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Data as of Nov 4, 2026.

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Alternative ETFs

DBMF vs ISMF: 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 ISMF: correlation +0.26 against +0.48.

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Net assets on Nov 3, 2026: $5.2bn for iMGP DBi Managed Futures Strategy ETF and $37m for iShares Managed Futures Active ETF.

DBMF on its own →ISMF on its own →
At a glance
+0.26
DBMF correlation with the S&P 500
+0.48
ISMF correlation with the S&P 500
32.9%
DBMF down-week capture
35.9%
ISMF down-week capture
DBMF Fell 33% as much as the S&P 500
Fell 33% as much as the S&P 500DBMF in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, DBMF −0.35%.SPY−1.07%DBMF−0.35%Average week when SPY fell: 26 of 52, year to Nov 4, 2026Fell 33% as much as the S&P 500DBMF in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, DBMF −0.35%.SPY−1.07%DBMF−0.35%Average week when SPY fell

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

ISMF Fell 36% as much as the S&P 500
Fell 36% as much as the S&P 500ISMF in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, ISMF −0.38%.SPY−1.07%ISMF−0.38%Average week when SPY fell: 26 of 52, year to Nov 4, 2026Fell 36% as much as the S&P 500ISMF in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, ISMF −0.38%.SPY−1.07%ISMF−0.38%Average week when SPY fell

ISMF in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, ISMF −0.38%.

Pair scorecard

ISMF costs 0.05 points a year less; their one-year returns differ by 7.6 points; DBMF is far larger, $5.2bn against $37m.

DBMF vs ISMF: Correlation to the S&P 500
MeasureDBMFISMF
Return
Total return, 1 year+18.5%+10.9%
Against its benchmark
Treasury bills, 52 weeks+3.7%
Cost and size
Expense ratio0.85%0.80%
Net assets, as of Nov 3, 2026$5.2bn$37m
Holdings
Holdings in commonnot published
Risk
Beta to the S&P 500+0.23: about 0.23% for each 1%+0.31: about 0.31% for each 1%
Its average week when the S&P 500 fellfell 0.35%fell 0.38%
ETFIQ Stock Diversification Score · DBMF scores higher How much does it diversify a stock portfolio?
IQ Alternatives Score67.6DBMF50ISMF

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

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 ISMF: Correlation to the S&P 500
Total return
WindowDBMFISMF
3 months+3.0%−0.7%
6 months+4.4%−1.1%
1 year+18.5%+10.9%
3 years+31.9%–
Since launchNot the same days: DBMF May 2019 · ISMF Mar 2025+92.9%+17.9%

– 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 ISMF iShares Managed Futures Active 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 iShares
Strategy Managed futures Managed futures
Correlation with the S&P 500 +0.26 +0.48
Beta to the S&P 500 +0.23 +0.31
Down-week capture 32.9% 35.9%
Average week when the S&P 500 fell −0.35% −0.38%
The S&P 500 in those weeks −1.07% −1.07%
Total return, same 52 weeks +17.9% +10.5%
Against T-bills, percentage points +14.3 pts +6.8 pts
Expense ratio 0.85% 0.80%
First traded May 8, 2019 Mar 13, 2025
Net assets, as of Nov 3, 2026 $5.2bn $37m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

DBMF and ISMF 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 ISMF’s +0.48. In the 26 weeks the index fell, by 1.07% a week on average, DBMF averaged −0.35% and ISMF −0.38%. Over the same weeks, DBMF finished 14.3 percentage points ahead of cash and ISMF finished 6.8 points ahead of cash.

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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.

ISMF

ISMF is a managed futures fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.48 with the S&P 500’s and a beta of +0.31, so for each 1% the index moved it moved about 0.31% the same way. In the same weeks ISMF fell 0.38% on average, a down-week capture of 35.9%. Over the same 52 weeks ISMF returned +10.5% and a Treasury bill fund +3.7%, so it finished 6.8 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, DBMF or ISMF?
Over the 52 weeks to Nov 4, 2026, DBMF’s weekly returns had a correlation of +0.26 with the S&P 500 and ISMF’s +0.48, so DBMF moved less with the index.
Which did better when the S&P 500 fell, DBMF or ISMF?
In the 26 weeks the S&P 500 fell, by 1.07% a week on average, DBMF averaged −0.35% and ISMF −0.38%, so DBMF returned more in those weeks.
Which earned more than cash, DBMF or ISMF?
Over the same weeks, DBMF finished 14.3 percentage points ahead of cash and ISMF finished 6.8 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, DBMF or ISMF?
DBMF charges 0.85% a year and ISMF charges 0.80%, so ISMF is cheaper. Fees come from each fund's prospectus.
Other comparisons
DBMF vs HFMFDBMF vs PRAEDBMF vs IMFDBMF vs HOLDISMF vs TFPNISMF vs RSBTISMF vs MFUTISMF vs PRAE
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 →ISMF on its own →DBMF dividend history →ISMF dividend history →Method →Standards and sources →
Sources and dates
DBMF filings on SEC EDGAR ↗
DBMF prospectus with the expense ratio (SEC) ↗
iMGP website ↗
ISMF filings on SEC EDGAR ↗
ISMF prospectus with the expense ratio (SEC) ↗
iShares page for ISMF ↗

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 ISMF, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/dbmf-vs-ismf

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