LSAT vs. BWET

Last updated Jun 24, 2026

LSAT (Leadershares Alphafactor Tactical Focused ETF) and BWET (Breakwave Tanker Shipping ETF) are both exchange-traded funds - LSAT is a Money Market fund actively managed by Redwood, while BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index. LSAT is actively managed, while BWET is passively managed. Over the past 3 years, LSAT returned 12.09%/yr vs 123.86%/yr for BWET. At a 0.01 correlation, their price movements are largely independent. LSAT charges 0.99%/yr vs 3.50%/yr for BWET.

Performance

LSAT vs. BWET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leadershares Alphafactor Tactical Focused ETF (LSAT) 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, LSAT achieves a 10.47% return, which is significantly lower than BWET's 968.33% return.

LSAT

• 1D: 0.62%
• 1M: 0.13%
• YTD: 10.47%
• 6M: 8.90%
• 1Y: 11.27%
• 3Y*: 12.09%
• 5Y*: 6.38%
• 10Y*: —

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)

LSAT vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
LSAT Leadershares Alphafactor Tactical Focused ETF	10.47%	-1.54%	18.16%	11.07%
BWET Breakwave Tanker Shipping ETF	968.33%	96.22%	-39.21%	14.13%

Correlation

The correlation between LSAT and BWET is -0.05, 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	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (All Time) Calculated using the full available price history since May 3, 2023	0.01

Return for Risk

LSAT vs. BWET — Risk / Return Rank

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

LSAT

LSAT Risk / Return Rank: 27
LSAT Sharpe Ratio Rank: 26
LSAT Sortino Ratio Rank: 26
LSAT Omega Ratio Rank: 24
LSAT Calmar Ratio Rank: 31
LSAT Martin Ratio Rank: 26

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.

LSAT vs. BWET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leadershares Alphafactor Tactical Focused ETF (LSAT) 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.

	LSAT	BWET	Difference
Sharpe ratio: Return per unit of total volatility	0.88	14.65	-13.78
Sortino ratio: Return per unit of downside risk	1.36	6.07	-4.71
Omega ratio: Gain probability vs. loss probability	1.15	1.87	-0.72
Calmar ratio: Return relative to maximum drawdown	1.43	47.03	-45.61
Martin ratio: Return relative to average drawdown	3.34	147.28	-143.93

LSAT vs. BWET - Sharpe Ratio Comparison

The current LSAT Sharpe Ratio is 0.88, which is lower than the BWET Sharpe Ratio of 14.65. The chart below compares the historical Sharpe Ratios of LSAT 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

LSAT vs. BWET - Drawdown Comparison

The maximum LSAT drawdown since its inception was -20.48%, smaller than the maximum BWET drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for LSAT and BWET.

Drawdown Indicators

	LSAT	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-20.48%	-56.90%	+36.42%
Max Drawdown (1Y) Largest decline over 1 year	-7.94%	-30.64%	+22.70%
Max Drawdown (3Y) Largest decline over 3 years	-18.25%	-56.81%	+38.56%
Max Drawdown (5Y) Largest decline over 5 years	-20.48%	—	—
Current Drawdown Current decline from peak	-1.36%	-5.48%	+4.12%
Average Drawdown Average peak-to-trough decline	-5.51%	-23.76%	+18.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.38%	11.60%	-8.22%

Volatility

LSAT vs. BWET - Volatility Comparison

The current volatility for Leadershares Alphafactor Tactical Focused ETF (LSAT) is 3.38%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 26.27%. This indicates that LSAT 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

	LSAT	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.38%	26.27%	-22.89%
Volatility (6M) Calculated over the trailing 6-month period	9.36%	89.01%	-79.65%
Volatility (1Y) Calculated over the trailing 1-year period	12.89%	98.57%	-85.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.25%	70.47%	-54.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.74%	70.47%	-53.73%

LSAT vs. BWET - Expense Ratio Comparison

LSAT has a 0.99% expense ratio, which is lower than BWET's 3.50% expense ratio.

Dividends

LSAT vs. BWET - Dividend Comparison

LSAT's dividend yield for the trailing twelve months is around 1.72%, while BWET has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
BWET Breakwave Tanker Shipping ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
LSAT Leadershares Alphafactor Tactical Focused ETF	1.72%	1.90%	1.31%	1.85%	0.36%	3.44%	0.30%

Frequently Asked Questions

Can I hold both LSAT and BWET in my portfolio?

LSAT and BWET have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LSAT or BWET?

BWET has higher volatility (26.27%) compared to LSAT (3.38%). In terms of maximum drawdown, LSAT dropped -20.48% vs BWET's -56.90%.

Which ETF is better, LSAT or BWET?

On 3-year performance, BWET leads with 123.86% vs 12.09% for LSAT. On fees, LSAT is cheaper at 0.99% per year. On volatility, LSAT has been the lower-risk option at 3.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LSAT or BWET?

Over the 3-year period, BWET has performed better with a 123.86% return vs 12.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LSAT or BWET?

LSAT is cheaper with a 0.99% expense ratio, compared with 3.50% for BWET.

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

LSAT has the higher dividend yield at 1.72%, compared with 0.00% for BWET.

What is the main difference between LSAT and BWET?

LSAT is categorized as Money Market, while BWET is Commodities. They also come from different issuers: Redwood and Amplify. Their fees differ too: 0.99% for LSAT and 3.50% for BWET.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (14.65 vs 0.88), 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.