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Data as of Oct 28, 2026.

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BWET vs IWC: Differences, Returns & Fees

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BWET is a commodity futures fund and IWC an equity index fund, and over the year to Oct 28, 2026, BWET returned +5,121.7% against +16.5%.

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Net assets: $178m on Oct 28, 2026 for Breakwave Tanker Shipping ETF, and $1.2bn on Oct 27, 2026 for iShares Micro-Cap ETF.

BWET on its own →IWC on its own →
At a glance
+5,121.7%
BWET total return, 1 year
+16.5%
IWC total return, 1 year
4.68%
BWET expense ratio
0.60%
IWC expense ratio

Pair scorecard

IWC costs 4.08 points a year less; their one-year returns differ by 5105.2 points; IWC is 6.5 times larger.

BWET vs IWC: Differences, Returns & Fees
MeasureBWETIWC
Return
Total return, 1 year+5,121.7%+16.5%
Drawdown
Below its high11.2%, high on Oct 8, 20269.5%, high on Aug 14, 2026
Benchmark
What it tracksTanker freight futuresRussell Microcap Index
Cost and size
Expense ratio4.68%0.60%
Net assets, as of Oct 26, 2026$186m$1.2bn
Holdings
Holdings in commonnot published
In the S&P 500, by weight92%
Top ten holdings, share of the fund5.9%

Method

Side by side

BWET Breakwave Tanker Shipping ETF IWC iShares Micro-Cap ETF
Where it sits Commodity ETF Stock ETF
Issuer Breakwave iShares
What it is Holds tanker freight futures Tracks the Russell Microcap
Total return, 1 year +5,121.7% +16.5%
Its benchmark over the same days not measured +13.3% (IWV)
Gap to its benchmark not measured +3.2 pts vs IWV
Expense ratio 4.68% 0.60%
Holdings not counted 1365
Net assets, BWET as of Oct 28, 2026 and IWC as of Oct 27, 2026 $178m $1.2bn

BWET and IWC 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.

IWC

Over the year to Oct 28, 2026 it returned +16.5% with distributions reinvested, against +13.3% for its benchmark, the Russell 3000 Index.

IWC tracks the Russell Microcap. The prospectus expense ratio is 0.60% a year. By its holdings published by its issuer for Oct 27, 2026, 92% of the fund by weight is stocks the S&P 500 also holds, across 1,365 positions, with the top ten at 5.9%. It sat 9.5% below its high of Aug 14, 2026 on Oct 28, 2026.

Questions people ask

Which returned more over the last year, BWET or IWC?
In the year to Oct 28, 2026, with distributions reinvested, BWET returned +5,121.7% and IWC +16.5%.
Which is cheaper, BWET or IWC?
IWC is cheaper, by 4.08 percentage points a year. That is about $408 on $10,000 held for a year. Fees come from each fund's own filings.
Other comparisons
BWET vs IJTBWET vs VBBWET vs IJRBWET vs VTWOIWC vs USOIWC vs SIVRGLD vs IWCIWC vs SLV
Where to next
BWET on its own →IWC on its own →Hold both: look the portfolio through →Rankings →IWC dividend history →IWC holdings →Standards and sources →
Sources and dates
Breakwave page for BWET ↗
IWC filings on SEC EDGAR ↗
IWC prospectus with the expense ratio (SEC) ↗
iShares page for IWC ↗

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

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

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