BDRY vs. USE

Last updated Jun 4, 2026

BDRY (Breakwave Dry Bulk Shipping ETF) and USE (USCF Energy Commodity Strategy Absolute Return Fund) are both Commodities funds. BDRY is passively managed, while USE is actively managed. Over the past 3 years, BDRY returned 27.14%/yr vs 17.85%/yr for USE. At a 0.01 correlation, their price movements are largely independent. BDRY charges 3.76%/yr vs 0.79%/yr for USE.

Performance

BDRY vs. USE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Breakwave Dry Bulk Shipping ETF (BDRY) and USCF Energy Commodity Strategy Absolute Return Fund (USE). 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 USE's 48.69% return.

BDRY

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

USE

• 1D: 2.75%
• 1M: -2.96%
• YTD: 48.69%
• 6M: 51.72%
• 1Y: 41.25%
• 3Y*: 17.85%
• 5Y*: —
• 10Y*: —

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

BDRY vs. USE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BDRY Breakwave Dry Bulk Shipping ETF	43.90%	44.24%	-47.40%	45.78%
USE USCF Energy Commodity Strategy Absolute Return Fund	48.69%	-14.97%	22.58%	9.98%

Correlation

The correlation between BDRY and USE 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 (All Time) Calculated using the full available price history since May 5, 2023	0.01

BDRY vs. USE - Sectors Allocation Comparison

Sectors	BDRY	USE
Financial Services	3.1%	23.5%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

BDRY vs. USE — 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

USE

USE Risk / Return Rank: 33
USE Sharpe Ratio Rank: 37
USE Sortino Ratio Rank: 38
USE Omega Ratio Rank: 35
USE Calmar Ratio Rank: 32
USE Martin Ratio Rank: 24

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. USE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Breakwave Dry Bulk Shipping ETF (BDRY) and USCF Energy Commodity Strategy Absolute Return Fund (USE). 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	USE	Difference
Sharpe ratio Return per unit of total volatility	3.40	1.32	+2.08
Sortino ratio Return per unit of downside risk	3.58	1.94	+1.64
Omega ratio Gain probability vs. loss probability	1.45	1.23	+0.21
Calmar ratio Return relative to maximum drawdown	6.65	1.58	+5.07
Martin ratio Return relative to average drawdown	19.36	3.10	+16.26
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. USE - Sharpe Ratio Comparison

The current BDRY Sharpe Ratio is 3.40, which is higher than the USE Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of BDRY and USE, 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	USE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.40	1.32	+2.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.19	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.13	0.70	-0.84

Drawdowns

BDRY vs. USE - Drawdown Comparison

The maximum BDRY drawdown since its inception was -89.16%, which is greater than USE's maximum drawdown of -26.24%. Use the drawdown chart below to compare losses from any high point for BDRY and USE.

Drawdown Indicators

	BDRY	USE	Difference
Max Drawdown Largest peak-to-trough decline	-89.16%	-26.24%	-62.92%
Max Drawdown (1Y) Largest decline over 1 year	-21.60%	-26.24%	+4.64%
Max Drawdown (3Y) Largest decline over 3 years	-69.71%	-26.24%	-43.47%
Max Drawdown (5Y) Largest decline over 5 years	-89.16%	—	—
Current Drawdown Current decline from peak	-69.60%	-4.44%	-65.16%
Average Drawdown Average peak-to-trough decline	-58.38%	-7.96%	-50.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.40%	13.32%	-5.92%

Volatility

BDRY vs. USE - Volatility Comparison

Breakwave Dry Bulk Shipping ETF (BDRY) and USCF Energy Commodity Strategy Absolute Return Fund (USE) have volatilities of 11.26% and 11.11%, 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	USE	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.26%	11.11%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	30.02%	25.86%	+4.16%
Volatility (1Y) Calculated over the trailing 1-year period	42.29%	31.46%	+10.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.70%	27.06%	+33.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.58%	27.06%	+35.52%

BDRY vs. USE - Expense Ratio Comparison

BDRY has a 3.76% expense ratio, which is higher than USE's 0.79% expense ratio.

Dividends

BDRY vs. USE - Dividend Comparison

BDRY has not paid dividends to shareholders, while USE's dividend yield for the trailing twelve months is around 2.06%.

Position	TTM	2025	2024	2023
BDRY Breakwave Dry Bulk Shipping ETF	0.00%	0.00%	0.00%	0.00%
USE USCF Energy Commodity Strategy Absolute Return Fund	2.06%	3.06%	38.65%	4.83%

Frequently Asked Questions

Can I hold both BDRY and USE in my portfolio?

BDRY and USE 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 USE?

BDRY has higher volatility (11.26%) compared to USE (11.11%). In terms of maximum drawdown, BDRY dropped -89.16% vs USE's -26.24%.

Which ETF is better, BDRY or USE?

On 3-year performance, BDRY leads with 27.14% vs 17.85% for USE. On fees, USE is cheaper at 0.79% per year. On volatility, USE has been the lower-risk option at 11.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BDRY or USE?

Over the 3-year period, BDRY has performed better with a 27.14% return vs 17.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BDRY or USE?

USE is cheaper with a 0.79% expense ratio, compared with 3.76% for BDRY.

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

USE has the higher dividend yield at 2.06%, compared with 0.00% for BDRY.

What is the main difference between BDRY and USE?

They also come from different issuers: ETFMG and USCF. Their fees differ too: 3.76% for BDRY and 0.79% for USE.

Which has better risk-adjusted returns?

BDRY currently has the higher Sharpe Ratio (3.40 vs 1.32), 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.