SGENX vs. DBMF

Last updated Jun 24, 2026

SGENX (First Eagle Global Fund Class A) and DBMF (iMGP DBi Managed Futures Strategy ETF) are both funds - SGENX is a Global Equities fund managed by First Eagle, while DBMF is a Systematic Trend fund actively managed by iM Global Partners. Over the past 5 years, SGENX returned 10.64%/yr vs 7.97%/yr for DBMF. At a 0.20 correlation, their price movements are largely independent. SGENX charges 1.11%/yr vs 0.85%/yr for DBMF.

Performance

SGENX vs. DBMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Eagle Global Fund Class A (SGENX) 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, SGENX achieves a 4.80% return, which is significantly lower than DBMF's 9.37% return.

SGENX

• 1D: -0.72%
• 1M: -2.28%
• YTD: 4.80%
• 6M: 4.14%
• 1Y: 21.98%
• 3Y*: 17.40%
• 5Y*: 10.64%
• 10Y*: 10.11%

DBMF

• 1D: -1.26%
• 1M: -1.67%
• YTD: 9.37%
• 6M: 8.47%
• 1Y: 26.10%
• 3Y*: 8.78%
• 5Y*: 7.97%
• 10Y*: —

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

SGENX vs. DBMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SGENX First Eagle Global Fund Class A	4.80%	31.62%	11.78%	12.77%	-6.46%	12.20%	8.33%	9.16%
DBMF iMGP DBi Managed Futures Strategy ETF	9.37%	13.85%	7.24%	-8.94%	21.61%	11.49%	1.80%	10.51%

Correlation

The correlation between SGENX and DBMF is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (All Time) Calculated using the full available price history since May 8, 2019	0.20

Over the past year, SGENX and DBMF have become more correlated (0.49) than their long-term average of 0.20, meaning their price movements have been converging.

Return for Risk

SGENX vs. DBMF — Risk / Return Rank

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

SGENX

SGENX Risk / Return Rank: 42
SGENX Sharpe Ratio Rank: 50
SGENX Sortino Ratio Rank: 45
SGENX Omega Ratio Rank: 48
SGENX Calmar Ratio Rank: 36
SGENX Martin Ratio Rank: 34

DBMF

DBMF Risk / Return Rank: 74
DBMF Sharpe Ratio Rank: 67
DBMF Sortino Ratio Rank: 61
DBMF Omega Ratio Rank: 78
DBMF Calmar Ratio Rank: 83
DBMF Martin Ratio Rank: 80

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.

SGENX vs. DBMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Eagle Global Fund Class A (SGENX) 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.

	SGENX	DBMF	Difference
Sharpe ratio: Return per unit of total volatility	1.93	2.10	-0.17
Sortino ratio: Return per unit of downside risk	2.59	2.77	-0.18
Omega ratio: Gain probability vs. loss probability	1.35	1.44	-0.09
Calmar ratio: Return relative to maximum drawdown	2.14	4.30	-2.16
Martin ratio: Return relative to average drawdown	7.14	15.28	-8.14

SGENX vs. DBMF - Sharpe Ratio Comparison

The current SGENX Sharpe Ratio is 1.93, which is comparable to the DBMF Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of SGENX 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

SGENX vs. DBMF - Drawdown Comparison

The maximum SGENX drawdown since its inception was -37.60%, which is greater than DBMF's maximum drawdown of -20.39%. Use the drawdown chart below to compare losses from any high point for SGENX and DBMF.

Drawdown Indicators

	SGENX	DBMF	Difference
Max Drawdown Largest peak-to-trough decline	-37.60%	-20.39%	-17.21%
Max Drawdown (1Y) Largest decline over 1 year	-10.53%	-6.10%	-4.43%
Max Drawdown (3Y) Largest decline over 3 years	-10.53%	-15.60%	+5.07%
Max Drawdown (5Y) Largest decline over 5 years	-19.57%	-20.39%	+0.82%
Max Drawdown (10Y) Largest decline over 10 years	-27.68%	—	—
Current Drawdown Current decline from peak	-5.64%	-2.71%	-2.93%
Average Drawdown Average peak-to-trough decline	-3.42%	-6.55%	+3.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	1.71%	+1.44%

Volatility

SGENX vs. DBMF - Volatility Comparison

First Eagle Global Fund Class A (SGENX) has a higher volatility of 3.88% compared to iMGP DBi Managed Futures Strategy ETF (DBMF) at 3.11%. This indicates that SGENX'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

	SGENX	DBMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.88%	3.11%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	9.76%	10.14%	-0.38%
Volatility (1Y) Calculated over the trailing 1-year period	11.70%	12.47%	-0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.03%	12.53%	-0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.54%	12.41%	+0.13%

SGENX vs. DBMF - Expense Ratio Comparison

SGENX has a 1.11% expense ratio, which is higher than DBMF's 0.85% expense ratio.

Dividends

SGENX vs. DBMF - Dividend Comparison

SGENX's dividend yield for the trailing twelve months is around 9.02%, more than DBMF's 5.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBMF iMGP DBi Managed Futures Strategy ETF	5.23%	5.91%	5.75%	2.91%	7.72%	10.38%	0.86%	9.35%	0.00%	0.00%	0.00%	0.00%
SGENX First Eagle Global Fund Class A	9.02%	9.45%	5.46%	3.52%	4.17%	6.27%	2.38%	5.48%	6.35%	4.23%	4.72%	1.16%

Frequently Asked Questions

Can I hold both SGENX and DBMF in my portfolio?

SGENX and DBMF have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SGENX or DBMF?

SGENX has higher volatility (3.88%) compared to DBMF (3.11%). In terms of maximum drawdown, SGENX dropped -37.60% vs DBMF's -20.39%.

Which has better risk-adjusted returns?

DBMF currently has the higher Sharpe Ratio (2.10 vs 1.93), 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.