DBMF vs. SH
DBMF (iMGP DBi Managed Futures Strategy ETF) and SH (ProShares Short S&P500) are both exchange-traded funds - DBMF is a Systematic Trend fund actively managed by iM Global Partners, while SH is a Inverse Equities fund tracking the S&P 500 (-100%). DBMF is actively managed, while SH is passively managed. Over the past 5 years, DBMF returned 8.01%/yr vs -8.68%/yr for SH. At a correlation of -0.17, they often move in opposite directions. DBMF charges 0.85%/yr vs 0.90%/yr for SH.
Performance
DBMF vs. SH - Performance Comparison
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Returns By Period
In the year-to-date period, DBMF achieves a 10.27% return, which is significantly higher than SH's -6.39% return.
DBMF
- 1D
- 0.26%
- 1M
- -1.31%
- YTD
- 10.27%
- 6M
- 11.24%
- 1Y
- 26.94%
- 3Y*
- 9.64%
- 5Y*
- 8.01%
- 10Y*
- —
SH
- 1D
- -0.50%
- 1M
- 0.03%
- YTD
- -6.39%
- 6M
- -6.43%
- 1Y
- -15.90%
- 3Y*
- -11.96%
- 5Y*
- -8.68%
- 10Y*
- -12.83%
DBMF vs. SH - 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% | 10.51% |
SH ProShares Short S&P500 | -6.39% | -11.35% | -13.52% | -14.80% | 18.98% | -24.21% | -25.09% | -10.69% |
Correlation
The correlation between DBMF and SH is -0.35, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.11 |
Correlation (All Time) Calculated using the full available price history since May 8, 2019 | -0.17 |
The correlation between DBMF and SH shifts across timeframes, from -0.35 (1 year) to -0.11 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
DBMF vs. SH — Risk / Return Rank
DBMF
SH
DBMF vs. SH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iMGP DBi Managed Futures Strategy ETF (DBMF) and ProShares Short S&P500 (SH). 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 | SH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.44 | ||
| Sortino ratioReturn per unit of downside risk | +4.68 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 0.81 | +0.66 |
| Calmar ratioReturn relative to maximum drawdown | 4.50 | -0.82 | +5.32 |
| Martin ratioReturn relative to average drawdown | 16.30 | -1.47 | +17.78 |
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Drawdowns
DBMF vs. SH - Drawdown Comparison
The maximum DBMF drawdown since its inception was -20.39%, smaller than the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for DBMF and SH.
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Drawdown Indicators
| DBMF | SH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.39% | -94.66% | +74.27% |
Max Drawdown (1Y)Largest decline over 1 year | -6.10% | -18.16% | +12.06% |
Max Drawdown (3Y)Largest decline over 3 years | -15.60% | -38.82% | +23.22% |
Max Drawdown (5Y)Largest decline over 5 years | -20.39% | -44.53% | +24.14% |
Max Drawdown (10Y)Largest decline over 10 years | — | -76.12% | — |
Current DrawdownCurrent decline from peak | -1.91% | -94.53% | +92.62% |
Average DrawdownAverage peak-to-trough decline | -6.56% | -67.75% | +61.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.68% | 10.13% | -8.45% |
Volatility
DBMF vs. SH - Volatility Comparison
The current volatility for iMGP DBi Managed Futures Strategy ETF (DBMF) is 2.71%, while ProShares Short S&P500 (SH) has a volatility of 4.33%. This indicates that DBMF experiences smaller price fluctuations and is considered to be less risky than SH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBMF | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.71% | 4.33% | -1.62% |
Volatility (6M)Calculated over the trailing 6-month period | 10.00% | 9.59% | +0.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.35% | 12.28% | +0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.55% | 16.91% | -4.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.41% | 18.04% | -5.63% |
DBMF vs. SH - Expense Ratio Comparison
DBMF has a 0.85% expense ratio, which is lower than SH's 0.90% expense ratio.
Dividends
DBMF vs. SH - Dividend Comparison
DBMF's dividend yield for the trailing twelve months is around 5.19%, more than SH's 4.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DBMF iMGP DBi Managed Futures Strategy ETF | 5.19% | 5.91% | 5.75% | 2.91% | 7.72% | 10.38% | 0.86% | 9.35% | 0.00% | 0.00% |
SH ProShares Short S&P500 | 4.43% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% |
Frequently Asked Questions
DBMF and SH have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SH has higher volatility (4.33%) compared to DBMF (2.71%). In terms of maximum drawdown, DBMF dropped -20.39% vs SH's -94.66%.
On 5-year performance, DBMF leads with 8.01% vs -8.68% for SH. On fees, DBMF is cheaper at 0.85% per year. On volatility, DBMF has been the lower-risk option at 2.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBMF has performed better with a 8.01% return vs -8.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBMF is cheaper with a 0.85% expense ratio, compared with 0.90% for SH.
DBMF has the higher dividend yield at 5.19%, compared with 4.43% for SH.
DBMF is categorized as Systematic Trend, while SH is Inverse Equities. They also come from different issuers: iM Global Partners and ProShares. Their fees differ too: 0.85% for DBMF and 0.90% for SH.
DBMF currently has the higher Sharpe Ratio (2.22 vs -1.22), 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.
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