DBMF vs. LIWPX

Last updated Jun 13, 2026

DBMF (iMGP DBi Managed Futures Strategy ETF) and LIWPX (BlackRock LifePath Index 2065 Fund) are both funds - DBMF is a Systematic Trend fund actively managed by iM Global Partners, while LIWPX is a Target Retirement Date fund managed by BlackRock. Over the past 5 years, DBMF returned 8.01%/yr vs 9.65%/yr for LIWPX. At a 0.19 correlation, their price movements are largely independent. DBMF charges 0.85%/yr vs 0.35%/yr for LIWPX.

Performance

DBMF vs. LIWPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iMGP DBi Managed Futures Strategy ETF (DBMF) and BlackRock LifePath Index 2065 Fund (LIWPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with DBMF having a 10.27% return and LIWPX slightly higher at 10.55%.

DBMF

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

LIWPX

• 1D: 2.41%
• 1M: 0.15%
• YTD: 10.55%
• 6M: 11.22%
• 1Y: 24.89%
• 3Y*: 18.62%
• 5Y*: 9.65%
• 10Y*: —

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

DBMF vs. LIWPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
DBMF iMGP DBi Managed Futures Strategy ETF	10.27%	13.85%	7.24%	-8.94%	21.61%	11.49%	1.80%	1.88%
LIWPX BlackRock LifePath Index 2065 Fund	10.55%	21.32%	14.17%	21.22%	-18.52%	18.51%	15.12%	5.67%

Correlation

The correlation between DBMF and LIWPX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (All Time) Calculated using the full available price history since Oct 30, 2019	0.19

Over the past year, DBMF and LIWPX have become more correlated (0.40) than their long-term average of 0.19, meaning their price movements have been converging.

Return for Risk

DBMF vs. LIWPX — 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

LIWPX

LIWPX Risk / Return Rank: 69
LIWPX Sharpe Ratio Rank: 67
LIWPX Sortino Ratio Rank: 65
LIWPX Omega Ratio Rank: 64
LIWPX Calmar Ratio Rank: 70
LIWPX Martin Ratio Rank: 78

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. LIWPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iMGP DBi Managed Futures Strategy ETF (DBMF) and BlackRock LifePath Index 2065 Fund (LIWPX). 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	LIWPX	Difference
Sharpe ratio: Return per unit of total volatility	2.22	1.91	+0.31
Sortino ratio: Return per unit of downside risk	2.92	2.64	+0.28
Omega ratio: Gain probability vs. loss probability	1.47	1.35	+0.12
Calmar ratio: Return relative to maximum drawdown	4.50	2.66	+1.84
Martin ratio: Return relative to average drawdown	16.30	11.55	+4.75

DBMF vs. LIWPX - Sharpe Ratio Comparison

The current DBMF Sharpe Ratio is 2.22, which is comparable to the LIWPX Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of DBMF and LIWPX, 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. LIWPX - Drawdown Comparison

The maximum DBMF drawdown since its inception was -20.39%, smaller than the maximum LIWPX drawdown of -33.12%. Use the drawdown chart below to compare losses from any high point for DBMF and LIWPX.

Drawdown Indicators

	DBMF	LIWPX	Difference
Max Drawdown Largest peak-to-trough decline	-20.39%	-33.12%	+12.73%
Max Drawdown (1Y) Largest decline over 1 year	-6.10%	-9.57%	+3.47%
Max Drawdown (3Y) Largest decline over 3 years	-15.60%	-16.97%	+1.37%
Max Drawdown (5Y) Largest decline over 5 years	-20.39%	-26.57%	+6.18%
Current Drawdown Current decline from peak	-1.91%	-2.25%	+0.34%
Average Drawdown Average peak-to-trough decline	-6.56%	-5.86%	-0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	2.20%	-0.52%

Volatility

DBMF vs. LIWPX - Volatility Comparison

The current volatility for iMGP DBi Managed Futures Strategy ETF (DBMF) is 2.71%, while BlackRock LifePath Index 2065 Fund (LIWPX) has a volatility of 5.30%. This indicates that DBMF experiences smaller price fluctuations and is considered to be less risky than LIWPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBMF	LIWPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.71%	5.30%	-2.59%
Volatility (6M) Calculated over the trailing 6-month period	10.00%	11.02%	-1.02%
Volatility (1Y) Calculated over the trailing 1-year period	12.35%	13.33%	-0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.55%	15.95%	-3.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.41%	18.59%	-6.18%

DBMF vs. LIWPX - Expense Ratio Comparison

DBMF has a 0.85% expense ratio, which is higher than LIWPX's 0.35% expense ratio.

Dividends

DBMF vs. LIWPX - Dividend Comparison

DBMF's dividend yield for the trailing twelve months is around 5.19%, more than LIWPX's 1.42% 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%
LIWPX BlackRock LifePath Index 2065 Fund	1.42%	1.57%	0.00%	1.76%	1.50%	1.58%	1.13%	0.83%

Frequently Asked Questions

Can I hold both DBMF and LIWPX in my portfolio?

DBMF and LIWPX have a correlation of 0.40, 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 LIWPX?

LIWPX has higher volatility (5.30%) compared to DBMF (2.71%). In terms of maximum drawdown, DBMF dropped -20.39% vs LIWPX's -33.12%.

Which has better risk-adjusted returns?

DBMF currently has the higher Sharpe Ratio (2.22 vs 1.91), 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.