CVSE vs. BWET

Last updated Jun 5, 2026

CVSE (Calvert US Select Equity ETF) and BWET (Breakwave Tanker Shipping ETF) are both exchange-traded funds - CVSE is a Large Cap Blend Equities fund actively managed by Calvert, while BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index. CVSE is actively managed, while BWET is passively managed. Over the past 3 years, CVSE returned 13.49%/yr vs 145.24%/yr for BWET. At a correlation of -0.02, they often move in opposite directions. CVSE charges 0.29%/yr vs 3.50%/yr for BWET.

Performance

CVSE vs. BWET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert US Select Equity ETF (CVSE) and Breakwave Tanker Shipping ETF (BWET). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CVSE

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 8.08%
• 3Y*: 13.49%
• 5Y*: —
• 10Y*: —

BWET

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

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

CVSE vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVSE Calvert US Select Equity ETF	0.00%	10.14%	19.11%	16.26%
BWET Breakwave Tanker Shipping ETF	990.13%	96.22%	-39.21%	15.94%

Correlation

The correlation between CVSE 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 (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 CVSE and BWET shifts across timeframes, from -0.15 (1 year) to -0.02 (3 years), reflecting how their relationship changes across market environments.

CVSE vs. BWET - Sectors Allocation Comparison

Sectors	CVSE	BWET
Technology	39.5%	-
Financial Services	16.3%	8.6%
Industrials	11.3%	-
Healthcare	10.3%	-
Consumer Cyclical	7.0%	-
Communication Services	5.1%	-
Real Estate	3.5%	-
Basic Materials	2.7%	-
Utilities	2.5%	-
Consumer Defensive	1.7%	-
Energy	-	-

Return for Risk

CVSE vs. BWET — Risk / Return Rank

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

CVSE

CVSE Risk / Return Rank: 47
CVSE Sharpe Ratio Rank: 37
CVSE Sortino Ratio Rank: 37
CVSE Omega Ratio Rank: 68
CVSE Calmar Ratio Rank: 55
CVSE Martin Ratio Rank: 37

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

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.

CVSE vs. BWET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert US Select Equity ETF (CVSE) 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.

	CVSE	BWET	Difference
Sharpe ratio: Return per unit of total volatility	1.28	20.67	-19.39
Sortino ratio: Return per unit of downside risk	1.90	6.77	-4.87
Omega ratio: Gain probability vs. loss probability	1.40	1.99	-0.59
Calmar ratio: Return relative to maximum drawdown	2.67	66.60	-63.94
Martin ratio: Return relative to average drawdown	5.72	176.91	-171.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CVSE vs. BWET - Sharpe Ratio Comparison

The current CVSE Sharpe Ratio is 1.28, which is lower than the BWET Sharpe Ratio of 20.67. The chart below compares the historical Sharpe Ratios of CVSE 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

	CVSE	BWET	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.28	20.67	-19.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	2.01	-1.09

Drawdowns

CVSE vs. BWET - Drawdown Comparison

The maximum CVSE drawdown since its inception was -20.29%, smaller than the maximum BWET drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for CVSE and BWET.

Drawdown Indicators

	CVSE	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-20.29%	-56.90%	+36.61%
Max Drawdown (1Y) Largest decline over 1 year	-3.08%	-30.64%	+27.56%
Max Drawdown (3Y) Largest decline over 3 years	-20.29%	-56.90%	+36.61%
Current Drawdown Current decline from peak	-1.68%	-0.90%	-0.78%
Average Drawdown Average peak-to-trough decline	-2.69%	-24.06%	+21.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.43%	11.51%	-10.08%

Volatility

CVSE vs. BWET - Volatility Comparison

The current volatility for Calvert US Select Equity ETF (CVSE) is 0.00%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 28.88%. This indicates that CVSE 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

	CVSE	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	28.88%	-28.88%
Volatility (6M) Calculated over the trailing 6-month period	0.00%	88.79%	-88.79%
Volatility (1Y) Calculated over the trailing 1-year period	6.42%	98.73%	-92.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.86%	70.70%	-56.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.86%	70.70%	-56.84%

CVSE vs. BWET - Expense Ratio Comparison

CVSE has a 0.29% expense ratio, which is lower than BWET's 3.50% expense ratio.

Dividends

CVSE vs. BWET - Dividend Comparison

CVSE's dividend yield for the trailing twelve months is around 0.59%, while BWET has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BWET Breakwave Tanker Shipping ETF	0.00%	0.00%	0.00%	0.00%
CVSE Calvert US Select Equity ETF	0.59%	0.81%	1.05%	1.22%

Frequently Asked Questions

Can I hold both CVSE and BWET in my portfolio?

CVSE 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, CVSE or BWET?

BWET has higher volatility (28.88%) compared to CVSE (0.00%). In terms of maximum drawdown, CVSE dropped -20.29% vs BWET's -56.90%.

Which ETF is better, CVSE or BWET?

On 3-year performance, BWET leads with 145.24% vs 13.49% for CVSE. On fees, CVSE is cheaper at 0.29% per year. On volatility, CVSE has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVSE or BWET?

Over the 3-year period, BWET has performed better with a 145.24% return vs 13.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVSE or BWET?

CVSE is cheaper with a 0.29% expense ratio, compared with 3.50% for BWET.

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

CVSE has the higher dividend yield at 0.59%, compared with 0.00% for BWET.

What is the main difference between CVSE and BWET?

CVSE is categorized as Large Cap Blend Equities, while BWET is Commodities. They also come from different issuers: Calvert and Amplify. Their fees differ too: 0.29% for CVSE and 3.50% for BWET.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (20.67 vs 1.28), 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.