PSLV vs. BWET

Last updated Jun 24, 2026

PSLV (Sprott Physical Silver Trust) and BWET (Breakwave Tanker Shipping ETF) are both exchange-traded funds - PSLV is a Silver fund tracking the No Index (Physical Silver), while BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index. Both are passively managed. Over the past 3 years, PSLV returned 36.40%/yr vs 123.86%/yr for BWET. At a 0.08 correlation, their price movements are largely independent. PSLV charges 0.51%/yr vs 3.50%/yr for BWET.

Performance

PSLV vs. BWET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Physical Silver Trust (PSLV) 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, PSLV achieves a -17.80% return, which is significantly lower than BWET's 968.33% return.

PSLV

• 1D: -5.68%
• 1M: -19.80%
• YTD: -17.80%
• 6M: -18.11%
• 1Y: 58.69%
• 3Y*: 36.40%
• 5Y*: 16.01%
• 10Y*: 11.08%

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)

PSLV vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PSLV Sprott Physical Silver Trust	-17.80%	145.08%	19.43%	-7.02%
BWET Breakwave Tanker Shipping ETF	968.33%	96.22%	-39.21%	14.13%

Correlation

The correlation between PSLV and BWET is -0.03, 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	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (All Time) Calculated using the full available price history since May 3, 2023	0.08

The correlation between PSLV and BWET shifts across timeframes, from -0.03 (1 year) to 0.08 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

PSLV vs. BWET — Risk / Return Rank

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

PSLV

PSLV Risk / Return Rank: 28
PSLV Sharpe Ratio Rank: 28
PSLV Sortino Ratio Rank: 26
PSLV Omega Ratio Rank: 34
PSLV Calmar Ratio Rank: 26
PSLV Martin Ratio Rank: 23

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.

PSLV vs. BWET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Silver Trust (PSLV) 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.

	PSLV	BWET	Difference
Sharpe ratio: Return per unit of total volatility	0.98	14.65	-13.67
Sortino ratio: Return per unit of downside risk	1.41	6.07	-4.66
Omega ratio: Gain probability vs. loss probability	1.22	1.87	-0.65
Calmar ratio: Return relative to maximum drawdown	1.27	47.03	-45.77
Martin ratio: Return relative to average drawdown	2.87	147.28	-144.41

PSLV vs. BWET - Sharpe Ratio Comparison

The current PSLV Sharpe Ratio is 0.98, which is lower than the BWET Sharpe Ratio of 14.65. The chart below compares the historical Sharpe Ratios of PSLV 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

PSLV vs. BWET - Drawdown Comparison

The maximum PSLV drawdown since its inception was -79.38%, which is greater than BWET's maximum drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for PSLV and BWET.

Drawdown Indicators

	PSLV	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-79.38%	-56.90%	-22.48%
Max Drawdown (1Y) Largest decline over 1 year	-46.53%	-30.64%	-15.89%
Max Drawdown (3Y) Largest decline over 3 years	-46.53%	-56.81%	+10.28%
Max Drawdown (5Y) Largest decline over 5 years	-46.53%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.53%	—	—
Current Drawdown Current decline from peak	-46.53%	-5.48%	-41.05%
Average Drawdown Average peak-to-trough decline	-58.08%	-23.76%	-34.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.53%	11.60%	+8.93%

Volatility

PSLV vs. BWET - Volatility Comparison

The current volatility for Sprott Physical Silver Trust (PSLV) is 14.94%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 26.27%. This indicates that PSLV 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

	PSLV	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.94%	26.27%	-11.33%
Volatility (6M) Calculated over the trailing 6-month period	58.49%	89.01%	-30.52%
Volatility (1Y) Calculated over the trailing 1-year period	60.09%	98.57%	-38.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.15%	70.47%	-34.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.42%	70.47%	-39.05%

PSLV vs. BWET - Expense Ratio Comparison

PSLV has a 0.51% expense ratio, which is lower than BWET's 3.50% expense ratio.

Dividends

PSLV vs. BWET - Dividend Comparison

Neither PSLV nor BWET has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PSLV and BWET in my portfolio?

PSLV and BWET have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSLV or BWET?

BWET has higher volatility (26.27%) compared to PSLV (14.94%). In terms of maximum drawdown, PSLV dropped -79.38% vs BWET's -56.90%.

Which ETF is better, PSLV or BWET?

On 3-year performance, BWET leads with 123.86% vs 36.40% for PSLV. On fees, PSLV is cheaper at 0.51% per year. On volatility, PSLV has been the lower-risk option at 14.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSLV or BWET?

Over the 3-year period, BWET has performed better with a 123.86% return vs 36.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSLV or BWET?

PSLV is cheaper with a 0.51% expense ratio, compared with 3.50% for BWET.

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

PSLV and BWET have nearly identical dividend yields, around 0.00%.

What is the main difference between PSLV and BWET?

PSLV is categorized as Silver, while BWET is Commodities. PSLV tracks No Index (Physical Silver), while BWET tracks Breakwave Wet Freight Futures Index. They also come from different issuers: Sprott and Amplify. Their fees differ too: 0.51% for PSLV and 3.50% for BWET.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (14.65 vs 0.98), 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.