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Data as of Oct 28, 2026.

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BWET vs GARP: Differences, Returns & Fees

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BWET is a commodity futures fund and GARP an equity index fund, and over the year to Oct 28, 2026, BWET returned +5,121.7% against +18.0%.

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Net assets: $178m on Oct 28, 2026 for Breakwave Tanker Shipping ETF, and $3.6bn on Oct 27, 2026 for iShares MSCI USA Quality GARP ETF.

BWET on its own →GARP on its own →
At a glance
+5,121.7%
BWET total return, 1 year
+18.0%
GARP total return, 1 year
4.68%
BWET expense ratio
0.15%
GARP expense ratio

Pair scorecard

GARP costs 4.53 points a year less; their one-year returns differ by 5103.7 points; GARP is 18.8 times larger.

BWET vs GARP: Differences, Returns & Fees
MeasureBWETGARP
Return
Total return, 1 year+5,121.7%+18.0%
Drawdown
Below its high11.2%, high on Oct 8, 20267.0%, high on Oct 6, 2026
Benchmark
What it tracksTanker freight futuresMSCI USA Quality GARP Select Index
Cost and size
Expense ratio4.68%0.15%
Net assets, as of Oct 26, 2026$186m$3.5bn
Holdings
Holdings in commonnot published
In the S&P 500, by weight94%
Top ten holdings, share of the fund43.5%

Method

Side by side

BWET Breakwave Tanker Shipping ETF GARP iShares MSCI USA Quality GARP ETF
Where it sits Commodity ETF Stock ETF
Issuer Breakwave iShares
What it is Holds tanker freight futures Tracks the MSCI USA Quality GARP
Total return, 1 year +5,121.7% +18.0%
Its benchmark over the same days not measured +13.3% (PBUS)
Gap to its benchmark not measured +4.7 pts vs PBUS
Expense ratio 4.68% 0.15%
Holdings not counted 131
Net assets, BWET as of Oct 28, 2026 and GARP as of Oct 27, 2026 $178m $3.6bn

BWET and GARP on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

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About each fund
BWET

Its expense ratio is 4.68%, for the year to Jun 30, 2026, as its 10-K states.

BWET holds tanker freight futures. Over the year to Oct 28, 2026 it returned +5,121.7% with distributions reinvested. It sat 11.2% below its high of Oct 8, 2026 on Oct 28, 2026.

GARP

GARP tracks the MSCI USA Quality GARP. Over the year to Oct 28, 2026 it returned +18.0% with distributions reinvested, against +13.3% for its benchmark, the MSCI USA Index. The prospectus expense ratio is 0.15% a year. By its holdings published by its issuer for Oct 27, 2026, 94% of the fund by weight is stocks the S&P 500 also holds, across 131 positions, with the top ten at 43.5%. It sat 7.0% below its high of Oct 6, 2026 on Oct 28, 2026.

Questions people ask

Which returned more over the last year, BWET or GARP?
In the year to Oct 28, 2026, with distributions reinvested, BWET returned +5,121.7% and GARP +18.0%.
Which is cheaper, BWET or GARP?
GARP is cheaper, by 4.53 percentage points a year. That is about $453 on $10,000 held for a year. Fees come from each fund's own filings.
Other comparisons
BWET vs FBCGBWET vs VOOGBWET vs VONGBWET vs SPYGGARP vs USOGARP vs SIVRGARP vs SLVGARP vs GLDM
Where to next
BWET on its own →GARP on its own →Hold both: look the portfolio through →Rankings →GARP dividend history →GARP holdings →Standards and sources →
Sources and dates
Breakwave page for BWET ↗
GARP filings on SEC EDGAR ↗
GARP prospectus with the expense ratio (SEC) ↗
iShares page for GARP ↗

Links are sources, not endorsements. A comparison is not a recommendation.

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ETFIQ, BWET against GARP, data as of Oct 28, 2026. https://etfiq.com/compare/any/bwet-vs-garp

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