PYPG vs. BWET

Last updated Jun 24, 2026

PYPG (Leverage Shares 2X Long PYPL Daily ETF) and BWET (Breakwave Tanker Shipping ETF) are both exchange-traded funds - PYPG is a Leveraged Equities fund actively managed by Leverage Shares, while BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index. PYPG is actively managed, while BWET is passively managed. Over the past year, PYPG returned -75.04% vs 1424.52% for BWET. At a correlation of -0.08, they often move in opposite directions. PYPG charges 0.75%/yr vs 3.50%/yr for BWET.

Performance

PYPG vs. BWET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long PYPL Daily ETF (PYPG) 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, PYPG achieves a -56.83% return, which is significantly lower than BWET's 968.33% return.

PYPG

• 1D: -2.91%
• 1M: -12.23%
• YTD: -56.83%
• 6M: -58.46%
• 1Y: -75.04%
• 3Y*: —
• 5Y*: —
• 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)

PYPG vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025
PYPG Leverage Shares 2X Long PYPL Daily ETF	-56.83%	-20.19%
BWET Breakwave Tanker Shipping ETF	968.33%	79.62%

Correlation

The correlation between PYPG and BWET is -0.07, 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	-0.07
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	-0.08

Return for Risk

PYPG vs. BWET — Risk / Return Rank

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

PYPG

PYPG Risk / Return Rank: 1
PYPG Sharpe Ratio Rank: 1
PYPG Sortino Ratio Rank: 1
PYPG Omega Ratio Rank: 1
PYPG Calmar Ratio Rank: 1
PYPG Martin Ratio Rank: 2

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.

PYPG vs. BWET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long PYPL Daily ETF (PYPG) 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.

	PYPG	BWET	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	14.65	-15.62
Sortino ratio: Return per unit of downside risk	-1.62	6.07	-7.69
Omega ratio: Gain probability vs. loss probability	0.77	1.87	-1.10
Calmar ratio: Return relative to maximum drawdown	-0.95	47.03	-47.98
Martin ratio: Return relative to average drawdown	-1.41	147.28	-148.69

PYPG vs. BWET - Sharpe Ratio Comparison

The current PYPG Sharpe Ratio is -0.97, which is lower than the BWET Sharpe Ratio of 14.65. The chart below compares the historical Sharpe Ratios of PYPG 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

PYPG vs. BWET - Drawdown Comparison

The maximum PYPG drawdown since its inception was -79.52%, which is greater than BWET's maximum drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for PYPG and BWET.

Drawdown Indicators

	PYPG	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-79.52%	-56.90%	-22.62%
Max Drawdown (1Y) Largest decline over 1 year	-79.52%	-30.64%	-48.88%
Max Drawdown (3Y) Largest decline over 3 years	—	-56.81%	—
Current Drawdown Current decline from peak	-78.42%	-5.48%	-72.94%
Average Drawdown Average peak-to-trough decline	-39.62%	-23.76%	-15.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	53.17%	11.60%	+41.57%

Volatility

PYPG vs. BWET - Volatility Comparison

The current volatility for Leverage Shares 2X Long PYPL Daily ETF (PYPG) is 17.84%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 26.27%. This indicates that PYPG 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

	PYPG	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.84%	26.27%	-8.43%
Volatility (6M) Calculated over the trailing 6-month period	69.17%	89.01%	-19.84%
Volatility (1Y) Calculated over the trailing 1-year period	77.66%	98.57%	-20.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	77.81%	70.47%	+7.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	77.81%	70.47%	+7.34%

PYPG vs. BWET - Expense Ratio Comparison

PYPG has a 0.75% expense ratio, which is lower than BWET's 3.50% expense ratio.

Dividends

PYPG vs. BWET - Dividend Comparison

Neither PYPG nor BWET has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PYPG and BWET in my portfolio?

PYPG and BWET have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PYPG or BWET?

BWET has higher volatility (26.27%) compared to PYPG (17.84%). In terms of maximum drawdown, PYPG dropped -79.52% vs BWET's -56.90%.

Which ETF is better, PYPG or BWET?

On 1-year performance, BWET leads with 1424.52% vs -75.04% for PYPG. On fees, PYPG is cheaper at 0.75% per year. On volatility, PYPG has been the lower-risk option at 17.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PYPG or BWET?

Over the 1-year period, BWET has performed better with a 1424.52% return vs -75.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PYPG or BWET?

PYPG is cheaper with a 0.75% expense ratio, compared with 3.50% for BWET.

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

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

What is the main difference between PYPG and BWET?

PYPG is categorized as Leveraged Equities, while BWET is Commodities. They also come from different issuers: Leverage Shares and Amplify. Their fees differ too: 0.75% for PYPG and 3.50% for BWET.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (14.65 vs -0.97), 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.