BWET vs. USOI

Last updated Jul 15, 2026

BWET (Breakwave Tanker Shipping ETF) and USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) are both exchange-traded funds - BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index, while USOI is a Oil & Gas fund tracking the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. Both are passively managed. Over the past year, BWET returned 2163.41% vs 25.55% for USOI. At a 0.05 correlation, their price movements are largely independent. BWET charges 3.50%/yr vs 0.85%/yr for USOI.

Performance

BWET vs. USOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Breakwave Tanker Shipping ETF (BWET) and Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI). 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 USOI's 30.62% return.

BWET

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

USOI

• 1D: 1.26%
• 1M: -6.19%
• 6M: 26.53%
• YTD: 30.62%
• 1Y: 25.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BWET vs. USOI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BWET Breakwave Tanker Shipping ETF	1,235.87%	96.22%	-44.78%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	30.62%	-8.78%	3.24%

Correlation

The correlation between BWET and USOI is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024	0.05

Return for Risk

BWET vs. USOI — 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

USOI

USOI Risk / Return Rank: 32
USOI Sharpe Ratio Rank: 35
USOI Sortino Ratio Rank: 34
USOI Omega Ratio Rank: 33
USOI Calmar Ratio Rank: 27
USOI Martin Ratio Rank: 30

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. USOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Breakwave Tanker Shipping ETF (BWET) and Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI). 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	USOI	Difference
Sharpe ratio: Return per unit of total volatility	20.52	1.03	+19.49
Sortino ratio: Return per unit of downside risk	6.46	1.50	+4.96
Omega ratio: Gain probability vs. loss probability	1.94	1.18	+0.76
Calmar ratio: Return relative to maximum drawdown	53.18	1.09	+52.08
Martin ratio: Return relative to average drawdown	200.68	3.39	+197.30

BWET vs. USOI - Sharpe Ratio Comparison

The current BWET Sharpe Ratio is 20.52, which is higher than the USOI Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of BWET and USOI, 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. USOI - Drawdown Comparison

The maximum BWET drawdown since its inception was -56.90%, which is greater than USOI's maximum drawdown of -23.54%. Use the drawdown chart below to compare losses from any high point for BWET and USOI.

Drawdown Indicators

	BWET	USOI	Difference
Max Drawdown Largest peak-to-trough decline	-56.90%	-23.54%	-33.36%
Max Drawdown (1Y) Largest decline over 1 year	-41.22%	-23.54%	-17.68%
Max Drawdown (3Y) Largest decline over 3 years	-56.81%	—	—
Current Drawdown Current decline from peak	0.00%	-15.89%	+15.89%
Average Drawdown Average peak-to-trough decline	-23.68%	-7.67%	-16.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.90%	7.56%	+3.34%

Volatility

BWET vs. USOI - Volatility Comparison

Breakwave Tanker Shipping ETF (BWET) has a higher volatility of 47.07% compared to Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) at 10.68%. This indicates that BWET's price experiences larger fluctuations and is considered to be riskier than USOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BWET	USOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	47.07%	10.68%	+36.39%
Volatility (6M) Calculated over the trailing 6-month period	96.84%	20.59%	+76.25%
Volatility (1Y) Calculated over the trailing 1-year period	106.83%	24.97%	+81.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.47%	23.56%	+50.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.47%	23.56%	+50.91%

BWET vs. USOI - Expense Ratio Comparison

BWET has a 3.50% expense ratio, which is higher than USOI's 0.85% expense ratio.

Dividends

BWET vs. USOI - Dividend Comparison

BWET has not paid dividends to shareholders, while USOI's dividend yield for the trailing twelve months is around 45.86%.

Position	TTM	2025	2024
BWET Breakwave Tanker Shipping ETF	0.00%	0.00%	0.00%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	45.86%	27.21%	12.54%

Frequently Asked Questions

Can I hold both BWET and USOI in my portfolio?

BWET and USOI 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 USOI?

BWET has higher volatility (47.07%) compared to USOI (10.68%). In terms of maximum drawdown, BWET dropped -56.90% vs USOI's -23.54%.

Which ETF is better, BWET or USOI?

On 1-year performance, BWET leads with 2163.41% vs 25.55% for USOI. On fees, USOI is cheaper at 0.85% per year. On volatility, USOI has been the lower-risk option at 10.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BWET or USOI?

Over the 1-year period, BWET has performed better with a 2163.41% return vs 25.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BWET or USOI?

USOI is cheaper with a 0.85% expense ratio, compared with 3.50% for BWET.

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

USOI has the higher dividend yield at 45.86%, compared with 0.00% for BWET.

What is the main difference between BWET and USOI?

BWET is categorized as Commodities, while USOI is Oil & Gas. BWET tracks Breakwave Wet Freight Futures Index, while USOI tracks Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. They also come from different issuers: Amplify and Credit Suisse. Their fees differ too: 3.50% for BWET and 0.85% for USOI.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (20.52 vs 1.03), 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.