BWET vs. KSCOX

Last updated Jun 4, 2026

BWET (Breakwave Tanker Shipping ETF) and KSCOX (Kinetics Small Cap Opportunities Fund) are both funds - BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index, while KSCOX is a Small Cap Growth Equities fund managed by Kinetics. Over the past 3 years, BWET returned 129.64%/yr vs 25.90%/yr for KSCOX. At a 0.04 correlation, their price movements are largely independent. BWET charges 3.50%/yr vs 1.64%/yr for KSCOX.

Performance

BWET vs. KSCOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Breakwave Tanker Shipping ETF (BWET) and Kinetics Small Cap Opportunities Fund (KSCOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BWET achieves a 875.88% return, which is significantly higher than KSCOX's 17.73% return.

BWET

• 1D: 4.26%
• 1M: 9.15%
• YTD: 875.88%
• 6M: 735.56%
• 1Y: 1,800.91%
• 3Y*: 129.64%
• 5Y*: —
• 10Y*: —

KSCOX

• 1D: 0.37%
• 1M: -7.02%
• YTD: 17.73%
• 6M: 13.43%
• 1Y: 4.10%
• 3Y*: 25.90%
• 5Y*: 14.50%
• 10Y*: 19.27%

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

BWET vs. KSCOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BWET Breakwave Tanker Shipping ETF	875.88%	96.22%	-39.21%	15.94%
KSCOX Kinetics Small Cap Opportunities Fund	17.73%	-8.66%	68.42%	9.03%

Correlation

The correlation between BWET and KSCOX is -0.06, 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	-0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (All Time) Calculated using the full available price history since May 4, 2023	0.04

The correlation between BWET and KSCOX shifts across timeframes, from -0.06 (1 year) to 0.05 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

BWET vs. KSCOX — 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: 97
BWET Omega Ratio Rank: 97
BWET Calmar Ratio Rank: 100
BWET Martin Ratio Rank: 99

KSCOX

KSCOX Risk / Return Rank: 4
KSCOX Sharpe Ratio Rank: 4
KSCOX Sortino Ratio Rank: 4
KSCOX Omega Ratio Rank: 4
KSCOX Calmar Ratio Rank: 4
KSCOX Martin Ratio Rank: 4

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. KSCOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Breakwave Tanker Shipping ETF (BWET) and Kinetics Small Cap Opportunities Fund (KSCOX). 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.

	BWET	KSCOX	Difference
Sharpe ratio: Return per unit of total volatility	18.57	0.20	+18.37
Sortino ratio: Return per unit of downside risk	6.55	0.45	+6.10
Omega ratio: Gain probability vs. loss probability	1.96	1.06	+0.90
Calmar ratio: Return relative to maximum drawdown	59.51	0.28	+59.23
Martin ratio: Return relative to average drawdown	158.07	0.63	+157.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BWET vs. KSCOX - Sharpe Ratio Comparison

The current BWET Sharpe Ratio is 18.57, which is higher than the KSCOX Sharpe Ratio of 0.20. The chart below compares the historical Sharpe Ratios of BWET and KSCOX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BWET	KSCOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	18.57	0.20	+18.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.52	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.74	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.90	0.58	+1.32

Drawdowns

BWET vs. KSCOX - Drawdown Comparison

The maximum BWET drawdown since its inception was -56.90%, smaller than the maximum KSCOX drawdown of -70.09%. Use the drawdown chart below to compare losses from any high point for BWET and KSCOX.

Drawdown Indicators

	BWET	KSCOX	Difference
Max Drawdown Largest peak-to-trough decline	-56.90%	-70.09%	+13.19%
Max Drawdown (1Y) Largest decline over 1 year	-30.64%	-18.82%	-11.82%
Max Drawdown (3Y) Largest decline over 3 years	-56.90%	-33.10%	-23.80%
Max Drawdown (5Y) Largest decline over 5 years	—	-33.10%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-47.09%	—
Current Drawdown Current decline from peak	-11.29%	-19.24%	+7.95%
Average Drawdown Average peak-to-trough decline	-24.09%	-14.89%	-9.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.51%	8.24%	+3.27%

Volatility

BWET vs. KSCOX - Volatility Comparison

Breakwave Tanker Shipping ETF (BWET) has a higher volatility of 33.96% compared to Kinetics Small Cap Opportunities Fund (KSCOX) at 6.04%. This indicates that BWET's price experiences larger fluctuations and is considered to be riskier than KSCOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BWET	KSCOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.96%	6.04%	+27.92%
Volatility (6M) Calculated over the trailing 6-month period	88.49%	21.67%	+66.82%
Volatility (1Y) Calculated over the trailing 1-year period	98.35%	25.88%	+72.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.45%	27.83%	+42.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.45%	26.13%	+44.32%

BWET vs. KSCOX - Expense Ratio Comparison

BWET has a 3.50% expense ratio, which is higher than KSCOX's 1.64% expense ratio.

Dividends

BWET vs. KSCOX - Dividend Comparison

BWET has not paid dividends to shareholders, while KSCOX's dividend yield for the trailing twelve months is around 0.15%.

Position	TTM	2025	2024	2023	2022	2021
BWET Breakwave Tanker Shipping ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
KSCOX Kinetics Small Cap Opportunities Fund	0.15%	0.18%	3.58%	6.71%	0.00%	1.67%

Frequently Asked Questions

Can I hold both BWET and KSCOX in my portfolio?

BWET and KSCOX have a correlation of -0.06, 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 KSCOX?

BWET has higher volatility (33.96%) compared to KSCOX (6.04%). In terms of maximum drawdown, BWET dropped -56.90% vs KSCOX's -70.09%.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (18.57 vs 0.20), 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.