QAT vs. BWET
QAT (iShares MSCI Qatar ETF) and BWET (Breakwave Tanker Shipping ETF) are both exchange-traded funds - QAT is a Emerging Markets Equities fund tracking the MSCI All Qatar Capped Index, while BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index. Both are passively managed. Over the past 3 years, QAT returned 5.26%/yr vs 104.38%/yr for BWET. At a correlation of -0.04, they often move in opposite directions. QAT charges 0.59%/yr vs 3.50%/yr for BWET.
Performance
QAT vs. BWET - Performance Comparison
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Returns By Period
In the year-to-date period, QAT achieves a -0.75% return, which is significantly lower than BWET's 678.63% return.
QAT
- 1D
- -0.88%
- 1M
- -2.22%
- YTD
- -0.75%
- 6M
- -1.50%
- 1Y
- 2.95%
- 3Y*
- 5.26%
- 5Y*
- 3.29%
- 10Y*
- 4.00%
BWET
- 1D
- -10.47%
- 1M
- -6.38%
- YTD
- 678.63%
- 6M
- 636.79%
- 1Y
- 1,278.65%
- 3Y*
- 104.38%
- 5Y*
- —
- 10Y*
- —
QAT vs. BWET - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
QAT iShares MSCI Qatar ETF | -0.75% | 8.81% | 5.20% | 1.48% |
BWET Breakwave Tanker Shipping ETF | 678.63% | 96.22% | -39.21% | 14.13% |
Correlation
The correlation between QAT and BWET is -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since May 3, 2023 | -0.04 |
The correlation between QAT and BWET shifts across timeframes, from -0.15 (1 year) to -0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
QAT vs. BWET — Risk / Return Rank
QAT
BWET
QAT vs. BWET - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Qatar ETF (QAT) 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.
| QAT | BWET | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -12.75 | ||
| Sortino ratioReturn per unit of downside risk | -5.25 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.83 | -0.77 |
| Calmar ratioReturn relative to maximum drawdown | 0.28 | 41.56 | -41.28 |
| Martin ratioReturn relative to average drawdown | 0.51 | 132.30 | -131.79 |
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Drawdowns
QAT vs. BWET - Drawdown Comparison
The maximum QAT drawdown since its inception was -45.21%, smaller than the maximum BWET drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for QAT and BWET.
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Drawdown Indicators
| QAT | BWET | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.21% | -56.90% | +11.69% |
Max Drawdown (1Y)Largest decline over 1 year | -10.60% | -31.11% | +20.51% |
Max Drawdown (3Y)Largest decline over 3 years | -17.41% | -56.81% | +39.40% |
Max Drawdown (5Y)Largest decline over 5 years | -33.17% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -34.04% | — | — |
Current DrawdownCurrent decline from peak | -13.09% | -31.11% | +18.02% |
Average DrawdownAverage peak-to-trough decline | -19.14% | -23.77% | +4.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.79% | 9.76% | -3.97% |
Volatility
QAT vs. BWET - Volatility Comparison
The current volatility for iShares MSCI Qatar ETF (QAT) is 5.24%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 33.70%. This indicates that QAT 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
| QAT | BWET | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.24% | 33.70% | -28.46% |
Volatility (6M)Calculated over the trailing 6-month period | 11.12% | 92.18% | -81.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.15% | 100.26% | -87.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.07% | 71.46% | -56.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.54% | 71.46% | -53.92% |
QAT vs. BWET - Expense Ratio Comparison
QAT has a 0.59% expense ratio, which is lower than BWET's 3.50% expense ratio.
Dividends
QAT vs. BWET - Dividend Comparison
QAT's dividend yield for the trailing twelve months is around 4.71%, 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% |
QAT iShares MSCI Qatar ETF | 4.71% | 3.51% | 5.90% | 3.92% | 4.78% | 2.33% | 2.63% | 3.57% | 4.63% | 4.10% | 3.51% | 4.49% |
Frequently Asked Questions
QAT and BWET have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWET has higher volatility (33.70%) compared to QAT (5.24%). In terms of maximum drawdown, QAT dropped -45.21% vs BWET's -56.90%.
On 3-year performance, BWET leads with 104.38% vs 5.26% for QAT. On fees, QAT is cheaper at 0.59% per year. On volatility, QAT has been the lower-risk option at 5.24%. 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 104.38% return vs 5.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QAT is cheaper with a 0.59% expense ratio, compared with 3.50% for BWET.
QAT has the higher dividend yield at 4.71%, compared with 0.00% for BWET.
QAT is categorized as Emerging Markets Equities, while BWET is Commodities. QAT tracks MSCI All Qatar Capped Index, while BWET tracks Breakwave Wet Freight Futures Index. They also come from different issuers: iShares and Amplify. Their fees differ too: 0.59% for QAT and 3.50% for BWET.
BWET currently has the higher Sharpe Ratio (12.97 vs 0.23), 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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