NESTE.HE vs. BWET

Last updated Jun 5, 2026

NESTE.HE (Neste Oyj) is a stock, while BWET (Breakwave Tanker Shipping ETF) is Commodities fund tracking the Breakwave Wet Freight Futures Index. Over the past 3 years, NESTE.HE returned -4.98%/yr vs 138.72%/yr for BWET. At a 0.05 correlation, their price movements are largely independent.

Performance

NESTE.HE vs. BWET - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Neste Oyj (NESTE.HE) and Breakwave Tanker Shipping ETF (BWET). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

NESTE.HE is traded in EUR, while BWET is traded in USD. To make them comparable, the BWET values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, NESTE.HE achieves a 51.76% return, which is significantly lower than BWET's 1,002.56% return.

NESTE.HE

• 1D: -2.86%
• 1M: -0.88%
• YTD: 51.76%
• 6M: 69.63%
• 1Y: 208.51%
• 3Y*: -4.98%
• 5Y*: -9.82%
• 10Y*: 14.08%

BWET

• 1D: 11.55%
• 1M: -0.24%
• YTD: 1,002.56%
• 6M: 860.21%
• 1Y: 1,979.39%
• 3Y*: 138.72%
• 5Y*: —
• 10Y*: —

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

NESTE.HE vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NESTE.HE Neste Oyj	51.76%	63.77%	-60.23%	-24.18%
BWET Breakwave Tanker Shipping ETF	1,002.56%	72.93%	-35.19%	16.22%

Correlation

The correlation between NESTE.HE and BWET is 0.08, 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	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (All Time) Calculated using the full available price history since May 4, 2023	0.05

Return for Risk

NESTE.HE vs. BWET — Risk / Return Rank

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

NESTE.HE

NESTE.HE Risk / Return Rank: 98
NESTE.HE Sharpe Ratio Rank: 98
NESTE.HE Sortino Ratio Rank: 98
NESTE.HE Omega Ratio Rank: 96
NESTE.HE Calmar Ratio Rank: 97
NESTE.HE Martin Ratio Rank: 98

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.

NESTE.HE vs. BWET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neste Oyj (NESTE.HE) 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.

	NESTE.HE	BWET	Difference
Sharpe ratio: Return per unit of total volatility	4.95	20.13	-15.19
Sortino ratio: Return per unit of downside risk	5.40	6.67	-1.27
Omega ratio: Gain probability vs. loss probability	1.63	1.97	-0.34
Calmar ratio: Return relative to maximum drawdown	10.38	64.23	-53.85
Martin ratio: Return relative to average drawdown	36.81	171.22	-134.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NESTE.HE vs. BWET - Sharpe Ratio Comparison

The current NESTE.HE Sharpe Ratio is 4.95, which is lower than the BWET Sharpe Ratio of 20.13. The chart below compares the historical Sharpe Ratios of NESTE.HE 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

	NESTE.HE	BWET	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.95	20.13	-15.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.24	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	1.94	-1.62

Drawdowns

NESTE.HE vs. BWET - Drawdown Comparison

The maximum NESTE.HE drawdown since its inception was -87.42%, which is greater than BWET's maximum drawdown of -55.99%. Use the drawdown chart below to compare losses from any high point for NESTE.HE and BWET.

Drawdown Indicators

	NESTE.HE	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-87.42%	-55.99%	-31.43%
Max Drawdown (1Y) Largest decline over 1 year	-20.35%	-31.21%	+10.86%
Max Drawdown (3Y) Largest decline over 3 years	-81.22%	-55.99%	-25.23%
Max Drawdown (5Y) Largest decline over 5 years	-85.97%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-87.42%	—	—
Current Drawdown Current decline from peak	-47.38%	-0.24%	-47.14%
Average Drawdown Average peak-to-trough decline	-32.59%	-24.62%	-7.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.72%	11.69%	-5.97%

Volatility

NESTE.HE vs. BWET - Volatility Comparison

The current volatility for Neste Oyj (NESTE.HE) is 12.14%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 29.22%. This indicates that NESTE.HE 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

	NESTE.HE	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.14%	29.22%	-17.08%
Volatility (6M) Calculated over the trailing 6-month period	31.03%	89.48%	-58.45%
Volatility (1Y) Calculated over the trailing 1-year period	42.73%	99.57%	-56.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.76%	71.39%	-30.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.32%	71.39%	-34.07%

Dividends

NESTE.HE vs. BWET - Dividend Comparison

NESTE.HE's dividend yield for the trailing twelve months is around 0.68%, while BWET has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BWET Breakwave Tanker Shipping ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NESTE.HE Neste Oyj	0.68%	1.03%	9.90%	2.35%	1.91%	1.85%	0.95%	12.25%	2.52%	2.44%	2.74%	2.35%

Frequently Asked Questions

Can I hold both NESTE.HE and BWET in my portfolio?

NESTE.HE and BWET have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.