SMHB vs. ISCMF
SMHB (ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B) and ISCMF (iShares Diversified Commodity Swap UCITS ETF) are both exchange-traded funds - SMHB is a Leveraged Equities fund tracking the Solactive US Small Cap High Dividend Index (200%), while ISCMF is a Commodities fund tracking the Bloomberg Commodity Index. Both are passively managed. Over the past 3 years, SMHB returned 8.68%/yr vs 16.78%/yr for ISCMF. At a 0.01 correlation, their price movements are largely independent. SMHB charges 0.85%/yr vs 0.19%/yr for ISCMF.
Performance
SMHB vs. ISCMF - Performance Comparison
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Returns By Period
In the year-to-date period, SMHB achieves a 5.99% return, which is significantly lower than ISCMF's 22.87% return.
SMHB
- 1D
- -2.77%
- 1M
- -0.55%
- YTD
- 5.99%
- 6M
- 4.91%
- 1Y
- 4.21%
- 3Y*
- 8.68%
- 5Y*
- -6.79%
- 10Y*
- —
ISCMF
- 1D
- 0.00%
- 1M
- -4.99%
- YTD
- 22.87%
- 6M
- 22.87%
- 1Y
- 31.30%
- 3Y*
- 16.78%
- 5Y*
- —
- 10Y*
- —
SMHB vs. ISCMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B | 5.99% | -7.75% | -15.85% | 35.96% | -32.53% |
ISCMF iShares Diversified Commodity Swap UCITS ETF | 22.87% | 19.65% | 3.13% | -9.58% | -5.82% |
Correlation
The correlation between SMHB 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 | 0.04 |
Correlation (All Time) Calculated using the full available price history since Mar 17, 2022 | 0.01 |
The correlation between SMHB and ISCMF shifts across timeframes, from -0.09 (1 year) to 0.04 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SMHB vs. ISCMF — Risk / Return Rank
SMHB
ISCMF
SMHB vs. ISCMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) 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.
| SMHB | ISCMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.65 | ||
| Sortino ratioReturn per unit of downside risk | -2.75 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 2.31 | -1.26 |
| Calmar ratioReturn relative to maximum drawdown | 0.17 | 5.53 | -5.36 |
| Martin ratioReturn relative to average drawdown | 0.40 | 11.95 | -11.54 |
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Drawdowns
SMHB vs. ISCMF - Drawdown Comparison
The maximum SMHB drawdown since its inception was -90.30%, which is greater than ISCMF's maximum drawdown of -25.42%. Use the drawdown chart below to compare losses from any high point for SMHB and ISCMF.
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Drawdown Indicators
| SMHB | ISCMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.30% | -25.42% | -64.88% |
Max Drawdown (1Y)Largest decline over 1 year | -25.16% | -5.69% | -19.47% |
Max Drawdown (3Y)Largest decline over 3 years | -45.05% | -7.62% | -37.43% |
Max Drawdown (5Y)Largest decline over 5 years | -58.11% | — | — |
Current DrawdownCurrent decline from peak | -41.66% | -5.26% | -36.40% |
Average DrawdownAverage peak-to-trough decline | -37.20% | -13.36% | -23.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.45% | 2.63% | +7.82% |
Volatility
SMHB vs. ISCMF - Volatility Comparison
ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) has a higher volatility of 8.28% compared to iShares Diversified Commodity Swap UCITS ETF (ISCMF) at 5.11%. This indicates that SMHB'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
| SMHB | ISCMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.28% | 5.11% | +3.17% |
Volatility (6M)Calculated over the trailing 6-month period | 24.81% | 15.45% | +9.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.39% | 17.87% | +20.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.92% | 14.29% | +34.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.15% | 14.29% | +51.86% |
SMHB vs. ISCMF - Expense Ratio Comparison
SMHB has a 0.85% expense ratio, which is higher than ISCMF's 0.19% expense ratio.
Dividends
SMHB vs. ISCMF - Dividend Comparison
SMHB's dividend yield for the trailing twelve months is around 21.30%, while ISCMF has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
ISCMF iShares Diversified Commodity Swap UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B | 21.30% | 22.22% | 21.95% | 15.27% | 24.18% | 12.22% | 16.86% | 19.97% | 0.91% |
Frequently Asked Questions
SMHB 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.
SMHB has higher volatility (8.28%) compared to ISCMF (5.11%). In terms of maximum drawdown, SMHB dropped -90.30% vs ISCMF's -25.42%.
On 3-year performance, ISCMF leads with 16.78% vs 8.68% for SMHB. 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.
Over the 3-year period, ISCMF has performed better with a 16.78% return vs 8.68%. 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 0.85% for SMHB.
SMHB has the higher dividend yield at 21.30%, compared with 0.00% for ISCMF.
SMHB is categorized as Leveraged Equities, while ISCMF is Commodities. SMHB tracks Solactive US Small Cap High Dividend Index (200%), while ISCMF tracks Bloomberg Commodity Index. They also come from different issuers: UBS and iShares. Their fees differ too: 0.85% for SMHB and 0.19% for ISCMF.
ISCMF currently has the higher Sharpe Ratio (1.76 vs 0.11), 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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