USML vs. BDRY

Last updated Jun 24, 2026

USML (ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN) and BDRY (Breakwave Dry Bulk Shipping ETF) are both exchange-traded funds - USML is a Leveraged Equities fund tracking the MSCI USA Minimum Volatility Index, while BDRY is a Commodities fund tracking the Breakwave Dry Freight Futures Index. Both are passively managed. Over the past 5 years, USML returned 7.17%/yr vs -16.41%/yr for BDRY. At a 0.02 correlation, their price movements are largely independent. USML charges 0.95%/yr vs 3.76%/yr for BDRY.

Performance

USML vs. BDRY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) 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, USML achieves a -0.53% return, which is significantly lower than BDRY's 34.21% return.

USML

• 1D: 0.60%
• 1M: -4.40%
• YTD: -0.53%
• 6M: -1.84%
• 1Y: 1.32%
• 3Y*: 14.47%
• 5Y*: 7.17%
• 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)

USML vs. BDRY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN	-0.53%	9.33%	23.97%	11.37%	-22.87%	42.12%
BDRY Breakwave Dry Bulk Shipping ETF	34.21%	44.24%	-47.40%	25.79%	-68.84%	200.61%

Correlation

The correlation between USML and BDRY 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	-0.00
Correlation (5Y) Calculated over the trailing 5-year period	0.01
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021	0.02

Return for Risk

USML vs. BDRY — Risk / Return Rank

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

USML

USML Risk / Return Rank: 9
USML Sharpe Ratio Rank: 10
USML Sortino Ratio Rank: 9
USML Omega Ratio Rank: 9
USML Calmar Ratio Rank: 10
USML Martin Ratio Rank: 10

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.

USML vs. BDRY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) 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.

	USML	BDRY	Difference
Sharpe ratio: Return per unit of total volatility	0.08	2.48	-2.39
Sortino ratio: Return per unit of downside risk	0.22	2.90	-2.68
Omega ratio: Gain probability vs. loss probability	1.03	1.36	-0.33
Calmar ratio: Return relative to maximum drawdown	0.10	4.82	-4.72
Martin ratio: Return relative to average drawdown	0.29	13.59	-13.29

USML vs. BDRY - Sharpe Ratio Comparison

The current USML Sharpe Ratio is 0.08, which is lower than the BDRY Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of USML and BDRY, 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

USML vs. BDRY - Drawdown Comparison

The maximum USML drawdown since its inception was -35.34%, smaller than the maximum BDRY drawdown of -89.16%. Use the drawdown chart below to compare losses from any high point for USML and BDRY.

Drawdown Indicators

	USML	BDRY	Difference
Max Drawdown Largest peak-to-trough decline	-35.34%	-89.16%	+53.82%
Max Drawdown (1Y) Largest decline over 1 year	-13.09%	-21.60%	+8.51%
Max Drawdown (3Y) Largest decline over 3 years	-19.14%	-69.71%	+50.57%
Max Drawdown (5Y) Largest decline over 5 years	-35.34%	-89.16%	+53.82%
Current Drawdown Current decline from peak	-6.96%	-71.65%	+64.69%
Average Drawdown Average peak-to-trough decline	-10.36%	-58.43%	+48.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.50%	7.65%	-3.15%

Volatility

USML vs. BDRY - Volatility Comparison

The current volatility for ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) is 4.79%, while Breakwave Dry Bulk Shipping ETF (BDRY) has a volatility of 7.30%. This indicates that USML experiences smaller price fluctuations and is considered to be less risky than BDRY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USML	BDRY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.79%	7.30%	-2.51%
Volatility (6M) Calculated over the trailing 6-month period	11.79%	29.14%	-17.35%
Volatility (1Y) Calculated over the trailing 1-year period	16.52%	42.10%	-25.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.47%	60.24%	-35.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.22%	62.40%	-38.18%

USML vs. BDRY - Expense Ratio Comparison

USML has a 0.95% expense ratio, which is lower than BDRY's 3.76% expense ratio.

Dividends

USML vs. BDRY - Dividend Comparison

Neither USML nor BDRY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both USML and BDRY in my portfolio?

USML and BDRY 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, USML or BDRY?

BDRY has higher volatility (7.30%) compared to USML (4.79%). In terms of maximum drawdown, USML dropped -35.34% vs BDRY's -89.16%.

Which ETF is better, USML or BDRY?

On 5-year performance, USML leads with 7.17% vs -16.41% for BDRY. On fees, USML is cheaper at 0.95% per year. On volatility, USML has been the lower-risk option at 4.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USML or BDRY?

Over the 5-year period, USML has performed better with a 7.17% return vs -16.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USML or BDRY?

USML is cheaper with a 0.95% expense ratio, compared with 3.76% for BDRY.

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

USML and BDRY have nearly identical dividend yields, around 0.00%.

What is the main difference between USML and BDRY?

USML is categorized as Leveraged Equities, while BDRY is Commodities. USML tracks MSCI USA Minimum Volatility Index, while BDRY tracks Breakwave Dry Freight Futures Index. They also come from different issuers: UBS and ETFMG. Their fees differ too: 0.95% for USML and 3.76% for BDRY.

Which has better risk-adjusted returns?

BDRY currently has the higher Sharpe Ratio (2.48 vs 0.08), 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.