SEIX vs. BDRY
SEIX (Virtus Seix Senior Loan ETF) and BDRY (Breakwave Dry Bulk Shipping ETF) are both exchange-traded funds - SEIX is a Bank Loan fund tracking the Credit Suisse Leveraged Loan Index, while BDRY is a Commodities fund tracking the Breakwave Dry Freight Futures Index. Both are passively managed. Over the past 5 years, SEIX returned 5.75%/yr vs -11.69%/yr for BDRY. At a 0.03 correlation, their price movements are largely independent. SEIX charges 0.57%/yr vs 3.76%/yr for BDRY.
Performance
SEIX vs. BDRY - Performance Comparison
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Returns By Period
In the year-to-date period, SEIX achieves a 2.09% return, which is significantly lower than BDRY's 43.90% return.
SEIX
- 1D
- -0.06%
- 1M
- 0.33%
- YTD
- 2.09%
- 6M
- 2.81%
- 1Y
- 6.07%
- 3Y*
- 8.17%
- 5Y*
- 5.75%
- 10Y*
- —
BDRY
- 1D
- -2.47%
- 1M
- 7.04%
- YTD
- 43.90%
- 6M
- 35.70%
- 1Y
- 142.69%
- 3Y*
- 27.14%
- 5Y*
- -11.69%
- 10Y*
- —
SEIX vs. BDRY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SEIX Virtus Seix Senior Loan ETF | 2.09% | 5.10% | 8.42% | 12.51% | -1.77% | 5.49% | 3.17% | 3.46% |
BDRY Breakwave Dry Bulk Shipping ETF | 43.90% | 44.24% | -47.40% | 25.79% | -68.84% | 282.99% | -50.16% | 39.76% |
Correlation
The correlation between SEIX and BDRY is -0.08, 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 | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Apr 26, 2019 | 0.03 |
The correlation between SEIX and BDRY shifts across timeframes, from -0.08 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SEIX vs. BDRY — Risk / Return Rank
SEIX
BDRY
SEIX vs. BDRY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Virtus Seix Senior Loan ETF (SEIX) and Breakwave Dry Bulk Shipping ETF (BDRY). 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.
| SEIX | BDRY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.39 | ||
| Sortino ratioReturn per unit of downside risk | +2.58 | ||
| Omega ratioGain probability vs. loss probability | 1.86 | 1.45 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 5.39 | 6.65 | -1.25 |
| Martin ratioReturn relative to average drawdown | 21.57 | 19.36 | +2.21 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SEIX | BDRY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.79 | 3.40 | +0.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.97 | -0.19 | +2.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.24 | -0.13 | +1.37 |
Drawdowns
SEIX vs. BDRY - Drawdown Comparison
The maximum SEIX drawdown since its inception was -17.51%, smaller than the maximum BDRY drawdown of -89.16%. Use the drawdown chart below to compare losses from any high point for SEIX and BDRY.
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Drawdown Indicators
| SEIX | BDRY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.51% | -89.16% | +71.65% |
Max Drawdown (1Y)Largest decline over 1 year | -1.13% | -21.60% | +20.47% |
Max Drawdown (3Y)Largest decline over 3 years | -3.01% | -69.71% | +66.70% |
Max Drawdown (5Y)Largest decline over 5 years | -6.69% | -89.16% | +82.47% |
Current DrawdownCurrent decline from peak | -0.06% | -69.60% | +69.54% |
Average DrawdownAverage peak-to-trough decline | -0.87% | -58.38% | +57.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.28% | 7.40% | -7.12% |
Volatility
SEIX vs. BDRY - Volatility Comparison
The current volatility for Virtus Seix Senior Loan ETF (SEIX) is 0.35%, while Breakwave Dry Bulk Shipping ETF (BDRY) has a volatility of 11.26%. This indicates that SEIX experiences smaller price fluctuations and is considered to be less risky than BDRY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SEIX | BDRY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.35% | 11.26% | -10.91% |
Volatility (6M)Calculated over the trailing 6-month period | 1.28% | 30.02% | -28.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.61% | 42.29% | -40.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.93% | 60.70% | -57.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.34% | 62.58% | -58.24% |
SEIX vs. BDRY - Expense Ratio Comparison
SEIX has a 0.57% expense ratio, which is lower than BDRY's 3.76% expense ratio.
Dividends
SEIX vs. BDRY - Dividend Comparison
SEIX's dividend yield for the trailing twelve months is around 7.25%, while BDRY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BDRY Breakwave Dry Bulk Shipping ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SEIX Virtus Seix Senior Loan ETF | 7.25% | 7.52% | 8.09% | 8.74% | 5.76% | 4.16% | 3.75% | 3.82% |
Frequently Asked Questions
SEIX and BDRY have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDRY has higher volatility (11.26%) compared to SEIX (0.35%). In terms of maximum drawdown, SEIX dropped -17.51% vs BDRY's -89.16%.
On 5-year performance, SEIX leads with 5.75% vs -11.69% for BDRY. On fees, SEIX is cheaper at 0.57% per year. On volatility, SEIX has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SEIX has performed better with a 5.75% return vs -11.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SEIX is cheaper with a 0.57% expense ratio, compared with 3.76% for BDRY.
SEIX has the higher dividend yield at 7.25%, compared with 0.00% for BDRY.
SEIX is categorized as Bank Loan, while BDRY is Commodities. SEIX tracks Credit Suisse Leveraged Loan Index, while BDRY tracks Breakwave Dry Freight Futures Index. They also come from different issuers: Virtus and ETFMG. Their fees differ too: 0.57% for SEIX and 3.76% for BDRY.
SEIX currently has the higher Sharpe Ratio (3.79 vs 3.40), 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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