NCIQ vs. ISCMF
NCIQ (Hashdex Nasdaq Crypto Index US ETF) and ISCMF (iShares Diversified Commodity Swap UCITS ETF) are both exchange-traded funds - NCIQ is a Cryptocurrency fund tracking the Nasdaq Crypto US Settlement Price™ Index, while ISCMF is a Commodities fund tracking the Bloomberg Commodity Index. Both are passively managed. Over the past year, NCIQ returned -49.03% vs 22.55% for ISCMF. At a correlation of -0.05, they often move in opposite directions. NCIQ charges 0.25%/yr vs 0.19%/yr for ISCMF.
Performance
NCIQ vs. ISCMF - Performance Comparison
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Returns By Period
In the year-to-date period, NCIQ achieves a -31.88% return, which is significantly lower than ISCMF's 11.96% return.
NCIQ
- 1D
- -2.59%
- 1M
- -1.06%
- 6M
- -35.46%
- YTD
- -31.88%
- 1Y
- -49.03%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ISCMF
- 1D
- 0.00%
- 1M
- -8.88%
- 6M
- 11.96%
- YTD
- 11.96%
- 1Y
- 22.55%
- 3Y*
- 10.82%
- 5Y*
- —
- 10Y*
- —
NCIQ vs. ISCMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
NCIQ Hashdex Nasdaq Crypto Index US ETF | -31.88% | -13.57% |
ISCMF iShares Diversified Commodity Swap UCITS ETF | 11.96% | 10.11% |
Correlation
The correlation between NCIQ and ISCMF is -0.08, 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 | -0.08 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2025 | -0.05 |
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Return for Risk
NCIQ vs. ISCMF — Risk / Return Rank
NCIQ
ISCMF
NCIQ vs. ISCMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hashdex Nasdaq Crypto Index US ETF (NCIQ) 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.
| NCIQ | ISCMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.18 | ||
| Sortino ratioReturn per unit of downside risk | -3.40 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.84 | -1.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | 1.66 | -2.52 |
| Martin ratioReturn relative to average drawdown | -1.38 | 7.07 | -8.45 |
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Drawdowns
NCIQ vs. ISCMF - Drawdown Comparison
The maximum NCIQ drawdown since its inception was -57.05%, which is greater than ISCMF's maximum drawdown of -25.42%. Use the drawdown chart below to compare losses from any high point for NCIQ and ISCMF.
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Drawdown Indicators
| NCIQ | ISCMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.05% | -25.42% | -31.63% |
Max Drawdown (1Y)Largest decline over 1 year | -57.05% | -13.68% | -43.37% |
Max Drawdown (3Y)Largest decline over 3 years | — | -13.68% | — |
Current DrawdownCurrent decline from peak | -54.44% | -13.68% | -40.76% |
Average DrawdownAverage peak-to-trough decline | -24.58% | -13.31% | -11.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.53% | 3.20% | +32.33% |
Volatility
NCIQ vs. ISCMF - Volatility Comparison
Hashdex Nasdaq Crypto Index US ETF (NCIQ) has a higher volatility of 12.13% compared to iShares Diversified Commodity Swap UCITS ETF (ISCMF) at 9.30%. This indicates that NCIQ'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.
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Volatility by Period
| NCIQ | ISCMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.13% | 9.30% | +2.83% |
Volatility (6M)Calculated over the trailing 6-month period | 36.79% | 18.12% | +18.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.01% | 19.62% | +28.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.75% | 14.84% | +32.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.75% | 14.84% | +32.91% |
NCIQ vs. ISCMF - Expense Ratio Comparison
NCIQ has a 0.25% expense ratio, which is higher than ISCMF's 0.19% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
NCIQ vs. ISCMF - Dividend Comparison
Neither NCIQ nor ISCMF has paid dividends to shareholders.
Frequently Asked Questions
NCIQ and ISCMF have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NCIQ has higher volatility (12.13%) compared to ISCMF (9.30%). In terms of maximum drawdown, NCIQ dropped -57.05% vs ISCMF's -25.42%.
On 1-year performance, ISCMF leads with 22.55% vs -49.03% for NCIQ. On fees, ISCMF is cheaper at 0.19% per year. On volatility, ISCMF has been the lower-risk option at 9.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ISCMF has performed better with a 22.55% return vs -49.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ISCMF is cheaper with a 0.19% expense ratio, compared with 0.25% for NCIQ.
NCIQ and ISCMF have nearly identical dividend yields, around 0.00%.
NCIQ is categorized as Cryptocurrency, while ISCMF is Commodities. NCIQ tracks Nasdaq Crypto US Settlement Price™ Index, while ISCMF tracks Bloomberg Commodity Index. They also come from different issuers: Hashdex and iShares. Their fees differ too: 0.25% for NCIQ and 0.19% for ISCMF.
ISCMF currently has the higher Sharpe Ratio (1.16 vs -1.03), 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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