DJP vs. BWET

Last updated Jun 4, 2026

DJP (iPath Bloomberg Commodity Index Total Return ETN) and BWET (Breakwave Tanker Shipping ETF) are both Commodities funds - DJP tracks the Bloomberg Commodity Index while BWET tracks the Breakwave Wet Freight Futures Index. Both are passively managed. Over the past 3 years, DJP returned 17.94%/yr vs 129.64%/yr for BWET. At a 0.05 correlation, their price movements are largely independent. DJP charges 0.70%/yr vs 3.50%/yr for BWET.

Performance

DJP vs. BWET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iPath Bloomberg Commodity Index Total Return ETN (DJP) 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, DJP achieves a 30.63% return, which is significantly lower than BWET's 875.88% return.

DJP

• 1D: 0.02%
• 1M: -3.31%
• YTD: 30.63%
• 6M: 29.34%
• 1Y: 44.52%
• 3Y*: 17.94%
• 5Y*: 12.46%
• 10Y*: 7.36%

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)

DJP vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DJP iPath Bloomberg Commodity Index Total Return ETN	30.63%	17.20%	5.59%	0.20%
BWET Breakwave Tanker Shipping ETF	875.88%	96.22%	-39.21%	15.94%

Correlation

The correlation between DJP and BWET is 0.03, 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	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (All Time) Calculated using the full available price history since May 4, 2023	0.05

Return for Risk

DJP vs. BWET — Risk / Return Rank

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

DJP

DJP Risk / Return Rank: 72
DJP Sharpe Ratio Rank: 71
DJP Sortino Ratio Rank: 62
DJP Omega Ratio Rank: 69
DJP Calmar Ratio Rank: 88
DJP Martin Ratio Rank: 71

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.

DJP vs. BWET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iPath Bloomberg Commodity Index Total Return ETN (DJP) 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.

	DJP	BWET	Difference
Sharpe ratio: Return per unit of total volatility	2.36	18.57	-16.21
Sortino ratio: Return per unit of downside risk	2.95	6.55	-3.61
Omega ratio: Gain probability vs. loss probability	1.42	1.96	-0.54
Calmar ratio: Return relative to maximum drawdown	5.20	59.51	-54.31
Martin ratio: Return relative to average drawdown	13.30	158.07	-144.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DJP vs. BWET - Sharpe Ratio Comparison

The current DJP Sharpe Ratio is 2.36, which is lower than the BWET Sharpe Ratio of 18.57. The chart below compares the historical Sharpe Ratios of DJP 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

	DJP	BWET	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.36	18.57	-16.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.00	1.90	-1.89

Drawdowns

DJP vs. BWET - Drawdown Comparison

The maximum DJP drawdown since its inception was -78.35%, which is greater than BWET's maximum drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for DJP and BWET.

Drawdown Indicators

	DJP	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-78.35%	-56.90%	-21.45%
Max Drawdown (1Y) Largest decline over 1 year	-8.61%	-30.64%	+22.03%
Max Drawdown (3Y) Largest decline over 3 years	-13.41%	-56.90%	+43.49%
Max Drawdown (5Y) Largest decline over 5 years	-28.98%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.36%	—	—
Current Drawdown Current decline from peak	-32.82%	-11.29%	-21.53%
Average Drawdown Average peak-to-trough decline	-50.86%	-24.09%	-26.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	11.51%	-8.15%

Volatility

DJP vs. BWET - Volatility Comparison

The current volatility for iPath Bloomberg Commodity Index Total Return ETN (DJP) is 5.85%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 33.96%. This indicates that DJP 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

	DJP	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.85%	33.96%	-28.11%
Volatility (6M) Calculated over the trailing 6-month period	16.64%	88.49%	-71.85%
Volatility (1Y) Calculated over the trailing 1-year period	18.92%	98.35%	-79.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.96%	70.45%	-51.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.06%	70.45%	-53.39%

DJP vs. BWET - Expense Ratio Comparison

DJP has a 0.70% expense ratio, which is lower than BWET's 3.50% expense ratio.

Dividends

DJP vs. BWET - Dividend Comparison

Neither DJP nor BWET has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DJP and BWET in my portfolio?

DJP and BWET have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DJP or BWET?

BWET has higher volatility (33.96%) compared to DJP (5.85%). In terms of maximum drawdown, DJP dropped -78.35% vs BWET's -56.90%.

Which ETF is better, DJP or BWET?

On 3-year performance, BWET leads with 129.64% vs 17.94% for DJP. On fees, DJP is cheaper at 0.70% per year. On volatility, DJP has been the lower-risk option at 5.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DJP or BWET?

Over the 3-year period, BWET has performed better with a 129.64% return vs 17.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DJP or BWET?

DJP is cheaper with a 0.70% expense ratio, compared with 3.50% for BWET.

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

DJP and BWET have nearly identical dividend yields, around 0.00%.

What is the main difference between DJP and BWET?

DJP tracks Bloomberg Commodity Index, while BWET tracks Breakwave Wet Freight Futures Index. They also come from different issuers: Barclays Capital and Amplify. Their fees differ too: 0.70% for DJP and 3.50% for BWET.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (18.57 vs 2.36), 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.