IONL vs. BWET

Last updated Jun 4, 2026

IONL (GraniteShares 2x Long IONQ Daily ETF) and BWET (Breakwave Tanker Shipping ETF) are both exchange-traded funds - IONL is a Leveraged Equities fund tracking the IonQ Inc. (IONQ), while BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index. Both are passively managed. Over the past year, IONL returned 11.24% vs 1800.91% for BWET. At a correlation of -0.13, they often move in opposite directions. IONL charges 1.50%/yr vs 3.50%/yr for BWET.

Performance

IONL vs. BWET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long IONQ Daily ETF (IONL) 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, IONL achieves a 48.62% return, which is significantly lower than BWET's 875.88% return.

IONL

• 1D: -8.47%
• 1M: 99.80%
• YTD: 48.62%
• 6M: 17.16%
• 1Y: 11.24%
• 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)

IONL vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025
IONL GraniteShares 2x Long IONQ Daily ETF	48.62%	38.57%
BWET Breakwave Tanker Shipping ETF	875.88%	82.09%

Correlation

The correlation between IONL and BWET is -0.13, 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	-0.13
Correlation (All Time) Calculated using the full available price history since Mar 26, 2025	-0.13

IONL vs. BWET - Sectors Allocation Comparison

Sectors	IONL	BWET
Technology	66.7%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	8.6%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

IONL vs. BWET — Risk / Return Rank

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

IONL

IONL Risk / Return Rank: 17
IONL Sharpe Ratio Rank: 10
IONL Sortino Ratio Rank: 29
IONL Omega Ratio Rank: 26
IONL Calmar Ratio Rank: 10
IONL Martin Ratio Rank: 10

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.

IONL vs. BWET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long IONQ Daily ETF (IONL) 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.

	IONL	BWET	Difference
Sharpe ratio: Return per unit of total volatility	0.06	18.57	-18.51
Sortino ratio: Return per unit of downside risk	1.52	6.55	-5.04
Omega ratio: Gain probability vs. loss probability	1.17	1.96	-0.79
Calmar ratio: Return relative to maximum drawdown	0.12	59.51	-59.39
Martin ratio: Return relative to average drawdown	0.18	158.07	-157.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IONL vs. BWET - Sharpe Ratio Comparison

The current IONL Sharpe Ratio is 0.06, which is lower than the BWET Sharpe Ratio of 18.57. The chart below compares the historical Sharpe Ratios of IONL 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

	IONL	BWET	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.06	18.57	-18.51
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	1.90	-1.47

Drawdowns

IONL vs. BWET - Drawdown Comparison

The maximum IONL drawdown since its inception was -93.41%, which is greater than BWET's maximum drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for IONL and BWET.

Drawdown Indicators

	IONL	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-93.41%	-56.90%	-36.51%
Max Drawdown (1Y) Largest decline over 1 year	-93.41%	-30.64%	-62.77%
Max Drawdown (3Y) Largest decline over 3 years	—	-56.90%	—
Current Drawdown Current decline from peak	-65.21%	-11.29%	-53.92%
Average Drawdown Average peak-to-trough decline	-50.11%	-24.09%	-26.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	62.00%	11.51%	+50.49%

Volatility

IONL vs. BWET - Volatility Comparison

GraniteShares 2x Long IONQ Daily ETF (IONL) has a higher volatility of 59.44% compared to Breakwave Tanker Shipping ETF (BWET) at 33.96%. This indicates that IONL's price experiences larger fluctuations and is considered to be riskier than BWET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IONL	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	59.44%	33.96%	+25.48%
Volatility (6M) Calculated over the trailing 6-month period	130.72%	88.49%	+42.23%
Volatility (1Y) Calculated over the trailing 1-year period	181.66%	98.35%	+83.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	195.45%	70.45%	+125.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	195.45%	70.45%	+125.00%

IONL vs. BWET - Expense Ratio Comparison

IONL has a 1.50% expense ratio, which is lower than BWET's 3.50% expense ratio.

Dividends

IONL vs. BWET - Dividend Comparison

Neither IONL nor BWET has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IONL and BWET in my portfolio?

IONL and BWET have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IONL or BWET?

IONL has higher volatility (59.44%) compared to BWET (33.96%). In terms of maximum drawdown, IONL dropped -93.41% vs BWET's -56.90%.

Which ETF is better, IONL or BWET?

On 1-year performance, BWET leads with 1800.91% vs 11.24% for IONL. On fees, IONL is cheaper at 1.50% per year. On volatility, BWET has been the lower-risk option at 33.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IONL or BWET?

Over the 1-year period, BWET has performed better with a 1800.91% return vs 11.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IONL or BWET?

IONL is cheaper with a 1.50% expense ratio, compared with 3.50% for BWET.

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

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

What is the main difference between IONL and BWET?

IONL is categorized as Leveraged Equities, while BWET is Commodities. IONL tracks IonQ Inc. (IONQ), while BWET tracks Breakwave Wet Freight Futures Index. They also come from different issuers: GraniteShares and Amplify. Their fees differ too: 1.50% for IONL and 3.50% for BWET.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (18.57 vs 0.06), 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.