HCOW vs. BWET

Last updated Jun 4, 2026

HCOW (Amplify Cash Flow High Income ETF) and BWET (Breakwave Tanker Shipping ETF) are both exchange-traded funds - HCOW is a Large Cap Value Equities fund actively managed by Amplify, while BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index. HCOW is actively managed, while BWET is passively managed. Over the past year, HCOW returned 21.68% vs 1800.91% for BWET. At a correlation of -0.00, they often move in opposite directions. HCOW charges 0.65%/yr vs 3.50%/yr for BWET.

Performance

HCOW vs. BWET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Cash Flow High Income ETF (HCOW) 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, HCOW achieves a 4.48% return, which is significantly lower than BWET's 875.88% return.

HCOW

• 1D: -0.36%
• 1M: 3.03%
• YTD: 4.48%
• 6M: 4.26%
• 1Y: 21.68%
• 3Y*: —
• 5Y*: —
• 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)

HCOW vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HCOW Amplify Cash Flow High Income ETF	4.48%	5.76%	7.63%	6.44%
BWET Breakwave Tanker Shipping ETF	875.88%	96.22%	-39.21%	-9.78%

Correlation

The correlation between HCOW and BWET is -0.08, 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	-0.08
Correlation (All Time) Calculated using the full available price history since Sep 21, 2023	-0.00

HCOW vs. BWET - Sectors Allocation Comparison

Sectors	HCOW	BWET
Technology	21.0%	-
Industrials	18.7%	-
Financial Services	17.2%	8.6%
Consumer Cyclical	10.9%	-
Energy	8.2%	-
Healthcare	8.0%	-
Basic Materials	6.0%	-
Communication Services	4.7%	-
Utilities	2.8%	-
Consumer Defensive	2.4%	-
Real Estate	-	-

Return for Risk

HCOW vs. BWET — Risk / Return Rank

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

HCOW

HCOW Risk / Return Rank: 53
HCOW Sharpe Ratio Rank: 44
HCOW Sortino Ratio Rank: 47
HCOW Omega Ratio Rank: 44
HCOW Calmar Ratio Rank: 69
HCOW Martin Ratio Rank: 62

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.

HCOW vs. BWET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Cash Flow High Income ETF (HCOW) 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.

	HCOW	BWET	Difference
Sharpe ratio: Return per unit of total volatility	1.57	18.57	-17.00
Sortino ratio: Return per unit of downside risk	2.35	6.55	-4.21
Omega ratio: Gain probability vs. loss probability	1.28	1.96	-0.68
Calmar ratio: Return relative to maximum drawdown	3.46	59.51	-56.05
Martin ratio: Return relative to average drawdown	11.15	158.07	-146.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HCOW vs. BWET - Sharpe Ratio Comparison

The current HCOW Sharpe Ratio is 1.57, which is lower than the BWET Sharpe Ratio of 18.57. The chart below compares the historical Sharpe Ratios of HCOW 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

	HCOW	BWET	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	18.57	-17.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	1.90	-1.38

Drawdowns

HCOW vs. BWET - Drawdown Comparison

The maximum HCOW drawdown since its inception was -24.15%, smaller than the maximum BWET drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for HCOW and BWET.

Drawdown Indicators

	HCOW	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-24.15%	-56.90%	+32.75%
Max Drawdown (1Y) Largest decline over 1 year	-6.29%	-30.64%	+24.35%
Max Drawdown (3Y) Largest decline over 3 years	—	-56.90%	—
Current Drawdown Current decline from peak	-0.36%	-11.29%	+10.93%
Average Drawdown Average peak-to-trough decline	-4.88%	-24.09%	+19.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	11.51%	-9.56%

Volatility

HCOW vs. BWET - Volatility Comparison

The current volatility for Amplify Cash Flow High Income ETF (HCOW) is 3.63%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 33.96%. This indicates that HCOW 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

	HCOW	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.63%	33.96%	-30.33%
Volatility (6M) Calculated over the trailing 6-month period	8.74%	88.49%	-79.75%
Volatility (1Y) Calculated over the trailing 1-year period	13.89%	98.35%	-84.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.60%	70.45%	-52.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.60%	70.45%	-52.85%

HCOW vs. BWET - Expense Ratio Comparison

HCOW has a 0.65% expense ratio, which is lower than BWET's 3.50% expense ratio.

Dividends

HCOW vs. BWET - Dividend Comparison

HCOW's dividend yield for the trailing twelve months is around 11.73%, 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%
HCOW Amplify Cash Flow High Income ETF	11.73%	10.88%	8.13%	1.99%

Frequently Asked Questions

Can I hold both HCOW and BWET in my portfolio?

HCOW and BWET have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HCOW or BWET?

BWET has higher volatility (33.96%) compared to HCOW (3.63%). In terms of maximum drawdown, HCOW dropped -24.15% vs BWET's -56.90%.

Which ETF is better, HCOW or BWET?

On 1-year performance, BWET leads with 1800.91% vs 21.68% for HCOW. On fees, HCOW is cheaper at 0.65% per year. On volatility, HCOW has been the lower-risk option at 3.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HCOW or BWET?

Over the 1-year period, BWET has performed better with a 1800.91% return vs 21.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HCOW or BWET?

HCOW is cheaper with a 0.65% expense ratio, compared with 3.50% for BWET.

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

HCOW has the higher dividend yield at 11.73%, compared with 0.00% for BWET.

What is the main difference between HCOW and BWET?

HCOW is categorized as Large Cap Value Equities, while BWET is Commodities. Their fees differ too: 0.65% for HCOW and 3.50% for BWET.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (18.57 vs 1.57), 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.