SMLL vs. ISCMF

Last updated Jun 23, 2026

SMLL (Harbor Active Small Cap ETF) and ISCMF (iShares Diversified Commodity Swap UCITS ETF) are both exchange-traded funds - SMLL is a Small Cap Blend Equities fund actively managed by Harbor, while ISCMF is a Commodities fund tracking the Bloomberg Commodity Index. SMLL is actively managed, while ISCMF is passively managed. Over the past year, SMLL returned 1.28% vs 31.30% for ISCMF. At a correlation of -0.03, they often move in opposite directions. SMLL charges 0.80%/yr vs 0.19%/yr for ISCMF.

Performance

SMLL vs. ISCMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Active Small Cap ETF (SMLL) 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, SMLL achieves a 3.28% return, which is significantly lower than ISCMF's 22.87% return.

SMLL

• 1D: -0.42%
• 1M: 1.12%
• YTD: 3.28%
• 6M: 0.86%
• 1Y: 1.28%
• 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)

SMLL vs. ISCMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMLL Harbor Active Small Cap ETF	3.28%	-6.31%	11.18%
ISCMF iShares Diversified Commodity Swap UCITS ETF	22.87%	19.65%	0.89%

Correlation

The correlation between SMLL and ISCMF is -0.06, 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	-0.06
Correlation (All Time) Calculated using the full available price history since Aug 29, 2024	-0.03

Return for Risk

SMLL vs. ISCMF — Risk / Return Rank

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

SMLL

SMLL Risk / Return Rank: 9
SMLL Sharpe Ratio Rank: 10
SMLL Sortino Ratio Rank: 9
SMLL Omega Ratio Rank: 9
SMLL Calmar Ratio Rank: 9
SMLL Martin Ratio Rank: 9

ISCMF

ISCMF Risk / Return Rank: 77
ISCMF Sharpe Ratio Rank: 53
ISCMF Sortino Ratio Rank: 74
ISCMF Omega Ratio Rank: 98
ISCMF Calmar Ratio Rank: 91
ISCMF Martin Ratio Rank: 67

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.

SMLL vs. ISCMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Active Small Cap ETF (SMLL) 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.

	SMLL	ISCMF	Difference
Sharpe ratio: Return per unit of total volatility	0.07	1.76	-1.69
Sortino ratio: Return per unit of downside risk	0.23	3.18	-2.95
Omega ratio: Gain probability vs. loss probability	1.03	2.31	-1.28
Calmar ratio: Return relative to maximum drawdown	0.08	5.53	-5.45
Martin ratio: Return relative to average drawdown	0.17	11.95	-11.78

SMLL vs. ISCMF - Sharpe Ratio Comparison

The current SMLL Sharpe Ratio is 0.07, which is lower than the ISCMF Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of SMLL 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

SMLL vs. ISCMF - Drawdown Comparison

The maximum SMLL drawdown since its inception was -23.56%, smaller than the maximum ISCMF drawdown of -25.42%. Use the drawdown chart below to compare losses from any high point for SMLL and ISCMF.

Drawdown Indicators

	SMLL	ISCMF	Difference
Max Drawdown Largest peak-to-trough decline	-23.56%	-25.42%	+1.86%
Max Drawdown (1Y) Largest decline over 1 year	-15.53%	-5.69%	-9.84%
Max Drawdown (3Y) Largest decline over 3 years	—	-7.62%	—
Current Drawdown Current decline from peak	-10.22%	-5.26%	-4.96%
Average Drawdown Average peak-to-trough decline	-8.73%	-13.36%	+4.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.72%	2.63%	+5.09%

Volatility

SMLL vs. ISCMF - Volatility Comparison

The current volatility for Harbor Active Small Cap ETF (SMLL) is 4.32%, while iShares Diversified Commodity Swap UCITS ETF (ISCMF) has a volatility of 5.11%. This indicates that SMLL experiences smaller price fluctuations and is considered to be less risky than ISCMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMLL	ISCMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.32%	5.11%	-0.79%
Volatility (6M) Calculated over the trailing 6-month period	11.88%	15.45%	-3.57%
Volatility (1Y) Calculated over the trailing 1-year period	17.52%	17.87%	-0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.27%	14.29%	+5.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.27%	14.29%	+5.98%

SMLL vs. ISCMF - Expense Ratio Comparison

SMLL has a 0.80% expense ratio, which is higher than ISCMF's 0.19% expense ratio.

Dividends

SMLL vs. ISCMF - Dividend Comparison

SMLL's dividend yield for the trailing twelve months is around 2.29%, 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%
SMLL Harbor Active Small Cap ETF	2.29%	2.37%	0.52%

Frequently Asked Questions

Can I hold both SMLL and ISCMF in my portfolio?

SMLL and ISCMF have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMLL or ISCMF?

ISCMF has higher volatility (5.11%) compared to SMLL (4.32%). In terms of maximum drawdown, SMLL dropped -23.56% vs ISCMF's -25.42%.

Which ETF is better, SMLL or ISCMF?

On 1-year performance, ISCMF leads with 31.30% vs 1.28% for SMLL. On fees, ISCMF is cheaper at 0.19% per year. On volatility, SMLL has been the lower-risk option at 4.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMLL or ISCMF?

Over the 1-year period, ISCMF has performed better with a 31.30% return vs 1.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMLL or ISCMF?

ISCMF is cheaper with a 0.19% expense ratio, compared with 0.80% for SMLL.

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

SMLL has the higher dividend yield at 2.29%, compared with 0.00% for ISCMF.

What is the main difference between SMLL and ISCMF?

SMLL is categorized as Small Cap Blend Equities, while ISCMF is Commodities. They also come from different issuers: Harbor and iShares. Their fees differ too: 0.80% for SMLL and 0.19% for ISCMF.

Which has better risk-adjusted returns?

ISCMF currently has the higher Sharpe Ratio (1.76 vs 0.07), 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.