LIWPX vs. DBMF

Last updated Jun 13, 2026

LIWPX (BlackRock LifePath Index 2065 Fund) and DBMF (iMGP DBi Managed Futures Strategy ETF) are both funds - LIWPX is a Target Retirement Date fund managed by BlackRock, while DBMF is a Systematic Trend fund actively managed by iM Global Partners. Over the past 5 years, LIWPX returned 9.65%/yr vs 8.01%/yr for DBMF. At a 0.19 correlation, their price movements are largely independent. LIWPX charges 0.35%/yr vs 0.85%/yr for DBMF.

Performance

LIWPX vs. DBMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock LifePath Index 2065 Fund (LIWPX) and iMGP DBi Managed Futures Strategy ETF (DBMF). 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 LIWPX having a 10.55% return and DBMF slightly lower at 10.27%.

LIWPX

• 1D: 2.41%
• 1M: 0.15%
• YTD: 10.55%
• 6M: 11.22%
• 1Y: 24.89%
• 3Y*: 18.62%
• 5Y*: 9.65%
• 10Y*: —

DBMF

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

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

LIWPX vs. DBMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
LIWPX BlackRock LifePath Index 2065 Fund	10.55%	21.32%	14.17%	21.22%	-18.52%	18.51%	15.12%	5.67%
DBMF iMGP DBi Managed Futures Strategy ETF	10.27%	13.85%	7.24%	-8.94%	21.61%	11.49%	1.80%	1.88%

Correlation

The correlation between LIWPX and DBMF is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (All Time) Calculated using the full available price history since Oct 30, 2019	0.19

Over the past year, LIWPX and DBMF have become more correlated (0.40) than their long-term average of 0.19, meaning their price movements have been converging.

Return for Risk

LIWPX vs. DBMF — Risk / Return Rank

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

LIWPX

LIWPX Risk / Return Rank: 69
LIWPX Sharpe Ratio Rank: 67
LIWPX Sortino Ratio Rank: 65
LIWPX Omega Ratio Rank: 64
LIWPX Calmar Ratio Rank: 70
LIWPX Martin Ratio Rank: 78

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

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.

LIWPX vs. DBMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock LifePath Index 2065 Fund (LIWPX) 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.

	LIWPX	DBMF	Difference
Sharpe ratio: Return per unit of total volatility	1.91	2.22	-0.31
Sortino ratio: Return per unit of downside risk	2.64	2.92	-0.28
Omega ratio: Gain probability vs. loss probability	1.35	1.47	-0.12
Calmar ratio: Return relative to maximum drawdown	2.66	4.50	-1.84
Martin ratio: Return relative to average drawdown	11.55	16.30	-4.75

LIWPX vs. DBMF - Sharpe Ratio Comparison

The current LIWPX Sharpe Ratio is 1.91, which is comparable to the DBMF Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of LIWPX 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

LIWPX vs. DBMF - Drawdown Comparison

The maximum LIWPX drawdown since its inception was -33.12%, which is greater than DBMF's maximum drawdown of -20.39%. Use the drawdown chart below to compare losses from any high point for LIWPX and DBMF.

Drawdown Indicators

	LIWPX	DBMF	Difference
Max Drawdown Largest peak-to-trough decline	-33.12%	-20.39%	-12.73%
Max Drawdown (1Y) Largest decline over 1 year	-9.57%	-6.10%	-3.47%
Max Drawdown (3Y) Largest decline over 3 years	-16.97%	-15.60%	-1.37%
Max Drawdown (5Y) Largest decline over 5 years	-26.57%	-20.39%	-6.18%
Current Drawdown Current decline from peak	-2.25%	-1.91%	-0.34%
Average Drawdown Average peak-to-trough decline	-5.86%	-6.56%	+0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	1.68%	+0.52%

Volatility

LIWPX vs. DBMF - Volatility Comparison

BlackRock LifePath Index 2065 Fund (LIWPX) has a higher volatility of 5.30% compared to iMGP DBi Managed Futures Strategy ETF (DBMF) at 2.71%. This indicates that LIWPX's price experiences larger fluctuations and is considered to be riskier than DBMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LIWPX	DBMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.30%	2.71%	+2.59%
Volatility (6M) Calculated over the trailing 6-month period	11.02%	10.00%	+1.02%
Volatility (1Y) Calculated over the trailing 1-year period	13.33%	12.35%	+0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.95%	12.55%	+3.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.59%	12.41%	+6.18%

LIWPX vs. DBMF - Expense Ratio Comparison

LIWPX has a 0.35% expense ratio, which is lower than DBMF's 0.85% expense ratio.

Dividends

LIWPX vs. DBMF - Dividend Comparison

LIWPX's dividend yield for the trailing twelve months is around 1.42%, less than DBMF's 5.19% 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%
LIWPX BlackRock LifePath Index 2065 Fund	1.42%	1.57%	0.00%	1.76%	1.50%	1.58%	1.13%	0.83%

Frequently Asked Questions

Can I hold both LIWPX and DBMF in my portfolio?

LIWPX and DBMF have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LIWPX or DBMF?

LIWPX has higher volatility (5.30%) compared to DBMF (2.71%). In terms of maximum drawdown, LIWPX dropped -33.12% vs DBMF's -20.39%.

Which has better risk-adjusted returns?

DBMF currently has the higher Sharpe Ratio (2.22 vs 1.91), 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.