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BDRY vs. EWI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BDRY vs. EWI

Last updated Jun 4, 2026

BDRY (Breakwave Dry Bulk Shipping ETF) and EWI (iShares MSCI Italy ETF) are both exchange-traded funds - BDRY is a Commodities fund tracking the Breakwave Dry Freight Futures Index, while EWI is a Europe Equities fund tracking the MSCI Italy Index. Both are passively managed. Over the past 5 years, BDRY returned -11.69%/yr vs 15.40%/yr for EWI. At a 0.04 correlation, their price movements are largely independent. BDRY charges 3.76%/yr vs 0.49%/yr for EWI.

Performance

BDRY vs. EWI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Breakwave Dry Bulk Shipping ETF (BDRY) and iShares MSCI Italy ETF (EWI). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BDRY achieves a 43.90% return, which is significantly higher than EWI's 7.69% return.

BDRY

1D
-2.47%
1M
7.04%
YTD
43.90%
6M
35.70%
1Y
142.69%
3Y*
27.14%
5Y*
-11.69%
10Y*
—

EWI

1D
-1.65%
1M
3.96%
YTD
7.69%
6M
11.23%
1Y
26.01%
3Y*
28.33%
5Y*
15.40%
10Y*
13.03%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BDRY vs. EWI - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
BDRY
Breakwave Dry Bulk Shipping ETF		43.90%44.24%-47.40%25.79%-68.84%282.99%-50.16%-15.92%-27.98%
EWI
iShares MSCI Italy ETF		7.69%55.72%10.23%30.63%-14.16%14.38%1.69%26.98%-20.29%

Correlation

The correlation between BDRY and EWI is -0.08, 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

-0.08

Correlation (3Y)
Calculated over the trailing 3-year period

-0.00

Correlation (5Y)
Calculated over the trailing 5-year period

0.00

Correlation (All Time)
Calculated using the full available price history since Mar 23, 2018

0.04

The correlation between BDRY and EWI shifts across timeframes, from -0.08 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.

BDRY vs. EWI - Sectors Allocation Comparison

Sectors
BDRY
EWI

Financial Services

3.1%
47.5%

Basic Materials

-

0.6%

Communication Services

-

2.2%

Consumer Cyclical

-

8.7%

Consumer Defensive

-

0.9%

Energy

-

7.5%

Healthcare

-

1.4%

Industrials

-

12.5%

Real Estate

-

-

Technology

-

-

Utilities

-

18.3%

Financial Services

BDRY
3.1%
EWI
47.5%

Basic Materials

BDRY

-

EWI
0.6%

Communication Services

BDRY

-

EWI
2.2%

Consumer Cyclical

BDRY

-

EWI
8.7%

Consumer Defensive

BDRY

-

EWI
0.9%

Energy

BDRY

-

EWI
7.5%

Healthcare

BDRY

-

EWI
1.4%

Industrials

BDRY

-

EWI
12.5%

Real Estate

BDRY

-

EWI

-

Technology

BDRY

-

EWI

-

Utilities

BDRY

-

EWI
18.3%

Compare stocks, funds, or ETFs

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Breakwave Dry Bulk Shipping ETF

iShares MSCI Italy ETF

Often compared with BDRY:
BDRY vs. BOATBDRY vs. SAFEBDRY vs. BWETBDRY vs. SEABDRY vs. SPYBDRY vs. ZIMBDRY vs. NVDA
Often compared with EWI:
EWI vs. EWPEWI vs. SPYEWI vs. EWQEWI vs. VOOEWI vs. FEZEWI vs. QQQEEWI vs. EIRL

Return for Risk

BDRY vs. EWI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BDRY
BDRY Risk / Return Rank: 8585
Overall Rank
BDRY Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
BDRY Sortino Ratio Rank: 7979
Sortino Ratio Rank
BDRY Omega Ratio Rank: 7474
Omega Ratio Rank
BDRY Calmar Ratio Rank: 9393
Calmar Ratio Rank
BDRY Martin Ratio Rank: 8888
Martin Ratio Rank
EWI
EWI Risk / Return Rank: 4141
Overall Rank
EWI Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
EWI Sortino Ratio Rank: 3939
Sortino Ratio Rank
EWI Omega Ratio Rank: 3838
Omega Ratio Rank
EWI Calmar Ratio Rank: 4242
Calmar Ratio Rank
EWI Martin Ratio Rank: 4646
Martin Ratio Rank
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.

