PFFR vs. BWET

Last updated Jun 24, 2026

PFFR (InfraCap REIT Preferred ETF) and BWET (Breakwave Tanker Shipping ETF) are both exchange-traded funds - PFFR is a Preferred Stock/Convertible Bonds fund tracking the Indxx REIT Preferred Stock Index, while BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index. Both are passively managed. Over the past 3 years, PFFR returned 9.29%/yr vs 123.86%/yr for BWET. At a correlation of -0.05, they often move in opposite directions. PFFR charges 0.45%/yr vs 3.50%/yr for BWET.

Performance

PFFR vs. BWET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in InfraCap REIT Preferred ETF (PFFR) 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, PFFR achieves a 1.56% return, which is significantly lower than BWET's 968.33% return.

PFFR

• 1D: -0.54%
• 1M: 1.00%
• YTD: 1.56%
• 6M: 1.11%
• 1Y: 6.55%
• 3Y*: 9.29%
• 5Y*: 0.99%
• 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)

PFFR vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PFFR InfraCap REIT Preferred ETF	1.56%	5.36%	7.12%	16.71%
BWET Breakwave Tanker Shipping ETF	968.33%	96.22%	-39.21%	14.13%

Correlation

The correlation between PFFR and BWET is -0.09, 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	-0.09
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (All Time) Calculated using the full available price history since May 3, 2023	-0.05

Return for Risk

PFFR vs. BWET — Risk / Return Rank

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

PFFR

PFFR Risk / Return Rank: 22
PFFR Sharpe Ratio Rank: 24
PFFR Sortino Ratio Rank: 23
PFFR Omega Ratio Rank: 23
PFFR Calmar Ratio Rank: 22
PFFR Martin Ratio Rank: 20

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.

PFFR vs. BWET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for InfraCap REIT Preferred ETF (PFFR) 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.

	PFFR	BWET	Difference
Sharpe ratio: Return per unit of total volatility	0.84	14.65	-13.81
Sortino ratio: Return per unit of downside risk	1.23	6.07	-4.84
Omega ratio: Gain probability vs. loss probability	1.15	1.87	-0.72
Calmar ratio: Return relative to maximum drawdown	1.00	47.03	-46.03
Martin ratio: Return relative to average drawdown	2.30	147.28	-144.98

PFFR vs. BWET - Sharpe Ratio Comparison

The current PFFR Sharpe Ratio is 0.84, which is lower than the BWET Sharpe Ratio of 14.65. The chart below compares the historical Sharpe Ratios of PFFR 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.

Drawdowns

PFFR vs. BWET - Drawdown Comparison

The maximum PFFR drawdown since its inception was -53.02%, smaller than the maximum BWET drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for PFFR and BWET.

Drawdown Indicators

	PFFR	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-53.02%	-56.90%	+3.88%
Max Drawdown (1Y) Largest decline over 1 year	-6.57%	-30.64%	+24.07%
Max Drawdown (3Y) Largest decline over 3 years	-11.16%	-56.81%	+45.65%
Max Drawdown (5Y) Largest decline over 5 years	-29.80%	—	—
Current Drawdown Current decline from peak	-2.32%	-5.48%	+3.16%
Average Drawdown Average peak-to-trough decline	-6.97%	-23.76%	+16.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	11.60%	-8.75%

Volatility

PFFR vs. BWET - Volatility Comparison

The current volatility for InfraCap REIT Preferred ETF (PFFR) is 2.10%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 26.27%. This indicates that PFFR 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

	PFFR	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.10%	26.27%	-24.17%
Volatility (6M) Calculated over the trailing 6-month period	6.05%	89.01%	-82.96%
Volatility (1Y) Calculated over the trailing 1-year period	7.82%	98.57%	-90.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.48%	70.47%	-59.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.48%	70.47%	-49.99%

PFFR vs. BWET - Expense Ratio Comparison

PFFR has a 0.45% expense ratio, which is lower than BWET's 3.50% expense ratio.

Dividends

PFFR vs. BWET - Dividend Comparison

PFFR's dividend yield for the trailing twelve months is around 8.30%, while BWET has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
PFFR InfraCap REIT Preferred ETF	8.30%	7.99%	7.78%	7.72%	8.60%	6.08%	6.11%	5.77%	6.48%	6.59%

Frequently Asked Questions

Can I hold both PFFR and BWET in my portfolio?

PFFR and BWET have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFFR or BWET?

BWET has higher volatility (26.27%) compared to PFFR (2.10%). In terms of maximum drawdown, PFFR dropped -53.02% vs BWET's -56.90%.

Which ETF is better, PFFR or BWET?

On 3-year performance, BWET leads with 123.86% vs 9.29% for PFFR. On fees, PFFR is cheaper at 0.45% per year. On volatility, PFFR has been the lower-risk option at 2.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PFFR or BWET?

Over the 3-year period, BWET has performed better with a 123.86% return vs 9.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFFR or BWET?

PFFR is cheaper with a 0.45% expense ratio, compared with 3.50% for BWET.

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

PFFR has the higher dividend yield at 8.30%, compared with 0.00% for BWET.

What is the main difference between PFFR and BWET?

PFFR is categorized as Preferred Stock/Convertible Bonds, while BWET is Commodities. PFFR tracks Indxx REIT Preferred Stock Index, while BWET tracks Breakwave Wet Freight Futures Index. They also come from different issuers: Virtus Investment Partners and Amplify. Their fees differ too: 0.45% for PFFR and 3.50% for BWET.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (14.65 vs 0.84), 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.