DBMF vs. GNR
DBMF (iMGP DBi Managed Futures Strategy ETF) and GNR (SPDR S&P Global Natural Resources ETF) are both exchange-traded funds - DBMF is a Systematic Trend fund actively managed by iM Global Partners, while GNR is a Natural Resources fund tracking the S&P Global Natural Resources Index. DBMF is actively managed, while GNR is passively managed. Over the past 5 years, DBMF returned 8.69%/yr vs 10.85%/yr for GNR. At a 0.23 correlation, their price movements are largely independent. DBMF charges 0.85%/yr vs 0.40%/yr for GNR.
Performance
DBMF vs. GNR - Performance Comparison
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Returns By Period
In the year-to-date period, DBMF achieves a 12.88% return, which is significantly lower than GNR's 16.75% return.
DBMF
- 1D
- 0.22%
- 1M
- 1.90%
- 6M
- 8.51%
- YTD
- 12.88%
- 1Y
- 27.84%
- 3Y*
- 9.96%
- 5Y*
- 8.69%
- 10Y*
- —
- ALL TIME*
- 9.43%
GNR
- 1D
- 1.83%
- 1M
- 3.31%
- 6M
- 7.07%
- YTD
- 16.75%
- 1Y
- 30.55%
- 3Y*
- 12.18%
- 5Y*
- 10.85%
- 10Y*
- 10.05%
- ALL TIME*
- 5.41%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $41.05M | $51.49M | $47.35M | |
| $12.02M | $18.40M | $18.51M |
DBMF vs. GNR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
DBMF iMGP DBi Managed Futures Strategy ETF | 12.88% | 13.85% | 7.24% | -8.94% | 21.61% | 11.49% | 1.80% | 10.51% |
GNR SPDR S&P Global Natural Resources ETF | 16.75% | 28.68% | -8.27% | 2.95% | 10.20% | 24.73% | -0.03% | 7.16% |
Correlation
The correlation between DBMF and GNR is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since May 8, 2019 | 0.23 |
Over the past year, DBMF and GNR have become more correlated (0.49) than their long-term average of 0.23, meaning their price movements have been converging.
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Return for Risk
DBMF vs. GNR — Risk / Return Rank
DBMF
GNR
DBMF vs. GNR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iMGP DBi Managed Futures Strategy ETF (DBMF) and SPDR S&P Global Natural Resources ETF (GNR). 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 | GNR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.42 | ||
| Sortino ratioReturn per unit of downside risk | +0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.32 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 4.58 | 2.79 | +1.79 |
| Martin ratioReturn relative to average drawdown | 15.51 | 8.88 | +6.63 |
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Drawdowns
DBMF vs. GNR - Drawdown Comparison
The maximum DBMF drawdown since its inception was -20.39%, smaller than the maximum GNR drawdown of -51.37%. Use the drawdown chart below to compare losses from any high point for DBMF and GNR.
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Drawdown Indicators
| DBMF | GNR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.39% | -51.37% | +30.98% |
Max Drawdown (1Y)Largest decline over 1 year | -6.10% | -10.99% | +4.89% |
Max Drawdown (3Y)Largest decline over 3 years | -15.60% | -21.15% | +5.55% |
Max Drawdown (5Y)Largest decline over 5 years | -20.39% | -25.66% | +5.27% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.59% | — |
Current DrawdownCurrent decline from peak | 0.00% | -4.39% | +4.39% |
Average DrawdownAverage peak-to-trough decline | -6.50% | -14.89% | +8.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.80% | 3.45% | -1.65% |
Volatility
DBMF vs. GNR - Volatility Comparison
The current volatility for iMGP DBi Managed Futures Strategy ETF (DBMF) is 2.84%, while SPDR S&P Global Natural Resources ETF (GNR) has a volatility of 4.80%. This indicates that DBMF experiences smaller price fluctuations and is considered to be less risky than GNR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBMF | GNR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.84% | 4.80% | -1.96% |
Volatility (6M)Calculated over the trailing 6-month period | 10.10% | 14.12% | -4.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.65% | 17.25% | -4.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.44% | 20.21% | -7.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.37% | 21.77% | -9.40% |
DBMF vs. GNR - Expense Ratio Comparison
DBMF has a 0.85% expense ratio, which is higher than GNR's 0.40% expense ratio.
Dividends
DBMF vs. GNR - Dividend Comparison
DBMF's dividend yield for the trailing twelve months is around 5.04%, more than GNR's 2.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBMF iMGP DBi Managed Futures Strategy ETF | 5.04% | 5.91% | 5.75% | 2.91% | 7.72% | 10.38% | 0.86% | 9.35% | 0.00% | 0.00% | 0.00% | 0.00% |
GNR SPDR S&P Global Natural Resources ETF | 2.54% | 2.76% | 4.73% | 3.37% | 4.37% | 3.44% | 2.78% | 3.84% | 3.51% | 2.40% | 2.06% | 4.59% |
Frequently Asked Questions
DBMF and GNR have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GNR has higher volatility (4.80%) compared to DBMF (2.84%). In terms of maximum drawdown, DBMF dropped -20.39% vs GNR's -51.37%.
On 5-year performance, GNR leads with 10.85% vs 8.69% for DBMF. On fees, GNR is cheaper at 0.40% per year. On volatility, DBMF has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GNR has performed better with a 10.85% return vs 8.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GNR is cheaper with a 0.40% expense ratio, compared with 0.85% for DBMF.
DBMF has the higher dividend yield at 5.04%, compared with 2.54% for GNR.
DBMF is categorized as Systematic Trend, while GNR is Natural Resources. They also come from different issuers: iM Global Partners and State Street. Their fees differ too: 0.85% for DBMF and 0.40% for GNR.
DBMF currently has the higher Sharpe Ratio (2.21 vs 1.79), 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.
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