CERY vs. BWET

Last updated Jun 4, 2026

CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) and BWET (Breakwave Tanker Shipping ETF) are both Commodities funds - CERY tracks the Bloomberg Enhanced Roll Yield Total Return Index while BWET tracks the Breakwave Wet Freight Futures Index. Both are passively managed. Over the past year, CERY returned 44.30% vs 1800.91% for BWET. At a 0.06 correlation, their price movements are largely independent. CERY charges 0.28%/yr vs 3.50%/yr for BWET.

Performance

CERY vs. BWET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) and Breakwave Tanker Shipping ETF (BWET). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CERY achieves a 29.88% return, which is significantly lower than BWET's 875.88% return.

CERY

• 1D: 0.06%
• 1M: -1.63%
• YTD: 29.88%
• 6M: 30.50%
• 1Y: 44.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BWET

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

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

CERY vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	29.88%	15.68%	3.92%
BWET Breakwave Tanker Shipping ETF	875.88%	96.22%	-33.07%

Correlation

The correlation between CERY and BWET is 0.05, 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	0.05
Correlation (All Time) Calculated using the full available price history since Sep 6, 2024	0.06

Return for Risk

CERY vs. BWET — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CERY

CERY Risk / Return Rank: 87
CERY Sharpe Ratio Rank: 86
CERY Sortino Ratio Rank: 81
CERY Omega Ratio Rank: 83
CERY Calmar Ratio Rank: 92
CERY Martin Ratio Rank: 90

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

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.

CERY vs. BWET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) and Breakwave Tanker Shipping ETF (BWET). 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.

	CERY	BWET	Difference
Sharpe ratio: Return per unit of total volatility	2.90	18.57	-15.67
Sortino ratio: Return per unit of downside risk	3.66	6.55	-2.89
Omega ratio: Gain probability vs. loss probability	1.51	1.96	-0.45
Calmar ratio: Return relative to maximum drawdown	6.38	59.51	-53.13
Martin ratio: Return relative to average drawdown	20.66	158.07	-137.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CERY vs. BWET - Sharpe Ratio Comparison

The current CERY Sharpe Ratio is 2.90, which is lower than the BWET Sharpe Ratio of 18.57. The chart below compares the historical Sharpe Ratios of CERY and BWET, 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

	CERY	BWET	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.90	18.57	-15.67
Sharpe Ratio (All Time) Calculated using the full available price history	2.00	1.90	+0.10

Drawdowns

CERY vs. BWET - Drawdown Comparison

The maximum CERY drawdown since its inception was -10.05%, smaller than the maximum BWET drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for CERY and BWET.

Drawdown Indicators

	CERY	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-10.05%	-56.90%	+46.85%
Max Drawdown (1Y) Largest decline over 1 year	-6.98%	-30.64%	+23.66%
Max Drawdown (3Y) Largest decline over 3 years	—	-56.90%	—
Current Drawdown Current decline from peak	-3.71%	-11.29%	+7.58%
Average Drawdown Average peak-to-trough decline	-2.11%	-24.09%	+21.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	11.51%	-9.36%

Volatility

CERY vs. BWET - Volatility Comparison

The current volatility for SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) is 4.94%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 33.96%. This indicates that CERY experiences smaller price fluctuations and is considered to be less risky than BWET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CERY	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.94%	33.96%	-29.02%
Volatility (6M) Calculated over the trailing 6-month period	13.29%	88.49%	-75.20%
Volatility (1Y) Calculated over the trailing 1-year period	15.37%	98.35%	-82.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.71%	70.45%	-55.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.71%	70.45%	-55.74%

CERY vs. BWET - Expense Ratio Comparison

CERY has a 0.28% expense ratio, which is lower than BWET's 3.50% expense ratio.

Dividends

CERY vs. BWET - Dividend Comparison

CERY's dividend yield for the trailing twelve months is around 3.85%, while BWET has not paid dividends to shareholders.

Position	TTM	2025	2024
BWET Breakwave Tanker Shipping ETF	0.00%	0.00%	0.00%
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	3.85%	4.99%	0.52%

Frequently Asked Questions

Can I hold both CERY and BWET in my portfolio?

CERY and BWET have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CERY or BWET?

BWET has higher volatility (33.96%) compared to CERY (4.94%). In terms of maximum drawdown, CERY dropped -10.05% vs BWET's -56.90%.

Which ETF is better, CERY or BWET?

On 1-year performance, BWET leads with 1800.91% vs 44.30% for CERY. On fees, CERY is cheaper at 0.28% per year. On volatility, CERY has been the lower-risk option at 4.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CERY or BWET?

Over the 1-year period, BWET has performed better with a 1800.91% return vs 44.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CERY or BWET?

CERY is cheaper with a 0.28% expense ratio, compared with 3.50% for BWET.

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

CERY has the higher dividend yield at 3.85%, compared with 0.00% for BWET.

What is the main difference between CERY and BWET?

CERY tracks Bloomberg Enhanced Roll Yield Total Return Index, while BWET tracks Breakwave Wet Freight Futures Index. They also come from different issuers: State Street and Amplify. Their fees differ too: 0.28% for CERY and 3.50% for BWET.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (18.57 vs 2.90), 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.