AVES vs. DBMF

Last updated Jun 13, 2026

AVES (Avantis Emerging Markets Value ETF) and DBMF (iMGP DBi Managed Futures Strategy ETF) are both exchange-traded funds - AVES is a Emerging Markets Equities fund actively managed by Avantis, while DBMF is a Systematic Trend fund actively managed by iM Global Partners. Both are actively managed. Over the past 3 years, AVES returned 19.19%/yr vs 9.64%/yr for DBMF. At a 0.05 correlation, their price movements are largely independent. AVES charges 0.36%/yr vs 0.85%/yr for DBMF.

Performance

AVES vs. DBMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Emerging Markets Value ETF (AVES) and iMGP DBi Managed Futures Strategy ETF (DBMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVES achieves a 15.51% return, which is significantly higher than DBMF's 10.27% return.

AVES

• 1D: 0.32%
• 1M: 0.12%
• YTD: 15.51%
• 6M: 18.20%
• 1Y: 31.51%
• 3Y*: 19.19%
• 5Y*: —
• 10Y*: —

DBMF

• 1D: 0.26%
• 1M: -1.34%
• YTD: 10.27%
• 6M: 11.24%
• 1Y: 26.94%
• 3Y*: 9.64%
• 5Y*: 8.01%
• 10Y*: —

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

AVES vs. DBMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AVES Avantis Emerging Markets Value ETF	15.51%	30.49%	4.50%	16.79%	-16.04%	0.95%
DBMF iMGP DBi Managed Futures Strategy ETF	10.27%	13.85%	7.24%	-8.94%	21.61%	2.51%

Correlation

The correlation between AVES and DBMF is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	0.05

Over the past year, AVES and DBMF have become more correlated (0.40) than their long-term average of 0.05, meaning their price movements have been converging.

AVES vs. DBMF - Sectors Allocation Comparison

Sectors	AVES	DBMF
Financial Services	25.3%	12.5%
Technology	21.4%	29.8%
Industrials	13.3%	8.4%
Basic Materials	9.8%	2.2%
Consumer Cyclical	9.6%	11.0%
Communication Services	5.3%	8.6%
Energy	4.0%	3.9%
Consumer Defensive	3.2%	6.1%
Real Estate	2.4%	2.5%
Healthcare	2.1%	12.7%
Utilities	1.7%	2.3%

Return for Risk

AVES vs. DBMF — Risk / Return Rank

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

AVES

AVES Risk / Return Rank: 54
AVES Sharpe Ratio Rank: 55
AVES Sortino Ratio Rank: 52
AVES Omega Ratio Rank: 58
AVES Calmar Ratio Rank: 53
AVES Martin Ratio Rank: 55

DBMF

DBMF Risk / Return Rank: 84
DBMF Sharpe Ratio Rank: 81
DBMF Sortino Ratio Rank: 76
DBMF Omega Ratio Rank: 87
DBMF Calmar Ratio Rank: 88
DBMF Martin Ratio Rank: 87

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.

AVES vs. DBMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets Value ETF (AVES) and iMGP DBi Managed Futures Strategy ETF (DBMF). 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.

	AVES	DBMF	Difference
Sharpe ratio: Return per unit of total volatility	1.64	2.22	-0.59
Sortino ratio: Return per unit of downside risk	2.22	2.92	-0.70
Omega ratio: Gain probability vs. loss probability	1.31	1.47	-0.16
Calmar ratio: Return relative to maximum drawdown	2.32	4.50	-2.18
Martin ratio: Return relative to average drawdown	8.40	16.30	-7.90

AVES vs. DBMF - Sharpe Ratio Comparison

The current AVES Sharpe Ratio is 1.64, which is comparable to the DBMF Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of AVES and DBMF, 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

AVES vs. DBMF - Drawdown Comparison

The maximum AVES drawdown since its inception was -27.40%, which is greater than DBMF's maximum drawdown of -20.39%. Use the drawdown chart below to compare losses from any high point for AVES and DBMF.

Drawdown Indicators

	AVES	DBMF	Difference
Max Drawdown Largest peak-to-trough decline	-27.40%	-20.39%	-7.01%
Max Drawdown (1Y) Largest decline over 1 year	-12.90%	-6.10%	-6.80%
Max Drawdown (3Y) Largest decline over 3 years	-18.50%	-15.60%	-2.90%
Max Drawdown (5Y) Largest decline over 5 years	—	-20.39%	—
Current Drawdown Current decline from peak	-2.45%	-1.91%	-0.54%
Average Drawdown Average peak-to-trough decline	-7.70%	-6.56%	-1.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	1.68%	+1.88%

Volatility

AVES vs. DBMF - Volatility Comparison

Avantis Emerging Markets Value ETF (AVES) has a higher volatility of 8.89% compared to iMGP DBi Managed Futures Strategy ETF (DBMF) at 2.71%. This indicates that AVES's price experiences larger fluctuations and is considered to be riskier than DBMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVES	DBMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.89%	2.71%	+6.18%
Volatility (6M) Calculated over the trailing 6-month period	15.88%	10.00%	+5.88%
Volatility (1Y) Calculated over the trailing 1-year period	18.34%	12.35%	+5.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.20%	12.55%	+4.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.20%	12.41%	+4.79%

AVES vs. DBMF - Expense Ratio Comparison

AVES has a 0.36% expense ratio, which is lower than DBMF's 0.85% expense ratio.

Dividends

AVES vs. DBMF - Dividend Comparison

AVES's dividend yield for the trailing twelve months is around 3.53%, less than DBMF's 5.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AVES Avantis Emerging Markets Value ETF	3.53%	3.17%	4.09%	3.96%	3.70%	0.62%	0.00%	0.00%
DBMF iMGP DBi Managed Futures Strategy ETF	5.19%	5.91%	5.75%	2.91%	7.72%	10.38%	0.86%	9.35%

Frequently Asked Questions

Can I hold both AVES and DBMF in my portfolio?

AVES and DBMF have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVES or DBMF?

AVES has higher volatility (8.89%) compared to DBMF (2.71%). In terms of maximum drawdown, AVES dropped -27.40% vs DBMF's -20.39%.

Which ETF is better, AVES or DBMF?

On 3-year performance, AVES leads with 19.19% vs 9.64% for DBMF. On fees, AVES is cheaper at 0.36% per year. On volatility, DBMF has been the lower-risk option at 2.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVES or DBMF?

Over the 3-year period, AVES has performed better with a 19.19% return vs 9.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVES or DBMF?

AVES is cheaper with a 0.36% expense ratio, compared with 0.85% for DBMF.

Which ETF pays a higher dividend yield, AVES or DBMF?

DBMF has the higher dividend yield at 5.19%, compared with 3.53% for AVES.

What is the main difference between AVES and DBMF?

AVES is categorized as Emerging Markets Equities, while DBMF is Systematic Trend. They also come from different issuers: Avantis and iM Global Partners. Their fees differ too: 0.36% for AVES and 0.85% for DBMF.

Which has better risk-adjusted returns?

DBMF currently has the higher Sharpe Ratio (2.22 vs 1.64), 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.