BWET vs. PHDG

Last updated Jun 5, 2026

BWET (Breakwave Tanker Shipping ETF) and PHDG (Invesco S&P 500 Downside Hedged ETF) are both exchange-traded funds - BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index, while PHDG is a Equity Hedged fund tracking the S&P 500 Dynamic VEQTOR Index. Both are passively managed. Over the past 3 years, BWET returned 145.24%/yr vs 11.64%/yr for PHDG. At a correlation of -0.02, they often move in opposite directions. BWET charges 3.50%/yr vs 0.39%/yr for PHDG.

Performance

BWET vs. PHDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Breakwave Tanker Shipping ETF (BWET) and Invesco S&P 500 Downside Hedged ETF (PHDG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BWET achieves a 990.13% return, which is significantly higher than PHDG's 15.43% return.

BWET

• 1D: 11.71%
• 1M: -0.90%
• YTD: 990.13%
• 6M: 857.64%
• 1Y: 2,014.90%
• 3Y*: 145.24%
• 5Y*: —
• 10Y*: —

PHDG

• 1D: 1.44%
• 1M: 5.27%
• YTD: 15.43%
• 6M: 13.92%
• 1Y: 26.83%
• 3Y*: 11.64%
• 5Y*: 5.75%
• 10Y*: 7.32%

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

BWET vs. PHDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BWET Breakwave Tanker Shipping ETF	990.13%	96.22%	-39.21%	15.94%
PHDG Invesco S&P 500 Downside Hedged ETF	15.43%	2.72%	10.95%	7.31%

Correlation

The correlation between BWET and PHDG is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.14
Correlation (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (All Time) Calculated using the full available price history since May 4, 2023	-0.02

The correlation between BWET and PHDG shifts across timeframes, from -0.14 (1 year) to -0.02 (all time), reflecting how their relationship changes across market environments.

BWET vs. PHDG - Sectors Allocation Comparison

Sectors	BWET	PHDG
Financial Services	8.6%	11.9%
Basic Materials	-	1.8%
Communication Services	-	11.0%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	5.0%
Energy	-	3.6%
Healthcare	-	8.7%
Industrials	-	8.3%
Real Estate	-	1.9%
Technology	-	35.1%
Utilities	-	2.4%

Return for Risk

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

PHDG

PHDG Risk / Return Rank: 92
PHDG Sharpe Ratio Rank: 90
PHDG Sortino Ratio Rank: 92
PHDG Omega Ratio Rank: 89
PHDG Calmar Ratio Rank: 94
PHDG Martin Ratio Rank: 94

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. PHDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Breakwave Tanker Shipping ETF (BWET) and Invesco S&P 500 Downside Hedged ETF (PHDG). 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	PHDG	Difference
Sharpe ratio: Return per unit of total volatility	20.67	3.03	+17.65
Sortino ratio: Return per unit of downside risk	6.77	4.47	+2.30
Omega ratio: Gain probability vs. loss probability	1.99	1.56	+0.43
Calmar ratio: Return relative to maximum drawdown	66.60	7.65	+58.96
Martin ratio: Return relative to average drawdown	176.91	28.46	+148.45
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. PHDG - Sharpe Ratio Comparison

The current BWET Sharpe Ratio is 20.67, which is higher than the PHDG Sharpe Ratio of 3.03. The chart below compares the historical Sharpe Ratios of BWET and PHDG, 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	PHDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	20.67	3.03	+17.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.53	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.62	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.01	0.54	+1.47

Drawdowns

BWET vs. PHDG - Drawdown Comparison

The maximum BWET drawdown since its inception was -56.90%, which is greater than PHDG's maximum drawdown of -17.70%. Use the drawdown chart below to compare losses from any high point for BWET and PHDG.

Drawdown Indicators

	BWET	PHDG	Difference
Max Drawdown Largest peak-to-trough decline	-56.90%	-17.70%	-39.20%
Max Drawdown (1Y) Largest decline over 1 year	-30.64%	-3.52%	-27.12%
Max Drawdown (3Y) Largest decline over 3 years	-56.90%	-14.78%	-42.12%
Max Drawdown (5Y) Largest decline over 5 years	—	-17.06%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-17.06%	—
Current Drawdown Current decline from peak	-0.90%	0.00%	-0.90%
Average Drawdown Average peak-to-trough decline	-24.06%	-6.24%	-17.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.51%	0.95%	+10.56%

Volatility

BWET vs. PHDG - Volatility Comparison

Breakwave Tanker Shipping ETF (BWET) has a higher volatility of 28.88% compared to Invesco S&P 500 Downside Hedged ETF (PHDG) at 3.19%. This indicates that BWET's price experiences larger fluctuations and is considered to be riskier than PHDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BWET	PHDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.88%	3.19%	+25.69%
Volatility (6M) Calculated over the trailing 6-month period	88.79%	6.77%	+82.02%
Volatility (1Y) Calculated over the trailing 1-year period	98.73%	8.91%	+89.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.70%	10.94%	+59.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.70%	11.93%	+58.77%

BWET vs. PHDG - Expense Ratio Comparison

BWET has a 3.50% expense ratio, which is higher than PHDG's 0.39% expense ratio.

Dividends

BWET vs. PHDG - Dividend Comparison

BWET has not paid dividends to shareholders, while PHDG's dividend yield for the trailing twelve months is around 1.84%.

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%
PHDG Invesco S&P 500 Downside Hedged ETF	1.84%	2.10%	1.94%	1.93%	1.35%	0.44%	0.63%	1.80%	1.56%	1.83%	2.29%	1.64%

Frequently Asked Questions

Can I hold both BWET and PHDG in my portfolio?

BWET and PHDG have a correlation of -0.14, 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 PHDG?

BWET has higher volatility (28.88%) compared to PHDG (3.19%). In terms of maximum drawdown, BWET dropped -56.90% vs PHDG's -17.70%.

Which ETF is better, BWET or PHDG?

On 3-year performance, BWET leads with 145.24% vs 11.64% for PHDG. On fees, PHDG is cheaper at 0.39% per year. On volatility, PHDG has been the lower-risk option at 3.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BWET or PHDG?

Over the 3-year period, BWET has performed better with a 145.24% return vs 11.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BWET or PHDG?

PHDG is cheaper with a 0.39% expense ratio, compared with 3.50% for BWET.

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

PHDG has the higher dividend yield at 1.84%, compared with 0.00% for BWET.

What is the main difference between BWET and PHDG?

BWET is categorized as Commodities, while PHDG is Equity Hedged. BWET tracks Breakwave Wet Freight Futures Index, while PHDG tracks S&P 500 Dynamic VEQTOR Index. They also come from different issuers: Amplify and Invesco. Their fees differ too: 3.50% for BWET and 0.39% for PHDG.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (20.67 vs 3.03), 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.