DBMF vs. TLTW
DBMF (iMGP DBi Managed Futures Strategy ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both exchange-traded funds - DBMF is a Systematic Trend fund actively managed by iM Global Partners, while TLTW is a Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD). DBMF is actively managed, while TLTW is passively managed. Over the past 3 years, DBMF returned 9.37%/yr vs 0.63%/yr for TLTW. At a correlation of -0.28, they often move in opposite directions. DBMF charges 0.85%/yr vs 0.35%/yr for TLTW.
Performance
DBMF vs. TLTW - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DBMF achieves a 10.48% return, which is significantly higher than TLTW's 1.94% return.
DBMF
- 1D
- 0.19%
- 1M
- -1.12%
- YTD
- 10.48%
- 6M
- 11.61%
- 1Y
- 27.18%
- 3Y*
- 9.37%
- 5Y*
- 8.18%
- 10Y*
- —
TLTW
- 1D
- 0.05%
- 1M
- 2.89%
- YTD
- 1.94%
- 6M
- 2.24%
- 1Y
- 9.50%
- 3Y*
- 0.63%
- 5Y*
- —
- 10Y*
- —
DBMF vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
DBMF iMGP DBi Managed Futures Strategy ETF | 10.48% | 13.85% | 7.24% | -8.94% | -1.44% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 1.94% | 11.36% | -2.18% | 0.73% | -11.14% |
Correlation
The correlation between DBMF and TLTW is 0.05, 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 | 0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.18 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | -0.28 |
The correlation between DBMF and TLTW shifts across timeframes, from -0.28 (all time) to 0.05 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
DBMF vs. TLTW — Risk / Return Rank
DBMF
TLTW
DBMF vs. TLTW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iMGP DBi Managed Futures Strategy ETF (DBMF) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW). 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 | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.96 | ||
| Sortino ratioReturn per unit of downside risk | +1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.22 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 4.48 | 1.60 | +2.88 |
| Martin ratioReturn relative to average drawdown | 16.18 | 4.63 | +11.55 |
Loading charts...
Drawdowns
DBMF vs. TLTW - Drawdown Comparison
The maximum DBMF drawdown since its inception was -20.39%, which is greater than TLTW's maximum drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for DBMF and TLTW.
Loading charts...
Drawdown Indicators
| DBMF | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.39% | -18.61% | -1.78% |
Max Drawdown (1Y)Largest decline over 1 year | -6.10% | -5.97% | -0.13% |
Max Drawdown (3Y)Largest decline over 3 years | -15.60% | -17.19% | +1.59% |
Max Drawdown (5Y)Largest decline over 5 years | -20.39% | — | — |
Current DrawdownCurrent decline from peak | -1.72% | -2.50% | +0.78% |
Average DrawdownAverage peak-to-trough decline | -6.56% | -8.20% | +1.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.68% | 2.06% | -0.38% |
Volatility
DBMF vs. TLTW - Volatility Comparison
iMGP DBi Managed Futures Strategy ETF (DBMF) has a higher volatility of 2.68% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 2.31%. This indicates that DBMF's price experiences larger fluctuations and is considered to be riskier than TLTW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| DBMF | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.68% | 2.31% | +0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 10.00% | 5.84% | +4.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.37% | 7.66% | +4.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.55% | 11.35% | +1.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.41% | 11.35% | +1.06% |
DBMF vs. TLTW - Expense Ratio Comparison
DBMF has a 0.85% expense ratio, which is higher than TLTW's 0.35% expense ratio.
Dividends
DBMF vs. TLTW - Dividend Comparison
DBMF's dividend yield for the trailing twelve months is around 5.18%, less than TLTW's 11.67% 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% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.67% | 14.82% | 14.47% | 19.59% | 8.71% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DBMF and TLTW have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBMF has higher volatility (2.68%) compared to TLTW (2.31%). In terms of maximum drawdown, DBMF dropped -20.39% vs TLTW's -18.61%.
On 3-year performance, DBMF leads with 9.37% vs 0.63% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, TLTW has been the lower-risk option at 2.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DBMF has performed better with a 9.37% return vs 0.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLTW is cheaper with a 0.35% expense ratio, compared with 0.85% for DBMF.
TLTW has the higher dividend yield at 11.67%, compared with 5.18% for DBMF.
DBMF is categorized as Systematic Trend, while TLTW is Derivative Income. They also come from different issuers: iM Global Partners and iShares. Their fees differ too: 0.85% for DBMF and 0.35% for TLTW.
DBMF currently has the higher Sharpe Ratio (2.21 vs 1.25), 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.
Find the right allocation for DBMF and TLTW
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer