DBMF vs. GPIX

Last updated Jun 16, 2026

DBMF (iMGP DBi Managed Futures Strategy ETF) and GPIX (Goldman Sachs S&P 500 Premium Income ETF) are both exchange-traded funds - DBMF is a Systematic Trend fund actively managed by iM Global Partners, while GPIX is a Derivative Income fund actively managed by Goldman Sachs. Both are actively managed. Over the past year, DBMF returned 27.18% vs 25.72% for GPIX. At a 0.30 correlation, their price movements are largely independent. DBMF charges 0.85%/yr vs 0.29%/yr for GPIX.

Performance

DBMF vs. GPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iMGP DBi Managed Futures Strategy ETF (DBMF) and Goldman Sachs S&P 500 Premium Income ETF (GPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with DBMF having a 10.48% return and GPIX slightly lower at 10.28%.

DBMF

• 1D: 0.19%
• 1M: -1.12%
• YTD: 10.48%
• 6M: 11.61%
• 1Y: 27.18%
• 3Y*: 9.37%
• 5Y*: 8.18%
• 10Y*: —

GPIX

• 1D: 1.51%
• 1M: 2.08%
• YTD: 10.28%
• 6M: 10.95%
• 1Y: 25.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DBMF vs. GPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DBMF iMGP DBi Managed Futures Strategy ETF	10.48%	13.85%	7.24%	-8.24%
GPIX Goldman Sachs S&P 500 Premium Income ETF	10.28%	16.25%	21.77%	13.04%

Correlation

The correlation between DBMF and GPIX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (All Time) Calculated using the full available price history since Oct 26, 2023	0.30

Return for Risk

DBMF vs. GPIX — Risk / Return Rank

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

DBMF

DBMF Risk / Return Rank: 82
DBMF Sharpe Ratio Rank: 78
DBMF Sortino Ratio Rank: 72
DBMF Omega Ratio Rank: 86
DBMF Calmar Ratio Rank: 87
DBMF Martin Ratio Rank: 86

GPIX

GPIX Risk / Return Rank: 83
GPIX Sharpe Ratio Rank: 84
GPIX Sortino Ratio Rank: 84
GPIX Omega Ratio Rank: 86
GPIX Calmar Ratio Rank: 73
GPIX Martin Ratio Rank: 86

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. GPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iMGP DBi Managed Futures Strategy ETF (DBMF) and Goldman Sachs S&P 500 Premium Income ETF (GPIX). 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	GPIX	Difference
Sharpe ratio: Return per unit of total volatility	2.21	2.42	-0.21
Sortino ratio: Return per unit of downside risk	2.91	3.30	-0.39
Omega ratio: Gain probability vs. loss probability	1.47	1.46	0.00
Calmar ratio: Return relative to maximum drawdown	4.48	3.35	+1.12
Martin ratio: Return relative to average drawdown	16.18	16.40	-0.22

DBMF vs. GPIX - Sharpe Ratio Comparison

The current DBMF Sharpe Ratio is 2.21, which is comparable to the GPIX Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of DBMF and GPIX, 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. GPIX - Drawdown Comparison

The maximum DBMF drawdown since its inception was -20.39%, which is greater than GPIX's maximum drawdown of -17.50%. Use the drawdown chart below to compare losses from any high point for DBMF and GPIX.

Drawdown Indicators

	DBMF	GPIX	Difference
Max Drawdown Largest peak-to-trough decline	-20.39%	-17.50%	-2.89%
Max Drawdown (1Y) Largest decline over 1 year	-6.10%	-7.71%	+1.61%
Max Drawdown (3Y) Largest decline over 3 years	-15.60%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-20.39%	—	—
Current Drawdown Current decline from peak	-1.72%	-0.14%	-1.58%
Average Drawdown Average peak-to-trough decline	-6.56%	-1.48%	-5.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	1.57%	+0.11%

Volatility

DBMF vs. GPIX - Volatility Comparison

The current volatility for iMGP DBi Managed Futures Strategy ETF (DBMF) is 2.68%, while Goldman Sachs S&P 500 Premium Income ETF (GPIX) has a volatility of 4.00%. This indicates that DBMF experiences smaller price fluctuations and is considered to be less risky than GPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBMF	GPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.68%	4.00%	-1.32%
Volatility (6M) Calculated over the trailing 6-month period	10.00%	8.63%	+1.37%
Volatility (1Y) Calculated over the trailing 1-year period	12.37%	10.69%	+1.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.55%	13.88%	-1.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.41%	13.88%	-1.47%

DBMF vs. GPIX - Expense Ratio Comparison

DBMF has a 0.85% expense ratio, which is higher than GPIX's 0.29% expense ratio.

Dividends

DBMF vs. GPIX - Dividend Comparison

DBMF's dividend yield for the trailing twelve months is around 5.18%, less than GPIX's 7.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
DBMF iMGP DBi Managed Futures Strategy ETF	5.18%	5.91%	5.75%	2.91%	7.72%	10.38%	0.86%	9.35%
GPIX Goldman Sachs S&P 500 Premium Income ETF	7.97%	8.01%	7.45%	1.40%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBMF and GPIX in my portfolio?

DBMF and GPIX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBMF or GPIX?

GPIX has higher volatility (4.00%) compared to DBMF (2.68%). In terms of maximum drawdown, DBMF dropped -20.39% vs GPIX's -17.50%.

Which ETF is better, DBMF or GPIX?

On 1-year performance, DBMF leads with 27.18% vs 25.72% for GPIX. On fees, GPIX is cheaper at 0.29% per year. On volatility, DBMF has been the lower-risk option at 2.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBMF or GPIX?

Over the 1-year period, DBMF has performed better with a 27.18% return vs 25.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBMF or GPIX?

GPIX is cheaper with a 0.29% expense ratio, compared with 0.85% for DBMF.

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

GPIX has the higher dividend yield at 7.97%, compared with 5.18% for DBMF.

What is the main difference between DBMF and GPIX?

DBMF is categorized as Systematic Trend, while GPIX is Derivative Income. They also come from different issuers: iM Global Partners and Goldman Sachs. Their fees differ too: 0.85% for DBMF and 0.29% for GPIX.

Which has better risk-adjusted returns?

GPIX currently has the higher Sharpe Ratio (2.42 vs 2.21), 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.