BDRY vs. SEA

Last updated Jun 23, 2026

BDRY (Breakwave Dry Bulk Shipping ETF) and SEA (U.S. Global Sea to Sky Cargo ETF) are both exchange-traded funds - BDRY is a Commodities fund tracking the Breakwave Dry Freight Futures Index, while SEA is a Industrials Equities fund tracking the U.S. Global Sea to Sky Cargo Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, BDRY returned 23.42%/yr vs 19.15%/yr for SEA. At a 0.09 correlation, their price movements are largely independent. BDRY charges 3.76%/yr vs 0.60%/yr for SEA.

Performance

BDRY vs. SEA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Breakwave Dry Bulk Shipping ETF (BDRY) and U.S. Global Sea to Sky Cargo ETF (SEA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BDRY achieves a 32.04% return, which is significantly higher than SEA's 20.42% return.

BDRY

• 1D: 0.09%
• 1M: -8.64%
• YTD: 32.04%
• 6M: 30.41%
• 1Y: 102.09%
• 3Y*: 23.42%
• 5Y*: -16.12%
• 10Y*: —

SEA

• 1D: 2.29%
• 1M: -1.41%
• YTD: 20.42%
• 6M: 20.07%
• 1Y: 30.14%
• 3Y*: 19.15%
• 5Y*: —
• 10Y*: —

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

BDRY vs. SEA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BDRY Breakwave Dry Bulk Shipping ETF	32.04%	44.24%	-47.40%	25.79%	-53.84%
SEA U.S. Global Sea to Sky Cargo ETF	20.42%	16.78%	2.52%	19.33%	-18.36%

Correlation

The correlation between BDRY and SEA is 0.01, 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	0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (All Time) Calculated using the full available price history since Jan 20, 2022	0.09

Return for Risk

BDRY vs. SEA — Risk / Return Rank

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

BDRY

BDRY Risk / Return Rank: 73
BDRY Sharpe Ratio Rank: 80
BDRY Sortino Ratio Rank: 65
BDRY Omega Ratio Rank: 60
BDRY Calmar Ratio Rank: 87
BDRY Martin Ratio Rank: 74

SEA

SEA Risk / Return Rank: 57
SEA Sharpe Ratio Rank: 56
SEA Sortino Ratio Rank: 56
SEA Omega Ratio Rank: 52
SEA Calmar Ratio Rank: 59
SEA Martin Ratio Rank: 65

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. SEA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Breakwave Dry Bulk Shipping ETF (BDRY) and U.S. Global Sea to Sky Cargo ETF (SEA). 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.

	BDRY	SEA	Difference
Sharpe ratio: Return per unit of total volatility	2.44	1.83	+0.61
Sortino ratio: Return per unit of downside risk	2.88	2.60	+0.28
Omega ratio: Gain probability vs. loss probability	1.36	1.32	+0.04
Calmar ratio: Return relative to maximum drawdown	4.75	2.84	+1.91
Martin ratio: Return relative to average drawdown	13.45	11.45	+2.00

BDRY vs. SEA - Sharpe Ratio Comparison

The current BDRY Sharpe Ratio is 2.44, which is higher than the SEA Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of BDRY and SEA, 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

BDRY vs. SEA - Drawdown Comparison

The maximum BDRY drawdown since its inception was -89.16%, which is greater than SEA's maximum drawdown of -39.53%. Use the drawdown chart below to compare losses from any high point for BDRY and SEA.

Drawdown Indicators

	BDRY	SEA	Difference
Max Drawdown Largest peak-to-trough decline	-89.16%	-39.53%	-49.63%
Max Drawdown (1Y) Largest decline over 1 year	-21.60%	-10.67%	-10.93%
Max Drawdown (3Y) Largest decline over 3 years	-69.71%	-32.42%	-37.29%
Max Drawdown (5Y) Largest decline over 5 years	-89.16%	—	—
Current Drawdown Current decline from peak	-72.10%	-3.36%	-68.74%
Average Drawdown Average peak-to-trough decline	-58.42%	-14.18%	-44.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.62%	2.64%	+4.98%

Volatility

BDRY vs. SEA - Volatility Comparison

Breakwave Dry Bulk Shipping ETF (BDRY) has a higher volatility of 7.86% compared to U.S. Global Sea to Sky Cargo ETF (SEA) at 5.27%. This indicates that BDRY's price experiences larger fluctuations and is considered to be riskier than SEA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDRY	SEA	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.86%	5.27%	+2.59%
Volatility (6M) Calculated over the trailing 6-month period	29.21%	12.56%	+16.65%
Volatility (1Y) Calculated over the trailing 1-year period	42.17%	16.56%	+25.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.25%	21.65%	+38.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.41%	21.65%	+40.76%

BDRY vs. SEA - Expense Ratio Comparison

BDRY has a 3.76% expense ratio, which is higher than SEA's 0.60% expense ratio.

Dividends

BDRY vs. SEA - Dividend Comparison

BDRY has not paid dividends to shareholders, while SEA's dividend yield for the trailing twelve months is around 5.61%.

Position	TTM	2025	2024	2023	2022
BDRY Breakwave Dry Bulk Shipping ETF	0.00%	0.00%	0.00%	0.00%	0.00%
SEA U.S. Global Sea to Sky Cargo ETF	5.61%	6.76%	18.47%	9.85%	18.73%

Frequently Asked Questions

Can I hold both BDRY and SEA in my portfolio?

BDRY and SEA have a correlation of 0.01, 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 SEA?

BDRY has higher volatility (7.86%) compared to SEA (5.27%). In terms of maximum drawdown, BDRY dropped -89.16% vs SEA's -39.53%.

Which ETF is better, BDRY or SEA?

On 3-year performance, BDRY leads with 23.42% vs 19.15% for SEA. On fees, SEA is cheaper at 0.60% per year. On volatility, SEA has been the lower-risk option at 5.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BDRY or SEA?

Over the 3-year period, BDRY has performed better with a 23.42% return vs 19.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BDRY or SEA?

SEA is cheaper with a 0.60% expense ratio, compared with 3.76% for BDRY.

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

SEA has the higher dividend yield at 5.61%, compared with 0.00% for BDRY.

What is the main difference between BDRY and SEA?

BDRY is categorized as Commodities, while SEA is Industrials Equities. BDRY tracks Breakwave Dry Freight Futures Index, while SEA tracks U.S. Global Sea to Sky Cargo Index - Benchmark TR Gross. They also come from different issuers: ETFMG and US Global. Their fees differ too: 3.76% for BDRY and 0.60% for SEA.

Which has better risk-adjusted returns?

BDRY currently has the higher Sharpe Ratio (2.44 vs 1.83), 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.