VIXY vs. DBMF
VIXY (ProShares VIX Short-Term Futures ETF) and DBMF (iMGP DBi Managed Futures Strategy ETF) are both exchange-traded funds - VIXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index, while DBMF is a Systematic Trend fund actively managed by iM Global Partners. VIXY is passively managed, while DBMF is actively managed. Over the past 5 years, VIXY returned -46.62%/yr vs 8.59%/yr for DBMF. At a correlation of -0.18, they often move in opposite directions. Both charge a 0.85% expense ratio.
Performance
VIXY vs. DBMF - Performance Comparison
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Returns By Period
In the year-to-date period, VIXY achieves a -17.20% return, which is significantly lower than DBMF's 11.26% return.
VIXY
- 1D
- -1.94%
- 1M
- -3.06%
- 6M
- -17.07%
- YTD
- -17.20%
- 1Y
- -51.71%
- 3Y*
- -39.30%
- 5Y*
- -46.62%
- 10Y*
- -46.88%
- ALL TIME*
- -48.47%
DBMF
- 1D
- 0.23%
- 1M
- 0.57%
- 6M
- 8.74%
- YTD
- 11.26%
- 1Y
- 26.79%
- 3Y*
- 9.43%
- 5Y*
- 8.59%
- 10Y*
- —
- ALL TIME*
- 9.22%
VIXY vs. DBMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VIXY ProShares VIX Short-Term Futures ETF | -17.20% | -43.05% | -27.43% | -72.74% | -24.98% | -72.40% | 10.54% | -51.63% |
DBMF iMGP DBi Managed Futures Strategy ETF | 11.26% | 13.85% | 7.24% | -8.94% | 21.61% | 11.49% | 1.80% | 10.51% |
Correlation
The correlation between VIXY and DBMF is -0.23, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since May 8, 2019 | -0.18 |
The correlation between VIXY and DBMF shifts across timeframes, from -0.23 (1 year) to -0.10 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
VIXY vs. DBMF — Risk / Return Rank
VIXY
DBMF
VIXY vs. DBMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Short-Term Futures ETF (VIXY) 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.
| VIXY | DBMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.05 | ||
| Sortino ratioReturn per unit of downside risk | -4.24 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.44 | -0.59 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 4.41 | -5.35 |
| Martin ratioReturn relative to average drawdown | -1.49 | 14.93 | -16.41 |
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Drawdowns
VIXY vs. DBMF - Drawdown Comparison
The maximum VIXY drawdown since its inception was -100.00%, which is greater than DBMF's maximum drawdown of -20.39%. Use the drawdown chart below to compare losses from any high point for VIXY and DBMF.
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Drawdown Indicators
| VIXY | DBMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -20.39% | -79.61% |
Max Drawdown (1Y)Largest decline over 1 year | -55.18% | -6.10% | -49.08% |
Max Drawdown (3Y)Largest decline over 3 years | -81.45% | -15.60% | -65.85% |
Max Drawdown (5Y)Largest decline over 5 years | -96.09% | -20.39% | -75.70% |
Max Drawdown (10Y)Largest decline over 10 years | -99.83% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -1.03% | -98.97% |
Average DrawdownAverage peak-to-trough decline | -92.22% | -6.50% | -85.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.75% | 1.80% | +32.95% |
Volatility
VIXY vs. DBMF - Volatility Comparison
ProShares VIX Short-Term Futures ETF (VIXY) has a higher volatility of 12.30% compared to iMGP DBi Managed Futures Strategy ETF (DBMF) at 2.69%. This indicates that VIXY'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.
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Volatility by Period
| VIXY | DBMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.30% | 2.69% | +9.61% |
Volatility (6M)Calculated over the trailing 6-month period | 44.49% | 10.05% | +34.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.84% | 12.63% | +44.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 69.94% | 12.45% | +57.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.86% | 12.37% | +59.49% |
VIXY vs. DBMF - Expense Ratio Comparison
Both VIXY and DBMF have an expense ratio of 0.85%.
Dividends
VIXY vs. DBMF - Dividend Comparison
VIXY has not paid dividends to shareholders, while DBMF's dividend yield for the trailing twelve months is around 5.11%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
DBMF iMGP DBi Managed Futures Strategy ETF | 5.11% | 5.91% | 5.75% | 2.91% | 7.72% | 10.38% | 0.86% | 9.35% |
VIXY ProShares VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VIXY and DBMF have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VIXY has higher volatility (12.30%) compared to DBMF (2.69%). In terms of maximum drawdown, VIXY dropped -100.00% vs DBMF's -20.39%.
On 5-year performance, DBMF leads with 8.59% vs -46.62% for VIXY. Both ETFs have the same 0.85% expense ratio. On volatility, DBMF has been the lower-risk option at 2.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBMF has performed better with a 8.59% return vs -46.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VIXY and DBMF have the same expense ratio: 0.85% per year.
DBMF has the higher dividend yield at 5.11%, compared with 0.00% for VIXY.
VIXY is categorized as Volatility, while DBMF is Systematic Trend. They also come from different issuers: ProShares and iM Global Partners.
DBMF currently has the higher Sharpe Ratio (2.13 vs -0.91), 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.
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