SJLD vs. BWET

Last updated Jul 14, 2026

SJLD (SanJac Alpha Low Duration ETF) and BWET (Breakwave Tanker Shipping ETF) are both exchange-traded funds - SJLD is a Short-Term Bond fund actively managed by SanJac Alpha, while BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index. SJLD is actively managed, while BWET is passively managed. Over the past year, SJLD returned 4.92% vs 1761.96% for BWET. At a correlation of -0.05, they often move in opposite directions. SJLD charges 0.35%/yr vs 3.50%/yr for BWET.

Performance

SJLD vs. BWET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SanJac Alpha Low Duration ETF (SJLD) 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, SJLD achieves a 2.12% return, which is significantly lower than BWET's 995.07% return.

SJLD

• 1D: 0.06%
• 1M: 0.44%
• 6M: 2.12%
• YTD: 2.12%
• 1Y: 4.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BWET

• 1D: 3.74%
• 1M: 5.53%
• 6M: 731.53%
• YTD: 995.07%
• 1Y: 1,761.96%
• 3Y*: 120.49%
• 5Y*: —
• 10Y*: —

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

SJLD vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SJLD SanJac Alpha Low Duration ETF	2.12%	5.20%	0.91%
BWET Breakwave Tanker Shipping ETF	995.07%	96.22%	-34.24%

Correlation

The correlation between SJLD and BWET is -0.09, 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	-0.09
Correlation (All Time) Calculated using the full available price history since Sep 10, 2024	-0.05

Return for Risk

SJLD vs. BWET — Risk / Return Rank

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

SJLD

SJLD Risk / Return Rank: 94
SJLD Sharpe Ratio Rank: 93
SJLD Sortino Ratio Rank: 95
SJLD Omega Ratio Rank: 96
SJLD Calmar Ratio Rank: 92
SJLD Martin Ratio Rank: 95

BWET

BWET Risk / Return Rank: 99
BWET Sharpe Ratio Rank: 100
BWET Sortino Ratio Rank: 98
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.

SJLD vs. BWET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SanJac Alpha Low Duration ETF (SJLD) 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.

	SJLD	BWET	Difference
Sharpe ratio: Return per unit of total volatility	2.62	17.02	-14.40
Sortino ratio: Return per unit of downside risk	4.35	6.08	-1.74
Omega ratio: Gain probability vs. loss probability	1.65	1.89	-0.24
Calmar ratio: Return relative to maximum drawdown	4.72	43.28	-38.55
Martin ratio: Return relative to average drawdown	22.38	163.33	-140.95

SJLD vs. BWET - Sharpe Ratio Comparison

The current SJLD Sharpe Ratio is 2.62, which is lower than the BWET Sharpe Ratio of 17.02. The chart below compares the historical Sharpe Ratios of SJLD 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

SJLD vs. BWET - Drawdown Comparison

The maximum SJLD drawdown since its inception was -1.04%, smaller than the maximum BWET drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for SJLD and BWET.

Drawdown Indicators

	SJLD	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-1.04%	-56.90%	+55.86%
Max Drawdown (1Y) Largest decline over 1 year	-1.04%	-41.22%	+40.18%
Max Drawdown (3Y) Largest decline over 3 years	—	-56.81%	—
Current Drawdown Current decline from peak	0.00%	-3.12%	+3.12%
Average Drawdown Average peak-to-trough decline	-0.12%	-23.71%	+23.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.22%	10.90%	-10.68%

Volatility

SJLD vs. BWET - Volatility Comparison

The current volatility for SanJac Alpha Low Duration ETF (SJLD) is 0.28%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 42.90%. This indicates that SJLD 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

	SJLD	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.28%	42.90%	-42.62%
Volatility (6M) Calculated over the trailing 6-month period	1.17%	95.43%	-94.26%
Volatility (1Y) Calculated over the trailing 1-year period	1.89%	105.04%	-103.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.91%	73.53%	-71.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.91%	73.53%	-71.62%

SJLD vs. BWET - Expense Ratio Comparison

SJLD has a 0.35% expense ratio, which is lower than BWET's 3.50% expense ratio.

Dividends

SJLD vs. BWET - Dividend Comparison

SJLD's dividend yield for the trailing twelve months is around 4.41%, while BWET has not paid dividends to shareholders.

Position	TTM	2025	2024
BWET Breakwave Tanker Shipping ETF	0.00%	0.00%	0.00%
SJLD SanJac Alpha Low Duration ETF	4.41%	3.74%	1.26%

Frequently Asked Questions

Can I hold both SJLD and BWET in my portfolio?

SJLD and BWET have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SJLD or BWET?

BWET has higher volatility (42.90%) compared to SJLD (0.28%). In terms of maximum drawdown, SJLD dropped -1.04% vs BWET's -56.90%.

Which ETF is better, SJLD or BWET?

On 1-year performance, BWET leads with 1761.96% vs 4.92% for SJLD. On fees, SJLD is cheaper at 0.35% per year. On volatility, SJLD has been the lower-risk option at 0.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SJLD or BWET?

Over the 1-year period, BWET has performed better with a 1761.96% return vs 4.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SJLD or BWET?

SJLD is cheaper with a 0.35% expense ratio, compared with 3.50% for BWET.

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

SJLD has the higher dividend yield at 4.41%, compared with 0.00% for BWET.

What is the main difference between SJLD and BWET?

SJLD is categorized as Short-Term Bond, while BWET is Commodities. They also come from different issuers: SanJac Alpha and Amplify. Their fees differ too: 0.35% for SJLD and 3.50% for BWET.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (17.02 vs 2.62), 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.