USCI vs. BWET

Last updated Jun 4, 2026

USCI (United States Commodity Index Fund) and BWET (Breakwave Tanker Shipping ETF) are both Commodities funds - USCI tracks the SummerHaven Dynamic Commodity (TR) while BWET tracks the Breakwave Wet Freight Futures Index. Both are passively managed. Over the past 3 years, USCI returned 23.15%/yr vs 129.64%/yr for BWET. At a 0.04 correlation, their price movements are largely independent. USCI charges 1.03%/yr vs 3.50%/yr for BWET.

Performance

USCI vs. BWET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Commodity Index Fund (USCI) 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, USCI achieves a 28.22% return, which is significantly lower than BWET's 875.88% return.

USCI

• 1D: 0.11%
• 1M: -1.22%
• YTD: 28.22%
• 6M: 26.35%
• 1Y: 40.33%
• 3Y*: 23.15%
• 5Y*: 19.28%
• 10Y*: 8.86%

BWET

• 1D: 4.26%
• 1M: 9.15%
• YTD: 875.88%
• 6M: 735.56%
• 1Y: 1,800.91%
• 3Y*: 129.64%
• 5Y*: —
• 10Y*: —

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

USCI vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USCI United States Commodity Index Fund	28.22%	17.63%	17.24%	7.83%
BWET Breakwave Tanker Shipping ETF	875.88%	96.22%	-39.21%	15.94%

Correlation

The correlation between USCI and BWET is 0.04, 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	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (All Time) Calculated using the full available price history since May 4, 2023	0.04

Return for Risk

USCI vs. BWET — Risk / Return Rank

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

USCI

USCI Risk / Return Rank: 74
USCI Sharpe Ratio Rank: 73
USCI Sortino Ratio Rank: 66
USCI Omega Ratio Rank: 66
USCI Calmar Ratio Rank: 84
USCI Martin Ratio Rank: 81

BWET

BWET Risk / Return Rank: 99
BWET Sharpe Ratio Rank: 100
BWET Sortino Ratio Rank: 97
BWET Omega Ratio Rank: 97
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.

USCI vs. BWET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Commodity Index Fund (USCI) 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.

	USCI	BWET	Difference
Sharpe ratio: Return per unit of total volatility	2.43	18.57	-16.14
Sortino ratio: Return per unit of downside risk	3.10	6.55	-3.45
Omega ratio: Gain probability vs. loss probability	1.41	1.96	-0.55
Calmar ratio: Return relative to maximum drawdown	4.64	59.51	-54.87
Martin ratio: Return relative to average drawdown	16.18	158.07	-141.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USCI vs. BWET - Sharpe Ratio Comparison

The current USCI Sharpe Ratio is 2.43, which is lower than the BWET Sharpe Ratio of 18.57. The chart below compares the historical Sharpe Ratios of USCI 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

	USCI	BWET	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	18.57	-16.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	1.90	-1.60

Drawdowns

USCI vs. BWET - Drawdown Comparison

The maximum USCI drawdown since its inception was -66.41%, which is greater than BWET's maximum drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for USCI and BWET.

Drawdown Indicators

	USCI	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-66.41%	-56.90%	-9.51%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-30.64%	+21.91%
Max Drawdown (3Y) Largest decline over 3 years	-12.01%	-56.90%	+44.89%
Max Drawdown (5Y) Largest decline over 5 years	-18.84%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-45.82%	—	—
Current Drawdown Current decline from peak	-3.10%	-11.29%	+8.19%
Average Drawdown Average peak-to-trough decline	-29.51%	-24.09%	-5.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	11.51%	-9.01%

Volatility

USCI vs. BWET - Volatility Comparison

The current volatility for United States Commodity Index Fund (USCI) is 4.51%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 33.96%. This indicates that USCI 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

	USCI	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.51%	33.96%	-29.45%
Volatility (6M) Calculated over the trailing 6-month period	13.93%	88.49%	-74.56%
Volatility (1Y) Calculated over the trailing 1-year period	16.70%	98.35%	-81.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.44%	70.45%	-52.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.85%	70.45%	-54.60%

USCI vs. BWET - Expense Ratio Comparison

USCI has a 1.03% expense ratio, which is lower than BWET's 3.50% expense ratio.

Dividends

USCI vs. BWET - Dividend Comparison

Neither USCI nor BWET has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both USCI and BWET in my portfolio?

USCI and BWET have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USCI or BWET?

BWET has higher volatility (33.96%) compared to USCI (4.51%). In terms of maximum drawdown, USCI dropped -66.41% vs BWET's -56.90%.

Which ETF is better, USCI or BWET?

On 3-year performance, BWET leads with 129.64% vs 23.15% for USCI. On fees, USCI is cheaper at 1.03% per year. On volatility, USCI has been the lower-risk option at 4.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USCI or BWET?

Over the 3-year period, BWET has performed better with a 129.64% return vs 23.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USCI or BWET?

USCI is cheaper with a 1.03% expense ratio, compared with 3.50% for BWET.

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

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

What is the main difference between USCI and BWET?

USCI tracks SummerHaven Dynamic Commodity (TR), while BWET tracks Breakwave Wet Freight Futures Index. They also come from different issuers: Concierge Technologies and Amplify. Their fees differ too: 1.03% for USCI and 3.50% for BWET.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (18.57 vs 2.43), 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.