MADE vs. BOAT

Last updated Aug 6, 2026

MADE (iShares U.S. Manufacturing ETF) and BOAT (SonicShares Global Shipping ETF) are both Industrials Equities funds - MADE tracks the S&P U.S. Manufacturing Select Index while BOAT tracks the Solactive Global Shipping Index. Both are passively managed. Over the past year, MADE returned 39.15% vs 50.36% for BOAT. Their 0.33 correlation means their historical movements had little consistent relationship. MADE charges 0.40%/yr vs 0.69%/yr for BOAT.

Performance

MADE vs. BOAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Manufacturing ETF (MADE) and SonicShares Global Shipping ETF (BOAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MADE achieves a 23.76% return, which is significantly lower than BOAT's 42.13% return.

MADE

• 1D: 0.03%
• 1M: -0.64%
• 6M: 10.86%
• YTD: 23.76%
• 1Y: 39.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 24.92%

BOAT

• 1D: -1.60%
• 1M: 8.65%
• 6M: 25.47%
• YTD: 42.13%
• 1Y: 50.36%
• 3Y*: 26.08%
• 5Y*: 24.02%
• 10Y*: —
• ALL TIME*: 24.28%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BOAT SonicShares Global Shipping ETF	$1.73M	$1.10M	$1.06M
MADE iShares U.S. Manufacturing ETF	$498.08K	$763.50K	$732.05K

MADE vs. BOAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MADE iShares U.S. Manufacturing ETF	23.76%	27.34%	0.08%
BOAT SonicShares Global Shipping ETF	42.13%	22.77%	-9.08%

Correlation

The correlation between MADE and BOAT is 0.29, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.29
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024	0.33

MADE vs. BOAT - Sectors Allocation Comparison

Sectors	MADE	BOAT
Industrials	74.1%	29.2%
Technology	17.1%	-
Consumer Cyclical	7.8%	-
Energy	0.3%	10.3%
Basic Materials	0.3%	-
Consumer Defensive	0.1%	-
Utilities	0.1%	-
Communication Services	-	-
Financial Services	-	6.6%
Healthcare	-	-
Real Estate	-	-

Return for Risk

MADE vs. BOAT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MADE

MADE Risk / Return Rank: 65
MADE Sharpe Ratio Rank: 62
MADE Sortino Ratio Rank: 58
MADE Omega Ratio Rank: 55
MADE Calmar Ratio Rank: 73
MADE Martin Ratio Rank: 75

BOAT

BOAT Risk / Return Rank: 87
BOAT Sharpe Ratio Rank: 90
BOAT Sortino Ratio Rank: 88
BOAT Omega Ratio Rank: 84
BOAT Calmar Ratio Rank: 91
BOAT Martin Ratio Rank: 82

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MADE vs. BOAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Manufacturing ETF (MADE) and SonicShares Global Shipping ETF (BOAT). 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.

	MADE	BOAT	Difference
Sharpe ratio: Return per unit of total volatility	1.69	2.46	-0.77
Sortino ratio: Return per unit of downside risk	2.28	3.26	-0.98
Omega ratio: Gain probability vs. loss probability	1.28	1.40	-0.12
Calmar ratio: Return relative to maximum drawdown	2.93	4.36	-1.43
Martin ratio: Return relative to average drawdown	10.78	12.30	-1.52

MADE vs. BOAT - Sharpe Ratio Comparison

The current MADE Sharpe Ratio is 1.69, which is lower than the BOAT Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of MADE and BOAT, 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

MADE vs. BOAT - Drawdown Comparison

The maximum MADE drawdown since its inception was -23.79%, smaller than the maximum BOAT drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for MADE and BOAT.

Drawdown Indicators

	MADE	BOAT	Difference
Max Drawdown Largest peak-to-trough decline	-23.79%	-33.94%	+10.15%
Max Drawdown (1Y) Largest decline over 1 year	-13.43%	-11.60%	-1.83%
Max Drawdown (3Y) Largest decline over 3 years	—	-33.94%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.94%	—
Current Drawdown Current decline from peak	-2.55%	-2.56%	+0.01%
Average Drawdown Average peak-to-trough decline	-3.96%	-9.49%	+5.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.64%	4.11%	-0.47%

Volatility

MADE vs. BOAT - Volatility Comparison

iShares U.S. Manufacturing ETF (MADE) and SonicShares Global Shipping ETF (BOAT) have volatilities of 7.06% and 6.75%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MADE	BOAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.06%	6.75%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	19.56%	16.96%	+2.60%
Volatility (1Y) Calculated over the trailing 1-year period	23.30%	20.71%	+2.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.06%	25.03%	-1.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.06%	25.06%	-2.00%

MADE vs. BOAT - Expense Ratio Comparison

MADE has a 0.40% expense ratio, which is lower than BOAT's 0.69% expense ratio.

Dividends

MADE vs. BOAT - Dividend Comparison

MADE's dividend yield for the trailing twelve months is around 0.62%, less than BOAT's 6.47% yield.

Position	TTM	2025	2024	2023	2022	2021
BOAT SonicShares Global Shipping ETF	6.47%	8.08%	13.89%	13.65%	13.57%	1.36%
MADE iShares U.S. Manufacturing ETF	0.62%	0.89%	0.34%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MADE and BOAT in my portfolio?

MADE and BOAT have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MADE or BOAT?

MADE has higher volatility (7.06%) compared to BOAT (6.75%). In terms of maximum drawdown, MADE dropped -23.79% vs BOAT's -33.94%.

Which ETF is better, MADE or BOAT?

On 1-year performance, BOAT leads with 50.36% vs 39.15% for MADE. On fees, MADE is cheaper at 0.40% per year. On volatility, BOAT has been the lower-risk option at 6.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MADE or BOAT?

Over the 1-year period, BOAT has performed better with a 50.36% return vs 39.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MADE or BOAT?

MADE is cheaper with a 0.40% expense ratio, compared with 0.69% for BOAT.

Which ETF pays a higher dividend yield, MADE or BOAT?

BOAT has the higher dividend yield at 6.47%, compared with 0.62% for MADE.

What is the main difference between MADE and BOAT?

MADE tracks S&P U.S. Manufacturing Select Index, while BOAT tracks Solactive Global Shipping Index. They also come from different issuers: iShares and Tidal. Their fees differ too: 0.40% for MADE and 0.69% for BOAT.

Which has better risk-adjusted returns?

BOAT currently has the higher Sharpe Ratio (2.46 vs 1.69), 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.