Which did better when the S&P 500 fell, DBMF or HOLD?

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, DBMF averaged −0.35% and HOLD −1.29%, so DBMF returned more in those weeks.

Which earned more than cash, DBMF or HOLD?

Over the same weeks, DBMF finished 14.3 percentage points ahead of cash and HOLD finished 3.3 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, DBMF or HOLD?

DBMF charges 0.85% a year and HOLD charges 0.70%, so HOLD is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

DBMF vs HOLD: Correlation to the S&P 500

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Over the year to Nov 4, 2026, DBMF moved less with the S&P 500 than HOLD: correlation +0.26 against +0.66.

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Net assets: $5.2bn on Nov 3, 2026 for iMGP DBi Managed Futures Strategy ETF, and $3.9m on Nov 4, 2026 for Harbor Alpha Layering ETF.

DBMF on its own →HOLD on its own →

At a glance

+0.26

DBMF correlation with the S&P 500

+0.66

HOLD correlation with the S&P 500

32.9%

DBMF down-week capture

120.5%

HOLD down-week capture

DBMF Fell 33% as much as the S&P 500

DBMF in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, DBMF −0.35%.

HOLD Fell more than the S&P 500

HOLD in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HOLD −1.29%.

Pair scorecard

HOLD costs 0.15 points a year less; their one-year returns differ by 17.7 points; DBMF is far larger, $5.2bn against $3.9m.

DBMF vs HOLD: Correlation to the S&P 500
Measure	DBMF	HOLD
Return
Measure	DBMF	HOLD
Total return, 1 year	+18.5%	+0.8%
Against its benchmark
Measure	DBMF	HOLD
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	DBMF	HOLD
Expense ratio	0.85%	0.70%
Net assets, as of Nov 3, 2026	$5.2bn	$3.9m
Holdings
Measure	DBMF	HOLD
Holdings in common	not published
Risk
Measure	DBMF	HOLD
Beta to the S&P 500	+0.23: about 0.23% for each 1%	+0.81: about 0.81% for each 1%
Its average week when the S&P 500 fell	fell 0.35%	fell 1.29%

ETFIQ Stock Diversification Score · DBMF scores higher How much does it diversify a stock portfolio?

IQ Alternatives Score67.6DBMF17.6HOLD

How much it diversifies a stock portfolio, ranked against 17 systematic trend alternatives ETFs with a full year. 100 is best. How it is computed

DBMF 67.6

HOLD 17.6

2.9, the lowest in this set 94.2, the highest

One year of weekly moves against the S&P 500, within one strategy; it ignores what the fund returned. All alternatives ETFs ranked by it →

Method

Window by window

Window by window: DBMF vs HOLD: Correlation to the S&P 500
	Total return		vs its benchmark
Window	DBMF	HOLD	DBMF	HOLD
3 months	+3.0%	−3.1%	not measured	−3.0 pts vs VOO
6 months	+4.4%	−7.5%	not measured	−12.5 pts vs VOO
1 year	+18.5%	+0.8%	not measured	−14.0 pts vs VOO
3 years	+31.9%	–	not measured	–
Since launchNot the same days: DBMF May 2019 · HOLD Aug 2025	+92.9%	+10.3%	not measured	−10.3 pts vs VOO

– means no data for this window. Open this comparison in the app →

Side by side

DBMF iMGP DBi Managed Futures Strategy ETF · Managed futures fund: follows price trends in futures on stocks, bonds, currencies and commodities, and can bet on falls as well as rises HOLD Harbor Alpha Layering ETF · Managed futures fund: follows price trends in futures on stocks, bonds, currencies and commodities, and can bet on falls as well as rises

Issuer iMGP Harbor

Strategy Managed futures Managed futures

Correlation with the S&P 500 +0.26 +0.66

Beta to the S&P 500 +0.23 +0.81

Down-week capture 32.9% 120.5%

Average week when the S&P 500 fell −0.35% −1.29%

The S&P 500 in those weeks −1.07% −1.07%

Total return, same 52 weeks +17.9% +0.3%

Against T-bills, percentage points +14.3 pts −3.3 pts

Expense ratio 0.85% 0.70%

First traded May 8, 2019 Aug 14, 2025

Net assets, DBMF as of Nov 3, 2026 and HOLD as of Nov 4, 2026 $5.2bn $3.9m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

DBMF and HOLD both run a managed futures strategy. Over the same 52 weeks to Nov 4, 2026, DBMF’s weekly returns had a correlation of +0.26 with the S&P 500 and HOLD’s +0.66. In the 26 weeks the index fell, by 1.07% a week on average, DBMF averaged −0.35% and HOLD −1.29%. Over the same weeks, DBMF finished 14.3 percentage points ahead of cash and HOLD finished 3.3 points behind cash.

Alert

About each fund

DBMF

DBMF is a managed futures fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.26 with the S&P 500’s and a beta of +0.23, so for each 1% the index moved it moved about 0.23% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks DBMF fell 0.35% on average, a down-week capture of 32.9%. Over the same 52 weeks DBMF returned +17.9% and a Treasury bill fund +3.7%, so it finished 14.3 percentage points ahead of cash.

HOLD

HOLD is a managed futures fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.66 with the S&P 500’s and a beta of +0.81, so for each 1% the index moved it moved about 0.81% the same way. In the same weeks HOLD fell 1.29% on average, a down-week capture of 120.5%. Over the same 52 weeks HOLD returned +0.3% and a Treasury bill fund +3.7%, so it finished 3.3 percentage points behind cash.

Questions people ask

Which moved less with the S&P 500, DBMF or HOLD?: Over the 52 weeks to Nov 4, 2026, DBMF’s weekly returns had a correlation of +0.26 with the S&P 500 and HOLD’s +0.66, so DBMF moved less with the index.
Which did better when the S&P 500 fell, DBMF or HOLD?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, DBMF averaged −0.35% and HOLD −1.29%, so DBMF returned more in those weeks.
Which earned more than cash, DBMF or HOLD?: Over the same weeks, DBMF finished 14.3 percentage points ahead of cash and HOLD finished 3.3 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, DBMF or HOLD?: DBMF charges 0.85% a year and HOLD charges 0.70%, so HOLD is cheaper. Fees come from each fund's prospectus.

Other comparisons

DBMF vs HFMF DBMF vs WTMF DBMF vs FMF DBMF vs IMF HOLD vs KMLM HOLD vs IMF HOLD vs WTMF HOLD vs TFPN

Where to next

BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →DBMF on its own →HOLD on its own →DBMF dividend history →HOLD dividend history →Method →Standards and sources →

Sources and dates

DBMF filings on SEC EDGAR ↗

DBMF prospectus with the expense ratio (SEC) ↗

iMGP website ↗

HOLD filings on SEC EDGAR ↗

HOLD prospectus with the expense ratio (SEC) ↗

Harbor page for HOLD ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, DBMF against HOLD, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/dbmf-vs-hold

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