LULG vs. BWET

Last updated Jun 24, 2026

LULG (Leverage Shares 2X Long LULU Daily ETF) and BWET (Breakwave Tanker Shipping ETF) are both exchange-traded funds - LULG is a Leveraged Equities fund actively managed by Leverage Shares, while BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index. LULG is actively managed, while BWET is passively managed. At a correlation of -0.11, they often move in opposite directions. LULG charges 0.75%/yr vs 3.50%/yr for BWET.

Performance

LULG vs. BWET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long LULU Daily ETF (LULG) 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, LULG achieves a -76.82% return, which is significantly lower than BWET's 968.33% return.

LULG

• 1D: 6.69%
• 1M: -29.31%
• YTD: -76.82%
• 6M: -77.98%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 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)

LULG vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025
LULG Leverage Shares 2X Long LULU Daily ETF	-76.82%	55.59%
BWET Breakwave Tanker Shipping ETF	968.33%	6.79%

Correlation

The correlation between LULG and BWET is -0.11, 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 (All Time) Calculated using the full available price history since Nov 5, 2025	-0.11

Return for Risk

LULG vs. BWET — Risk / Return Rank

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

LULG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

LULG vs. BWET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long LULU Daily ETF (LULG) 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.

	LULG	BWET	Difference
Sharpe ratio: Return per unit of total volatility	—	14.65	—
Sortino ratio: Return per unit of downside risk	—	6.07	—
Omega ratio: Gain probability vs. loss probability	—	1.87	—
Calmar ratio: Return relative to maximum drawdown	—	47.03	—
Martin ratio: Return relative to average drawdown	—	147.28	—

Drawdowns

LULG vs. BWET - Drawdown Comparison

The maximum LULG drawdown since its inception was -79.88%, which is greater than BWET's maximum drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for LULG and BWET.

Drawdown Indicators

	LULG	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-79.88%	-56.90%	-22.98%
Max Drawdown (1Y) Largest decline over 1 year	—	-30.64%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-56.81%	—
Current Drawdown Current decline from peak	-78.53%	-5.48%	-73.05%
Average Drawdown Average peak-to-trough decline	-36.70%	-23.76%	-12.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	11.60%	—

Volatility

Volatility by Period

	LULG	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	26.27%	—
Volatility (6M) Calculated over the trailing 6-month period	—	89.01%	—
Volatility (1Y) Calculated over the trailing 1-year period	88.27%	98.57%	-10.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	88.27%	70.47%	+17.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	88.27%	70.47%	+17.80%

LULG vs. BWET - Expense Ratio Comparison

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

Dividends

LULG vs. BWET - Dividend Comparison

Neither LULG nor BWET has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both LULG and BWET in my portfolio?

LULG 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 ETF is better, LULG or BWET?

On fees, LULG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, LULG or BWET?

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

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

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

What is the main difference between LULG and BWET?

LULG is categorized as Leveraged Equities, while BWET is Commodities. They also come from different issuers: Leverage Shares and Amplify. Their fees differ too: 0.75% for LULG and 3.50% for BWET.