ISMF vs. DBMF

Last updated Jun 23, 2026

ISMF (iShares Managed Futures Active ETF) and DBMF (iMGP DBi Managed Futures Strategy ETF) are both Systematic Trend funds. Both are actively managed. Over the past year, ISMF returned 22.62% vs 27.61% for DBMF. At a 0.48 correlation, their price movements are largely independent. ISMF charges 0.80%/yr vs 0.85%/yr for DBMF.

Performance

ISMF vs. DBMF - Performance Comparison

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

Returns By Period

In the year-to-date period, ISMF achieves a 6.76% return, which is significantly lower than DBMF's 10.77% return.

ISMF

• 1D: -0.14%
• 1M: -1.11%
• YTD: 6.76%
• 6M: 6.76%
• 1Y: 22.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBMF

• 1D: 0.13%
• 1M: -0.42%
• YTD: 10.77%
• 6M: 10.08%
• 1Y: 27.61%
• 3Y*: 9.24%
• 5Y*: 8.43%
• 10Y*: —

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

ISMF vs. DBMF - Yearly Performance Comparison

	2026 (YTD)	2025
ISMF iShares Managed Futures Active ETF	6.76%	11.53%
DBMF iMGP DBi Managed Futures Strategy ETF	10.77%	18.70%

Correlation

The correlation between ISMF and DBMF is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (All Time) Calculated using the full available price history since Mar 13, 2025	0.48

The correlation between ISMF and DBMF has been stable across timeframes, ranging from 0.48 to 0.51 - a consistent structural relationship.

Return for Risk

ISMF vs. DBMF — Risk / Return Rank

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

ISMF

ISMF Risk / Return Rank: 90
ISMF Sharpe Ratio Rank: 89
ISMF Sortino Ratio Rank: 88
ISMF Omega Ratio Rank: 92
ISMF Calmar Ratio Rank: 92
ISMF Martin Ratio Rank: 90

DBMF

DBMF Risk / Return Rank: 78
DBMF Sharpe Ratio Rank: 72
DBMF Sortino Ratio Rank: 67
DBMF Omega Ratio Rank: 82
DBMF Calmar Ratio Rank: 85
DBMF Martin Ratio Rank: 83

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.

ISMF vs. DBMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Managed Futures Active ETF (ISMF) and iMGP DBi Managed Futures Strategy ETF (DBMF). 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.

	ISMF	DBMF	Difference
Sharpe ratio: Return per unit of total volatility	2.85	2.24	+0.61
Sortino ratio: Return per unit of downside risk	3.86	2.94	+0.92
Omega ratio: Gain probability vs. loss probability	1.60	1.47	+0.14
Calmar ratio: Return relative to maximum drawdown	5.76	4.55	+1.22
Martin ratio: Return relative to average drawdown	19.42	16.25	+3.18

ISMF vs. DBMF - Sharpe Ratio Comparison

The current ISMF Sharpe Ratio is 2.85, which is comparable to the DBMF Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of ISMF and DBMF, 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

ISMF vs. DBMF - Drawdown Comparison

The maximum ISMF drawdown since its inception was -4.23%, smaller than the maximum DBMF drawdown of -20.39%. Use the drawdown chart below to compare losses from any high point for ISMF and DBMF.

Drawdown Indicators

	ISMF	DBMF	Difference
Max Drawdown Largest peak-to-trough decline	-4.23%	-20.39%	+16.16%
Max Drawdown (1Y) Largest decline over 1 year	-3.94%	-6.10%	+2.16%
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	-1.49%	-1.46%	-0.03%
Average Drawdown Average peak-to-trough decline	-1.28%	-6.55%	+5.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.17%	1.70%	-0.53%

Volatility

ISMF vs. DBMF - Volatility Comparison

The current volatility for iShares Managed Futures Active ETF (ISMF) is 1.82%, while iMGP DBi Managed Futures Strategy ETF (DBMF) has a volatility of 2.85%. This indicates that ISMF experiences smaller price fluctuations and is considered to be less risky than DBMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISMF	DBMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.82%	2.85%	-1.03%
Volatility (6M) Calculated over the trailing 6-month period	6.38%	10.05%	-3.67%
Volatility (1Y) Calculated over the trailing 1-year period	7.98%	12.42%	-4.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.73%	12.52%	-4.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.73%	12.40%	-4.67%

ISMF vs. DBMF - Expense Ratio Comparison

ISMF has a 0.80% expense ratio, which is lower than DBMF's 0.85% expense ratio.

Dividends

ISMF vs. DBMF - Dividend Comparison

ISMF's dividend yield for the trailing twelve months is around 5.84%, more than DBMF's 5.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
DBMF iMGP DBi Managed Futures Strategy ETF	5.17%	5.91%	5.75%	2.91%	7.72%	10.38%	0.86%	9.35%
ISMF iShares Managed Futures Active ETF	5.84%	6.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ISMF and DBMF in my portfolio?

ISMF and DBMF have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ISMF or DBMF?

DBMF has higher volatility (2.85%) compared to ISMF (1.82%). In terms of maximum drawdown, ISMF dropped -4.23% vs DBMF's -20.39%.

Which ETF is better, ISMF or DBMF?

On 1-year performance, DBMF leads with 27.61% vs 22.62% for ISMF. On fees, ISMF is cheaper at 0.80% per year. On volatility, ISMF has been the lower-risk option at 1.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISMF or DBMF?

Over the 1-year period, DBMF has performed better with a 27.61% return vs 22.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISMF or DBMF?

ISMF is cheaper with a 0.80% expense ratio, compared with 0.85% for DBMF.

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

ISMF has the higher dividend yield at 5.84%, compared with 5.17% for DBMF.

What is the main difference between ISMF and DBMF?

They also come from different issuers: iShares and iM Global Partners. Their fees differ too: 0.80% for ISMF and 0.85% for DBMF.

Which has better risk-adjusted returns?

ISMF currently has the higher Sharpe Ratio (2.85 vs 2.24), 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.