OWNB vs. BWET

Last updated Jun 4, 2026

OWNB (Bitwise Bitcoin Standard Corporations ETF) and BWET (Breakwave Tanker Shipping ETF) are both exchange-traded funds - OWNB is a Blockchain fund tracking the Bitwise Bitcoin Standard Corporations Inde, while BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index. Both are passively managed. Over the past year, OWNB returned -28.07% vs 1800.91% for BWET. At a correlation of -0.09, they often move in opposite directions. OWNB charges 0.85%/yr vs 3.50%/yr for BWET.

Performance

OWNB vs. BWET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Bitcoin Standard Corporations ETF (OWNB) 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, OWNB achieves a -1.56% return, which is significantly lower than BWET's 875.88% return.

OWNB

• 1D: -1.95%
• 1M: -2.79%
• YTD: -1.56%
• 6M: -18.67%
• 1Y: -28.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BWET

• 1D: 4.26%
• 1M: 9.15%
• YTD: 875.88%
• 6M: 735.56%
• 1Y: 1,800.91%
• 3Y*: 129.64%
• 5Y*: —
• 10Y*: —

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

OWNB vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025
OWNB Bitwise Bitcoin Standard Corporations ETF	-1.56%	-3.56%
BWET Breakwave Tanker Shipping ETF	875.88%	84.35%

Correlation

The correlation between OWNB 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 (All Time) Calculated using the full available price history since Mar 12, 2025	-0.09

OWNB vs. BWET - Sectors Allocation Comparison

Sectors	OWNB	BWET
Financial Services	43.5%	8.6%
Technology	38.0%	-
Consumer Cyclical	10.1%	-
Communication Services	6.3%	-
Utilities	2.1%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-

Return for Risk

OWNB vs. BWET — Risk / Return Rank

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

OWNB

OWNB Risk / Return Rank: 5
OWNB Sharpe Ratio Rank: 5
OWNB Sortino Ratio Rank: 5
OWNB Omega Ratio Rank: 5
OWNB Calmar Ratio Rank: 5
OWNB Martin Ratio Rank: 5

BWET

BWET Risk / Return Rank: 99
BWET Sharpe Ratio Rank: 100
BWET Sortino Ratio Rank: 97
BWET Omega Ratio Rank: 97
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.

OWNB vs. BWET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin Standard Corporations ETF (OWNB) 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.

	OWNB	BWET	Difference
Sharpe ratio: Return per unit of total volatility	-0.49	18.57	-19.06
Sortino ratio: Return per unit of downside risk	-0.41	6.55	-6.96
Omega ratio: Gain probability vs. loss probability	0.96	1.96	-1.01
Calmar ratio: Return relative to maximum drawdown	-0.47	59.51	-59.98
Martin ratio: Return relative to average drawdown	-0.83	158.07	-158.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OWNB vs. BWET - Sharpe Ratio Comparison

The current OWNB Sharpe Ratio is -0.49, which is lower than the BWET Sharpe Ratio of 18.57. The chart below compares the historical Sharpe Ratios of OWNB 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

	OWNB	BWET	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.49	18.57	-19.06
Sharpe Ratio (All Time) Calculated using the full available price history	-0.07	1.90	-1.96

Drawdowns

OWNB vs. BWET - Drawdown Comparison

The maximum OWNB drawdown since its inception was -59.47%, roughly equal to the maximum BWET drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for OWNB and BWET.

Drawdown Indicators

	OWNB	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-59.47%	-56.90%	-2.57%
Max Drawdown (1Y) Largest decline over 1 year	-59.47%	-30.64%	-28.83%
Max Drawdown (3Y) Largest decline over 3 years	—	-56.90%	—
Current Drawdown Current decline from peak	-44.54%	-11.29%	-33.25%
Average Drawdown Average peak-to-trough decline	-24.89%	-24.09%	-0.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.96%	11.51%	+22.45%

Volatility

OWNB vs. BWET - Volatility Comparison

The current volatility for Bitwise Bitcoin Standard Corporations ETF (OWNB) is 13.15%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 33.96%. This indicates that OWNB 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

	OWNB	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.15%	33.96%	-20.81%
Volatility (6M) Calculated over the trailing 6-month period	42.52%	88.49%	-45.97%
Volatility (1Y) Calculated over the trailing 1-year period	57.85%	98.35%	-40.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.36%	70.45%	-8.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.36%	70.45%	-8.09%

OWNB vs. BWET - Expense Ratio Comparison

OWNB has a 0.85% expense ratio, which is lower than BWET's 3.50% expense ratio.

Dividends

OWNB vs. BWET - Dividend Comparison

OWNB's dividend yield for the trailing twelve months is around 0.88%, while BWET has not paid dividends to shareholders.

Position	TTM	2025
BWET Breakwave Tanker Shipping ETF	0.00%	0.00%
OWNB Bitwise Bitcoin Standard Corporations ETF	0.88%	0.87%

Frequently Asked Questions

Can I hold both OWNB and BWET in my portfolio?

OWNB 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.

Which is riskier, OWNB or BWET?

BWET has higher volatility (33.96%) compared to OWNB (13.15%). In terms of maximum drawdown, OWNB dropped -59.47% vs BWET's -56.90%.

Which ETF is better, OWNB or BWET?

On 1-year performance, BWET leads with 1800.91% vs -28.07% for OWNB. On fees, OWNB is cheaper at 0.85% per year. On volatility, OWNB has been the lower-risk option at 13.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OWNB or BWET?

Over the 1-year period, BWET has performed better with a 1800.91% return vs -28.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OWNB or BWET?

OWNB is cheaper with a 0.85% expense ratio, compared with 3.50% for BWET.

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

OWNB has the higher dividend yield at 0.88%, compared with 0.00% for BWET.

What is the main difference between OWNB and BWET?

OWNB is categorized as Blockchain, while BWET is Commodities. OWNB tracks Bitwise Bitcoin Standard Corporations Inde, while BWET tracks Breakwave Wet Freight Futures Index. They also come from different issuers: Bitwise and Amplify. Their fees differ too: 0.85% for OWNB and 3.50% for BWET.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (18.57 vs -0.49), 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.