BWET vs. GEL
BWET (Breakwave Tanker Shipping ETF) is Commodities fund tracking the Breakwave Wet Freight Futures Index, while GEL (Genesis Energy, L.P.) is a stock. Over the past 3 years, BWET returned 123.86%/yr vs 21.57%/yr for GEL. At a 0.03 correlation, their price movements are largely independent.
Performance
BWET vs. GEL - Performance Comparison
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Returns By Period
In the year-to-date period, BWET achieves a 968.33% return, which is significantly higher than GEL's -6.65% return.
BWET
- 1D
- -5.48%
- 1M
- 18.43%
- YTD
- 968.33%
- 6M
- 944.72%
- 1Y
- 1,424.52%
- 3Y*
- 123.86%
- 5Y*
- —
- 10Y*
- —
GEL
- 1D
- 0.35%
- 1M
- -11.87%
- YTD
- -6.65%
- 6M
- -8.64%
- 1Y
- -10.90%
- 3Y*
- 21.57%
- 5Y*
- 10.23%
- 10Y*
- -2.27%
BWET vs. GEL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BWET Breakwave Tanker Shipping ETF | 968.33% | 96.22% | -39.21% | 14.13% |
GEL Genesis Energy, L.P. | -6.65% | 61.77% | -8.37% | 12.46% |
Correlation
The correlation between BWET and GEL is 0.04, 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 | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since May 3, 2023 | 0.03 |
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Return for Risk
BWET vs. GEL — Risk / Return Rank
BWET
GEL
BWET vs. GEL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Breakwave Tanker Shipping ETF (BWET) and Genesis Energy, L.P. (GEL). 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 | GEL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +15.04 | ||
| Sortino ratioReturn per unit of downside risk | +6.46 | ||
| Omega ratioGain probability vs. loss probability | 1.87 | 0.96 | +0.91 |
| Calmar ratioReturn relative to maximum drawdown | 47.03 | -0.49 | +47.52 |
| Martin ratioReturn relative to average drawdown | 147.28 | -1.34 | +148.62 |
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Drawdowns
BWET vs. GEL - Drawdown Comparison
The maximum BWET drawdown since its inception was -56.90%, smaller than the maximum GEL drawdown of -91.63%. Use the drawdown chart below to compare losses from any high point for BWET and GEL.
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Drawdown Indicators
| BWET | GEL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.90% | -91.63% | +34.73% |
Max Drawdown (1Y)Largest decline over 1 year | -30.64% | -22.50% | -8.14% |
Max Drawdown (3Y)Largest decline over 3 years | -56.81% | -31.46% | -25.35% |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.79% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.61% | — |
Current DrawdownCurrent decline from peak | -5.48% | -41.75% | +36.27% |
Average DrawdownAverage peak-to-trough decline | -23.76% | -34.14% | +10.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.60% | 8.17% | +3.43% |
Volatility
BWET vs. GEL - Volatility Comparison
Breakwave Tanker Shipping ETF (BWET) has a higher volatility of 26.27% compared to Genesis Energy, L.P. (GEL) at 10.28%. This indicates that BWET's price experiences larger fluctuations and is considered to be riskier than GEL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWET | GEL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 26.27% | 10.28% | +15.99% |
Volatility (6M)Calculated over the trailing 6-month period | 89.01% | 18.60% | +70.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 98.57% | 28.37% | +70.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 70.47% | 41.21% | +29.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.47% | 51.23% | +19.24% |
Dividends
BWET vs. GEL - Dividend Comparison
BWET has not paid dividends to shareholders, while GEL's dividend yield for the trailing twelve months is around 4.84%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BWET Breakwave Tanker Shipping ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GEL Genesis Energy, L.P. | 4.84% | 4.23% | 6.08% | 5.18% | 5.88% | 5.60% | 16.10% | 10.74% | 11.37% | 11.87% | 7.54% | 6.72% |
Frequently Asked Questions
BWET and GEL have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWET has higher volatility (26.27%) compared to GEL (10.28%). In terms of maximum drawdown, BWET dropped -56.90% vs GEL's -91.63%.
BWET currently has the higher Sharpe Ratio (14.65 vs -0.39), 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.
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