FLRT vs. BWET

Last updated Jun 24, 2026

FLRT (Pacific Global Senior Loan ETF) and BWET (Breakwave Tanker Shipping ETF) are both exchange-traded funds - FLRT is a High Yield Bonds fund actively managed by Pacific Life, while BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index. FLRT is actively managed, while BWET is passively managed. Over the past 3 years, FLRT returned 8.54%/yr vs 123.86%/yr for BWET. At a correlation of -0.04, they often move in opposite directions. FLRT charges 0.69%/yr vs 3.50%/yr for BWET.

Performance

FLRT vs. BWET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacific Global Senior Loan ETF (FLRT) 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, FLRT achieves a 1.81% return, which is significantly lower than BWET's 968.33% return.

FLRT

• 1D: -0.06%
• 1M: 0.17%
• YTD: 1.81%
• 6M: 1.89%
• 1Y: 5.54%
• 3Y*: 8.54%
• 5Y*: 5.95%
• 10Y*: 4.90%

BWET

• 1D: -5.48%
• 1M: 18.43%
• YTD: 968.33%
• 6M: 944.72%
• 1Y: 1,424.52%
• 3Y*: 123.86%
• 5Y*: —
• 10Y*: —

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

FLRT vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FLRT Pacific Global Senior Loan ETF	1.81%	6.24%	9.18%	9.51%
BWET Breakwave Tanker Shipping ETF	968.33%	96.22%	-39.21%	14.13%

Correlation

The correlation between FLRT and BWET is -0.10, 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	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (All Time) Calculated using the full available price history since May 3, 2023	-0.04

Return for Risk

FLRT vs. BWET — Risk / Return Rank

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

FLRT

FLRT Risk / Return Rank: 84
FLRT Sharpe Ratio Rank: 95
FLRT Sortino Ratio Rank: 96
FLRT Omega Ratio Rank: 97
FLRT Calmar Ratio Rank: 66
FLRT Martin Ratio Rank: 66

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.

FLRT vs. BWET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacific Global Senior Loan ETF (FLRT) 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.

	FLRT	BWET	Difference
Sharpe ratio: Return per unit of total volatility	3.49	14.65	-11.16
Sortino ratio: Return per unit of downside risk	5.39	6.07	-0.68
Omega ratio: Gain probability vs. loss probability	1.82	1.87	-0.05
Calmar ratio: Return relative to maximum drawdown	3.13	47.03	-43.90
Martin ratio: Return relative to average drawdown	11.44	147.28	-135.84

FLRT vs. BWET - Sharpe Ratio Comparison

The current FLRT Sharpe Ratio is 3.49, which is lower than the BWET Sharpe Ratio of 14.65. The chart below compares the historical Sharpe Ratios of FLRT 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

FLRT vs. BWET - Drawdown Comparison

The maximum FLRT drawdown since its inception was -20.96%, smaller than the maximum BWET drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for FLRT and BWET.

Drawdown Indicators

	FLRT	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-20.96%	-56.90%	+35.94%
Max Drawdown (1Y) Largest decline over 1 year	-1.78%	-30.64%	+28.86%
Max Drawdown (3Y) Largest decline over 3 years	-2.87%	-56.81%	+53.94%
Max Drawdown (5Y) Largest decline over 5 years	-7.60%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-20.96%	—	—
Current Drawdown Current decline from peak	-0.17%	-5.48%	+5.31%
Average Drawdown Average peak-to-trough decline	-1.41%	-23.76%	+22.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.49%	11.60%	-11.11%

Volatility

FLRT vs. BWET - Volatility Comparison

The current volatility for Pacific Global Senior Loan ETF (FLRT) is 0.42%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 26.27%. This indicates that FLRT 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

	FLRT	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.42%	26.27%	-25.85%
Volatility (6M) Calculated over the trailing 6-month period	1.23%	89.01%	-87.78%
Volatility (1Y) Calculated over the trailing 1-year period	1.59%	98.57%	-96.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.30%	70.47%	-68.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.12%	70.47%	-64.35%

FLRT vs. BWET - Expense Ratio Comparison

FLRT has a 0.69% expense ratio, which is lower than BWET's 3.50% expense ratio.

Dividends

FLRT vs. BWET - Dividend Comparison

FLRT's dividend yield for the trailing twelve months is around 6.81%, while BWET has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BWET Breakwave Tanker Shipping ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FLRT Pacific Global Senior Loan ETF	6.81%	6.93%	7.93%	8.40%	5.81%	3.16%	3.52%	4.30%	3.95%	3.20%	3.38%	3.21%

Frequently Asked Questions

Can I hold both FLRT and BWET in my portfolio?

FLRT and BWET have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLRT or BWET?

BWET has higher volatility (26.27%) compared to FLRT (0.42%). In terms of maximum drawdown, FLRT dropped -20.96% vs BWET's -56.90%.

Which ETF is better, FLRT or BWET?

On 3-year performance, BWET leads with 123.86% vs 8.54% for FLRT. On fees, FLRT is cheaper at 0.69% per year. On volatility, FLRT has been the lower-risk option at 0.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLRT or BWET?

Over the 3-year period, BWET has performed better with a 123.86% return vs 8.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLRT or BWET?

FLRT is cheaper with a 0.69% expense ratio, compared with 3.50% for BWET.

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

FLRT has the higher dividend yield at 6.81%, compared with 0.00% for BWET.

What is the main difference between FLRT and BWET?

FLRT is categorized as High Yield Bonds, while BWET is Commodities. They also come from different issuers: Pacific Life and Amplify. Their fees differ too: 0.69% for FLRT and 3.50% for BWET.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (14.65 vs 3.49), 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.