BNGE vs. BWET

Last updated Aug 6, 2026

BNGE (First Trust S-Network Streaming and Gaming ETF) and BWET (Breakwave Tanker Shipping ETF) are both exchange-traded funds - BNGE is a Technology Equities fund tracking the S-Network Streaming & Gaming Index, while BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index. Both are passively managed. Over the past 3 years, BNGE returned 12.35%/yr vs 134.49%/yr for BWET. Their -0.02 correlation means they have often moved in opposite directions in the past. BNGE charges 0.70%/yr vs 3.50%/yr for BWET.

Performance

BNGE vs. BWET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust S-Network Streaming and Gaming ETF (BNGE) and Breakwave Tanker Shipping ETF (BWET). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BNGE achieves a -16.13% return, which is significantly lower than BWET's 1,234.62% return.

BNGE

• 1D: -1.16%
• 1M: -0.74%
• 6M: -4.84%
• YTD: -16.13%
• 1Y: -16.48%
• 3Y*: 12.35%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.35%

BWET

• 1D: 1.62%
• 1M: 51.21%
• 6M: 638.82%
• YTD: 1,234.62%
• 1Y: 2,096.58%
• 3Y*: 134.49%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 143.52%

*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)
BNGE First Trust S-Network Streaming and Gaming ETF	$11.55K	$38.53K	$25.93K
BWET Breakwave Tanker Shipping ETF	$42.90M	$39.67M	$30.55M

BNGE vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BNGE First Trust S-Network Streaming and Gaming ETF	-16.13%	35.18%	19.23%	17.40%
BWET Breakwave Tanker Shipping ETF	1,234.62%	96.22%	-39.21%	14.13%

Correlation

The correlation between BNGE and BWET is -0.13, 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.	-0.13
Correlation (3Y) Balances recent behavior with more history.	-0.03
Correlation (All Time) Calculated using the full available price history since May 3, 2023	-0.02

The correlation between BNGE and BWET shifts across timeframes, from -0.13 (1 year) to -0.02 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BNGE vs. BWET — Risk / Return Rank

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

BNGE

BNGE Risk / Return Rank: 3
BNGE Sharpe Ratio Rank: 2
BNGE Sortino Ratio Rank: 3
BNGE Omega Ratio Rank: 3
BNGE Calmar Ratio Rank: 4
BNGE Martin Ratio Rank: 4

BWET

BWET Risk / Return Rank: 99
BWET Sharpe Ratio Rank: 100
BWET Sortino Ratio Rank: 98
BWET Omega Ratio Rank: 98
BWET Calmar Ratio Rank: 99
BWET Martin Ratio Rank: 99

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.

BNGE vs. BWET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust S-Network Streaming and Gaming ETF (BNGE) and Breakwave Tanker Shipping ETF (BWET). 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.

	BNGE	BWET	Difference
Sharpe ratio: Return per unit of total volatility	-0.91	19.67	-20.58
Sortino ratio: Return per unit of downside risk	-1.21	6.31	-7.52
Omega ratio: Gain probability vs. loss probability	0.86	1.90	-1.04
Calmar ratio: Return relative to maximum drawdown	-0.59	51.53	-52.12
Martin ratio: Return relative to average drawdown	-0.97	193.31	-194.27

BNGE vs. BWET - Sharpe Ratio Comparison

The current BNGE Sharpe Ratio is -0.91, which is lower than the BWET Sharpe Ratio of 19.67. The chart below compares the historical Sharpe Ratios of BNGE and BWET, 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

BNGE vs. BWET - Drawdown Comparison

The maximum BNGE drawdown since its inception was -40.54%, smaller than the maximum BWET drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for BNGE and BWET.

Drawdown Indicators

	BNGE	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-40.54%	-56.90%	+16.36%
Max Drawdown (1Y) Largest decline over 1 year	-27.88%	-41.22%	+13.34%
Max Drawdown (3Y) Largest decline over 3 years	-27.88%	-56.81%	+28.93%
Current Drawdown Current decline from peak	-22.72%	-4.24%	-18.48%
Average Drawdown Average peak-to-trough decline	-14.18%	-23.34%	+9.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.05%	10.96%	+6.09%

Volatility

BNGE vs. BWET - Volatility Comparison

The current volatility for First Trust S-Network Streaming and Gaming ETF (BNGE) is 5.66%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 31.18%. This indicates that BNGE experiences smaller price fluctuations and is considered to be less risky than BWET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNGE	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.66%	31.18%	-25.52%
Volatility (6M) Calculated over the trailing 6-month period	14.12%	95.66%	-81.54%
Volatility (1Y) Calculated over the trailing 1-year period	18.10%	108.00%	-89.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.94%	74.38%	-49.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.94%	74.38%	-49.44%

BNGE vs. BWET - Expense Ratio Comparison

BNGE has a 0.70% expense ratio, which is lower than BWET's 3.50% expense ratio.

Dividends

BNGE vs. BWET - Dividend Comparison

BNGE's dividend yield for the trailing twelve months is around 0.38%, while BWET has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
BNGE First Trust S-Network Streaming and Gaming ETF	0.38%	0.89%	0.01%	0.81%	0.59%
BWET Breakwave Tanker Shipping ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BNGE and BWET in my portfolio?

BNGE and BWET have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BNGE or BWET?

BWET has higher volatility (31.18%) compared to BNGE (5.66%). In terms of maximum drawdown, BNGE dropped -40.54% vs BWET's -56.90%.

Which ETF is better, BNGE or BWET?

On 3-year performance, BWET leads with 134.49% vs 12.35% for BNGE. On fees, BNGE is cheaper at 0.70% per year. On volatility, BNGE has been the lower-risk option at 5.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BNGE or BWET?

Over the 3-year period, BWET has performed better with a 134.49% return vs 12.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNGE or BWET?

BNGE is cheaper with a 0.70% expense ratio, compared with 3.50% for BWET.

Which ETF pays a higher dividend yield, BNGE or BWET?

BNGE has the higher dividend yield at 0.38%, compared with 0.00% for BWET.

What is the main difference between BNGE and BWET?

BNGE is categorized as Technology Equities, while BWET is Commodities. BNGE tracks S-Network Streaming & Gaming Index, while BWET tracks Breakwave Wet Freight Futures Index. They also come from different issuers: First Trust and Amplify. Their fees differ too: 0.70% for BNGE and 3.50% for BWET.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (19.67 vs -0.91), 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.