BDRY vs. VBIL

Last updated Aug 2, 2026

BDRY (Breakwave Dry Bulk Shipping ETF) and VBIL (Vanguard 0-3 Month Treasury Bill ETF) are both exchange-traded funds - BDRY is a Commodities fund tracking the Breakwave Dry Freight Futures Index, while VBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bills 0-3 Months Index. Both are passively managed. Over the past year, BDRY returned 79.89% vs 3.83% for VBIL. Their -0.14 correlation means they have often moved in opposite directions in the past. BDRY charges 3.76%/yr vs 0.07%/yr for VBIL.

Performance

BDRY vs. VBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Breakwave Dry Bulk Shipping ETF (BDRY) and Vanguard 0-3 Month Treasury Bill ETF (VBIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BDRY achieves a 53.02% return, which is significantly higher than VBIL's 2.12% return.

BDRY

• 1D: 0.45%
• 1M: 9.37%
• 6M: 16.39%
• YTD: 53.02%
• 1Y: 79.89%
• 3Y*: 39.44%
• 5Y*: -12.25%
• 10Y*: —
• ALL TIME*: -7.35%

VBIL

• 1D: 0.04%
• 1M: 0.28%
• 6M: 1.84%
• YTD: 2.12%
• 1Y: 3.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.01%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BDRY Breakwave Dry Bulk Shipping ETF	$397.41K	$463.93K	$806.29K
VBIL Vanguard 0-3 Month Treasury Bill ETF	$162.29M	$169.08M	$188.29M

BDRY vs. VBIL - Yearly Performance Comparison

	2026 (YTD)	2025
BDRY Breakwave Dry Bulk Shipping ETF	53.02%	51.73%
VBIL Vanguard 0-3 Month Treasury Bill ETF	2.12%	3.73%

Correlation

The correlation between BDRY and VBIL is -0.22, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.22
Correlation (All Time) Calculated using the full available price history since Feb 11, 2025	-0.14

Return for Risk

BDRY vs. VBIL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BDRY

BDRY Risk / Return Rank: 82
BDRY Sharpe Ratio Rank: 86
BDRY Sortino Ratio Rank: 79
BDRY Omega Ratio Rank: 75
BDRY Calmar Ratio Rank: 90
BDRY Martin Ratio Rank: 80

VBIL

VBIL Risk / Return Rank: 100
VBIL Sharpe Ratio Rank: 100
VBIL Sortino Ratio Rank: 100
VBIL Omega Ratio Rank: 100
VBIL Calmar Ratio Rank: 100
VBIL Martin Ratio Rank: 100

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BDRY vs. VBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Breakwave Dry Bulk Shipping ETF (BDRY) and Vanguard 0-3 Month Treasury Bill ETF (VBIL). 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	VBIL	Difference
Sharpe ratio: Return per unit of total volatility	2.06	18.00	-15.94
Sortino ratio: Return per unit of downside risk	2.55	120.14	-117.59
Omega ratio: Gain probability vs. loss probability	1.31	45.23	-43.92
Calmar ratio: Return relative to maximum drawdown	3.79	293.89	-290.10
Martin ratio: Return relative to average drawdown	10.30	1,943.77	-1,933.47

BDRY vs. VBIL - Sharpe Ratio Comparison

The current BDRY Sharpe Ratio is 2.06, which is lower than the VBIL Sharpe Ratio of 18.00. The chart below compares the historical Sharpe Ratios of BDRY and VBIL, 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. VBIL - Drawdown Comparison

The maximum BDRY drawdown since its inception was -89.16%, which is greater than VBIL's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for BDRY and VBIL.

Drawdown Indicators

	BDRY	VBIL	Difference
Max Drawdown Largest peak-to-trough decline	-89.16%	-0.09%	-89.07%
Max Drawdown (1Y) Largest decline over 1 year	-21.60%	-0.01%	-21.59%
Max Drawdown (3Y) Largest decline over 3 years	-69.71%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-89.16%	—	—
Current Drawdown Current decline from peak	-67.67%	0.00%	-67.67%
Average Drawdown Average peak-to-trough decline	-58.58%	0.00%	-58.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.92%	0.00%	+7.92%

Volatility

BDRY vs. VBIL - Volatility Comparison

Breakwave Dry Bulk Shipping ETF (BDRY) has a higher volatility of 10.70% compared to Vanguard 0-3 Month Treasury Bill ETF (VBIL) at 0.07%. This indicates that BDRY's price experiences larger fluctuations and is considered to be riskier than VBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDRY	VBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.70%	0.07%	+10.63%
Volatility (6M) Calculated over the trailing 6-month period	28.10%	0.16%	+27.94%
Volatility (1Y) Calculated over the trailing 1-year period	40.11%	0.22%	+39.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.80%	0.29%	+59.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.13%	0.29%	+61.84%

BDRY vs. VBIL - Expense Ratio Comparison

BDRY has a 3.76% expense ratio, which is higher than VBIL's 0.07% expense ratio.

Dividends

BDRY vs. VBIL - Dividend Comparison

BDRY has not paid dividends to shareholders, while VBIL's dividend yield for the trailing twelve months is around 3.60%.

Position	TTM	2025
BDRY Breakwave Dry Bulk Shipping ETF	0.00%	0.00%
VBIL Vanguard 0-3 Month Treasury Bill ETF	3.28%	3.12%

Frequently Asked Questions

Can I hold both BDRY and VBIL in my portfolio?

BDRY and VBIL have a correlation of -0.22, 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 VBIL?

BDRY has higher volatility (10.70%) compared to VBIL (0.07%). In terms of maximum drawdown, BDRY dropped -89.16% vs VBIL's -0.09%.

Which ETF is better, BDRY or VBIL?

On 1-year performance, BDRY leads with 79.89% vs 3.83% for VBIL. On fees, VBIL is cheaper at 0.07% per year. On volatility, VBIL has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BDRY or VBIL?

Over the 1-year period, BDRY has performed better with a 79.89% return vs 3.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BDRY or VBIL?

VBIL is cheaper with a 0.07% expense ratio, compared with 3.76% for BDRY.

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

VBIL has the higher dividend yield at 3.28%, compared with 0.00% for BDRY.

What is the main difference between BDRY and VBIL?

BDRY is categorized as Commodities, while VBIL is Ultrashort Bond. BDRY tracks Breakwave Dry Freight Futures Index, while VBIL tracks Bloomberg US Treasury Bills 0-3 Months Index. They also come from different issuers: ETFMG and Vanguard. Their fees differ too: 3.76% for BDRY and 0.07% for VBIL.

Which has better risk-adjusted returns?

VBIL currently has the higher Sharpe Ratio (18.00 vs 2.06), 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.