DBMF vs. VMFXX

Last updated Jun 13, 2026

DBMF (iMGP DBi Managed Futures Strategy ETF) and VMFXX (Vanguard Federal Money Market Fund) are both funds - DBMF is a Systematic Trend fund actively managed by iM Global Partners, while VMFXX is a Money Market fund managed by Vanguard. Over the past 5 years, DBMF returned 8.01%/yr vs 2.39%/yr for VMFXX. At a correlation of -0.06, they often move in opposite directions. DBMF charges 0.85%/yr vs 0.11%/yr for VMFXX.

Performance

DBMF vs. VMFXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iMGP DBi Managed Futures Strategy ETF (DBMF) and Vanguard Federal Money Market Fund (VMFXX). 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 VMFXX's 1.50% return.

DBMF

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

VMFXX

• 1D: 0.00%
• 1M: 0.30%
• YTD: 1.50%
• 6M: 1.82%
• 1Y: 3.95%
• 3Y*: 3.35%
• 5Y*: 2.39%
• 10Y*: —

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

DBMF vs. VMFXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DBMF iMGP DBi Managed Futures Strategy ETF	10.27%	13.85%	7.24%	-8.94%	21.61%	-0.45%
VMFXX Vanguard Federal Money Market Fund	1.50%	4.24%	1.64%	4.64%	0.00%	0.00%

Correlation

The correlation between DBMF and VMFXX is -0.15, 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	-0.15
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (5Y) Calculated over the trailing 5-year period	-0.07
Correlation (All Time) Calculated using the full available price history since May 25, 2021	-0.06

DBMF vs. VMFXX - Sectors Allocation Comparison

Sectors	DBMF	VMFXX
Technology	29.8%	-
Healthcare	12.7%	-
Financial Services	12.5%	17.5%
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. VMFXX — 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

VMFXX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. VMFXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iMGP DBi Managed Futures Strategy ETF (DBMF) and Vanguard Federal Money Market Fund (VMFXX). 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	VMFXX	Difference
Sharpe ratio: Return per unit of total volatility	2.22	3.67	-1.45
Sortino ratio: Return per unit of downside risk	2.92	—	—
Omega ratio: Gain probability vs. loss probability	1.47	—	—
Calmar ratio: Return relative to maximum drawdown	4.50	—	—
Martin ratio: Return relative to average drawdown	16.30	—	—

DBMF vs. VMFXX - Sharpe Ratio Comparison

The current DBMF Sharpe Ratio is 2.22, which is lower than the VMFXX Sharpe Ratio of 3.67. The chart below compares the historical Sharpe Ratios of DBMF and VMFXX, 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. VMFXX - Drawdown Comparison

The maximum DBMF drawdown since its inception was -20.39%, which is greater than VMFXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for DBMF and VMFXX.

Drawdown Indicators

	DBMF	VMFXX	Difference
Max Drawdown Largest peak-to-trough decline	-20.39%	0.00%	-20.39%
Max Drawdown (1Y) Largest decline over 1 year	-6.10%	0.00%	-6.10%
Max Drawdown (3Y) Largest decline over 3 years	-15.60%	0.00%	-15.60%
Max Drawdown (5Y) Largest decline over 5 years	-20.39%	0.00%	-20.39%
Current Drawdown Current decline from peak	-1.91%	0.00%	-1.91%
Average Drawdown Average peak-to-trough decline	-6.56%	0.00%	-6.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	0.00%	+1.68%

Volatility

DBMF vs. VMFXX - Volatility Comparison

iMGP DBi Managed Futures Strategy ETF (DBMF) has a higher volatility of 2.71% compared to Vanguard Federal Money Market Fund (VMFXX) at 0.30%. This indicates that DBMF's price experiences larger fluctuations and is considered to be riskier than VMFXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBMF	VMFXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.71%	0.30%	+2.41%
Volatility (6M) Calculated over the trailing 6-month period	10.00%	0.79%	+9.21%
Volatility (1Y) Calculated over the trailing 1-year period	12.35%	1.12%	+11.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.55%	0.94%	+11.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.41%	0.94%	+11.47%

DBMF vs. VMFXX - Expense Ratio Comparison

DBMF has a 0.85% expense ratio, which is higher than VMFXX's 0.11% expense ratio.

Dividends

DBMF vs. VMFXX - Dividend Comparison

DBMF's dividend yield for the trailing twelve months is around 5.19%, more than VMFXX's 3.87% 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%
VMFXX Vanguard Federal Money Market Fund	3.87%	4.14%	1.63%	4.53%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBMF and VMFXX in my portfolio?

DBMF and VMFXX have a correlation of -0.15, 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 VMFXX?

DBMF has higher volatility (2.71%) compared to VMFXX (0.30%). In terms of maximum drawdown, DBMF dropped -20.39% vs VMFXX's 0.00%.

Which has better risk-adjusted returns?

VMFXX currently has the higher Sharpe Ratio (3.67 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.