BWET vs. HGER

Last updated Jul 15, 2026

BWET (Breakwave Tanker Shipping ETF) and HGER (Harbor Commodity All-Weather Strategy ETF) are both Commodities funds - BWET tracks the Breakwave Wet Freight Futures Index while HGER tracks the Quantix Commodity Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, BWET returned 135.59%/yr vs 19.31%/yr for HGER. At a 0.06 correlation, their price movements are largely independent. BWET charges 3.50%/yr vs 0.68%/yr for HGER.

Performance

BWET vs. HGER - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Breakwave Tanker Shipping ETF (BWET) and Harbor Commodity All-Weather Strategy ETF (HGER). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BWET achieves a 1,235.87% return, which is significantly higher than HGER's 27.24% return.

BWET

• 1D: 21.99%
• 1M: 28.74%
• 6M: 776.83%
• YTD: 1,235.87%
• 1Y: 2,163.41%
• 3Y*: 135.59%
• 5Y*: —
• 10Y*: —

HGER

• 1D: 1.45%
• 1M: 4.67%
• 6M: 22.40%
• YTD: 27.24%
• 1Y: 37.54%
• 3Y*: 19.31%
• 5Y*: —
• 10Y*: —

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

BWET vs. HGER - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BWET Breakwave Tanker Shipping ETF	1,235.87%	96.22%	-39.21%	14.13%
HGER Harbor Commodity All-Weather Strategy ETF	27.24%	20.08%	9.25%	4.41%

Correlation

The correlation between BWET and HGER 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	0.07
Correlation (All Time) Calculated using the full available price history since May 3, 2023	0.06

Return for Risk

BWET vs. HGER — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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

HGER

HGER Risk / Return Rank: 77
HGER Sharpe Ratio Rank: 85
HGER Sortino Ratio Rank: 81
HGER Omega Ratio Rank: 83
HGER Calmar Ratio Rank: 67
HGER Martin Ratio Rank: 68

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.

BWET vs. HGER - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Breakwave Tanker Shipping ETF (BWET) and Harbor Commodity All-Weather Strategy ETF (HGER). 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	HGER	Difference
Sharpe ratio: Return per unit of total volatility	20.52	2.16	+18.36
Sortino ratio: Return per unit of downside risk	6.46	2.89	+3.58
Omega ratio: Gain probability vs. loss probability	1.94	1.39	+0.55
Calmar ratio: Return relative to maximum drawdown	53.18	2.69	+50.49
Martin ratio: Return relative to average drawdown	200.68	9.72	+190.96

BWET vs. HGER - Sharpe Ratio Comparison

The current BWET Sharpe Ratio is 20.52, which is higher than the HGER Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of BWET and HGER, 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. HGER - Drawdown Comparison

The maximum BWET drawdown since its inception was -56.90%, which is greater than HGER's maximum drawdown of -23.31%. Use the drawdown chart below to compare losses from any high point for BWET and HGER.

Drawdown Indicators

	BWET	HGER	Difference
Max Drawdown Largest peak-to-trough decline	-56.90%	-23.31%	-33.59%
Max Drawdown (1Y) Largest decline over 1 year	-41.22%	-14.04%	-27.18%
Max Drawdown (3Y) Largest decline over 3 years	-56.81%	-14.04%	-42.77%
Current Drawdown Current decline from peak	0.00%	-5.65%	+5.65%
Average Drawdown Average peak-to-trough decline	-23.68%	-7.70%	-15.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.90%	3.87%	+7.03%

Volatility

BWET vs. HGER - Volatility Comparison

Breakwave Tanker Shipping ETF (BWET) has a higher volatility of 47.07% compared to Harbor Commodity All-Weather Strategy ETF (HGER) at 6.04%. This indicates that BWET's price experiences larger fluctuations and is considered to be riskier than HGER based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BWET	HGER	Difference
Volatility (1M) Calculated over the trailing 1-month period	47.07%	6.04%	+41.03%
Volatility (6M) Calculated over the trailing 6-month period	96.84%	15.46%	+81.38%
Volatility (1Y) Calculated over the trailing 1-year period	106.83%	17.48%	+89.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.47%	17.69%	+56.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.47%	17.69%	+56.78%

BWET vs. HGER - Expense Ratio Comparison

BWET has a 3.50% expense ratio, which is higher than HGER's 0.68% expense ratio.

Dividends

BWET vs. HGER - Dividend Comparison

BWET has not paid dividends to shareholders, while HGER's dividend yield for the trailing twelve months is around 5.57%.

Position	TTM	2025	2024	2023	2022
BWET Breakwave Tanker Shipping ETF	0.00%	0.00%	0.00%	0.00%	0.00%
HGER Harbor Commodity All-Weather Strategy ETF	5.57%	7.09%	3.28%	7.24%	0.64%

Frequently Asked Questions

Can I hold both BWET and HGER in my portfolio?

BWET and HGER 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.

Which is riskier, BWET or HGER?

BWET has higher volatility (47.07%) compared to HGER (6.04%). In terms of maximum drawdown, BWET dropped -56.90% vs HGER's -23.31%.

Which ETF is better, BWET or HGER?

On 3-year performance, BWET leads with 135.59% vs 19.31% for HGER. On fees, HGER is cheaper at 0.68% per year. On volatility, HGER has been the lower-risk option at 6.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BWET or HGER?

Over the 3-year period, BWET has performed better with a 135.59% return vs 19.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BWET or HGER?

HGER is cheaper with a 0.68% expense ratio, compared with 3.50% for BWET.

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

HGER has the higher dividend yield at 5.57%, compared with 0.00% for BWET.

What is the main difference between BWET and HGER?

BWET tracks Breakwave Wet Freight Futures Index, while HGER tracks Quantix Commodity Index - Benchmark TR Net. They also come from different issuers: Amplify and Harbor. Their fees differ too: 3.50% for BWET and 0.68% for HGER.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (20.52 vs 2.16), 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.