DBMF vs. JAAA

Last updated Jun 13, 2026

DBMF (iMGP DBi Managed Futures Strategy ETF) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - DBMF is a Systematic Trend fund actively managed by iM Global Partners, while JAAA is a CLO fund actively managed by Janus Henderson. Both are actively managed. Over the past 5 years, DBMF returned 8.01%/yr vs 4.76%/yr for JAAA. At a correlation of -0.00, they often move in opposite directions. DBMF charges 0.85%/yr vs 0.20%/yr for JAAA.

Performance

DBMF vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iMGP DBi Managed Futures Strategy ETF (DBMF) and Janus Henderson AAA CLO ETF (JAAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBMF achieves a 10.27% return, which is significantly higher than JAAA's 1.99% return.

DBMF

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

JAAA

• 1D: 0.02%
• 1M: 0.33%
• YTD: 1.99%
• 6M: 2.49%
• 1Y: 4.99%
• 3Y*: 6.67%
• 5Y*: 4.76%
• 10Y*: —

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

DBMF vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DBMF iMGP DBi Managed Futures Strategy ETF	10.27%	13.85%	7.24%	-8.94%	21.61%	11.49%	4.35%
JAAA Janus Henderson AAA CLO ETF	1.99%	5.16%	7.43%	8.59%	0.49%	1.39%	0.76%

Correlation

The correlation between DBMF and JAAA is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.00
Correlation (All Time) Calculated using the full available price history since Oct 19, 2020	-0.00

Return for Risk

DBMF vs. JAAA — 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

JAAA

JAAA Risk / Return Rank: 98
JAAA Sharpe Ratio Rank: 99
JAAA Sortino Ratio Rank: 99
JAAA Omega Ratio Rank: 99
JAAA Calmar Ratio Rank: 98
JAAA Martin Ratio Rank: 98

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. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iMGP DBi Managed Futures Strategy ETF (DBMF) and Janus Henderson AAA CLO ETF (JAAA). 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	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	2.22	6.03	-3.80
Sortino ratio: Return per unit of downside risk	2.92	10.06	-7.14
Omega ratio: Gain probability vs. loss probability	1.47	2.72	-1.25
Calmar ratio: Return relative to maximum drawdown	4.50	12.91	-8.41
Martin ratio: Return relative to average drawdown	16.30	69.57	-53.27

DBMF vs. JAAA - Sharpe Ratio Comparison

The current DBMF Sharpe Ratio is 2.22, which is lower than the JAAA Sharpe Ratio of 6.03. The chart below compares the historical Sharpe Ratios of DBMF and JAAA, 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. JAAA - Drawdown Comparison

The maximum DBMF drawdown since its inception was -20.39%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for DBMF and JAAA.

Drawdown Indicators

	DBMF	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-20.39%	-2.64%	-17.75%
Max Drawdown (1Y) Largest decline over 1 year	-6.10%	-0.39%	-5.71%
Max Drawdown (3Y) Largest decline over 3 years	-15.60%	-1.46%	-14.14%
Max Drawdown (5Y) Largest decline over 5 years	-20.39%	-2.64%	-17.75%
Current Drawdown Current decline from peak	-1.91%	0.00%	-1.91%
Average Drawdown Average peak-to-trough decline	-6.56%	-0.25%	-6.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	0.07%	+1.61%

Volatility

DBMF vs. JAAA - Volatility Comparison

iMGP DBi Managed Futures Strategy ETF (DBMF) has a higher volatility of 2.71% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.12%. This indicates that DBMF's price experiences larger fluctuations and is considered to be riskier than JAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBMF	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.71%	0.12%	+2.59%
Volatility (6M) Calculated over the trailing 6-month period	10.00%	0.63%	+9.37%
Volatility (1Y) Calculated over the trailing 1-year period	12.35%	0.83%	+11.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.55%	1.67%	+10.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.41%	1.64%	+10.77%

DBMF vs. JAAA - Expense Ratio Comparison

DBMF has a 0.85% expense ratio, which is higher than JAAA's 0.20% expense ratio.

Dividends

DBMF vs. JAAA - Dividend Comparison

DBMF's dividend yield for the trailing twelve months is around 5.19%, more than JAAA's 4.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
DBMF iMGP DBi Managed Futures Strategy ETF	5.19%	5.91%	5.75%	2.91%	7.72%	10.38%	0.86%	9.35%
JAAA Janus Henderson AAA CLO ETF	4.99%	5.30%	6.35%	6.11%	2.74%	1.21%	0.26%	0.00%

Frequently Asked Questions

Can I hold both DBMF and JAAA in my portfolio?

DBMF and JAAA have a correlation of -0.01, 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 JAAA?

DBMF has higher volatility (2.71%) compared to JAAA (0.12%). In terms of maximum drawdown, DBMF dropped -20.39% vs JAAA's -2.64%.

Which ETF is better, DBMF or JAAA?

On 5-year performance, DBMF leads with 8.01% vs 4.76% for JAAA. On fees, JAAA is cheaper at 0.20% per year. On volatility, JAAA has been the lower-risk option at 0.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBMF or JAAA?

Over the 5-year period, DBMF has performed better with a 8.01% return vs 4.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBMF or JAAA?

JAAA is cheaper with a 0.20% expense ratio, compared with 0.85% for DBMF.

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

DBMF has the higher dividend yield at 5.19%, compared with 4.99% for JAAA.

What is the main difference between DBMF and JAAA?

DBMF is categorized as Systematic Trend, while JAAA is CLO. They also come from different issuers: iM Global Partners and Janus Henderson. Their fees differ too: 0.85% for DBMF and 0.20% for JAAA.

Which has better risk-adjusted returns?

JAAA currently has the higher Sharpe Ratio (6.03 vs 2.22), 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.