DFII vs. BWET

Last updated Aug 4, 2026

DFII (FT Vest Bitcoin Strategy & Target Income ETF) and BWET (Breakwave Tanker Shipping ETF) are both exchange-traded funds - DFII is a Cryptocurrency fund actively managed by First Trust, while BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index. DFII is actively managed, while BWET is passively managed. Over the past year, DFII returned -42.25% vs 2150.47% for BWET. Their -0.04 correlation means they have often moved in opposite directions in the past. DFII charges 0.85%/yr vs 3.50%/yr for BWET.

Performance

DFII vs. BWET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest Bitcoin Strategy & Target Income ETF (DFII) 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, DFII achieves a -26.30% return, which is significantly lower than BWET's 1,246.34% return.

DFII

• 1D: 1.51%
• 1M: 4.16%
• 6M: -17.04%
• YTD: -26.30%
• 1Y: -42.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -16.90%

BWET

• 1D: -3.40%
• 1M: 52.08%
• 6M: 619.27%
• YTD: 1,246.34%
• 1Y: 2,150.47%
• 3Y*: 135.18%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 144.54%

*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	$45.42M	$38.94M	$29.75M
DFII FT Vest Bitcoin Strategy & Target Income ETF	$89.28K	$83.20K	$138.38K

DFII vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025
DFII FT Vest Bitcoin Strategy & Target Income ETF	-26.30%	6.01%
BWET Breakwave Tanker Shipping ETF	1,246.34%	78.13%

Correlation

The correlation between DFII and BWET is 0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.02
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	-0.04

Return for Risk

DFII vs. BWET — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DFII

DFII Risk / Return Rank: 2
DFII Sharpe Ratio Rank: 2
DFII Sortino Ratio Rank: 2
DFII Omega Ratio Rank: 2
DFII Calmar Ratio Rank: 2
DFII Martin Ratio Rank: 2

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

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.

DFII vs. BWET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest Bitcoin Strategy & Target Income ETF (DFII) 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.

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.

	DFII	BWET	Difference
Sharpe ratio: Return per unit of total volatility	-1.01	20.19	-21.19
Sortino ratio: Return per unit of downside risk	-1.45	6.36	-7.81
Omega ratio: Gain probability vs. loss probability	0.83	1.91	-1.08
Calmar ratio: Return relative to maximum drawdown	-0.83	52.86	-53.69
Martin ratio: Return relative to average drawdown	-1.27	198.46	-199.73

DFII vs. BWET - Sharpe Ratio Comparison

The current DFII Sharpe Ratio is -1.01, which is lower than the BWET Sharpe Ratio of 20.19. The chart below compares the historical Sharpe Ratios of DFII 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.

Drawdowns

DFII vs. BWET - Drawdown Comparison

The maximum DFII drawdown since its inception was -51.04%, smaller than the maximum BWET drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for DFII and BWET.

Drawdown Indicators

	DFII	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-51.04%	-56.90%	+5.86%
Max Drawdown (1Y) Largest decline over 1 year	-51.04%	-41.22%	-9.82%
Max Drawdown (3Y) Largest decline over 3 years	—	-56.81%	—
Current Drawdown Current decline from peak	-47.04%	-3.40%	-43.64%
Average Drawdown Average peak-to-trough decline	-22.48%	-23.38%	+0.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.20%	10.96%	+22.24%

Volatility

DFII vs. BWET - Volatility Comparison

The current volatility for FT Vest Bitcoin Strategy & Target Income ETF (DFII) is 8.02%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 31.04%. This indicates that DFII 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

	DFII	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.02%	31.04%	-23.02%
Volatility (6M) Calculated over the trailing 6-month period	32.51%	95.74%	-63.23%
Volatility (1Y) Calculated over the trailing 1-year period	42.22%	108.15%	-65.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.31%	74.45%	-34.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.31%	74.45%	-34.14%

DFII vs. BWET - Expense Ratio Comparison

DFII has a 0.85% expense ratio, which is lower than BWET's 3.50% expense ratio.

Dividends

DFII vs. BWET - Dividend Comparison

DFII's dividend yield for the trailing twelve months is around 25.88%, while BWET has not paid dividends to shareholders.

Position	TTM	2025
BWET Breakwave Tanker Shipping ETF	0.00%	0.00%
DFII FT Vest Bitcoin Strategy & Target Income ETF	25.88%	15.51%

Frequently Asked Questions

Can I hold both DFII and BWET in my portfolio?

DFII and BWET have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFII or BWET?

BWET has higher volatility (31.04%) compared to DFII (8.02%). In terms of maximum drawdown, DFII dropped -51.04% vs BWET's -56.90%.

Which ETF is better, DFII or BWET?

On 1-year performance, BWET leads with 2150.47% vs -42.25% for DFII. On fees, DFII is cheaper at 0.85% per year. On volatility, DFII has been the lower-risk option at 8.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFII or BWET?

Over the 1-year period, BWET has performed better with a 2150.47% return vs -42.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFII or BWET?

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

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

DFII has the higher dividend yield at 25.88%, compared with 0.00% for BWET.

What is the main difference between DFII and BWET?

DFII is categorized as Cryptocurrency, while BWET is Commodities. They also come from different issuers: First Trust and Amplify. Their fees differ too: 0.85% for DFII and 3.50% for BWET.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (20.19 vs -1.01), 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.