DBMF vs. TBLL

Last updated Jun 4, 2026

DBMF (iMGP DBi Managed Futures Strategy ETF) and TBLL (Invesco Short Term Treasury ETF) are both exchange-traded funds - DBMF is a Systematic Trend fund actively managed by iM Global Partners, while TBLL is a Ultrashort Bond fund tracking the ICE U.S. Treasury Short Bond Index. DBMF is actively managed, while TBLL is passively managed. Over the past 5 years, DBMF returned 8.46%/yr vs 3.35%/yr for TBLL. At a correlation of -0.09, they often move in opposite directions. DBMF charges 0.85%/yr vs 0.08%/yr for TBLL.

Performance

DBMF vs. TBLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iMGP DBi Managed Futures Strategy ETF (DBMF) and Invesco Short Term Treasury ETF (TBLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBMF achieves a 12.42% return, which is significantly higher than TBLL's 1.43% return.

DBMF

• 1D: 0.03%
• 1M: 2.35%
• YTD: 12.42%
• 6M: 14.20%
• 1Y: 31.40%
• 3Y*: 10.81%
• 5Y*: 8.46%
• 10Y*: —

TBLL

• 1D: 0.01%
• 1M: 0.29%
• YTD: 1.43%
• 6M: 1.74%
• 1Y: 3.93%
• 3Y*: 4.66%
• 5Y*: 3.35%
• 10Y*: —

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

DBMF vs. TBLL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
DBMF iMGP DBi Managed Futures Strategy ETF	12.42%	13.85%	7.24%	-8.94%	21.61%	11.49%	1.80%	10.67%
TBLL Invesco Short Term Treasury ETF	1.43%	4.21%	5.11%	5.01%	1.11%	-0.01%	0.93%	1.29%

Correlation

The correlation between DBMF and TBLL is -0.12, 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	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	-0.06
Correlation (5Y) Calculated over the trailing 5-year period	-0.14
Correlation (All Time) Calculated using the full available price history since May 9, 2019	-0.09

DBMF vs. TBLL - Sectors Allocation Comparison

Sectors	DBMF	TBLL
Technology	29.8%	-
Healthcare	12.7%	-
Financial Services	12.5%	64.0%
Consumer Cyclical	11.0%	-
Communication Services	8.6%	-
Industrials	8.4%	-
Consumer Defensive	6.1%	-
Energy	3.9%	-
Real Estate	2.5%	-
Utilities	2.3%	-
Basic Materials	2.2%	-

Return for Risk

DBMF vs. TBLL — Risk / Return Rank

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

DBMF

DBMF Risk / Return Rank: 83
DBMF Sharpe Ratio Rank: 78
DBMF Sortino Ratio Rank: 73
DBMF Omega Ratio Rank: 87
DBMF Calmar Ratio Rank: 88
DBMF Martin Ratio Rank: 87

TBLL

TBLL Risk / Return Rank: 100
TBLL Sharpe Ratio Rank: 100
TBLL Sortino Ratio Rank: 100
TBLL Omega Ratio Rank: 100
TBLL Calmar Ratio Rank: 100
TBLL Martin Ratio Rank: 100

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. TBLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iMGP DBi Managed Futures Strategy ETF (DBMF) and Invesco Short Term Treasury ETF (TBLL). 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.

	DBMF	TBLL	Difference
Sharpe ratio: Return per unit of total volatility	2.59	20.94	-18.34
Sortino ratio: Return per unit of downside risk	3.39	218.31	-214.92
Omega ratio: Gain probability vs. loss probability	1.55	102.92	-101.37
Calmar ratio: Return relative to maximum drawdown	5.17	416.84	-411.67
Martin ratio: Return relative to average drawdown	19.07	3,533.11	-3,514.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBMF vs. TBLL - Sharpe Ratio Comparison

The current DBMF Sharpe Ratio is 2.59, which is lower than the TBLL Sharpe Ratio of 20.94. The chart below compares the historical Sharpe Ratios of DBMF and TBLL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DBMF	TBLL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.59	20.94	-18.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	7.53	-6.85
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	4.26	-3.48

Drawdowns

DBMF vs. TBLL - Drawdown Comparison

The maximum DBMF drawdown since its inception was -20.39%, which is greater than TBLL's maximum drawdown of -0.63%. Use the drawdown chart below to compare losses from any high point for DBMF and TBLL.

Drawdown Indicators

	DBMF	TBLL	Difference
Max Drawdown Largest peak-to-trough decline	-20.39%	-0.63%	-19.76%
Max Drawdown (1Y) Largest decline over 1 year	-6.10%	-0.01%	-6.09%
Max Drawdown (3Y) Largest decline over 3 years	-15.60%	-0.36%	-15.24%
Max Drawdown (5Y) Largest decline over 5 years	-20.39%	-0.36%	-20.03%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.59%	-0.14%	-6.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.65%	0.00%	+1.65%

Volatility

DBMF vs. TBLL - Volatility Comparison

iMGP DBi Managed Futures Strategy ETF (DBMF) has a higher volatility of 2.12% compared to Invesco Short Term Treasury ETF (TBLL) at 0.05%. This indicates that DBMF's price experiences larger fluctuations and is considered to be riskier than TBLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBMF	TBLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.12%	0.05%	+2.07%
Volatility (6M) Calculated over the trailing 6-month period	9.76%	0.12%	+9.64%
Volatility (1Y) Calculated over the trailing 1-year period	12.17%	0.19%	+11.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.52%	0.45%	+12.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.41%	0.56%	+11.85%

DBMF vs. TBLL - Expense Ratio Comparison

DBMF has a 0.85% expense ratio, which is higher than TBLL's 0.08% expense ratio.

Dividends

DBMF vs. TBLL - Dividend Comparison

DBMF's dividend yield for the trailing twelve months is around 5.09%, more than TBLL's 3.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBMF iMGP DBi Managed Futures Strategy ETF	5.09%	5.91%	5.75%	2.91%	7.72%	10.38%	0.86%	9.35%	0.00%	0.00%
TBLL Invesco Short Term Treasury ETF	3.81%	4.08%	4.99%	4.63%	1.37%	0.03%	0.80%	2.08%	1.69%	0.71%

Frequently Asked Questions

Can I hold both DBMF and TBLL in my portfolio?

DBMF and TBLL have a correlation of -0.12, 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 TBLL?

DBMF has higher volatility (2.12%) compared to TBLL (0.05%). In terms of maximum drawdown, DBMF dropped -20.39% vs TBLL's -0.63%.

Which ETF is better, DBMF or TBLL?

On 5-year performance, DBMF leads with 8.46% vs 3.35% for TBLL. On fees, TBLL is cheaper at 0.08% per year. On volatility, TBLL has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBMF or TBLL?

Over the 5-year period, DBMF has performed better with a 8.46% return vs 3.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBMF or TBLL?

TBLL is cheaper with a 0.08% expense ratio, compared with 0.85% for DBMF.

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

DBMF has the higher dividend yield at 5.09%, compared with 3.81% for TBLL.

What is the main difference between DBMF and TBLL?

DBMF is categorized as Systematic Trend, while TBLL is Ultrashort Bond. They also come from different issuers: iM Global Partners and Invesco. Their fees differ too: 0.85% for DBMF and 0.08% for TBLL.

Which has better risk-adjusted returns?

TBLL currently has the higher Sharpe Ratio (20.94 vs 2.59), 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.