DBMF vs. BTCX-B.TO

Last updated Jun 13, 2026

DBMF (iMGP DBi Managed Futures Strategy ETF) and BTCX-B.TO (CI Galaxy Bitcoin ETF C$ Unhedged Series Units) are both exchange-traded funds - DBMF is a Systematic Trend fund actively managed by iM Global Partners, while BTCX-B.TO is a Cryptocurrency fund managed by CI Global Asset Management. Over the past 5 years, DBMF returned 8.01%/yr vs 10.26%/yr for BTCX-B.TO. At a 0.10 correlation, their price movements are largely independent. DBMF charges 0.85%/yr vs 0.80%/yr for BTCX-B.TO.

Performance

DBMF vs. BTCX-B.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iMGP DBi Managed Futures Strategy ETF (DBMF) and CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

DBMF is traded in USD, while BTCX-B.TO is traded in CAD. To make them comparable, the BTCX-B.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, DBMF achieves a 10.27% return, which is significantly higher than BTCX-B.TO's -27.75% return.

DBMF

• 1D: 0.26%
• 1M: -0.96%
• YTD: 10.27%
• 6M: 11.24%
• 1Y: 27.33%
• 3Y*: 9.64%
• 5Y*: 8.01%
• 10Y*: —

BTCX-B.TO

• 1D: 0.02%
• 1M: -20.24%
• YTD: -27.75%
• 6M: -29.77%
• 1Y: -40.71%
• 3Y*: 34.10%
• 5Y*: 10.26%
• 10Y*: —

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

DBMF vs. BTCX-B.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DBMF iMGP DBi Managed Futures Strategy ETF	10.27%	13.85%	7.24%	-8.94%	21.61%	5.15%
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units	-27.75%	-7.08%	120.35%	155.48%	-64.32%	-19.16%

Correlation

The correlation between DBMF and BTCX-B.TO is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (All Time) Calculated using the full available price history since Mar 9, 2021	0.10

The correlation between DBMF and BTCX-B.TO shifts across timeframes, from 0.10 (5 years) to 0.26 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DBMF vs. BTCX-B.TO — Risk / Return Rank

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

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

BTCX-B.TO

BTCX-B.TO Risk / Return Rank: 3
BTCX-B.TO Sharpe Ratio Rank: 2
BTCX-B.TO Sortino Ratio Rank: 3
BTCX-B.TO Omega Ratio Rank: 3
BTCX-B.TO Calmar Ratio Rank: 3
BTCX-B.TO Martin Ratio Rank: 3

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.

DBMF vs. BTCX-B.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iMGP DBi Managed Futures Strategy ETF (DBMF) and CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO). 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.

	DBMF	BTCX-B.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.22	-0.94	+3.17
Sortino ratio: Return per unit of downside risk	2.92	-1.33	+4.25
Omega ratio: Gain probability vs. loss probability	1.47	0.85	+0.62
Calmar ratio: Return relative to maximum drawdown	4.50	-0.79	+5.29
Martin ratio: Return relative to average drawdown	16.30	-1.37	+17.68

DBMF vs. BTCX-B.TO - Sharpe Ratio Comparison

The current DBMF Sharpe Ratio is 2.22, which is higher than the BTCX-B.TO Sharpe Ratio of -0.94. The chart below compares the historical Sharpe Ratios of DBMF and BTCX-B.TO, 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

DBMF vs. BTCX-B.TO - Drawdown Comparison

The maximum DBMF drawdown since its inception was -20.39%, smaller than the maximum BTCX-B.TO drawdown of -76.99%. Use the drawdown chart below to compare losses from any high point for DBMF and BTCX-B.TO.

Drawdown Indicators

	DBMF	BTCX-B.TO	Difference
Max Drawdown Largest peak-to-trough decline	-20.39%	-76.99%	+56.60%
Max Drawdown (1Y) Largest decline over 1 year	-6.10%	-52.00%	+45.90%
Max Drawdown (3Y) Largest decline over 3 years	-15.60%	-52.00%	+36.40%
Max Drawdown (5Y) Largest decline over 5 years	-20.39%	-76.99%	+56.60%
Current Drawdown Current decline from peak	-1.91%	-49.55%	+47.64%
Average Drawdown Average peak-to-trough decline	-6.56%	-34.21%	+27.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	29.67%	-27.99%

Volatility

DBMF vs. BTCX-B.TO - Volatility Comparison

The current volatility for iMGP DBi Managed Futures Strategy ETF (DBMF) is 2.71%, while CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) has a volatility of 12.31%. This indicates that DBMF experiences smaller price fluctuations and is considered to be less risky than BTCX-B.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBMF	BTCX-B.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.71%	12.31%	-9.60%
Volatility (6M) Calculated over the trailing 6-month period	10.00%	34.02%	-24.02%
Volatility (1Y) Calculated over the trailing 1-year period	12.35%	43.36%	-31.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.55%	54.27%	-41.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.41%	55.26%	-42.85%

DBMF vs. BTCX-B.TO - Expense Ratio Comparison

DBMF has a 0.85% expense ratio, which is higher than BTCX-B.TO's 0.80% expense ratio.

Dividends

DBMF vs. BTCX-B.TO - Dividend Comparison

DBMF's dividend yield for the trailing twelve months is around 5.19%, while BTCX-B.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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 DBMF and BTCX-B.TO in my portfolio?

DBMF and BTCX-B.TO have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DBMF or BTCX-B.TO?

On fees, BTCX-B.TO is cheaper at 0.80% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DBMF or BTCX-B.TO?

BTCX-B.TO is cheaper with a 0.80% expense ratio, compared with 0.85% for DBMF.

What is the main difference between DBMF and BTCX-B.TO?

DBMF is categorized as Systematic Trend, while BTCX-B.TO is Cryptocurrency. They also come from different issuers: iM Global Partners and CI Global Asset Management. Their fees differ too: 0.85% for DBMF and 0.80% for BTCX-B.TO.