CLOD vs. BWET

Last updated Jun 3, 2026

CLOD (Themes Cloud Computing ETF) and BWET (Breakwave Tanker Shipping ETF) are both exchange-traded funds - CLOD is a Technology Equities fund tracking the Solactive Cloud Technology Index, while BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index. Both are passively managed. Over the past year, CLOD returned 7.25% vs 1645.55% for BWET. At a correlation of -0.06, they often move in opposite directions. CLOD charges 0.35%/yr vs 3.50%/yr for BWET.

Performance

CLOD vs. BWET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Cloud Computing ETF (CLOD) 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, CLOD achieves a 7.49% return, which is significantly lower than BWET's 835.99% return.

CLOD

• 1D: -2.15%
• 1M: 21.44%
• YTD: 7.49%
• 6M: 6.55%
• 1Y: 7.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BWET

• 1D: 8.73%
• 1M: 3.52%
• YTD: 835.99%
• 6M: 698.56%
• 1Y: 1,645.55%
• 3Y*: 126.47%
• 5Y*: —
• 10Y*: —

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

CLOD vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CLOD Themes Cloud Computing ETF	7.49%	7.53%	21.03%	0.43%
BWET Breakwave Tanker Shipping ETF	835.99%	96.22%	-39.21%	-0.06%

Correlation

The correlation between CLOD and BWET is -0.15, 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	-0.15
Correlation (All Time) Calculated using the full available price history since Dec 18, 2023	-0.06

CLOD vs. BWET - Sectors Allocation Comparison

Sectors	CLOD	BWET
Technology	75.6%	-
Consumer Cyclical	12.4%	-
Communication Services	11.7%	-
Industrials	1.5%	-
Financial Services	0.3%	8.6%
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

CLOD vs. BWET — Risk / Return Rank

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

CLOD

CLOD Risk / Return Rank: 12
CLOD Sharpe Ratio Rank: 13
CLOD Sortino Ratio Rank: 13
CLOD Omega Ratio Rank: 13
CLOD Calmar Ratio Rank: 11
CLOD Martin Ratio Rank: 11

BWET

BWET Risk / Return Rank: 98
BWET Sharpe Ratio Rank: 100
BWET Sortino Ratio Rank: 97
BWET Omega Ratio Rank: 97
BWET Calmar Ratio Rank: 99
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.

CLOD vs. BWET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Cloud Computing ETF (CLOD) 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.

	CLOD	BWET	Difference
Sharpe ratio Return per unit of total volatility	0.29	16.94	-16.65
Sortino ratio Return per unit of downside risk	0.57	6.37	-5.80
Omega ratio Gain probability vs. loss probability	1.07	1.93	-0.86
Calmar ratio Return relative to maximum drawdown	0.25	51.48	-51.23
Martin ratio Return relative to average drawdown	0.55	137.13	-136.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CLOD vs. BWET - Sharpe Ratio Comparison

The current CLOD Sharpe Ratio is 0.29, which is lower than the BWET Sharpe Ratio of 16.94. The chart below compares the historical Sharpe Ratios of CLOD 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

	CLOD	BWET	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.29	16.94	-16.65
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	1.86	-1.24

Drawdowns

CLOD vs. BWET - Drawdown Comparison

The maximum CLOD drawdown since its inception was -31.36%, smaller than the maximum BWET drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for CLOD and BWET.

Drawdown Indicators

	CLOD	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-31.36%	-56.90%	+25.54%
Max Drawdown (1Y) Largest decline over 1 year	-31.36%	-30.64%	-0.72%
Max Drawdown (3Y) Largest decline over 3 years	—	-56.90%	—
Current Drawdown Current decline from peak	-3.00%	-14.91%	+11.91%
Average Drawdown Average peak-to-trough decline	-7.51%	-24.10%	+16.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.29%	11.50%	+2.79%

Volatility

CLOD vs. BWET - Volatility Comparison

The current volatility for Themes Cloud Computing ETF (CLOD) is 9.02%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 33.76%. This indicates that CLOD 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

	CLOD	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.02%	33.76%	-24.74%
Volatility (6M) Calculated over the trailing 6-month period	21.36%	88.46%	-67.10%
Volatility (1Y) Calculated over the trailing 1-year period	24.79%	98.44%	-73.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.36%	70.46%	-46.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.36%	70.46%	-46.10%

CLOD vs. BWET - Expense Ratio Comparison

CLOD has a 0.35% expense ratio, which is lower than BWET's 3.50% expense ratio.

Dividends

CLOD vs. BWET - Dividend Comparison

CLOD's dividend yield for the trailing twelve months is around 1.36%, while BWET has not paid dividends to shareholders.

Position	TTM	2025
BWET Breakwave Tanker Shipping ETF	0.00%	0.00%
CLOD Themes Cloud Computing ETF	1.36%	1.47%

Frequently Asked Questions

Can I hold both CLOD and BWET in my portfolio?

CLOD and BWET have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CLOD or BWET?

BWET has higher volatility (33.76%) compared to CLOD (9.02%). In terms of maximum drawdown, CLOD dropped -31.36% vs BWET's -56.90%.

Which ETF is better, CLOD or BWET?

On 1-year performance, BWET leads with 1645.55% vs 7.25% for CLOD. On fees, CLOD is cheaper at 0.35% per year. On volatility, CLOD has been the lower-risk option at 9.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CLOD or BWET?

Over the 1-year period, BWET has performed better with a 1645.55% return vs 7.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CLOD or BWET?

CLOD is cheaper with a 0.35% expense ratio, compared with 3.50% for BWET.

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

CLOD has the higher dividend yield at 1.36%, compared with 0.00% for BWET.

What is the main difference between CLOD and BWET?

CLOD is categorized as Technology Equities, while BWET is Commodities. CLOD tracks Solactive Cloud Technology Index, while BWET tracks Breakwave Wet Freight Futures Index. They also come from different issuers: Themes and Amplify. Their fees differ too: 0.35% for CLOD and 3.50% for BWET.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (16.94 vs 0.29), 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.