MMAX vs. DBMF

Last updated Jun 13, 2026

MMAX (iShares Large Cap Max Buffer Mar ETF) and DBMF (iMGP DBi Managed Futures Strategy ETF) are both exchange-traded funds - MMAX is a Defined Outcome fund actively managed by iShares, while DBMF is a Systematic Trend fund actively managed by iM Global Partners. Both are actively managed. Over the past year, MMAX returned 7.44% vs 26.94% for DBMF. At a 0.27 correlation, their price movements are largely independent. MMAX charges 0.50%/yr vs 0.85%/yr for DBMF.

Performance

MMAX vs. DBMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap Max Buffer Mar ETF (MMAX) 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, MMAX achieves a 3.03% return, which is significantly lower than DBMF's 10.27% return.

MMAX

• 1D: 0.07%
• 1M: 0.24%
• YTD: 3.03%
• 6M: 3.60%
• 1Y: 7.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBMF

• 1D: 0.26%
• 1M: -1.31%
• YTD: 10.27%
• 6M: 11.24%
• 1Y: 26.94%
• 3Y*: 9.64%
• 5Y*: 8.01%
• 10Y*: —

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

MMAX vs. DBMF - Yearly Performance Comparison

	2026 (YTD)	2025
MMAX iShares Large Cap Max Buffer Mar ETF	3.03%	6.04%
DBMF iMGP DBi Managed Futures Strategy ETF	10.27%	17.08%

Correlation

The correlation between MMAX and DBMF is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025	0.27

Return for Risk

MMAX vs. DBMF — Risk / Return Rank

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

MMAX

MMAX Risk / Return Rank: 98
MMAX Sharpe Ratio Rank: 98
MMAX Sortino Ratio Rank: 98
MMAX Omega Ratio Rank: 98
MMAX Calmar Ratio Rank: 98
MMAX Martin Ratio Rank: 99

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.

MMAX vs. DBMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Max Buffer Mar ETF (MMAX) 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.

	MMAX	DBMF	Difference
Sharpe ratio: Return per unit of total volatility	5.15	2.22	+2.93
Sortino ratio: Return per unit of downside risk	9.36	2.92	+6.44
Omega ratio: Gain probability vs. loss probability	2.35	1.47	+0.88
Calmar ratio: Return relative to maximum drawdown	15.81	4.50	+11.31
Martin ratio: Return relative to average drawdown	86.95	16.30	+70.65

MMAX vs. DBMF - Sharpe Ratio Comparison

The current MMAX Sharpe Ratio is 5.15, which is higher than the DBMF Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of MMAX 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

MMAX vs. DBMF - Drawdown Comparison

The maximum MMAX drawdown since its inception was -1.93%, smaller than the maximum DBMF drawdown of -20.39%. Use the drawdown chart below to compare losses from any high point for MMAX and DBMF.

Drawdown Indicators

	MMAX	DBMF	Difference
Max Drawdown Largest peak-to-trough decline	-1.93%	-20.39%	+18.46%
Max Drawdown (1Y) Largest decline over 1 year	-0.46%	-6.10%	+5.64%
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	-0.18%	-1.91%	+1.73%
Average Drawdown Average peak-to-trough decline	-0.10%	-6.56%	+6.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	1.68%	-1.60%

Volatility

MMAX vs. DBMF - Volatility Comparison

The current volatility for iShares Large Cap Max Buffer Mar ETF (MMAX) is 0.45%, while iMGP DBi Managed Futures Strategy ETF (DBMF) has a volatility of 2.71%. This indicates that MMAX 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

	MMAX	DBMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.45%	2.71%	-2.26%
Volatility (6M) Calculated over the trailing 6-month period	1.04%	10.00%	-8.96%
Volatility (1Y) Calculated over the trailing 1-year period	1.42%	12.35%	-10.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.49%	12.55%	-10.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.49%	12.41%	-9.92%

MMAX vs. DBMF - Expense Ratio Comparison

MMAX has a 0.50% expense ratio, which is lower than DBMF's 0.85% expense ratio.

Dividends

MMAX vs. DBMF - Dividend Comparison

MMAX's dividend yield for the trailing twelve months is around 1.27%, 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%
MMAX iShares Large Cap Max Buffer Mar ETF	1.27%	1.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MMAX and DBMF in my portfolio?

MMAX and DBMF have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MMAX or DBMF?

DBMF has higher volatility (2.71%) compared to MMAX (0.45%). In terms of maximum drawdown, MMAX dropped -1.93% vs DBMF's -20.39%.

Which ETF is better, MMAX or DBMF?

On 1-year performance, DBMF leads with 26.94% vs 7.44% for MMAX. On fees, MMAX is cheaper at 0.50% per year. On volatility, MMAX has been the lower-risk option at 0.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MMAX or DBMF?

Over the 1-year period, DBMF has performed better with a 26.94% return vs 7.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MMAX or DBMF?

MMAX is cheaper with a 0.50% expense ratio, compared with 0.85% for DBMF.

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

DBMF has the higher dividend yield at 5.19%, compared with 1.27% for MMAX.

What is the main difference between MMAX and DBMF?

MMAX is categorized as Defined Outcome, while DBMF is Systematic Trend. They also come from different issuers: iShares and iM Global Partners. Their fees differ too: 0.50% for MMAX and 0.85% for DBMF.

Which has better risk-adjusted returns?

MMAX currently has the higher Sharpe Ratio (5.15 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.