BDRY vs. SPY
BDRY (Breakwave Dry Bulk Shipping ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - BDRY is a Commodities fund tracking the Breakwave Dry Freight Futures Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, BDRY returned -16.12%/yr vs 13.51%/yr for SPY. At a 0.04 correlation, their price movements are largely independent. BDRY charges 3.76%/yr vs 0.09%/yr for SPY.
Performance
BDRY vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, BDRY achieves a 32.04% return, which is significantly higher than SPY's 9.74% return.
BDRY
- 1D
- 0.09%
- 1M
- -8.64%
- YTD
- 32.04%
- 6M
- 30.41%
- 1Y
- 102.09%
- 3Y*
- 23.42%
- 5Y*
- -16.12%
- 10Y*
- —
SPY
- 1D
- -0.31%
- 1M
- 0.09%
- YTD
- 9.74%
- 6M
- 9.27%
- 1Y
- 26.65%
- 3Y*
- 21.27%
- 5Y*
- 13.51%
- 10Y*
- 15.70%
BDRY vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
BDRY Breakwave Dry Bulk Shipping ETF | 32.04% | 44.24% | -47.40% | 25.79% | -68.84% | 282.99% | -50.16% | -15.92% | -27.66% |
SPY State Street SPDR S&P 500 ETF | 9.74% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -6.20% |
Correlation
The correlation between BDRY and SPY 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 | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Mar 22, 2018 | 0.04 |
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Return for Risk
BDRY vs. SPY — Risk / Return Rank
BDRY
SPY
BDRY vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Breakwave Dry Bulk Shipping ETF (BDRY) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.39 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 4.75 | 3.01 | +1.74 |
| Martin ratioReturn relative to average drawdown | 13.45 | 13.54 | -0.09 |
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Drawdowns
BDRY vs. SPY - Drawdown Comparison
The maximum BDRY drawdown since its inception was -89.16%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BDRY and SPY.
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Drawdown Indicators
| BDRY | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.16% | -55.19% | -33.97% |
Max Drawdown (1Y)Largest decline over 1 year | -21.60% | -8.88% | -12.72% |
Max Drawdown (3Y)Largest decline over 3 years | -69.71% | -18.76% | -50.95% |
Max Drawdown (5Y)Largest decline over 5 years | -89.16% | -24.50% | -64.66% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -72.10% | -1.75% | -70.35% |
Average DrawdownAverage peak-to-trough decline | -58.42% | -9.04% | -49.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.62% | 1.97% | +5.65% |
Volatility
BDRY vs. SPY - Volatility Comparison
Breakwave Dry Bulk Shipping ETF (BDRY) has a higher volatility of 7.86% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that BDRY's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDRY | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.86% | 4.64% | +3.22% |
Volatility (6M)Calculated over the trailing 6-month period | 29.21% | 9.75% | +19.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.17% | 12.43% | +29.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.25% | 17.14% | +43.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.41% | 17.99% | +44.42% |
BDRY vs. SPY - Expense Ratio Comparison
BDRY has a 3.76% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
BDRY vs. SPY - Dividend Comparison
BDRY has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.01%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
BDRY and SPY 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.
BDRY has higher volatility (7.86%) compared to SPY (4.64%). In terms of maximum drawdown, BDRY dropped -89.16% vs SPY's -55.19%.
On 5-year performance, SPY leads with 13.51% vs -16.12% for BDRY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPY has performed better with a 13.51% return vs -16.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 3.76% for BDRY.
SPY has the higher dividend yield at 1.01%, compared with 0.00% for BDRY.
BDRY is categorized as Commodities, while SPY is S&P 500. BDRY tracks Breakwave Dry Freight Futures Index, while SPY tracks S&P 500 Index. They also come from different issuers: ETFMG and State Street. Their fees differ too: 3.76% for BDRY and 0.09% for SPY.
BDRY currently has the higher Sharpe Ratio (2.44 vs 2.16), 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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