BDRY vs. EWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Breakwave Dry Bulk Shipping ETF (BDRY) and iShares MSCI Italy ETF (EWI). 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.

BDRYEWIDifference
Sharpe ratioReturn per unit of total volatility
3.40
1.45

+1.95

Sortino ratioReturn per unit of downside risk
3.58
2.04

+1.54

Omega ratioGain probability vs. loss probability

1.45

1.25

+0.20

Calmar ratioReturn relative to maximum drawdown

6.65

2.09

+4.55

Martin ratioReturn relative to average drawdown

19.36

7.80

+11.56

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BDRY vs. EWI - Sharpe Ratio Comparison

The current BDRY Sharpe Ratio is 3.40, which is higher than the EWI Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of BDRY and EWI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

BDRYEWIDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.40

1.45

+1.95

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.19

0.73

-0.93

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.56

—

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.13

0.23

-0.36

Drawdowns

BDRY vs. EWI - Drawdown Comparison

The maximum BDRY drawdown since its inception was -89.16%, which is greater than EWI's maximum drawdown of -70.38%. Use the drawdown chart below to compare losses from any high point for BDRY and EWI.

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Drawdown Indicators

BDRYEWIDifference

Max Drawdown

Largest peak-to-trough decline

-89.16%

-70.38%

-18.78%

Max Drawdown (1Y)

Largest decline over 1 year

-21.60%

-12.48%

-9.12%

Max Drawdown (3Y)

Largest decline over 3 years

-69.71%

-16.80%

-52.91%

Max Drawdown (5Y)

Largest decline over 5 years

-89.16%

-35.25%

-53.91%

Max Drawdown (10Y)

Largest decline over 10 years

—

-43.00%

—

Current Drawdown

Current decline from peak

-69.60%

-1.85%

-67.75%

Average Drawdown

Average peak-to-trough decline

-58.38%

-28.94%

-29.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.40%

3.34%

+4.06%

Volatility

BDRY vs. EWI - Volatility Comparison

Breakwave Dry Bulk Shipping ETF (BDRY) has a higher volatility of 11.26% compared to iShares MSCI Italy ETF (EWI) at 6.65%. This indicates that BDRY's price experiences larger fluctuations and is considered to be riskier than EWI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BDRYEWIDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.26%

6.65%

+4.61%

Volatility (6M)

Calculated over the trailing 6-month period

30.02%

14.68%

+15.34%

Volatility (1Y)

Calculated over the trailing 1-year period

42.29%

18.06%

+24.23%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

60.70%

21.10%

+39.60%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

62.58%

23.26%

+39.32%

BDRY vs. EWI - Expense Ratio Comparison

BDRY has a 3.76% expense ratio, which is higher than EWI's 0.49% expense ratio.

Dividends

BDRY vs. EWI - Dividend Comparison

BDRY has not paid dividends to shareholders, while EWI's dividend yield for the trailing twelve months is around 2.60%.

PositionTTM20252024202320222021202020192018201720162015
BDRY
Breakwave Dry Bulk Shipping ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EWI
iShares MSCI Italy ETF		2.60%2.80%4.07%3.40%4.57%2.63%1.66%3.80%4.71%2.19%3.64%2.31%

Frequently Asked Questions

BDRY and EWI have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BDRY has higher volatility (11.26%) compared to EWI (6.65%). In terms of maximum drawdown, BDRY dropped -89.16% vs EWI's -70.38%.

On 5-year performance, EWI leads with 15.40% vs -11.69% for BDRY. On fees, EWI is cheaper at 0.49% per year. On volatility, EWI has been the lower-risk option at 6.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, EWI has performed better with a 15.40% return vs -11.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWI is cheaper with a 0.49% expense ratio, compared with 3.76% for BDRY.

EWI has the higher dividend yield at 2.60%, compared with 0.00% for BDRY.

BDRY is categorized as Commodities, while EWI is Europe Equities. BDRY tracks Breakwave Dry Freight Futures Index, while EWI tracks MSCI Italy Index. They also come from different issuers: ETFMG and iShares. Their fees differ too: 3.76% for BDRY and 0.49% for EWI.

BDRY currently has the higher Sharpe Ratio (3.40 vs 1.45), 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.

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