ASMF vs. BDRY

Last updated Jun 24, 2026

ASMF (Virtus AlphaSimplex Managed Futures ETF) and BDRY (Breakwave Dry Bulk Shipping ETF) are both exchange-traded funds - ASMF is a Systematic Trend fund actively managed by Virtus, while BDRY is a Commodities fund tracking the Breakwave Dry Freight Futures Index. ASMF is actively managed, while BDRY is passively managed. Over the past year, ASMF returned 15.63% vs 103.63% for BDRY. At a correlation of -0.08, they often move in opposite directions. ASMF charges 0.80%/yr vs 3.76%/yr for BDRY.

Performance

ASMF vs. BDRY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus AlphaSimplex Managed Futures ETF (ASMF) and Breakwave Dry Bulk Shipping ETF (BDRY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ASMF achieves a 7.12% return, which is significantly lower than BDRY's 34.21% return.

ASMF

• 1D: -1.67%
• 1M: -1.93%
• YTD: 7.12%
• 6M: 6.84%
• 1Y: 15.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BDRY

• 1D: 1.64%
• 1M: -7.14%
• YTD: 34.21%
• 6M: 34.67%
• 1Y: 103.63%
• 3Y*: 24.09%
• 5Y*: -16.41%
• 10Y*: —

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

ASMF vs. BDRY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ASMF Virtus AlphaSimplex Managed Futures ETF	7.12%	1.16%	-3.65%
BDRY Breakwave Dry Bulk Shipping ETF	34.21%	44.24%	-51.82%

Correlation

The correlation between ASMF and BDRY is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (All Time) Calculated using the full available price history since May 16, 2024	-0.08

Return for Risk

ASMF vs. BDRY — Risk / Return Rank

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

ASMF

ASMF Risk / Return Rank: 48
ASMF Sharpe Ratio Rank: 41
ASMF Sortino Ratio Rank: 39
ASMF Omega Ratio Rank: 41
ASMF Calmar Ratio Rank: 67
ASMF Martin Ratio Rank: 50

BDRY

BDRY Risk / Return Rank: 75
BDRY Sharpe Ratio Rank: 82
BDRY Sortino Ratio Rank: 67
BDRY Omega Ratio Rank: 63
BDRY Calmar Ratio Rank: 88
BDRY Martin Ratio Rank: 76

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.

ASMF vs. BDRY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus AlphaSimplex Managed Futures ETF (ASMF) and Breakwave Dry Bulk Shipping ETF (BDRY). 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.

	ASMF	BDRY	Difference
Sharpe ratio: Return per unit of total volatility	1.36	2.48	-1.11
Sortino ratio: Return per unit of downside risk	1.88	2.90	-1.02
Omega ratio: Gain probability vs. loss probability	1.25	1.36	-0.11
Calmar ratio: Return relative to maximum drawdown	3.13	4.82	-1.70
Martin ratio: Return relative to average drawdown	7.86	13.59	-5.73

ASMF vs. BDRY - Sharpe Ratio Comparison

The current ASMF Sharpe Ratio is 1.36, which is lower than the BDRY Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of ASMF and BDRY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ASMF vs. BDRY - Drawdown Comparison

The maximum ASMF drawdown since its inception was -15.31%, smaller than the maximum BDRY drawdown of -89.16%. Use the drawdown chart below to compare losses from any high point for ASMF and BDRY.

Drawdown Indicators

	ASMF	BDRY	Difference
Max Drawdown Largest peak-to-trough decline	-15.31%	-89.16%	+73.85%
Max Drawdown (1Y) Largest decline over 1 year	-5.02%	-21.60%	+16.58%
Max Drawdown (3Y) Largest decline over 3 years	—	-69.71%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-89.16%	—
Current Drawdown Current decline from peak	-3.39%	-71.65%	+68.26%
Average Drawdown Average peak-to-trough decline	-7.48%	-58.43%	+50.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	7.65%	-5.66%

Volatility

ASMF vs. BDRY - Volatility Comparison

The current volatility for Virtus AlphaSimplex Managed Futures ETF (ASMF) is 3.45%, while Breakwave Dry Bulk Shipping ETF (BDRY) has a volatility of 7.30%. This indicates that ASMF experiences smaller price fluctuations and is considered to be less risky than BDRY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASMF	BDRY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.45%	7.30%	-3.85%
Volatility (6M) Calculated over the trailing 6-month period	9.75%	29.14%	-19.39%
Volatility (1Y) Calculated over the trailing 1-year period	11.53%	42.10%	-30.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.04%	60.24%	-49.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.04%	62.40%	-51.36%

ASMF vs. BDRY - Expense Ratio Comparison

ASMF has a 0.80% expense ratio, which is lower than BDRY's 3.76% expense ratio.

Dividends

ASMF vs. BDRY - Dividend Comparison

ASMF's dividend yield for the trailing twelve months is around 0.20%, while BDRY has not paid dividends to shareholders.

Position	TTM	2025	2024
ASMF Virtus AlphaSimplex Managed Futures ETF	0.20%	0.22%	1.66%
BDRY Breakwave Dry Bulk Shipping ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ASMF and BDRY in my portfolio?

ASMF and BDRY have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ASMF or BDRY?

BDRY has higher volatility (7.30%) compared to ASMF (3.45%). In terms of maximum drawdown, ASMF dropped -15.31% vs BDRY's -89.16%.

Which ETF is better, ASMF or BDRY?

On 1-year performance, BDRY leads with 103.63% vs 15.63% for ASMF. On fees, ASMF is cheaper at 0.80% per year. On volatility, ASMF has been the lower-risk option at 3.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ASMF or BDRY?

Over the 1-year period, BDRY has performed better with a 103.63% return vs 15.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ASMF or BDRY?

ASMF is cheaper with a 0.80% expense ratio, compared with 3.76% for BDRY.

Which ETF pays a higher dividend yield, ASMF or BDRY?

ASMF has the higher dividend yield at 0.20%, compared with 0.00% for BDRY.

What is the main difference between ASMF and BDRY?

ASMF is categorized as Systematic Trend, while BDRY is Commodities. They also come from different issuers: Virtus and ETFMG. Their fees differ too: 0.80% for ASMF and 3.76% for BDRY.

Which has better risk-adjusted returns?

BDRY currently has the higher Sharpe Ratio (2.48 vs 1.36), 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.