TXS vs. BWET

Last updated Jun 25, 2026

TXS (Texas Capital Texas Equity Index ETF) and BWET (Breakwave Tanker Shipping ETF) are both exchange-traded funds - TXS is a Mid Cap Blend Equities fund tracking the Texas Capital Texas Equity Index - Benchmark TR Gross, while BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index. Both are passively managed. Over the past year, TXS returned 15.28% vs 1296.25% for BWET. At a 0.01 correlation, their price movements are largely independent. TXS charges 0.49%/yr vs 3.50%/yr for BWET.

Performance

TXS vs. BWET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Texas Capital Texas Equity Index ETF (TXS) 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, TXS achieves a 11.72% return, which is significantly lower than BWET's 769.73% return.

TXS

• 1D: 0.05%
• 1M: -0.70%
• YTD: 11.72%
• 6M: 10.00%
• 1Y: 15.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BWET

• 1D: -18.59%
• 1M: -3.58%
• YTD: 769.73%
• 6M: 723.00%
• 1Y: 1,296.25%
• 3Y*: 109.03%
• 5Y*: —
• 10Y*: —

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

TXS vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TXS Texas Capital Texas Equity Index ETF	11.72%	10.31%	24.29%	5.77%
BWET Breakwave Tanker Shipping ETF	769.73%	96.22%	-39.21%	-12.98%

Correlation

The correlation between TXS and BWET 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 (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Jul 13, 2023	0.01

Return for Risk

TXS vs. BWET — Risk / Return Rank

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

TXS

TXS Risk / Return Rank: 45
TXS Sharpe Ratio Rank: 41
TXS Sortino Ratio Rank: 40
TXS Omega Ratio Rank: 39
TXS Calmar Ratio Rank: 54
TXS Martin Ratio Rank: 52

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.

TXS vs. BWET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Texas Capital Texas Equity Index ETF (TXS) 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.

	TXS	BWET	Difference
Sharpe ratio: Return per unit of total volatility	1.31	13.17	-11.86
Sortino ratio: Return per unit of downside risk	1.88	5.71	-3.83
Omega ratio: Gain probability vs. loss probability	1.23	1.83	-0.60
Calmar ratio: Return relative to maximum drawdown	2.34	42.79	-40.44
Martin ratio: Return relative to average drawdown	7.92	136.82	-128.90

TXS vs. BWET - Sharpe Ratio Comparison

The current TXS Sharpe Ratio is 1.31, which is lower than the BWET Sharpe Ratio of 13.17. The chart below compares the historical Sharpe Ratios of TXS 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

TXS vs. BWET - Drawdown Comparison

The maximum TXS drawdown since its inception was -19.69%, smaller than the maximum BWET drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for TXS and BWET.

Drawdown Indicators

	TXS	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-19.69%	-56.90%	+37.21%
Max Drawdown (1Y) Largest decline over 1 year	-6.54%	-30.64%	+24.10%
Max Drawdown (3Y) Largest decline over 3 years	—	-56.81%	—
Current Drawdown Current decline from peak	-1.56%	-23.05%	+21.49%
Average Drawdown Average peak-to-trough decline	-2.81%	-23.76%	+20.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	9.87%	-7.94%

Volatility

TXS vs. BWET - Volatility Comparison

The current volatility for Texas Capital Texas Equity Index ETF (TXS) is 3.14%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 32.83%. This indicates that TXS 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

	TXS	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.14%	32.83%	-29.69%
Volatility (6M) Calculated over the trailing 6-month period	8.18%	91.75%	-83.57%
Volatility (1Y) Calculated over the trailing 1-year period	11.71%	100.33%	-88.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.83%	71.24%	-55.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.83%	71.24%	-55.41%

TXS vs. BWET - Expense Ratio Comparison

TXS has a 0.49% expense ratio, which is lower than BWET's 3.50% expense ratio.

Dividends

TXS vs. BWET - Dividend Comparison

TXS's dividend yield for the trailing twelve months is around 0.75%, while BWET has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BWET Breakwave Tanker Shipping ETF	0.00%	0.00%	0.00%	0.00%
TXS Texas Capital Texas Equity Index ETF	0.75%	0.82%	0.86%	0.53%

Frequently Asked Questions

Can I hold both TXS and BWET in my portfolio?

TXS and BWET 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 is riskier, TXS or BWET?

BWET has higher volatility (32.83%) compared to TXS (3.14%). In terms of maximum drawdown, TXS dropped -19.69% vs BWET's -56.90%.

Which ETF is better, TXS or BWET?

On 1-year performance, BWET leads with 1296.25% vs 15.28% for TXS. On fees, TXS is cheaper at 0.49% per year. On volatility, TXS has been the lower-risk option at 3.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TXS or BWET?

Over the 1-year period, BWET has performed better with a 1296.25% return vs 15.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TXS or BWET?

TXS is cheaper with a 0.49% expense ratio, compared with 3.50% for BWET.

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

TXS has the higher dividend yield at 0.75%, compared with 0.00% for BWET.

What is the main difference between TXS and BWET?

TXS is categorized as Mid Cap Blend Equities, while BWET is Commodities. TXS tracks Texas Capital Texas Equity Index - Benchmark TR Gross, while BWET tracks Breakwave Wet Freight Futures Index. They also come from different issuers: Texas Capital and Amplify. Their fees differ too: 0.49% for TXS and 3.50% for BWET.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (13.17 vs 1.31), 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.