GRN vs. BWET

Last updated Jun 4, 2026

GRN (iPath Series B Carbon ETN) and BWET (Breakwave Tanker Shipping ETF) are both Commodities funds - GRN tracks the Barclays Global Carbon II Index while BWET tracks the Breakwave Wet Freight Futures Index. Both are passively managed. Over the past 3 years, GRN returned 0.39%/yr vs 129.64%/yr for BWET. At a 0.08 correlation, their price movements are largely independent. GRN charges 0.75%/yr vs 3.50%/yr for BWET.

Performance

GRN vs. BWET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iPath Series B Carbon ETN (GRN) 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, GRN achieves a -8.60% return, which is significantly lower than BWET's 875.88% return.

GRN

• 1D: -0.42%
• 1M: 8.55%
• YTD: -8.60%
• 6M: -4.48%
• 1Y: 9.03%
• 3Y*: 0.39%
• 5Y*: 9.52%
• 10Y*: —

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)

GRN vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GRN iPath Series B Carbon ETN	-8.60%	20.33%	-7.34%	-7.73%
BWET Breakwave Tanker Shipping ETF	875.88%	96.22%	-39.21%	15.94%

Correlation

The correlation between GRN and BWET is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (All Time) Calculated using the full available price history since May 4, 2023	0.08

Return for Risk

GRN vs. BWET — Risk / Return Rank

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

GRN

GRN Risk / Return Rank: 13
GRN Sharpe Ratio Rank: 13
GRN Sortino Ratio Rank: 13
GRN Omega Ratio Rank: 14
GRN Calmar Ratio Rank: 12
GRN Martin Ratio Rank: 13

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.

GRN vs. BWET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iPath Series B Carbon ETN (GRN) 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.

	GRN	BWET	Difference
Sharpe ratio: Return per unit of total volatility	0.33	18.57	-18.24
Sortino ratio: Return per unit of downside risk	0.61	6.55	-5.94
Omega ratio: Gain probability vs. loss probability	1.08	1.96	-0.88
Calmar ratio: Return relative to maximum drawdown	0.30	59.51	-59.21
Martin ratio: Return relative to average drawdown	0.77	158.07	-157.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GRN vs. BWET - Sharpe Ratio Comparison

The current GRN Sharpe Ratio is 0.33, which is lower than the BWET Sharpe Ratio of 18.57. The chart below compares the historical Sharpe Ratios of GRN 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

	GRN	BWET	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.33	18.57	-18.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	1.90	-1.48

Drawdowns

GRN vs. BWET - Drawdown Comparison

The maximum GRN drawdown since its inception was -47.96%, smaller than the maximum BWET drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for GRN and BWET.

Drawdown Indicators

	GRN	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-47.96%	-56.90%	+8.94%
Max Drawdown (1Y) Largest decline over 1 year	-30.39%	-30.64%	+0.25%
Max Drawdown (3Y) Largest decline over 3 years	-45.30%	-56.90%	+11.60%
Max Drawdown (5Y) Largest decline over 5 years	-47.96%	—	—
Current Drawdown Current decline from peak	-19.73%	-11.29%	-8.44%
Average Drawdown Average peak-to-trough decline	-17.54%	-24.09%	+6.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.83%	11.51%	+0.32%

Volatility

GRN vs. BWET - Volatility Comparison

The current volatility for iPath Series B Carbon ETN (GRN) is 6.65%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 33.96%. This indicates that GRN 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

	GRN	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.65%	33.96%	-27.31%
Volatility (6M) Calculated over the trailing 6-month period	24.47%	88.49%	-64.02%
Volatility (1Y) Calculated over the trailing 1-year period	27.74%	98.35%	-70.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.82%	70.45%	-30.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.95%	70.45%	-28.50%

GRN vs. BWET - Expense Ratio Comparison

GRN has a 0.75% expense ratio, which is lower than BWET's 3.50% expense ratio.

Dividends

GRN vs. BWET - Dividend Comparison

Neither GRN nor BWET has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GRN and BWET in my portfolio?

GRN and BWET have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GRN or BWET?

BWET has higher volatility (33.96%) compared to GRN (6.65%). In terms of maximum drawdown, GRN dropped -47.96% vs BWET's -56.90%.

Which ETF is better, GRN or BWET?

On 3-year performance, BWET leads with 129.64% vs 0.39% for GRN. On fees, GRN is cheaper at 0.75% per year. On volatility, GRN has been the lower-risk option at 6.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GRN or BWET?

Over the 3-year period, BWET has performed better with a 129.64% return vs 0.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GRN or BWET?

GRN is cheaper with a 0.75% expense ratio, compared with 3.50% for BWET.

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

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

What is the main difference between GRN and BWET?

GRN tracks Barclays Global Carbon II Index, while BWET tracks Breakwave Wet Freight Futures Index. They also come from different issuers: Barclays Capital and Amplify. Their fees differ too: 0.75% for GRN and 3.50% for BWET.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (18.57 vs 0.33), 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.