UPAR vs. DBMF

Last updated Apr 1, 2026

Compare and contrast key facts about UPAR Ultra Risk Parity ETF (UPAR) and iM DBi Managed Futures Strategy ETF (DBMF).

UPAR and DBMF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UPAR is a passively managed fund by RPAR that tracks the performance of the NONE. It was launched on Jan 3, 2022. DBMF is an actively managed fund by Litman Gregory Capital Partners LLC. It was launched on May 8, 2019.

Performance

UPAR vs. DBMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in UPAR Ultra Risk Parity ETF (UPAR) and iM DBi Managed Futures Strategy ETF (DBMF). The values are adjusted to include any dividend payments, if applicable.

UPAR vs. DBMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UPAR UPAR Ultra Risk Parity ETF	5.18%	23.87%	-2.26%	5.73%	-30.30%
DBMF iM DBi Managed Futures Strategy ETF	7.87%	13.85%	7.24%	-8.94%	21.44%

Returns By Period

In the year-to-date period, UPAR achieves a 5.18% return, which is significantly lower than DBMF's 7.87% return.

UPAR

• 1D: 2.67%
• 1M: -7.86%
• YTD: 5.18%
• 6M: 8.43%
• 1Y: 21.19%
• 3Y*: 7.85%
• 5Y*: —
• 10Y*: —

DBMF

• 1D: -0.20%
• 1M: -3.82%
• YTD: 7.87%
• 6M: 15.44%
• 1Y: 26.29%
• 3Y*: 9.90%
• 5Y*: 8.63%
• 10Y*: —

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

UPAR vs. DBMF - Expense Ratio Comparison

UPAR has a 0.65% expense ratio, which is lower than DBMF's 0.85% expense ratio.

DBMF

iM DBi Managed Futures Strategy ETF

UPAR

UPAR Ultra Risk Parity ETF

Return for Risk

UPAR vs. DBMF — Risk / Return Rank

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

UPAR

UPAR Risk / Return Rank: 74
UPAR Sharpe Ratio Rank: 76
UPAR Sortino Ratio Rank: 74
UPAR Omega Ratio Rank: 71
UPAR Calmar Ratio Rank: 77
UPAR Martin Ratio Rank: 72

DBMF

DBMF Risk / Return Rank: 95
DBMF Sharpe Ratio Rank: 94
DBMF Sortino Ratio Rank: 95
DBMF Omega Ratio Rank: 95
DBMF Calmar Ratio Rank: 96
DBMF Martin Ratio Rank: 97

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.

UPAR vs. DBMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UPAR Ultra Risk Parity ETF (UPAR) and iM 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.

	UPAR	DBMF	Difference
Sharpe ratio Return per unit of total volatility	1.34	2.19	-0.84
Sortino ratio Return per unit of downside risk	1.82	2.98	-1.16
Omega ratio Gain probability vs. loss probability	1.26	1.46	-0.21
Calmar ratio Return relative to maximum drawdown	2.01	4.25	-2.25
Martin ratio Return relative to average drawdown	7.18	18.51	-11.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UPAR vs. DBMF - Sharpe Ratio Comparison

The current UPAR Sharpe Ratio is 1.34, which is lower than the DBMF Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of UPAR and DBMF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	UPAR	DBMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.34	2.19	-0.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	0.74	-0.82

Correlation

The correlation between UPAR and DBMF is -0.12. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

UPAR vs. DBMF - Dividend Comparison

UPAR's dividend yield for the trailing twelve months is around 2.75%, less than DBMF's 5.30% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
UPAR UPAR Ultra Risk Parity ETF	2.75%	3.28%	3.32%	3.04%	4.73%	0.00%	0.00%	0.00%
DBMF iM DBi Managed Futures Strategy ETF	5.30%	5.91%	5.75%	2.91%	7.72%	10.38%	0.86%	9.35%

Drawdowns

UPAR vs. DBMF - Drawdown Comparison

The maximum UPAR drawdown since its inception was -39.00%, which is greater than DBMF's maximum drawdown of -20.39%. Use the drawdown chart below to compare losses from any high point for UPAR and DBMF.

Drawdown Indicators

	UPAR	DBMF	Difference
Max Drawdown Largest peak-to-trough decline	-39.00%	-20.39%	-18.61%
Max Drawdown (1Y) Largest decline over 1 year	-11.21%	-6.10%	-5.11%
Max Drawdown (5Y) Largest decline over 5 years	—	-20.39%	—
Current Drawdown Current decline from peak	-8.18%	-3.82%	-4.36%
Average Drawdown Average peak-to-trough decline	-22.49%	-6.70%	-15.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.13%	1.40%	+1.73%

Volatility

UPAR vs. DBMF - Volatility Comparison

UPAR Ultra Risk Parity ETF (UPAR) has a higher volatility of 7.00% compared to iM DBi Managed Futures Strategy ETF (DBMF) at 5.24%. This indicates that UPAR'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

	UPAR	DBMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.00%	5.24%	+1.76%
Volatility (6M) Calculated over the trailing 6-month period	10.58%	11.10%	-0.52%
Volatility (1Y) Calculated over the trailing 1-year period	15.86%	12.09%	+3.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.17%	12.66%	+5.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.17%	12.48%	+5.69%