TIER vs. BDRY

Last updated Jun 24, 2026

TIER (T. Rowe Price International Equity Research ETF) and BDRY (Breakwave Dry Bulk Shipping ETF) are both exchange-traded funds - TIER is a Foreign Large Cap Equities fund actively managed by T. Rowe Price, while BDRY is a Commodities fund tracking the Breakwave Dry Freight Futures Index. TIER is actively managed, while BDRY is passively managed. At a correlation of -0.03, they often move in opposite directions. TIER charges 0.38%/yr vs 3.76%/yr for BDRY.

Performance

TIER vs. BDRY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price International Equity Research ETF (TIER) and Breakwave Dry Bulk Shipping ETF (BDRY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TIER achieves a 13.19% return, which is significantly lower than BDRY's 34.21% return.

TIER

• 1D: -2.85%
• 1M: 1.38%
• YTD: 13.19%
• 6M: 13.12%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BDRY

• 1D: 1.64%
• 1M: -7.14%
• YTD: 34.21%
• 6M: 34.67%
• 1Y: 103.63%
• 3Y*: 24.09%
• 5Y*: -16.41%
• 10Y*: —

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

TIER vs. BDRY - Yearly Performance Comparison

	2026 (YTD)	2025
TIER T. Rowe Price International Equity Research ETF	13.19%	12.72%
BDRY Breakwave Dry Bulk Shipping ETF	34.21%	51.21%

Correlation

The correlation between TIER and BDRY is -0.03, 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 (All Time) Calculated using the full available price history since Jun 26, 2025	-0.03

Return for Risk

TIER vs. BDRY — Risk / Return Rank

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

TIER

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

BDRY

BDRY Risk / Return Rank: 75
BDRY Sharpe Ratio Rank: 82
BDRY Sortino Ratio Rank: 67
BDRY Omega Ratio Rank: 63
BDRY Calmar Ratio Rank: 88
BDRY Martin Ratio Rank: 76

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.

TIER vs. BDRY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price International Equity Research ETF (TIER) 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.

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.

	TIER	BDRY	Difference
Sharpe ratio: Return per unit of total volatility	—	2.48	—
Sortino ratio: Return per unit of downside risk	—	2.90	—
Omega ratio: Gain probability vs. loss probability	—	1.36	—
Calmar ratio: Return relative to maximum drawdown	—	4.82	—
Martin ratio: Return relative to average drawdown	—	13.59	—

Drawdowns

TIER vs. BDRY - Drawdown Comparison

The maximum TIER drawdown since its inception was -12.07%, smaller than the maximum BDRY drawdown of -89.16%. Use the drawdown chart below to compare losses from any high point for TIER and BDRY.

Drawdown Indicators

	TIER	BDRY	Difference
Max Drawdown Largest peak-to-trough decline	-12.07%	-89.16%	+77.09%
Max Drawdown (1Y) Largest decline over 1 year	—	-21.60%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-69.71%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-89.16%	—
Current Drawdown Current decline from peak	-2.85%	-71.65%	+68.80%
Average Drawdown Average peak-to-trough decline	-1.78%	-58.43%	+56.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.65%	—

Volatility

Volatility by Period

	TIER	BDRY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.30%	—
Volatility (6M) Calculated over the trailing 6-month period	—	29.14%	—
Volatility (1Y) Calculated over the trailing 1-year period	16.49%	42.10%	-25.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.49%	60.24%	-43.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.49%	62.40%	-45.91%

TIER vs. BDRY - Expense Ratio Comparison

TIER has a 0.38% expense ratio, which is lower than BDRY's 3.76% expense ratio.

Dividends

TIER vs. BDRY - Dividend Comparison

TIER's dividend yield for the trailing twelve months is around 0.66%, while BDRY has not paid dividends to shareholders.

Position	TTM	2025
BDRY Breakwave Dry Bulk Shipping ETF	0.00%	0.00%
TIER T. Rowe Price International Equity Research ETF	0.66%	0.74%

Frequently Asked Questions

Can I hold both TIER and BDRY in my portfolio?

TIER and BDRY have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TIER or BDRY?

On fees, TIER is cheaper at 0.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TIER or BDRY?

TIER is cheaper with a 0.38% expense ratio, compared with 3.76% for BDRY.

Which ETF pays a higher dividend yield, TIER or BDRY?

TIER has the higher dividend yield at 0.66%, compared with 0.00% for BDRY.

What is the main difference between TIER and BDRY?

TIER is categorized as Foreign Large Cap Equities, while BDRY is Commodities. They also come from different issuers: T. Rowe Price and ETFMG. Their fees differ too: 0.38% for TIER and 3.76% for BDRY.