BCOR vs. BWET

Last updated Jun 4, 2026

BCOR (Grayscale Bitcoin Adopters ETF) and BWET (Breakwave Tanker Shipping ETF) are both exchange-traded funds - BCOR is a Blockchain fund tracking the Indxx Bitcoin Adopters Index, while BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index. Both are passively managed. Over the past year, BCOR returned -17.33% vs 1800.91% for BWET. At a correlation of -0.11, they often move in opposite directions. BCOR charges 0.59%/yr vs 3.50%/yr for BWET.

Performance

BCOR vs. BWET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Adopters ETF (BCOR) and Breakwave Tanker Shipping ETF (BWET). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BCOR achieves a -2.23% return, which is significantly lower than BWET's 875.88% return.

BCOR

• 1D: -2.77%
• 1M: -5.42%
• YTD: -2.23%
• 6M: -9.89%
• 1Y: -17.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BWET

• 1D: 4.26%
• 1M: 9.15%
• YTD: 875.88%
• 6M: 735.56%
• 1Y: 1,800.91%
• 3Y*: 129.64%
• 5Y*: —
• 10Y*: —

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

BCOR vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025
BCOR Grayscale Bitcoin Adopters ETF	-2.23%	4.14%
BWET Breakwave Tanker Shipping ETF	875.88%	68.54%

Correlation

The correlation between BCOR and BWET 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 1, 2025	-0.11

BCOR vs. BWET - Sectors Allocation Comparison

Sectors	BCOR	BWET
Technology	34.3%	-
Consumer Cyclical	32.9%	-
Financial Services	22.8%	8.6%
Communication Services	8.3%	-
Industrials	0.9%	-
Energy	0.5%	-
Utilities	0.2%	-
Healthcare	0.2%	-
Basic Materials	-	-
Consumer Defensive	-	-
Real Estate	-	-

Return for Risk

BCOR vs. BWET — Risk / Return Rank

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

BCOR

BCOR Risk / Return Rank: 6
BCOR Sharpe Ratio Rank: 5
BCOR Sortino Ratio Rank: 6
BCOR Omega Ratio Rank: 6
BCOR Calmar Ratio Rank: 6
BCOR Martin Ratio Rank: 6

BWET

BWET Risk / Return Rank: 99
BWET Sharpe Ratio Rank: 100
BWET Sortino Ratio Rank: 97
BWET Omega Ratio Rank: 97
BWET Calmar Ratio Rank: 100
BWET Martin Ratio Rank: 99

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.

BCOR vs. BWET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Adopters ETF (BCOR) and Breakwave Tanker Shipping ETF (BWET). 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.

	BCOR	BWET	Difference
Sharpe ratio: Return per unit of total volatility	-0.42	18.57	-18.99
Sortino ratio: Return per unit of downside risk	-0.37	6.55	-6.92
Omega ratio: Gain probability vs. loss probability	0.96	1.96	-1.00
Calmar ratio: Return relative to maximum drawdown	-0.40	59.51	-59.91
Martin ratio: Return relative to average drawdown	-0.75	158.07	-158.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BCOR vs. BWET - Sharpe Ratio Comparison

The current BCOR Sharpe Ratio is -0.42, which is lower than the BWET Sharpe Ratio of 18.57. The chart below compares the historical Sharpe Ratios of BCOR and BWET, 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

	BCOR	BWET	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.42	18.57	-18.99
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	1.90	-1.86

Drawdowns

BCOR vs. BWET - Drawdown Comparison

The maximum BCOR drawdown since its inception was -42.99%, smaller than the maximum BWET drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for BCOR and BWET.

Drawdown Indicators

	BCOR	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-42.99%	-56.90%	+13.91%
Max Drawdown (1Y) Largest decline over 1 year	-42.99%	-30.64%	-12.35%
Max Drawdown (3Y) Largest decline over 3 years	—	-56.90%	—
Current Drawdown Current decline from peak	-30.84%	-11.29%	-19.55%
Average Drawdown Average peak-to-trough decline	-18.11%	-24.09%	+5.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.12%	11.51%	+11.61%

Volatility

BCOR vs. BWET - Volatility Comparison

The current volatility for Grayscale Bitcoin Adopters ETF (BCOR) is 10.49%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 33.96%. This indicates that BCOR experiences smaller price fluctuations and is considered to be less risky than BWET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BCOR	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.49%	33.96%	-23.47%
Volatility (6M) Calculated over the trailing 6-month period	31.45%	88.49%	-57.04%
Volatility (1Y) Calculated over the trailing 1-year period	41.24%	98.35%	-57.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.93%	70.45%	-27.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.93%	70.45%	-27.52%

BCOR vs. BWET - Expense Ratio Comparison

BCOR has a 0.59% expense ratio, which is lower than BWET's 3.50% expense ratio.

Dividends

BCOR vs. BWET - Dividend Comparison

BCOR's dividend yield for the trailing twelve months is around 3.17%, while BWET has not paid dividends to shareholders.

Position	TTM	2025
BCOR Grayscale Bitcoin Adopters ETF	3.17%	3.10%
BWET Breakwave Tanker Shipping ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both BCOR and BWET in my portfolio?

BCOR and BWET 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, BCOR or BWET?

BWET has higher volatility (33.96%) compared to BCOR (10.49%). In terms of maximum drawdown, BCOR dropped -42.99% vs BWET's -56.90%.

Which ETF is better, BCOR or BWET?

On 1-year performance, BWET leads with 1800.91% vs -17.33% for BCOR. On fees, BCOR is cheaper at 0.59% per year. On volatility, BCOR has been the lower-risk option at 10.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BCOR or BWET?

Over the 1-year period, BWET has performed better with a 1800.91% return vs -17.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BCOR or BWET?

BCOR is cheaper with a 0.59% expense ratio, compared with 3.50% for BWET.

Which ETF pays a higher dividend yield, BCOR or BWET?

BCOR has the higher dividend yield at 3.17%, compared with 0.00% for BWET.

What is the main difference between BCOR and BWET?

BCOR is categorized as Blockchain, while BWET is Commodities. BCOR tracks Indxx Bitcoin Adopters Index, while BWET tracks Breakwave Wet Freight Futures Index. They also come from different issuers: Grayscale and Amplify. Their fees differ too: 0.59% for BCOR and 3.50% for BWET.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (18.57 vs -0.42), 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.