OBTC vs. ISCMF

Last updated Jul 16, 2026

OBTC (Osprey Bitcoin Trust) and ISCMF (iShares Diversified Commodity Swap UCITS ETF) are both exchange-traded funds - OBTC is a Cryptocurrency fund tracking the Bitcoin (BTC), while ISCMF is a Commodities fund tracking the Bloomberg Commodity Index. Both are passively managed. Over the past 3 years, OBTC returned 41.06%/yr vs 10.82%/yr for ISCMF. At a correlation of -0.04, they often move in opposite directions. OBTC charges 0.49%/yr vs 0.19%/yr for ISCMF.

Performance

OBTC vs. ISCMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Osprey Bitcoin Trust (OBTC) 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, OBTC achieves a -25.85% return, which is significantly lower than ISCMF's 11.96% return.

OBTC

• 1D: 0.94%
• 1M: -2.35%
• 6M: -33.28%
• YTD: -25.85%
• 1Y: -38.12%
• 3Y*: 41.06%
• 5Y*: 8.59%
• 10Y*: —

ISCMF

• 1D: 0.00%
• 1M: -8.88%
• 6M: 11.96%
• YTD: 11.96%
• 1Y: 22.55%
• 3Y*: 10.82%
• 5Y*: —
• 10Y*: —

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

OBTC vs. ISCMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
OBTC Osprey Bitcoin Trust	-25.85%	-1.87%	130.89%	277.81%	-67.93%
ISCMF iShares Diversified Commodity Swap UCITS ETF	11.96%	19.65%	3.13%	-9.58%	-5.82%

Correlation

The correlation between OBTC 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 (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Mar 17, 2022	-0.04

Return for Risk

OBTC vs. ISCMF — Risk / Return Rank

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

OBTC

OBTC Risk / Return Rank: 3
OBTC Sharpe Ratio Rank: 3
OBTC Sortino Ratio Rank: 3
OBTC Omega Ratio Rank: 3
OBTC Calmar Ratio Rank: 3
OBTC Martin Ratio Rank: 3

ISCMF

ISCMF Risk / Return Rank: 53
ISCMF Sharpe Ratio Rank: 39
ISCMF Sortino Ratio Rank: 43
ISCMF Omega Ratio Rank: 97
ISCMF Calmar Ratio Rank: 39
ISCMF Martin Ratio Rank: 49

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.

OBTC vs. ISCMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Osprey Bitcoin Trust (OBTC) 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.

	OBTC	ISCMF	Difference
Sharpe ratio: Return per unit of total volatility	-0.85	1.16	-2.01
Sortino ratio: Return per unit of downside risk	-1.16	1.83	-2.99
Omega ratio: Gain probability vs. loss probability	0.87	1.84	-0.96
Calmar ratio: Return relative to maximum drawdown	-0.77	1.66	-2.43
Martin ratio: Return relative to average drawdown	-1.30	6.61	-7.90

OBTC vs. ISCMF - Sharpe Ratio Comparison

The current OBTC Sharpe Ratio is -0.85, which is lower than the ISCMF Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of OBTC 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

OBTC vs. ISCMF - Drawdown Comparison

The maximum OBTC drawdown since its inception was -94.50%, which is greater than ISCMF's maximum drawdown of -25.42%. Use the drawdown chart below to compare losses from any high point for OBTC and ISCMF.

Drawdown Indicators

	OBTC	ISCMF	Difference
Max Drawdown Largest peak-to-trough decline	-94.50%	-25.42%	-69.08%
Max Drawdown (1Y) Largest decline over 1 year	-49.62%	-13.68%	-35.94%
Max Drawdown (3Y) Largest decline over 3 years	-49.62%	-13.68%	-35.94%
Max Drawdown (5Y) Largest decline over 5 years	-83.76%	—	—
Current Drawdown Current decline from peak	-62.96%	-13.68%	-49.28%
Average Drawdown Average peak-to-trough decline	-69.47%	-13.31%	-56.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.42%	3.42%	+26.00%

Volatility

OBTC vs. ISCMF - Volatility Comparison

Osprey Bitcoin Trust (OBTC) has a higher volatility of 11.77% compared to iShares Diversified Commodity Swap UCITS ETF (ISCMF) at 9.30%. This indicates that OBTC'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

	OBTC	ISCMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.77%	9.30%	+2.47%
Volatility (6M) Calculated over the trailing 6-month period	35.27%	18.12%	+17.15%
Volatility (1Y) Calculated over the trailing 1-year period	45.00%	19.58%	+25.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.18%	14.82%	+42.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	76.54%	14.82%	+61.72%

OBTC vs. ISCMF - Expense Ratio Comparison

OBTC has a 0.49% expense ratio, which is higher than ISCMF's 0.19% expense ratio.

Dividends

OBTC vs. ISCMF - Dividend Comparison

Neither OBTC nor ISCMF has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both OBTC and ISCMF in my portfolio?

OBTC 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.

Which is riskier, OBTC or ISCMF?

OBTC has higher volatility (11.77%) compared to ISCMF (9.30%). In terms of maximum drawdown, OBTC dropped -94.50% vs ISCMF's -25.42%.

Which ETF is better, OBTC or ISCMF?

On 3-year performance, OBTC leads with 41.06% vs 10.82% for ISCMF. 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.

Which ETF has performed better, OBTC or ISCMF?

Over the 3-year period, OBTC has performed better with a 41.06% return vs 10.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OBTC or ISCMF?

ISCMF is cheaper with a 0.19% expense ratio, compared with 0.49% for OBTC.

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

OBTC and ISCMF have nearly identical dividend yields, around 0.00%.

What is the main difference between OBTC and ISCMF?

OBTC is categorized as Cryptocurrency, while ISCMF is Commodities. OBTC tracks Bitcoin (BTC), while ISCMF tracks Bloomberg Commodity Index. They also come from different issuers: Osprey Funds and iShares. Their fees differ too: 0.49% for OBTC and 0.19% for ISCMF.

Which has better risk-adjusted returns?

ISCMF currently has the higher Sharpe Ratio (1.16 vs -0.85), 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.