BWET vs. ISCMF

Last updated Aug 2, 2026

BWET (Breakwave Tanker Shipping ETF) and ISCMF (iShares Diversified Commodity Swap UCITS ETF) are both Commodities funds - BWET tracks the Breakwave Wet Freight Futures Index while ISCMF tracks the Bloomberg Commodity Index. Both are passively managed. Over the past 3 years, BWET returned 137.18%/yr vs 10.24%/yr for ISCMF. Their -0.02 correlation means they have often moved in opposite directions in the past. BWET charges 3.50%/yr vs 0.19%/yr for ISCMF.

Performance

BWET vs. ISCMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Breakwave Tanker Shipping ETF (BWET) and iShares Diversified Commodity Swap UCITS ETF (ISCMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BWET achieves a 1,293.70% return, which is significantly higher than ISCMF's 11.96% return.

BWET

• 1D: 1.74%
• 1M: 57.43%
• 6M: 631.38%
• YTD: 1,293.70%
• 1Y: 2,229.63%
• 3Y*: 137.18%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 147.72%

ISCMF

• 1D: 0.00%
• 1M: 0.00%
• 6M: 1.00%
• YTD: 11.96%
• 1Y: 21.66%
• 3Y*: 10.24%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.79%

*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	$41.53M	$35.69M	$28.56M
ISCMF iShares Diversified Commodity Swap UCITS ETF	$0.00	$9.78K	$53.76K

BWET vs. ISCMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BWET Breakwave Tanker Shipping ETF	1,293.70%	96.22%	-39.21%	14.13%
ISCMF iShares Diversified Commodity Swap UCITS ETF	11.96%	19.65%	3.13%	-0.08%

Correlation

The correlation between BWET and ISCMF is 0.02, 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.	0.02
Correlation (3Y) Balances recent behavior with more history.	0.01
Correlation (All Time) Calculated using the full available price history since May 3, 2023	-0.02

Return for Risk

BWET vs. ISCMF — 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: 100
BWET Martin Ratio Rank: 99

ISCMF

ISCMF Risk / Return Rank: 56
ISCMF Sharpe Ratio Rank: 45
ISCMF Sortino Ratio Rank: 49
ISCMF Omega Ratio Rank: 97
ISCMF Calmar Ratio Rank: 44
ISCMF Martin Ratio Rank: 43

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. ISCMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Breakwave Tanker Shipping ETF (BWET) and iShares Diversified Commodity Swap UCITS ETF (ISCMF). 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	ISCMF	Difference
Sharpe ratio: Return per unit of total volatility	21.89	1.11	+20.78
Sortino ratio: Return per unit of downside risk	6.50	1.77	+4.73
Omega ratio: Gain probability vs. loss probability	1.94	1.81	+0.13
Calmar ratio: Return relative to maximum drawdown	57.28	1.59	+55.69
Martin ratio: Return relative to average drawdown	215.11	4.79	+210.31

BWET vs. ISCMF - Sharpe Ratio Comparison

The current BWET Sharpe Ratio is 21.89, which is higher than the ISCMF Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of BWET and ISCMF, 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. ISCMF - Drawdown Comparison

The maximum BWET drawdown since its inception was -56.90%, which is greater than ISCMF's maximum drawdown of -25.42%. Use the drawdown chart below to compare losses from any high point for BWET and ISCMF.

Drawdown Indicators

	BWET	ISCMF	Difference
Max Drawdown Largest peak-to-trough decline	-56.90%	-25.42%	-31.48%
Max Drawdown (1Y) Largest decline over 1 year	-41.22%	-13.68%	-27.54%
Max Drawdown (3Y) Largest decline over 3 years	-56.81%	-13.68%	-43.13%
Current Drawdown Current decline from peak	0.00%	-13.68%	+13.68%
Average Drawdown Average peak-to-trough decline	-23.41%	-13.31%	-10.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.95%	4.53%	+6.42%

Volatility

BWET vs. ISCMF - Volatility Comparison

Breakwave Tanker Shipping ETF (BWET) has a higher volatility of 32.52% compared to iShares Diversified Commodity Swap UCITS ETF (ISCMF) at 9.30%. This indicates that BWET's price experiences larger fluctuations and is considered to be riskier than ISCMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BWET	ISCMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.52%	9.30%	+23.22%
Volatility (6M) Calculated over the trailing 6-month period	95.71%	17.32%	+78.39%
Volatility (1Y) Calculated over the trailing 1-year period	107.87%	19.57%	+88.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.46%	14.74%	+59.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.46%	14.74%	+59.72%

BWET vs. ISCMF - Expense Ratio Comparison

BWET has a 3.50% expense ratio, which is higher than ISCMF's 0.19% expense ratio.

Dividends

BWET vs. ISCMF - Dividend Comparison

Neither BWET nor ISCMF has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BWET and ISCMF in my portfolio?

BWET and ISCMF have a correlation of 0.02, 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 ISCMF?

BWET has higher volatility (32.52%) compared to ISCMF (9.30%). In terms of maximum drawdown, BWET dropped -56.90% vs ISCMF's -25.42%.

Which ETF is better, BWET or ISCMF?

On 3-year performance, BWET leads with 137.18% vs 10.24% for ISCMF. On fees, ISCMF is cheaper at 0.19% per year. On volatility, ISCMF has been the lower-risk option at 9.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BWET or ISCMF?

Over the 3-year period, BWET has performed better with a 137.18% return vs 10.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BWET or ISCMF?

ISCMF is cheaper with a 0.19% expense ratio, compared with 3.50% for BWET.

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

BWET and ISCMF have nearly identical dividend yields, around 0.00%.

What is the main difference between BWET and ISCMF?

BWET tracks Breakwave Wet Freight Futures Index, while ISCMF tracks Bloomberg Commodity Index. They also come from different issuers: Amplify and iShares. Their fees differ too: 3.50% for BWET and 0.19% for ISCMF.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (21.89 vs 1.11), 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.