BDRY vs. INSW

Last updated Jun 4, 2026

BDRY (Breakwave Dry Bulk Shipping ETF) is Commodities fund tracking the Breakwave Dry Freight Futures Index, while INSW (International Seaways, Inc.) is a stock. Over the past 5 years, BDRY returned -11.69%/yr vs 44.87%/yr for INSW. At a 0.07 correlation, their price movements are largely independent.

Performance

BDRY vs. INSW - Performance Comparison

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

Returns By Period

In the year-to-date period, BDRY achieves a 43.90% return, which is significantly lower than INSW's 65.57% return.

BDRY

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

INSW

• 1D: -0.71%
• 1M: -8.15%
• YTD: 65.57%
• 6M: 56.10%
• 1Y: 127.10%
• 3Y*: 42.07%
• 5Y*: 44.87%
• 10Y*: —

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

BDRY vs. INSW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
BDRY Breakwave Dry Bulk Shipping ETF	43.90%	44.24%	-47.40%	25.79%	-68.84%	282.99%	-50.16%	-15.92%	-27.98%
INSW International Seaways, Inc.	65.57%	44.97%	-10.85%	42.93%	162.53%	-2.93%	-44.43%	76.72%	-6.03%

Correlation

The correlation between BDRY and INSW is 0.05, 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	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (All Time) Calculated using the full available price history since Mar 23, 2018	0.07

Return for Risk

BDRY vs. INSW — Risk / Return Rank

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

BDRY

BDRY Risk / Return Rank: 85
BDRY Sharpe Ratio Rank: 92
BDRY Sortino Ratio Rank: 79
BDRY Omega Ratio Rank: 74
BDRY Calmar Ratio Rank: 93
BDRY Martin Ratio Rank: 88

INSW

INSW Risk / Return Rank: 95
INSW Sharpe Ratio Rank: 96
INSW Sortino Ratio Rank: 95
INSW Omega Ratio Rank: 91
INSW Calmar Ratio Rank: 96
INSW Martin Ratio Rank: 96

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. INSW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Breakwave Dry Bulk Shipping ETF (BDRY) and International Seaways, Inc. (INSW). 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.

	BDRY	INSW	Difference
Sharpe ratio Return per unit of total volatility	3.40	3.49	-0.10
Sortino ratio Return per unit of downside risk	3.58	4.22	-0.64
Omega ratio Gain probability vs. loss probability	1.45	1.48	-0.03
Calmar ratio Return relative to maximum drawdown	6.65	7.91	-1.26
Martin ratio Return relative to average drawdown	19.36	23.47	-4.11
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. INSW - Sharpe Ratio Comparison

The current BDRY Sharpe Ratio is 3.40, which is comparable to the INSW Sharpe Ratio of 3.49. The chart below compares the historical Sharpe Ratios of BDRY and INSW, 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

	BDRY	INSW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.40	3.49	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.19	1.10	-1.29
Sharpe Ratio (All Time) Calculated using the full available price history	-0.13	0.61	-0.74

Drawdowns

BDRY vs. INSW - Drawdown Comparison

The maximum BDRY drawdown since its inception was -89.16%, which is greater than INSW's maximum drawdown of -57.49%. Use the drawdown chart below to compare losses from any high point for BDRY and INSW.

Drawdown Indicators

	BDRY	INSW	Difference
Max Drawdown Largest peak-to-trough decline	-89.16%	-57.49%	-31.67%
Max Drawdown (1Y) Largest decline over 1 year	-21.60%	-16.16%	-5.44%
Max Drawdown (3Y) Largest decline over 3 years	-69.71%	-50.40%	-19.31%
Max Drawdown (5Y) Largest decline over 5 years	-89.16%	-50.40%	-38.76%
Current Drawdown Current decline from peak	-69.60%	-14.90%	-54.70%
Average Drawdown Average peak-to-trough decline	-58.38%	-20.91%	-37.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.40%	5.44%	+1.96%

Volatility

BDRY vs. INSW - Volatility Comparison

Breakwave Dry Bulk Shipping ETF (BDRY) and International Seaways, Inc. (INSW) have volatilities of 11.26% and 11.74%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDRY	INSW	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.26%	11.74%	-0.48%
Volatility (6M) Calculated over the trailing 6-month period	30.02%	27.72%	+2.30%
Volatility (1Y) Calculated over the trailing 1-year period	42.29%	36.61%	+5.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.70%	41.01%	+19.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.58%	45.21%	+17.37%

Dividends

BDRY vs. INSW - Dividend Comparison

BDRY has not paid dividends to shareholders, while INSW's dividend yield for the trailing twelve months is around 5.62%.

Position	TTM	2025	2024	2023	2022	2021	2020
BDRY Breakwave Dry Bulk Shipping ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
INSW International Seaways, Inc.	5.62%	6.04%	16.05%	13.83%	3.84%	9.26%	1.47%

Frequently Asked Questions

Can I hold both BDRY and INSW in my portfolio?

BDRY and INSW have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BDRY or INSW?

INSW has higher volatility (11.74%) compared to BDRY (11.26%). In terms of maximum drawdown, BDRY dropped -89.16% vs INSW's -57.49%.

Which has better risk-adjusted returns?

INSW currently has the higher Sharpe Ratio (3.49 vs 3.40), 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.