BWET vs. USO

Last updated Aug 2, 2026

BWET (Breakwave Tanker Shipping ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 3 years, BWET returned 137.18%/yr vs 20.97%/yr for USO. Their 0.06 correlation means their historical movements had little consistent relationship. BWET charges 3.50%/yr vs 0.86%/yr for USO.

Performance

BWET vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Breakwave Tanker Shipping ETF (BWET) and United States Oil Fund LP (USO). 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 USO's 86.77% 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%

USO

• 1D: 1.33%
• 1M: 24.23%
• 6M: 62.44%
• YTD: 86.77%
• 1Y: 66.76%
• 3Y*: 20.97%
• 5Y*: 20.59%
• 10Y*: 5.64%
• ALL TIME*: -6.85%

*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
USO United States Oil Fund LP	$968.42M	$871.56M	$931.57M

BWET vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BWET Breakwave Tanker Shipping ETF	1,293.70%	96.22%	-39.21%	14.13%
USO United States Oil Fund LP	86.77%	-8.46%	13.35%	5.71%

Correlation

The correlation between BWET and USO is 0.11, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.11
Correlation (3Y) Balances recent behavior with more history.	0.07
Correlation (All Time) Calculated using the full available price history since May 3, 2023	0.06

Return for Risk

BWET vs. USO — 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

USO

USO Risk / Return Rank: 55
USO Sharpe Ratio Rank: 56
USO Sortino Ratio Rank: 59
USO Omega Ratio Rank: 57
USO Calmar Ratio Rank: 55
USO Martin Ratio Rank: 49

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. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Breakwave Tanker Shipping ETF (BWET) and United States Oil Fund LP (USO). 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	USO	Difference
Sharpe ratio: Return per unit of total volatility	21.89	1.34	+20.55
Sortino ratio: Return per unit of downside risk	6.50	1.99	+4.51
Omega ratio: Gain probability vs. loss probability	1.94	1.25	+0.69
Calmar ratio: Return relative to maximum drawdown	57.28	1.93	+55.35
Martin ratio: Return relative to average drawdown	215.11	5.60	+209.51

BWET vs. USO - Sharpe Ratio Comparison

The current BWET Sharpe Ratio is 21.89, which is higher than the USO Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of BWET and USO, 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. USO - Drawdown Comparison

The maximum BWET drawdown since its inception was -56.90%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for BWET and USO.

Drawdown Indicators

	BWET	USO	Difference
Max Drawdown Largest peak-to-trough decline	-56.90%	-98.19%	+41.29%
Max Drawdown (1Y) Largest decline over 1 year	-41.22%	-32.49%	-8.73%
Max Drawdown (3Y) Largest decline over 3 years	-56.81%	-32.49%	-24.32%
Max Drawdown (5Y) Largest decline over 5 years	—	-36.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-86.75%	—
Current Drawdown Current decline from peak	0.00%	-86.26%	+86.26%
Average Drawdown Average peak-to-trough decline	-23.41%	-75.38%	+51.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.95%	12.03%	-1.08%

Volatility

BWET vs. USO - Volatility Comparison

Breakwave Tanker Shipping ETF (BWET) has a higher volatility of 32.52% compared to United States Oil Fund LP (USO) at 17.73%. This indicates that BWET's price experiences larger fluctuations and is considered to be riskier than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BWET	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.52%	17.73%	+14.79%
Volatility (6M) Calculated over the trailing 6-month period	95.71%	42.79%	+52.92%
Volatility (1Y) Calculated over the trailing 1-year period	107.87%	46.91%	+60.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.46%	37.06%	+37.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.46%	39.29%	+35.17%

BWET vs. USO - Expense Ratio Comparison

BWET has a 3.50% expense ratio, which is higher than USO's 0.86% expense ratio.

Dividends

BWET vs. USO - Dividend Comparison

Neither BWET nor USO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BWET and USO in my portfolio?

BWET and USO have a correlation of 0.11, 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 USO?

BWET has higher volatility (32.52%) compared to USO (17.73%). In terms of maximum drawdown, BWET dropped -56.90% vs USO's -98.19%.

Which ETF is better, BWET or USO?

On 3-year performance, BWET leads with 137.18% vs 20.97% for USO. On fees, USO is cheaper at 0.86% per year. On volatility, USO has been the lower-risk option at 17.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BWET or USO?

Over the 3-year period, BWET has performed better with a 137.18% return vs 20.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BWET or USO?

USO is cheaper with a 0.86% expense ratio, compared with 3.50% for BWET.

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

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

What is the main difference between BWET and USO?

BWET is categorized as Commodities, while USO is Oil & Gas. BWET tracks Breakwave Wet Freight Futures Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Amplify and USCF. Their fees differ too: 3.50% for BWET and 0.86% for USO.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (21.89 vs 1.34), 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.