TOGA vs. BWET

Last updated Aug 2, 2026

TOGA (Tremblant Global ETF) and BWET (Breakwave Tanker Shipping ETF) are both exchange-traded funds - TOGA is a Global Equities fund actively managed by Tremblant, while BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index. TOGA is actively managed, while BWET is passively managed. Over the past year, TOGA returned -10.47% vs 2229.63% for BWET. Their -0.08 correlation means they have often moved in opposite directions in the past. TOGA charges 0.69%/yr vs 3.50%/yr for BWET.

Performance

TOGA vs. BWET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tremblant Global ETF (TOGA) 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, TOGA achieves a -12.47% return, which is significantly lower than BWET's 1,293.70% return.

TOGA

• 1D: -1.23%
• 1M: -5.93%
• 6M: -6.47%
• YTD: -12.47%
• 1Y: -10.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.39%

BWET

• 1D: 1.74%
• 1M: 57.43%
• 6M: 631.38%
• YTD: 1,293.70%
• 1Y: 2,229.63%
• 3Y*: 137.18%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 147.72%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BWET Breakwave Tanker Shipping ETF	$41.53M	$35.69M	$28.56M
TOGA Tremblant Global ETF	$69.62K	$58.16K	$201.80K

TOGA vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TOGA Tremblant Global ETF	-12.47%	14.13%	17.44%
BWET Breakwave Tanker Shipping ETF	1,293.70%	96.22%	-47.10%

Correlation

The correlation between TOGA and BWET is -0.14, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.14
Correlation (All Time) Calculated using the full available price history since May 3, 2024	-0.08

Return for Risk

TOGA vs. BWET — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TOGA

TOGA Risk / Return Rank: 5
TOGA Sharpe Ratio Rank: 4
TOGA Sortino Ratio Rank: 5
TOGA Omega Ratio Rank: 5
TOGA Calmar Ratio Rank: 6
TOGA Martin Ratio Rank: 5

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) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TOGA vs. BWET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tremblant Global ETF (TOGA) 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.

	TOGA	BWET	Difference
Sharpe ratio: Return per unit of total volatility	-0.58	21.89	-22.47
Sortino ratio: Return per unit of downside risk	-0.69	6.50	-7.19
Omega ratio: Gain probability vs. loss probability	0.92	1.94	-1.02
Calmar ratio: Return relative to maximum drawdown	-0.44	57.28	-57.72
Martin ratio: Return relative to average drawdown	-0.89	215.11	-215.99

TOGA vs. BWET - Sharpe Ratio Comparison

The current TOGA Sharpe Ratio is -0.58, which is lower than the BWET Sharpe Ratio of 21.89. The chart below compares the historical Sharpe Ratios of TOGA 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

TOGA vs. BWET - Drawdown Comparison

The maximum TOGA drawdown since its inception was -28.50%, smaller than the maximum BWET drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for TOGA and BWET.

Drawdown Indicators

	TOGA	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-28.50%	-56.90%	+28.40%
Max Drawdown (1Y) Largest decline over 1 year	-28.50%	-41.22%	+12.72%
Max Drawdown (3Y) Largest decline over 3 years	—	-56.81%	—
Current Drawdown Current decline from peak	-17.90%	0.00%	-17.90%
Average Drawdown Average peak-to-trough decline	-7.15%	-23.41%	+16.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.18%	10.95%	+3.23%

Volatility

TOGA vs. BWET - Volatility Comparison

The current volatility for Tremblant Global ETF (TOGA) is 5.46%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 32.52%. This indicates that TOGA 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

	TOGA	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.46%	32.52%	-27.06%
Volatility (6M) Calculated over the trailing 6-month period	18.00%	95.71%	-77.71%
Volatility (1Y) Calculated over the trailing 1-year period	21.74%	107.87%	-86.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.10%	74.46%	-53.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.10%	74.46%	-53.36%

TOGA vs. BWET - Expense Ratio Comparison

TOGA has a 0.69% expense ratio, which is lower than BWET's 3.50% expense ratio.

Dividends

TOGA vs. BWET - Dividend Comparison

Neither TOGA nor BWET has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both TOGA and BWET in my portfolio?

TOGA and BWET have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TOGA or BWET?

BWET has higher volatility (32.52%) compared to TOGA (5.46%). In terms of maximum drawdown, TOGA dropped -28.50% vs BWET's -56.90%.

Which ETF is better, TOGA or BWET?

On 1-year performance, BWET leads with 2229.63% vs -10.47% for TOGA. On fees, TOGA is cheaper at 0.69% per year. On volatility, TOGA has been the lower-risk option at 5.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOGA or BWET?

Over the 1-year period, BWET has performed better with a 2229.63% return vs -10.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOGA or BWET?

TOGA is cheaper with a 0.69% expense ratio, compared with 3.50% for BWET.

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

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

What is the main difference between TOGA and BWET?

TOGA is categorized as Global Equities, while BWET is Commodities. They also come from different issuers: Tremblant and Amplify. Their fees differ too: 0.69% for TOGA and 3.50% for BWET.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (21.89 vs -0.58), 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.