.69%	-9.01%
Max Drawdown (3Y) Largest decline over 3 years	-19.27%	-7.62%	-11.65%
Current Drawdown Current decline from peak	-5.58%	-5.26%	-0.32%
Average Drawdown Average peak-to-trough decline	-3.49%	-13.35%	+9.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.84%	2.65%	+1.19%

Volatility

MEMX vs. ISCMF - Volatility Comparison

Matthews Emerging Markets Ex China Active ETF (MEMX) has a higher volatility of 13.33% compared to iShares Diversified Commodity Swap UCITS ETF (ISCMF) at 5.11%. This indicates that MEMX'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

	MEMX	ISCMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.33%	5.11%	+8.22%
Volatility (6M) Calculated over the trailing 6-month period	22.43%	15.45%	+6.98%
Volatility (1Y) Calculated over the trailing 1-year period	24.53%	17.84%	+6.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.15%	14.29%	+3.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.15%	14.29%	+3.86%

MEMX vs. ISCMF - Expense Ratio Comparison

MEMX has a 0.79% expense ratio, which is higher than ISCMF's 0.19% expense ratio.

Dividends

MEMX vs. ISCMF - Dividend Comparison

MEMX's dividend yield for the trailing twelve months is around 3.76%, while ISCMF has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
ISCMF iShares Diversified Commodity Swap UCITS ETF	0.00%	0.00%	0.00%	0.00%
MEMX Matthews Emerging Markets Ex China Active ETF	3.76%	4.88%	0.99%	1.13%

Frequently Asked Questions

Can I hold both MEMX and ISCMF in my portfolio?

MEMX 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, MEMX or ISCMF?

MEMX has higher volatility (13.33%) compared to ISCMF (5.11%). In terms of maximum drawdown, MEMX dropped -19.27% vs ISCMF's -25.42%.

Which ETF is better, MEMX or ISCMF?

On 3-year performance, MEMX leads with 25.58% vs 16.78% for ISCMF. 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, MEMX or ISCMF?

Over the 3-year period, MEMX has performed better with a 25.58% return vs 16.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MEMX or ISCMF?

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

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

MEMX has the higher dividend yield at 3.76%, compared with 0.00% for ISCMF.

What is the main difference between MEMX and ISCMF?

MEMX is categorized as Emerging Markets Diversified, while ISCMF is Commodities. They also come from different issuers: Matthews and iShares. Their fees differ too: 0.79% for MEMX and 0.19% for ISCMF.

Which has better risk-adjusted returns?

MEMX currently has the higher Sharpe Ratio (2.57 vs 1.76), 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.