PVI vs. BWET
PVI (Invesco VRDO Tax-Free ETF) and BWET (Breakwave Tanker Shipping ETF) are both exchange-traded funds - PVI is a Municipal Bonds fund tracking the ICE US Municipal AMT-Free VRDO Constrained Index, while BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index. Both are passively managed. Over the past 3 years, PVI returned 2.54%/yr vs 123.86%/yr for BWET. At a correlation of -0.05, they often move in opposite directions. PVI charges 0.25%/yr vs 3.50%/yr for BWET.
Performance
PVI vs. BWET - Performance Comparison
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Returns By Period
In the year-to-date period, PVI achieves a 0.60% return, which is significantly lower than BWET's 968.33% return.
PVI
- 1D
- -0.02%
- 1M
- -0.06%
- YTD
- 0.60%
- 6M
- 0.79%
- 1Y
- 2.10%
- 3Y*
- 2.54%
- 5Y*
- 1.93%
- 10Y*
- 1.29%
BWET
- 1D
- -5.48%
- 1M
- 18.43%
- YTD
- 968.33%
- 6M
- 944.72%
- 1Y
- 1,424.52%
- 3Y*
- 123.86%
- 5Y*
- —
- 10Y*
- —
PVI vs. BWET - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PVI Invesco VRDO Tax-Free ETF | 0.60% | 3.12% | 2.43% | 1.90% |
BWET Breakwave Tanker Shipping ETF | 968.33% | 96.22% | -39.21% | 14.13% |
Correlation
The correlation between PVI and BWET is -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since May 3, 2023 | -0.05 |
The correlation between PVI and BWET shifts across timeframes, from -0.22 (1 year) to -0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PVI vs. BWET — Risk / Return Rank
PVI
BWET
PVI vs. BWET - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco VRDO Tax-Free ETF (PVI) 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.
| PVI | BWET | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -13.86 | ||
| Sortino ratioReturn per unit of downside risk | -4.89 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.87 | -0.72 |
| Calmar ratioReturn relative to maximum drawdown | 2.13 | 47.03 | -44.90 |
| Martin ratioReturn relative to average drawdown | 6.88 | 147.28 | -140.40 |
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Drawdowns
PVI vs. BWET - Drawdown Comparison
The maximum PVI drawdown since its inception was -4.10%, smaller than the maximum BWET drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for PVI and BWET.
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Drawdown Indicators
| PVI | BWET | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.10% | -56.90% | +52.80% |
Max Drawdown (1Y)Largest decline over 1 year | -0.99% | -30.64% | +29.65% |
Max Drawdown (3Y)Largest decline over 3 years | -1.17% | -56.81% | +55.64% |
Max Drawdown (5Y)Largest decline over 5 years | -1.17% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -1.17% | — | — |
Current DrawdownCurrent decline from peak | -0.16% | -5.48% | +5.32% |
Average DrawdownAverage peak-to-trough decline | -0.28% | -23.76% | +23.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.31% | 11.60% | -11.29% |
Volatility
PVI vs. BWET - Volatility Comparison
The current volatility for Invesco VRDO Tax-Free ETF (PVI) is 0.67%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 26.27%. This indicates that PVI 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.
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Volatility by Period
| PVI | BWET | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.67% | 26.27% | -25.60% |
Volatility (6M)Calculated over the trailing 6-month period | 1.79% | 89.01% | -87.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.66% | 98.57% | -95.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.98% | 70.47% | -68.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.76% | 70.47% | -68.71% |
PVI vs. BWET - Expense Ratio Comparison
PVI has a 0.25% expense ratio, which is lower than BWET's 3.50% expense ratio.
Dividends
PVI vs. BWET - Dividend Comparison
PVI's dividend yield for the trailing twelve months is around 2.14%, 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% |
PVI Invesco VRDO Tax-Free ETF | 2.14% | 2.22% | 2.72% | 3.36% | 0.56% | 0.00% | 0.36% | 1.15% | 1.14% | 0.56% | 0.13% | 0.00% |
Frequently Asked Questions
PVI and BWET have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWET has higher volatility (26.27%) compared to PVI (0.67%). In terms of maximum drawdown, PVI dropped -4.10% vs BWET's -56.90%.
On 3-year performance, BWET leads with 123.86% vs 2.54% for PVI. On fees, PVI is cheaper at 0.25% per year. On volatility, PVI has been the lower-risk option at 0.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BWET has performed better with a 123.86% return vs 2.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PVI is cheaper with a 0.25% expense ratio, compared with 3.50% for BWET.
PVI has the higher dividend yield at 2.14%, compared with 0.00% for BWET.
PVI is categorized as Municipal Bonds, while BWET is Commodities. PVI tracks ICE US Municipal AMT-Free VRDO Constrained Index, while BWET tracks Breakwave Wet Freight Futures Index. They also come from different issuers: Invesco and Amplify. Their fees differ too: 0.25% for PVI and 3.50% for BWET.
BWET currently has the higher Sharpe Ratio (14.65 vs 0.79), 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.
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