GXDW vs. IMF

Last updated Jun 4, 2026

GXDW (Global X Dorsey Wright Thematic ETF) and IMF (Invesco Managed Futures Strategy ETF) are both Systematic Trend funds. GXDW is passively managed, while IMF is actively managed. Over the past year, GXDW returned 22.25% vs 20.55% for IMF. At a 0.25 correlation, their price movements are largely independent. GXDW charges 0.50%/yr vs 0.65%/yr for IMF.

Performance

GXDW vs. IMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Dorsey Wright Thematic ETF (GXDW) and Invesco Managed Futures Strategy ETF (IMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GXDW achieves a 25.21% return, which is significantly higher than IMF's 14.07% return.

GXDW

• 1D: -2.35%
• 1M: 8.75%
• YTD: 25.21%
• 6M: 20.12%
• 1Y: 22.25%
• 3Y*: 6.51%
• 5Y*: -7.87%
• 10Y*: —

IMF

• 1D: 0.01%
• 1M: 0.95%
• YTD: 14.07%
• 6M: 18.34%
• 1Y: 20.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GXDW vs. IMF - Yearly Performance Comparison

	2026 (YTD)	2025
GXDW Global X Dorsey Wright Thematic ETF	25.21%	0.89%
IMF Invesco Managed Futures Strategy ETF	14.07%	-7.96%

Correlation

The correlation between GXDW and IMF is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (All Time) Calculated using the full available price history since Mar 20, 2025	0.25

Return for Risk

GXDW vs. IMF — Risk / Return Rank

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

GXDW

GXDW Risk / Return Rank: 23
GXDW Sharpe Ratio Rank: 25
GXDW Sortino Ratio Rank: 25
GXDW Omega Ratio Rank: 25
GXDW Calmar Ratio Rank: 21
GXDW Martin Ratio Rank: 19

IMF

IMF Risk / Return Rank: 69
IMF Sharpe Ratio Rank: 59
IMF Sortino Ratio Rank: 54
IMF Omega Ratio Rank: 64
IMF Calmar Ratio Rank: 91
IMF Martin Ratio Rank: 78

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.

GXDW vs. IMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Dorsey Wright Thematic ETF (GXDW) and Invesco Managed Futures Strategy ETF (IMF). 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.

	GXDW	IMF	Difference
Sharpe ratio: Return per unit of total volatility	0.88	1.99	-1.11
Sortino ratio: Return per unit of downside risk	1.32	2.60	-1.28
Omega ratio: Gain probability vs. loss probability	1.17	1.39	-0.22
Calmar ratio: Return relative to maximum drawdown	0.91	5.75	-4.84
Martin ratio: Return relative to average drawdown	2.15	15.12	-12.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GXDW vs. IMF - Sharpe Ratio Comparison

The current GXDW Sharpe Ratio is 0.88, which is lower than the IMF Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of GXDW and IMF, 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

	GXDW	IMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.88	1.99	-1.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.29	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.33	-0.22

Drawdowns

GXDW vs. IMF - Drawdown Comparison

The maximum GXDW drawdown since its inception was -67.81%, which is greater than IMF's maximum drawdown of -15.10%. Use the drawdown chart below to compare losses from any high point for GXDW and IMF.

Drawdown Indicators

	GXDW	IMF	Difference
Max Drawdown Largest peak-to-trough decline	-67.81%	-15.10%	-52.71%
Max Drawdown (1Y) Largest decline over 1 year	-24.65%	-3.59%	-21.06%
Max Drawdown (3Y) Largest decline over 3 years	-31.89%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-61.17%	—	—
Current Drawdown Current decline from peak	-50.50%	-0.83%	-49.67%
Average Drawdown Average peak-to-trough decline	-43.09%	-8.41%	-34.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.35%	1.36%	+8.99%

Volatility

GXDW vs. IMF - Volatility Comparison

Global X Dorsey Wright Thematic ETF (GXDW) has a higher volatility of 10.21% compared to Invesco Managed Futures Strategy ETF (IMF) at 2.08%. This indicates that GXDW's price experiences larger fluctuations and is considered to be riskier than IMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GXDW	IMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.21%	2.08%	+8.13%
Volatility (6M) Calculated over the trailing 6-month period	18.97%	8.91%	+10.06%
Volatility (1Y) Calculated over the trailing 1-year period	25.52%	10.45%	+15.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.63%	12.48%	+15.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.59%	12.48%	+17.11%

GXDW vs. IMF - Expense Ratio Comparison

GXDW has a 0.50% expense ratio, which is lower than IMF's 0.65% expense ratio.

Dividends

GXDW vs. IMF - Dividend Comparison

GXDW's dividend yield for the trailing twelve months is around 1.12%, more than IMF's 0.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
GXDW Global X Dorsey Wright Thematic ETF	1.12%	1.40%	1.08%	1.99%	1.48%	1.56%	0.48%	0.31%
IMF Invesco Managed Futures Strategy ETF	0.89%	1.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GXDW and IMF in my portfolio?

GXDW and IMF have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GXDW or IMF?

GXDW has higher volatility (10.21%) compared to IMF (2.08%). In terms of maximum drawdown, GXDW dropped -67.81% vs IMF's -15.10%.

Which ETF is better, GXDW or IMF?

On 1-year performance, GXDW leads with 22.25% vs 20.55% for IMF. On fees, GXDW is cheaper at 0.50% per year. On volatility, IMF has been the lower-risk option at 2.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GXDW or IMF?

Over the 1-year period, GXDW has performed better with a 22.25% return vs 20.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GXDW or IMF?

GXDW is cheaper with a 0.50% expense ratio, compared with 0.65% for IMF.

Which ETF pays a higher dividend yield, GXDW or IMF?

GXDW has the higher dividend yield at 1.12%, compared with 0.89% for IMF.

What is the main difference between GXDW and IMF?

They also come from different issuers: Global X and Invesco. Their fees differ too: 0.50% for GXDW and 0.65% for IMF.

Which has better risk-adjusted returns?

IMF currently has the higher Sharpe Ratio (1.99 vs 0.88), 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.