DBMF vs. WNTR

Last updated Aug 2, 2026

DBMF (iMGP DBi Managed Futures Strategy ETF) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - DBMF is a Systematic Trend fund actively managed by iMGP, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, DBMF returned 28.45% vs 107.38% for WNTR. Their -0.17 correlation means they have often moved in opposite directions in the past. DBMF charges 0.85%/yr vs 1.00%/yr for WNTR.

Performance

DBMF vs. WNTR - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with DBMF having a 11.19% return and WNTR slightly lower at 10.75%.

DBMF

• 1D: 0.26%
• 1M: 1.95%
• 6M: 6.88%
• YTD: 11.19%
• 1Y: 28.45%
• 3Y*: 9.09%
• 5Y*: 8.34%
• 10Y*: —
• ALL TIME*: 9.17%

WNTR

• 1D: 3.26%
• 1M: 8.13%
• 6M: 14.92%
• YTD: 10.75%
• 1Y: 107.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 47.89%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DBMF iMGP DBi Managed Futures Strategy ETF	$63.53M	$54.84M	$51.08M
WNTR YieldMax MSTR Short Option Income Strategy ETF	$4.02M	$3.86M	$3.95M

DBMF vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
DBMF iMGP DBi Managed Futures Strategy ETF	11.19%	16.66%
WNTR YieldMax MSTR Short Option Income Strategy ETF	10.75%	52.78%

Correlation

The correlation between DBMF and WNTR is -0.19, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.19
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.17

Return for Risk

DBMF vs. WNTR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DBMF

DBMF Risk / Return Rank: 90
DBMF Sharpe Ratio Rank: 89
DBMF Sortino Ratio Rank: 87
DBMF Omega Ratio Rank: 91
DBMF Calmar Ratio Rank: 93
DBMF Martin Ratio Rank: 92

WNTR

WNTR Risk / Return Rank: 75
WNTR Sharpe Ratio Rank: 88
WNTR Sortino Ratio Rank: 74
WNTR Omega Ratio Rank: 77
WNTR Calmar Ratio Rank: 77
WNTR Martin Ratio Rank: 58

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DBMF vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iMGP DBi Managed Futures Strategy ETF (DBMF) and YieldMax MSTR Short Option Income Strategy ETF (WNTR). 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	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	2.18	2.12	+0.07
Sortino ratio: Return per unit of downside risk	2.87	2.37	+0.50
Omega ratio: Gain probability vs. loss probability	1.44	1.32	+0.12
Calmar ratio: Return relative to maximum drawdown	4.54	2.71	+1.82
Martin ratio: Return relative to average drawdown	15.42	6.87	+8.55

DBMF vs. WNTR - Sharpe Ratio Comparison

The current DBMF Sharpe Ratio is 2.18, which is comparable to the WNTR Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of DBMF and WNTR, 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. WNTR - Drawdown Comparison

The maximum DBMF drawdown since its inception was -20.39%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for DBMF and WNTR.

Drawdown Indicators

	DBMF	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-20.39%	-42.65%	+22.26%
Max Drawdown (1Y) Largest decline over 1 year	-6.10%	-42.65%	+36.55%
Max Drawdown (3Y) Largest decline over 3 years	-15.60%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-20.39%	—	—
Current Drawdown Current decline from peak	-1.81%	-9.64%	+7.83%
Average Drawdown Average peak-to-trough decline	-6.48%	-20.18%	+13.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	16.81%	-15.02%

Volatility

DBMF vs. WNTR - Volatility Comparison

The current volatility for iMGP DBi Managed Futures Strategy ETF (DBMF) is 2.31%, while YieldMax MSTR Short Option Income Strategy ETF (WNTR) has a volatility of 14.85%. This indicates that DBMF experiences smaller price fluctuations and is considered to be less risky than WNTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBMF	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.31%	14.85%	-12.54%
Volatility (6M) Calculated over the trailing 6-month period	9.81%	47.43%	-37.62%
Volatility (1Y) Calculated over the trailing 1-year period	12.68%	54.68%	-42.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.44%	53.42%	-40.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.36%	53.42%	-41.06%

DBMF vs. WNTR - Expense Ratio Comparison

DBMF has a 0.85% expense ratio, which is lower than WNTR's 1.00% expense ratio.

Dividends

DBMF vs. WNTR - Dividend Comparison

DBMF's dividend yield for the trailing twelve months is around 5.11%, less than WNTR's 107.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
DBMF iMGP DBi Managed Futures Strategy ETF	5.11%	5.91%	5.75%	2.91%	7.72%	10.38%	0.86%	9.35%
WNTR YieldMax MSTR Short Option Income Strategy ETF	107.02%	58.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBMF and WNTR in my portfolio?

DBMF and WNTR have a correlation of -0.19, 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 WNTR?

WNTR has higher volatility (14.85%) compared to DBMF (2.31%). In terms of maximum drawdown, DBMF dropped -20.39% vs WNTR's -42.65%.

Which ETF is better, DBMF or WNTR?

On 1-year performance, WNTR leads with 107.38% vs 28.45% for DBMF. On fees, DBMF is cheaper at 0.85% per year. On volatility, DBMF has been the lower-risk option at 2.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBMF or WNTR?

Over the 1-year period, WNTR has performed better with a 107.38% return vs 28.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBMF or WNTR?

DBMF is cheaper with a 0.85% expense ratio, compared with 1.00% for WNTR.

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

WNTR has the higher dividend yield at 107.02%, compared with 5.11% for DBMF.

What is the main difference between DBMF and WNTR?

DBMF is categorized as Systematic Trend, while WNTR is Derivative Income. They also come from different issuers: iMGP and YieldMax. Their fees differ too: 0.85% for DBMF and 1.00% for WNTR.

Which has better risk-adjusted returns?

DBMF currently has the higher Sharpe Ratio (2.18 vs 2.12), 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.