XTAP vs. DBMF

Last updated Jun 4, 2026

XTAP (Innovator U.S. Equity Accelerated Plus ETF) and DBMF (iMGP DBi Managed Futures Strategy ETF) are both exchange-traded funds - XTAP is a Leveraged Equities fund actively managed by Innovator, while DBMF is a Systematic Trend fund actively managed by iM Global Partners. Both are actively managed. Over the past 5 years, XTAP returned 10.99%/yr vs 8.46%/yr for DBMF. At a 0.06 correlation, their price movements are largely independent. XTAP charges 0.79%/yr vs 0.85%/yr for DBMF.

Performance

XTAP vs. DBMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Accelerated Plus ETF (XTAP) 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, XTAP achieves a 10.96% return, which is significantly lower than DBMF's 12.42% return.

XTAP

• 1D: -0.21%
• 1M: 2.32%
• YTD: 10.96%
• 6M: 12.10%
• 1Y: 21.00%
• 3Y*: 17.90%
• 5Y*: 10.99%
• 10Y*: —

DBMF

• 1D: 0.03%
• 1M: 2.35%
• YTD: 12.42%
• 6M: 14.20%
• 1Y: 31.40%
• 3Y*: 10.81%
• 5Y*: 8.46%
• 10Y*: —

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

XTAP vs. DBMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XTAP Innovator U.S. Equity Accelerated Plus ETF	10.96%	17.58%	14.26%	23.46%	-14.68%	11.87%
DBMF iMGP DBi Managed Futures Strategy ETF	12.42%	13.85%	7.24%	-8.94%	21.61%	3.70%

Correlation

The correlation between XTAP and DBMF is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (All Time) Calculated using the full available price history since Apr 5, 2021	0.06

The correlation between XTAP and DBMF shifts across timeframes, from 0.04 (5 years) to 0.22 (1 year), reflecting how their relationship changes across market environments.

XTAP vs. DBMF - Sectors Allocation Comparison

Sectors	XTAP	DBMF
Technology	33.6%	29.8%
Financial Services	12.2%	12.5%
Communication Services	10.5%	8.6%
Consumer Cyclical	10.0%	11.0%
Healthcare	9.5%	12.7%
Industrials	8.5%	8.4%
Consumer Defensive	5.3%	6.1%
Energy	4.0%	3.9%
Utilities	2.6%	2.3%
Real Estate	2.0%	2.5%
Basic Materials	1.9%	2.2%

Return for Risk

XTAP vs. DBMF — Risk / Return Rank

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

XTAP

XTAP Risk / Return Rank: 98
XTAP Sharpe Ratio Rank: 97
XTAP Sortino Ratio Rank: 98
XTAP Omega Ratio Rank: 98
XTAP Calmar Ratio Rank: 98
XTAP Martin Ratio Rank: 98

DBMF

DBMF Risk / Return Rank: 83
DBMF Sharpe Ratio Rank: 78
DBMF Sortino Ratio Rank: 73
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.

XTAP vs. DBMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Accelerated Plus ETF (XTAP) 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.

	XTAP	DBMF	Difference
Sharpe ratio Return per unit of total volatility	4.50	2.59	+1.91
Sortino ratio Return per unit of downside risk	7.78	3.39	+4.39
Omega ratio Gain probability vs. loss probability	2.22	1.55	+0.66
Calmar ratio Return relative to maximum drawdown	14.82	5.17	+9.65
Martin ratio Return relative to average drawdown	78.70	19.07	+59.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XTAP vs. DBMF - Sharpe Ratio Comparison

The current XTAP Sharpe Ratio is 4.50, which is higher than the DBMF Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of XTAP 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.

Sharpe Ratios by Period

	XTAP	DBMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.50	2.59	+1.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.68	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.77	+0.03

Drawdowns

XTAP vs. DBMF - Drawdown Comparison

The maximum XTAP drawdown since its inception was -22.13%, which is greater than DBMF's maximum drawdown of -20.39%. Use the drawdown chart below to compare losses from any high point for XTAP and DBMF.

Drawdown Indicators

	XTAP	DBMF	Difference
Max Drawdown Largest peak-to-trough decline	-22.13%	-20.39%	-1.74%
Max Drawdown (1Y) Largest decline over 1 year	-1.42%	-6.10%	+4.68%
Max Drawdown (3Y) Largest decline over 3 years	-11.83%	-15.60%	+3.77%
Max Drawdown (5Y) Largest decline over 5 years	-22.13%	-20.39%	-1.74%
Current Drawdown Current decline from peak	-0.21%	0.00%	-0.21%
Average Drawdown Average peak-to-trough decline	-3.45%	-6.59%	+3.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.27%	1.65%	-1.38%

Volatility

XTAP vs. DBMF - Volatility Comparison

The current volatility for Innovator U.S. Equity Accelerated Plus ETF (XTAP) is 1.10%, while iMGP DBi Managed Futures Strategy ETF (DBMF) has a volatility of 2.12%. This indicates that XTAP 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

	XTAP	DBMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.10%	2.12%	-1.02%
Volatility (6M) Calculated over the trailing 6-month period	3.16%	9.76%	-6.60%
Volatility (1Y) Calculated over the trailing 1-year period	4.70%	12.17%	-7.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.54%	12.52%	+2.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.41%	12.41%	+2.00%

XTAP vs. DBMF - Expense Ratio Comparison

XTAP has a 0.79% expense ratio, which is lower than DBMF's 0.85% expense ratio.

Dividends

XTAP vs. DBMF - Dividend Comparison

XTAP has not paid dividends to shareholders, while DBMF's dividend yield for the trailing twelve months is around 5.09%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
DBMF iMGP DBi Managed Futures Strategy ETF	5.09%	5.91%	5.75%	2.91%	7.72%	10.38%	0.86%	9.35%
XTAP Innovator U.S. Equity Accelerated Plus ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XTAP and DBMF in my portfolio?

XTAP and DBMF have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XTAP or DBMF?

DBMF has higher volatility (2.12%) compared to XTAP (1.10%). In terms of maximum drawdown, XTAP dropped -22.13% vs DBMF's -20.39%.

Which ETF is better, XTAP or DBMF?

On 5-year performance, XTAP leads with 10.99% vs 8.46% for DBMF. On fees, XTAP is cheaper at 0.79% per year. On volatility, XTAP has been the lower-risk option at 1.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XTAP or DBMF?

Over the 5-year period, XTAP has performed better with a 10.99% return vs 8.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XTAP or DBMF?

XTAP is cheaper with a 0.79% expense ratio, compared with 0.85% for DBMF.

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

DBMF has the higher dividend yield at 5.09%, compared with 0.00% for XTAP.

What is the main difference between XTAP and DBMF?

XTAP is categorized as Leveraged Equities, while DBMF is Systematic Trend. They also come from different issuers: Innovator and iM Global Partners. Their fees differ too: 0.79% for XTAP and 0.85% for DBMF.

Which has better risk-adjusted returns?

XTAP currently has the higher Sharpe Ratio (4.50 vs 2.59), 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.