BOAT vs. SEA

Last updated Jun 23, 2026

BOAT (SonicShares Global Shipping ETF) and SEA (U.S. Global Sea to Sky Cargo ETF) are both exchange-traded funds - BOAT is a Transportation Equities fund tracking the Solactive Global Shipping 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, BOAT returned 28.86%/yr vs 19.15%/yr for SEA. Their correlation of 0.85 suggests significant overlap in exposure. BOAT charges 0.69%/yr vs 0.60%/yr for SEA.

Performance

BOAT vs. SEA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SonicShares Global Shipping ETF (BOAT) 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, BOAT achieves a 33.54% return, which is significantly higher than SEA's 20.42% return.

BOAT

• 1D: 1.98%
• 1M: -0.71%
• YTD: 33.54%
• 6M: 34.83%
• 1Y: 50.17%
• 3Y*: 28.86%
• 5Y*: —
• 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)

BOAT vs. SEA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BOAT SonicShares Global Shipping ETF	33.54%	22.77%	5.97%	24.53%	5.04%
SEA U.S. Global Sea to Sky Cargo ETF	20.42%	16.78%	2.52%	19.33%	-18.36%

Correlation

The correlation between BOAT and SEA is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jan 20, 2022	0.85

The correlation between BOAT and SEA has been stable across timeframes, ranging from 0.78 to 0.85 - a consistent structural relationship.

BOAT vs. SEA - Sectors Allocation Comparison

Sectors	BOAT	SEA
Industrials	25.4%	83.8%
Energy	16.1%	16.2%
Financial Services	4.7%	-
Basic Materials	-	-
Communication Services	-	0.0%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-1.6%
Utilities	-	-

Return for Risk

BOAT vs. SEA — Risk / Return Rank

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

BOAT

BOAT Risk / Return Rank: 79
BOAT Sharpe Ratio Rank: 83
BOAT Sortino Ratio Rank: 79
BOAT Omega Ratio Rank: 75
BOAT Calmar Ratio Rank: 84
BOAT Martin Ratio Rank: 73

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.

BOAT vs. SEA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SonicShares Global Shipping ETF (BOAT) 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.

	BOAT	SEA	Difference
Sharpe ratio: Return per unit of total volatility	2.56	1.83	+0.72
Sortino ratio: Return per unit of downside risk	3.35	2.60	+0.76
Omega ratio: Gain probability vs. loss probability	1.42	1.32	+0.10
Calmar ratio: Return relative to maximum drawdown	4.35	2.84	+1.51
Martin ratio: Return relative to average drawdown	13.27	11.45	+1.82

BOAT vs. SEA - Sharpe Ratio Comparison

The current BOAT Sharpe Ratio is 2.56, which is higher than the SEA Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of BOAT 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

BOAT vs. SEA - Drawdown Comparison

The maximum BOAT drawdown since its inception was -33.94%, smaller than the maximum SEA drawdown of -39.53%. Use the drawdown chart below to compare losses from any high point for BOAT and SEA.

Drawdown Indicators

	BOAT	SEA	Difference
Max Drawdown Largest peak-to-trough decline	-33.94%	-39.53%	+5.59%
Max Drawdown (1Y) Largest decline over 1 year	-11.60%	-10.67%	-0.93%
Max Drawdown (3Y) Largest decline over 3 years	-33.94%	-32.42%	-1.52%
Current Drawdown Current decline from peak	-3.96%	-3.36%	-0.60%
Average Drawdown Average peak-to-trough decline	-9.65%	-14.18%	+4.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.79%	2.64%	+1.15%

Volatility

BOAT vs. SEA - Volatility Comparison

SonicShares Global Shipping ETF (BOAT) has a higher volatility of 6.12% compared to U.S. Global Sea to Sky Cargo ETF (SEA) at 5.27%. This indicates that BOAT'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

	BOAT	SEA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.12%	5.27%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	15.68%	12.56%	+3.12%
Volatility (1Y) Calculated over the trailing 1-year period	19.76%	16.56%	+3.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.06%	21.65%	+3.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.06%	21.65%	+3.41%

BOAT vs. SEA - Expense Ratio Comparison

BOAT has a 0.69% expense ratio, which is higher than SEA's 0.60% expense ratio.

Dividends

BOAT vs. SEA - Dividend Comparison

BOAT's dividend yield for the trailing twelve months is around 6.14%, more than SEA's 5.61% yield.

Position	TTM	2025	2024	2023	2022	2021
BOAT SonicShares Global Shipping ETF	6.14%	8.08%	13.89%	13.65%	13.57%	1.36%
SEA U.S. Global Sea to Sky Cargo ETF	5.61%	6.76%	18.47%	9.85%	18.73%	0.00%

Frequently Asked Questions

Can I hold both BOAT and SEA in my portfolio?

BOAT and SEA have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BOAT or SEA?

BOAT has higher volatility (6.12%) compared to SEA (5.27%). In terms of maximum drawdown, BOAT dropped -33.94% vs SEA's -39.53%.

Which ETF is better, BOAT or SEA?

On 3-year performance, BOAT leads with 28.86% 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, BOAT or SEA?

Over the 3-year period, BOAT has performed better with a 28.86% return vs 19.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BOAT or SEA?

SEA is cheaper with a 0.60% expense ratio, compared with 0.69% for BOAT.

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

BOAT has the higher dividend yield at 6.14%, compared with 5.61% for SEA.

What is the main difference between BOAT and SEA?

BOAT is categorized as Transportation Equities, while SEA is Industrials Equities. BOAT tracks Solactive Global Shipping Index, while SEA tracks U.S. Global Sea to Sky Cargo Index - Benchmark TR Gross. They also come from different issuers: Tidal Investments and US Global. Their fees differ too: 0.69% for BOAT and 0.60% for SEA.

Which has better risk-adjusted returns?

BOAT currently has the higher Sharpe Ratio (2.56 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.