SKYY vs. BWET

Last updated Jun 5, 2026

SKYY (First Trust ISE Cloud Computing Index Fund) and BWET (Breakwave Tanker Shipping ETF) are both exchange-traded funds - SKYY is a Technology Equities fund tracking the ISE Cloud Computing Index, while BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index. Both are passively managed. Over the past 3 years, SKYY returned 25.31%/yr vs 145.24%/yr for BWET. At a correlation of -0.03, they often move in opposite directions. SKYY charges 0.60%/yr vs 3.50%/yr for BWET.

Performance

SKYY vs. BWET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust ISE Cloud Computing Index Fund (SKYY) 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, SKYY achieves a 13.77% return, which is significantly lower than BWET's 990.13% return.

SKYY

• 1D: 0.17%
• 1M: 13.59%
• YTD: 13.77%
• 6M: 12.75%
• 1Y: 26.33%
• 3Y*: 25.31%
• 5Y*: 8.50%
• 10Y*: 17.15%

BWET

• 1D: 11.71%
• 1M: -0.90%
• YTD: 990.13%
• 6M: 857.64%
• 1Y: 2,014.90%
• 3Y*: 145.24%
• 5Y*: —
• 10Y*: —

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

SKYY vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SKYY First Trust ISE Cloud Computing Index Fund	13.77%	9.20%	35.87%	44.43%
BWET Breakwave Tanker Shipping ETF	990.13%	96.22%	-39.21%	15.94%

Correlation

The correlation between SKYY and BWET is -0.12, 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	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (All Time) Calculated using the full available price history since May 4, 2023	-0.03

SKYY vs. BWET - Sectors Allocation Comparison

Sectors	SKYY	BWET
Technology	88.9%	-
Communication Services	4.8%	-
Consumer Cyclical	1.6%	-
Healthcare	1.6%	-
Industrials	1.6%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	8.6%
Real Estate	-	-
Utilities	-	-

Return for Risk

SKYY vs. BWET — Risk / Return Rank

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

SKYY

SKYY Risk / Return Rank: 25
SKYY Sharpe Ratio Rank: 27
SKYY Sortino Ratio Rank: 28
SKYY Omega Ratio Rank: 28
SKYY Calmar Ratio Rank: 22
SKYY Martin Ratio Rank: 20

BWET

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

SKYY vs. BWET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust ISE Cloud Computing Index Fund (SKYY) 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.

	SKYY	BWET	Difference
Sharpe ratio: Return per unit of total volatility	0.95	20.67	-19.72
Sortino ratio: Return per unit of downside risk	1.48	6.77	-5.29
Omega ratio: Gain probability vs. loss probability	1.18	1.99	-0.81
Calmar ratio: Return relative to maximum drawdown	0.97	66.60	-65.64
Martin ratio: Return relative to average drawdown	2.16	176.91	-174.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SKYY vs. BWET - Sharpe Ratio Comparison

The current SKYY Sharpe Ratio is 0.95, which is lower than the BWET Sharpe Ratio of 20.67. The chart below compares the historical Sharpe Ratios of SKYY 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.

Sharpe Ratios by Period

	SKYY	BWET	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.95	20.67	-19.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	2.01	-1.43

Drawdowns

SKYY vs. BWET - Drawdown Comparison

The maximum SKYY drawdown since its inception was -53.20%, smaller than the maximum BWET drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for SKYY and BWET.

Drawdown Indicators

	SKYY	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-53.20%	-56.90%	+3.70%
Max Drawdown (1Y) Largest decline over 1 year	-27.39%	-30.64%	+3.25%
Max Drawdown (3Y) Largest decline over 3 years	-31.80%	-56.90%	+25.10%
Max Drawdown (5Y) Largest decline over 5 years	-53.20%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-53.20%	—	—
Current Drawdown Current decline from peak	-4.63%	-0.90%	-3.73%
Average Drawdown Average peak-to-trough decline	-10.90%	-24.06%	+13.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.20%	11.51%	+0.69%

Volatility

SKYY vs. BWET - Volatility Comparison

The current volatility for First Trust ISE Cloud Computing Index Fund (SKYY) is 11.57%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 28.88%. This indicates that SKYY 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

	SKYY	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.57%	28.88%	-17.31%
Volatility (6M) Calculated over the trailing 6-month period	23.13%	88.79%	-65.66%
Volatility (1Y) Calculated over the trailing 1-year period	27.83%	98.73%	-70.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.57%	70.70%	-40.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.85%	70.70%	-43.85%

SKYY vs. BWET - Expense Ratio Comparison

SKYY has a 0.60% expense ratio, which is lower than BWET's 3.50% expense ratio.

Dividends

SKYY vs. BWET - Dividend Comparison

Neither SKYY nor BWET has 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%
SKYY First Trust ISE Cloud Computing Index Fund	0.00%	0.00%	0.00%	0.00%	0.23%	0.78%	0.17%	0.54%	0.37%	0.27%	0.35%	0.41%

Frequently Asked Questions

Can I hold both SKYY and BWET in my portfolio?

SKYY and BWET have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SKYY or BWET?

BWET has higher volatility (28.88%) compared to SKYY (11.57%). In terms of maximum drawdown, SKYY dropped -53.20% vs BWET's -56.90%.

Which ETF is better, SKYY or BWET?

On 3-year performance, BWET leads with 145.24% vs 25.31% for SKYY. On fees, SKYY is cheaper at 0.60% per year. On volatility, SKYY has been the lower-risk option at 11.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SKYY or BWET?

Over the 3-year period, BWET has performed better with a 145.24% return vs 25.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SKYY or BWET?

SKYY is cheaper with a 0.60% expense ratio, compared with 3.50% for BWET.

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

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

What is the main difference between SKYY and BWET?

SKYY is categorized as Technology Equities, while BWET is Commodities. SKYY tracks ISE Cloud Computing Index, while BWET tracks Breakwave Wet Freight Futures Index. They also come from different issuers: First Trust and Amplify. Their fees differ too: 0.60% for SKYY and 3.50% for BWET.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (20.67 vs 0.95), 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.