CEZ.PR vs. DBMF

Last updated Jun 5, 2026

CEZ.PR (Cez A.S.) is a stock, while DBMF (iMGP DBi Managed Futures Strategy ETF) is Systematic Trend fund actively managed by iM Global Partners. Over the past 5 years, CEZ.PR returned 24.01%/yr vs 8.29%/yr for DBMF. At a correlation of -0.02, they often move in opposite directions.

Performance

CEZ.PR vs. DBMF - Performance Comparison

The chart below illustrates the hypothetical performance of a CZK 10,000 investment in Cez A.S. (CEZ.PR) and iMGP DBi Managed Futures Strategy ETF (DBMF). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CEZ.PR is traded in CZK, while DBMF is traded in USD. To make them comparable, the DBMF values have been converted to CZK using the latest available exchange rates.

Returns By Period

In the year-to-date period, CEZ.PR achieves a -0.62% return, which is significantly lower than DBMF's 13.28% return.

CEZ.PR

• 1D: -0.23%
• 1M: 7.25%
• YTD: -0.62%
• 6M: 0.63%
• 1Y: 11.33%
• 3Y*: 17.10%
• 5Y*: 24.01%
• 10Y*: 19.20%

DBMF

• 1D: -0.68%
• 1M: 1.60%
• YTD: 13.28%
• 6M: 14.31%
• 1Y: 24.69%
• 3Y*: 8.82%
• 5Y*: 8.29%
• 10Y*: —

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

CEZ.PR vs. DBMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CEZ.PR Cez A.S.	-0.62%	40.70%	5.78%	45.23%	-2.49%	74.83%	8.41%	0.79%
DBMF iMGP DBi Managed Futures Strategy ETF	13.28%	-3.78%	16.65%	-9.63%	25.32%	13.56%	-3.53%	9.14%

Correlation

The correlation between CEZ.PR and DBMF is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (5Y) Calculated over the trailing 5-year period	-0.03
Correlation (All Time) Calculated using the full available price history since May 9, 2019	-0.02

The correlation between CEZ.PR and DBMF shifts across timeframes, from -0.03 (5 years) to 0.14 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CEZ.PR vs. DBMF — Risk / Return Rank

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

CEZ.PR

CEZ.PR Risk / Return Rank: 56
CEZ.PR Sharpe Ratio Rank: 60
CEZ.PR Sortino Ratio Rank: 50
CEZ.PR Omega Ratio Rank: 57
CEZ.PR Calmar Ratio Rank: 56
CEZ.PR Martin Ratio Rank: 56

DBMF

DBMF Risk / Return Rank: 83
DBMF Sharpe Ratio Rank: 78
DBMF Sortino Ratio Rank: 74
DBMF Omega Ratio Rank: 87
DBMF Calmar Ratio Rank: 87
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.

CEZ.PR vs. DBMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cez A.S. (CEZ.PR) 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.

	CEZ.PR	DBMF	Difference
Sharpe ratio: Return per unit of total volatility	0.55	1.89	-1.34
Sortino ratio: Return per unit of downside risk	0.83	2.49	-1.66
Omega ratio: Gain probability vs. loss probability	1.15	1.39	-0.24
Calmar ratio: Return relative to maximum drawdown	0.66	4.31	-3.65
Martin ratio: Return relative to average drawdown	1.47	14.38	-12.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CEZ.PR vs. DBMF - Sharpe Ratio Comparison

The current CEZ.PR Sharpe Ratio is 0.55, which is lower than the DBMF Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of CEZ.PR 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.

Sharpe Ratios by Period

	CEZ.PR	DBMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.55	1.89	-1.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.99	0.49	+0.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.89	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.49	-0.02

Drawdowns

CEZ.PR vs. DBMF - Drawdown Comparison

The maximum CEZ.PR drawdown since its inception was -68.97%, which is greater than DBMF's maximum drawdown of -32.92%. Use the drawdown chart below to compare losses from any high point for CEZ.PR and DBMF.

Drawdown Indicators

	CEZ.PR	DBMF	Difference
Max Drawdown Largest peak-to-trough decline	-68.97%	-32.92%	-36.05%
Max Drawdown (1Y) Largest decline over 1 year	-17.29%	-5.75%	-11.54%
Max Drawdown (3Y) Largest decline over 3 years	-21.08%	-20.75%	-0.33%
Max Drawdown (5Y) Largest decline over 5 years	-36.27%	-32.92%	-3.35%
Max Drawdown (10Y) Largest decline over 10 years	-36.27%	—	—
Current Drawdown Current decline from peak	-6.13%	-8.59%	+2.46%
Average Drawdown Average peak-to-trough decline	-23.55%	-13.74%	-9.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.73%	1.72%	+6.01%

Volatility

CEZ.PR vs. DBMF - Volatility Comparison

Cez A.S. (CEZ.PR) has a higher volatility of 6.41% compared to iMGP DBi Managed Futures Strategy ETF (DBMF) at 2.99%. This indicates that CEZ.PR'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

	CEZ.PR	DBMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.41%	2.99%	+3.42%
Volatility (6M) Calculated over the trailing 6-month period	19.60%	10.08%	+9.52%
Volatility (1Y) Calculated over the trailing 1-year period	20.92%	13.16%	+7.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.56%	17.01%	+7.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.67%	16.26%	+5.41%

Dividends

CEZ.PR vs. DBMF - Dividend Comparison

CEZ.PR's dividend yield for the trailing twelve months is around 3.65%, less than DBMF's 5.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEZ.PR Cez A.S.	3.65%	3.63%	5.43%	15.13%	6.23%	6.29%	6.60%	4.71%	6.17%	6.65%	9.30%	9.00%
DBMF iMGP DBi Managed Futures Strategy ETF	5.11%	5.91%	5.75%	2.91%	7.72%	10.38%	0.86%	9.35%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CEZ.PR and DBMF in my portfolio?

CEZ.PR and DBMF have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.