BWET vs. CMDT

Last updated Aug 4, 2026

BWET (Breakwave Tanker Shipping ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both Commodities funds - BWET tracks the Breakwave Wet Freight Futures Index while CMDT tracks the Bloomberg Roll Select Commodity Total Return Index. Both are passively managed. Over the past 3 years, BWET returned 135.18%/yr vs 11.80%/yr for CMDT. Their 0.08 correlation means their historical movements had little consistent relationship. BWET charges 3.50%/yr vs 0.65%/yr for CMDT.

Performance

BWET vs. CMDT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Breakwave Tanker Shipping ETF (BWET) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BWET achieves a 1,246.34% return, which is significantly higher than CMDT's 18.51% return.

BWET

• 1D: -3.40%
• 1M: 52.08%
• 6M: 619.27%
• YTD: 1,246.34%
• 1Y: 2,150.47%
• 3Y*: 135.18%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 144.54%

CMDT

• 1D: -0.74%
• 1M: 6.05%
• 6M: 15.17%
• YTD: 18.51%
• 1Y: 27.48%
• 3Y*: 11.80%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.50%

*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)
BWET Breakwave Tanker Shipping ETF	$45.42M	$38.94M	$29.75M
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	$1.96M	$1.73M	$2.38M

BWET vs. CMDT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BWET Breakwave Tanker Shipping ETF	1,246.34%	96.22%	-39.21%	16.38%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	18.51%	12.78%	6.93%	5.37%

Correlation

The correlation between BWET and CMDT is 0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.08
Correlation (3Y) Balances recent behavior with more history.	0.09
Correlation (All Time) Calculated using the full available price history since May 10, 2023	0.08

Return for Risk

BWET vs. CMDT — Risk / Return Rank

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

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

CMDT

CMDT Risk / Return Rank: 74
CMDT Sharpe Ratio Rank: 86
CMDT Sortino Ratio Rank: 84
CMDT Omega Ratio Rank: 82
CMDT Calmar Ratio Rank: 56
CMDT Martin Ratio Rank: 59

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.

BWET vs. CMDT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Breakwave Tanker Shipping ETF (BWET) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT). 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.

	BWET	CMDT	Difference
Sharpe ratio: Return per unit of total volatility	20.19	2.11	+18.08
Sortino ratio: Return per unit of downside risk	6.36	2.89	+3.47
Omega ratio: Gain probability vs. loss probability	1.91	1.36	+0.55
Calmar ratio: Return relative to maximum drawdown	52.86	2.09	+50.77
Martin ratio: Return relative to average drawdown	198.46	7.34	+191.12

BWET vs. CMDT - Sharpe Ratio Comparison

The current BWET Sharpe Ratio is 20.19, which is higher than the CMDT Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of BWET and CMDT, 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

BWET vs. CMDT - Drawdown Comparison

The maximum BWET drawdown since its inception was -56.90%, which is greater than CMDT's maximum drawdown of -13.23%. Use the drawdown chart below to compare losses from any high point for BWET and CMDT.

Drawdown Indicators

	BWET	CMDT	Difference
Max Drawdown Largest peak-to-trough decline	-56.90%	-13.23%	-43.67%
Max Drawdown (1Y) Largest decline over 1 year	-41.22%	-13.23%	-27.99%
Max Drawdown (3Y) Largest decline over 3 years	-56.81%	-13.23%	-43.58%
Current Drawdown Current decline from peak	-3.40%	-7.13%	+3.73%
Average Drawdown Average peak-to-trough decline	-23.38%	-2.98%	-20.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.96%	3.76%	+7.20%

Volatility

BWET vs. CMDT - Volatility Comparison

Breakwave Tanker Shipping ETF (BWET) has a higher volatility of 31.04% compared to PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) at 4.11%. This indicates that BWET's price experiences larger fluctuations and is considered to be riskier than CMDT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BWET	CMDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	31.04%	4.11%	+26.93%
Volatility (6M) Calculated over the trailing 6-month period	95.74%	11.14%	+84.60%
Volatility (1Y) Calculated over the trailing 1-year period	108.15%	13.12%	+95.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.45%	12.36%	+62.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.45%	12.36%	+62.09%

BWET vs. CMDT - Expense Ratio Comparison

BWET has a 3.50% expense ratio, which is higher than CMDT's 0.65% expense ratio.

Dividends

BWET vs. CMDT - Dividend Comparison

BWET has not paid dividends to shareholders, while CMDT's dividend yield for the trailing twelve months is around 2.60%.

Position	TTM	2025	2024	2023
BWET Breakwave Tanker Shipping ETF	0.00%	0.00%	0.00%	0.00%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.60%	3.04%	8.80%	2.71%

Frequently Asked Questions

Can I hold both BWET and CMDT in my portfolio?

BWET and CMDT have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BWET or CMDT?

BWET has higher volatility (31.04%) compared to CMDT (4.11%). In terms of maximum drawdown, BWET dropped -56.90% vs CMDT's -13.23%.

Which ETF is better, BWET or CMDT?

On 3-year performance, BWET leads with 135.18% vs 11.80% for CMDT. On fees, CMDT is cheaper at 0.65% per year. On volatility, CMDT has been the lower-risk option at 4.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BWET or CMDT?

Over the 3-year period, BWET has performed better with a 135.18% return vs 11.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BWET or CMDT?

CMDT is cheaper with a 0.65% expense ratio, compared with 3.50% for BWET.

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

CMDT has the higher dividend yield at 2.60%, compared with 0.00% for BWET.

What is the main difference between BWET and CMDT?

BWET tracks Breakwave Wet Freight Futures Index, while CMDT tracks Bloomberg Roll Select Commodity Total Return Index. They also come from different issuers: Amplify and PIMCO. Their fees differ too: 3.50% for BWET and 0.65% for CMDT.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (20.19 vs 2.11), 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.