SJCP vs. BWET

Last updated Jun 23, 2026

SJCP (SanJac Alpha Core Plus Bond ETF) and BWET (Breakwave Tanker Shipping ETF) are both exchange-traded funds - SJCP is a Intermediate Core-Plus Bond fund actively managed by SanJac Alpha, while BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index. SJCP is actively managed, while BWET is passively managed. Over the past year, SJCP returned 4.72% vs 1640.62% for BWET. At a correlation of -0.02, they often move in opposite directions. SJCP charges 0.65%/yr vs 3.50%/yr for BWET.

Performance

SJCP vs. BWET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SanJac Alpha Core Plus Bond ETF (SJCP) 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, SJCP achieves a 0.94% return, which is significantly lower than BWET's 1,030.31% return.

SJCP

• 1D: 0.12%
• 1M: 0.50%
• YTD: 0.94%
• 6M: 1.04%
• 1Y: 4.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BWET

• 1D: 2.73%
• 1M: 25.30%
• YTD: 1,030.31%
• 6M: 892.97%
• 1Y: 1,640.62%
• 3Y*: 128.11%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SJCP vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SJCP SanJac Alpha Core Plus Bond ETF	0.94%	6.27%	-0.16%
BWET Breakwave Tanker Shipping ETF	1,030.31%	96.22%	-34.24%

Correlation

The correlation between SJCP and BWET is -0.06, 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	-0.06
Correlation (All Time) Calculated using the full available price history since Sep 10, 2024	-0.02

Return for Risk

SJCP vs. BWET — Risk / Return Rank

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

SJCP

SJCP Risk / Return Rank: 59
SJCP Sharpe Ratio Rank: 58
SJCP Sortino Ratio Rank: 60
SJCP Omega Ratio Rank: 71
SJCP Calmar Ratio Rank: 49
SJCP Martin Ratio Rank: 56

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.

SJCP vs. BWET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SanJac Alpha Core Plus Bond ETF (SJCP) 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.

	SJCP	BWET	Difference
Sharpe ratio: Return per unit of total volatility	1.89	16.89	-15.00
Sortino ratio: Return per unit of downside risk	2.75	6.36	-3.61
Omega ratio: Gain probability vs. loss probability	1.41	1.92	-0.51
Calmar ratio: Return relative to maximum drawdown	2.36	54.19	-51.84
Martin ratio: Return relative to average drawdown	9.57	142.88	-133.31

SJCP vs. BWET - Sharpe Ratio Comparison

The current SJCP Sharpe Ratio is 1.89, which is lower than the BWET Sharpe Ratio of 16.89. The chart below compares the historical Sharpe Ratios of SJCP 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

SJCP vs. BWET - Drawdown Comparison

The maximum SJCP drawdown since its inception was -2.01%, smaller than the maximum BWET drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for SJCP and BWET.

Drawdown Indicators

	SJCP	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-2.01%	-56.90%	+54.89%
Max Drawdown (1Y) Largest decline over 1 year	-2.01%	-30.64%	+28.63%
Max Drawdown (3Y) Largest decline over 3 years	—	-56.81%	—
Current Drawdown Current decline from peak	-0.38%	0.00%	-0.38%
Average Drawdown Average peak-to-trough decline	-0.27%	-23.78%	+23.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.49%	11.60%	-11.11%

Volatility

SJCP vs. BWET - Volatility Comparison

The current volatility for SanJac Alpha Core Plus Bond ETF (SJCP) is 0.93%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 25.51%. This indicates that SJCP 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

	SJCP	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	25.51%	-24.58%
Volatility (6M) Calculated over the trailing 6-month period	1.86%	88.96%	-87.10%
Volatility (1Y) Calculated over the trailing 1-year period	2.51%	98.53%	-96.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.43%	70.43%	-68.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.43%	70.43%	-68.00%

SJCP vs. BWET - Expense Ratio Comparison

SJCP has a 0.65% expense ratio, which is lower than BWET's 3.50% expense ratio.

Dividends

SJCP vs. BWET - Dividend Comparison

SJCP's dividend yield for the trailing twelve months is around 3.80%, while BWET has not paid dividends to shareholders.

Position	TTM	2025	2024
BWET Breakwave Tanker Shipping ETF	0.00%	0.00%	0.00%
SJCP SanJac Alpha Core Plus Bond ETF	3.80%	4.05%	1.40%

Frequently Asked Questions

Can I hold both SJCP and BWET in my portfolio?

SJCP and BWET have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SJCP or BWET?

BWET has higher volatility (25.51%) compared to SJCP (0.93%). In terms of maximum drawdown, SJCP dropped -2.01% vs BWET's -56.90%.

Which ETF is better, SJCP or BWET?

On 1-year performance, BWET leads with 1640.62% vs 4.72% for SJCP. On fees, SJCP is cheaper at 0.65% per year. On volatility, SJCP has been the lower-risk option at 0.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SJCP or BWET?

Over the 1-year period, BWET has performed better with a 1640.62% return vs 4.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SJCP or BWET?

SJCP is cheaper with a 0.65% expense ratio, compared with 3.50% for BWET.

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

SJCP has the higher dividend yield at 3.80%, compared with 0.00% for BWET.

What is the main difference between SJCP and BWET?

SJCP is categorized as Intermediate Core-Plus Bond, while BWET is Commodities. They also come from different issuers: SanJac Alpha and Amplify. Their fees differ too: 0.65% for SJCP and 3.50% for BWET.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (16.89 vs 1.89), 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.