MRNY vs. BWET

Last updated Jun 5, 2026

MRNY (YieldMax MRNA Option Income Strategy ETF) and BWET (Breakwave Tanker Shipping ETF) are both exchange-traded funds - MRNY is a Derivative Income fund actively managed by YieldMax, while BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index. MRNY is actively managed, while BWET is passively managed. Over the past year, MRNY returned 53.27% vs 2014.90% for BWET. At a correlation of -0.04, they often move in opposite directions. MRNY charges 0.99%/yr vs 3.50%/yr for BWET.

Performance

MRNY vs. BWET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax MRNA Option Income Strategy ETF (MRNY) 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, MRNY achieves a 55.67% return, which is significantly lower than BWET's 990.13% return.

MRNY

• 1D: 2.69%
• 1M: 7.98%
• YTD: 55.67%
• 6M: 64.78%
• 1Y: 53.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BWET

• 1D: 11.71%
• 1M: -0.90%
• YTD: 990.13%
• 6M: 857.64%
• 1Y: 2,014.90%
• 3Y*: 145.24%
• 5Y*: —
• 10Y*: —

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

MRNY vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MRNY YieldMax MRNA Option Income Strategy ETF	55.67%	-35.72%	-59.32%	19.61%
BWET Breakwave Tanker Shipping ETF	990.13%	96.22%	-39.21%	-2.33%

Correlation

The correlation between MRNY 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 (1Y) Calculated over the trailing 1-year period	-0.11
Correlation (All Time) Calculated using the full available price history since Oct 25, 2023	-0.04

Return for Risk

MRNY vs. BWET — Risk / Return Rank

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

MRNY

MRNY Risk / Return Rank: 32
MRNY Sharpe Ratio Rank: 30
MRNY Sortino Ratio Rank: 36
MRNY Omega Ratio Rank: 33
MRNY Calmar Ratio Rank: 35
MRNY Martin Ratio Rank: 25

BWET

BWET Risk / Return Rank: 99
BWET Sharpe Ratio Rank: 100
BWET Sortino Ratio Rank: 98
BWET Omega Ratio Rank: 98
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.

MRNY vs. BWET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax MRNA Option Income Strategy ETF (MRNY) 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.

	MRNY	BWET	Difference
Sharpe ratio: Return per unit of total volatility	1.08	20.67	-19.59
Sortino ratio: Return per unit of downside risk	1.82	6.77	-4.95
Omega ratio: Gain probability vs. loss probability	1.22	1.99	-0.78
Calmar ratio: Return relative to maximum drawdown	1.70	66.60	-64.91
Martin ratio: Return relative to average drawdown	3.31	176.91	-173.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MRNY vs. BWET - Sharpe Ratio Comparison

The current MRNY Sharpe Ratio is 1.08, which is lower than the BWET Sharpe Ratio of 20.67. The chart below compares the historical Sharpe Ratios of MRNY 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

	MRNY	BWET	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.08	20.67	-19.59
Sharpe Ratio (All Time) Calculated using the full available price history	-0.48	2.01	-2.49

Drawdowns

MRNY vs. BWET - Drawdown Comparison

The maximum MRNY drawdown since its inception was -82.15%, which is greater than BWET's maximum drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for MRNY and BWET.

Drawdown Indicators

	MRNY	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-82.15%	-56.90%	-25.25%
Max Drawdown (1Y) Largest decline over 1 year	-31.53%	-30.64%	-0.89%
Max Drawdown (3Y) Largest decline over 3 years	—	-56.90%	—
Current Drawdown Current decline from peak	-67.23%	-0.90%	-66.33%
Average Drawdown Average peak-to-trough decline	-52.64%	-24.06%	-28.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.15%	11.51%	+4.64%

Volatility

MRNY vs. BWET - Volatility Comparison

The current volatility for YieldMax MRNA Option Income Strategy ETF (MRNY) is 13.53%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 28.88%. This indicates that MRNY 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

	MRNY	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.53%	28.88%	-15.35%
Volatility (6M) Calculated over the trailing 6-month period	37.11%	88.79%	-51.68%
Volatility (1Y) Calculated over the trailing 1-year period	49.38%	98.73%	-49.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.75%	70.70%	-19.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.75%	70.70%	-19.95%

MRNY vs. BWET - Expense Ratio Comparison

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

Dividends

MRNY vs. BWET - Dividend Comparison

MRNY's dividend yield for the trailing twelve months is around 100.06%, 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%
MRNY YieldMax MRNA Option Income Strategy ETF	100.06%	145.98%	178.49%	1.75%

Frequently Asked Questions

Can I hold both MRNY and BWET in my portfolio?

MRNY 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 is riskier, MRNY or BWET?

BWET has higher volatility (28.88%) compared to MRNY (13.53%). In terms of maximum drawdown, MRNY dropped -82.15% vs BWET's -56.90%.

Which ETF is better, MRNY or BWET?

On 1-year performance, BWET leads with 2014.90% vs 53.27% for MRNY. On fees, MRNY is cheaper at 0.99% per year. On volatility, MRNY has been the lower-risk option at 13.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MRNY or BWET?

Over the 1-year period, BWET has performed better with a 2014.90% return vs 53.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MRNY or BWET?

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

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

MRNY has the higher dividend yield at 100.06%, compared with 0.00% for BWET.

What is the main difference between MRNY and BWET?

MRNY is categorized as Derivative Income, while BWET is Commodities. They also come from different issuers: YieldMax and Amplify. Their fees differ too: 0.99% for MRNY and 3.50% for BWET.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (20.67 vs 1.08), 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.