TMSL vs. ISCMF

Last updated Jun 25, 2026

TMSL (T. Rowe Price Small-Mid Cap ETF) and ISCMF (iShares Diversified Commodity Swap UCITS ETF) are both exchange-traded funds - TMSL is a Mid Cap Blend Equities fund actively managed by T. Rowe Price, while ISCMF is a Commodities fund tracking the Bloomberg Commodity Index. TMSL is actively managed, while ISCMF is passively managed. Over the past 3 years, TMSL returned 20.75%/yr vs 16.78%/yr for ISCMF. At a 0.01 correlation, their price movements are largely independent. TMSL charges 0.55%/yr vs 0.19%/yr for ISCMF.

Performance

TMSL vs. ISCMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Small-Mid Cap ETF (TMSL) 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, TMSL achieves a 18.97% return, which is significantly lower than ISCMF's 22.87% return.

TMSL

• 1D: 0.19%
• 1M: 3.64%
• YTD: 18.97%
• 6M: 16.79%
• 1Y: 31.62%
• 3Y*: 20.75%
• 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)

TMSL vs. ISCMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TMSL T. Rowe Price Small-Mid Cap ETF	18.97%	11.95%	15.81%	11.79%
ISCMF iShares Diversified Commodity Swap UCITS ETF	22.87%	19.65%	3.13%	5.03%

Correlation

The correlation between TMSL and ISCMF is -0.05, 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	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (All Time) Calculated using the full available price history since Jun 15, 2023	0.01

Return for Risk

TMSL vs. ISCMF — Risk / Return Rank

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

TMSL

TMSL Risk / Return Rank: 63
TMSL Sharpe Ratio Rank: 59
TMSL Sortino Ratio Rank: 61
TMSL Omega Ratio Rank: 57
TMSL Calmar Ratio Rank: 65
TMSL Martin Ratio Rank: 71

ISCMF

ISCMF Risk / Return Rank: 81
ISCMF Sharpe Ratio Rank: 60
ISCMF Sortino Ratio Rank: 81
ISCMF Omega Ratio Rank: 98
ISCMF Calmar Ratio Rank: 92
ISCMF Martin Ratio Rank: 72

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.

TMSL vs. ISCMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Small-Mid Cap ETF (TMSL) 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.

	TMSL	ISCMF	Difference
Sharpe ratio: Return per unit of total volatility	1.74	1.76	-0.02
Sortino ratio: Return per unit of downside risk	2.50	3.18	-0.68
Omega ratio: Gain probability vs. loss probability	1.31	2.31	-1.00
Calmar ratio: Return relative to maximum drawdown	2.84	5.53	-2.69
Martin ratio: Return relative to average drawdown	11.53	11.76	-0.23

TMSL vs. ISCMF - Sharpe Ratio Comparison

The current TMSL Sharpe Ratio is 1.74, which is comparable to the ISCMF Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of TMSL 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

TMSL vs. ISCMF - Drawdown Comparison

The maximum TMSL drawdown since its inception was -24.39%, roughly equal to the maximum ISCMF drawdown of -25.42%. Use the drawdown chart below to compare losses from any high point for TMSL and ISCMF.

Drawdown Indicators

	TMSL	ISCMF	Difference
Max Drawdown Largest peak-to-trough decline	-24.39%	-25.42%	+1.03%
Max Drawdown (1Y) Largest decline over 1 year	-11.19%	-5.69%	-5.50%
Max Drawdown (3Y) Largest decline over 3 years	-24.39%	-7.62%	-16.77%
Current Drawdown Current decline from peak	-1.86%	-5.26%	+3.40%
Average Drawdown Average peak-to-trough decline	-3.89%	-13.34%	+9.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	2.67%	+0.08%

Volatility

TMSL vs. ISCMF - Volatility Comparison

T. Rowe Price Small-Mid Cap ETF (TMSL) has a higher volatility of 7.03% compared to iShares Diversified Commodity Swap UCITS ETF (ISCMF) at 5.11%. This indicates that TMSL'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

	TMSL	ISCMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.03%	5.11%	+1.92%
Volatility (6M) Calculated over the trailing 6-month period	14.81%	15.45%	-0.64%
Volatility (1Y) Calculated over the trailing 1-year period	18.23%	17.84%	+0.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.59%	14.28%	+4.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.59%	14.28%	+4.31%

TMSL vs. ISCMF - Expense Ratio Comparison

TMSL has a 0.55% expense ratio, which is higher than ISCMF's 0.19% expense ratio.

Dividends

TMSL vs. ISCMF - Dividend Comparison

TMSL's dividend yield for the trailing twelve months is around 0.48%, 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%
TMSL T. Rowe Price Small-Mid Cap ETF	0.48%	0.57%	0.44%	0.34%

Frequently Asked Questions

Can I hold both TMSL and ISCMF in my portfolio?

TMSL and ISCMF have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TMSL or ISCMF?

TMSL has higher volatility (7.03%) compared to ISCMF (5.11%). In terms of maximum drawdown, TMSL dropped -24.39% vs ISCMF's -25.42%.

Which ETF is better, TMSL or ISCMF?

On 3-year performance, TMSL leads with 20.75% 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, TMSL or ISCMF?

Over the 3-year period, TMSL has performed better with a 20.75% return vs 16.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMSL or ISCMF?

ISCMF is cheaper with a 0.19% expense ratio, compared with 0.55% for TMSL.

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

TMSL has the higher dividend yield at 0.48%, compared with 0.00% for ISCMF.

What is the main difference between TMSL and ISCMF?

TMSL is categorized as Mid Cap Blend Equities, while ISCMF is Commodities. They also come from different issuers: T. Rowe Price and iShares. Their fees differ too: 0.55% for TMSL and 0.19% for ISCMF.

Which has better risk-adjusted returns?

ISCMF currently has the higher Sharpe Ratio (1.76 vs 1.74), 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.