DBMF vs SPY
iMGP DBi Managed Futures Strategy ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. DBMF delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | DBMF | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.85% | 0.09% | |
| AUM | $2.1B | $789.1B | |
| Dividend Yield | 5.16% | 1.01% | |
| Holdings | 12 | 505 | |
| YTD Return | +12.30% | +13.39% | |
| 1Y Return | +28.68% | +22.52% | |
| 3Y Return (annualized) | +9.44% | +21.36% | |
| 5Y Return (annualized) | +9.20% | +13.19% | |
| Volatility (annualized) | 11.6% | 15.3% | |
| Max Drawdown | -20.4% | -56.5% | |
| Fund Family | iMGP Funds | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | May 7, 2019 | Jan 22, 1993 |
DBMF vs SPY Performance
iMGP DBi Managed Futures Strategy ETF (DBMF) is a ETF from iMGP Funds and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year DBMF returned +28.68% while SPY returned +22.52%. Year to date, DBMF is up 12.30% versus a gain of 13.39% for SPY.
Over three years, DBMF compounded at +9.44% per year against +21.36% for SPY; over five years the annualized figures are +9.20% and +13.19% respectively. Across the full 7-year window we track, SPY has the edge at +8.84% annualized vs +7.89%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 11.6% for DBMF. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -20.4% for DBMF and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.15. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
DBMF charges 0.85% per year while SPY charges 0.09%. On a $10,000 position that is $85 vs $9 annually, a gap of $76 per year that compounds over a long holding period. On income, DBMF currently yields 5.16% against 1.01% for SPY.
Holdings Overlap
DBMF and SPY share 0 holdings out of 504 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, DBMF or SPY?
DBMF has an expense ratio of 0.85% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $76 per year of difference.
Which performed better, DBMF or SPY?
Over the past year DBMF returned +28.68% vs +22.52% for SPY, so DBMF leads on 1-year performance. Over the longest common window we track (7 years), DBMF annualized +7.89% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, DBMF or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 11.6% for DBMF. Worst drawdown: DBMF -20.4% vs SPY -56.5%.
Should I hold both DBMF and SPY?
DBMF and SPY have a monthly-return correlation of -0.15, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between DBMF and SPY?
DBMF and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, DBMF or SPY?
DBMF yields 5.16% while SPY yields 1.01%, so DBMF currently pays the higher dividend yield.
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