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Data as of Oct 28, 2026.

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BWET vs TLT: Differences, Returns & Fees

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BWET is a commodity futures fund and TLT a bond index fund, and over the year to Oct 28, 2026, BWET returned +5,121.7% against −7.9%.

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Net assets: $178m on Oct 28, 2026 for Breakwave Tanker Shipping ETF, and $47.4bn on Oct 27, 2026 for iShares 20+ Year Treasury Bond ETF.

BWET on its own →TLT on its own →
At a glance
+5,121.7%
BWET total return, 1 year
−7.9%
TLT total return, 1 year
4.68%
BWET expense ratio
0.15%
TLT expense ratio

Pair scorecard

TLT costs 4.53 points a year less; their one-year returns differ by 5129.6 points; TLT is far larger, $47.8bn against $186m.

BWET vs TLT: Differences, Returns & Fees
MeasureBWETTLT
Return
Total return, 1 year+5,121.7%−7.9%
Drawdown
Below its high11.2%, high on Oct 8, 202642.6%, high on Aug 4, 2020
Benchmark
What it tracksTanker freight futuresICE U.S. Treasury 20+ Year Bond Index
Cost and size
Expense ratio4.68%0.15%
Net assets, as of Oct 26, 2026$186m$47.8bn
Holdings
Holdings in commonnot published

Method

Side by side

BWET Breakwave Tanker Shipping ETF TLT iShares 20+ Year Treasury Bond ETF
Where it sits Commodity ETF Bond ETF
Issuer Breakwave iShares
What it is Holds tanker freight futures Tracks an index of 20+ year Treasuries
Total return, 1 year +5,121.7% −7.9%
Its benchmark over the same days not measured −7.8% (BBLB)
Gap to its benchmark not measured −0.1 pts vs BBLB
Expense ratio 4.68% 0.15%
Holdings not counted 47
Net assets, BWET as of Oct 28, 2026 and TLT as of Oct 27, 2026 $178m $47.4bn

BWET and TLT 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.

TLT

TLT tracks an index of 20+ year Treasuries. Over the year to Oct 28, 2026 it returned −7.9% with distributions reinvested, against −7.8% for its benchmark, the ICE U.S. Treasury 20+ Year Bond Index. The prospectus expense ratio is 0.15% a year. It sat 42.6% below its high of Aug 4, 2020 on Oct 28, 2026.

Questions people ask

Which returned more over the last year, BWET or TLT?
In the year to Oct 28, 2026, with distributions reinvested, BWET returned +5,121.7% and TLT −7.9%.
Which is cheaper, BWET or TLT?
TLT 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 VGLTBWET vs EDVBWET vs IUSBBWET vs IEFTLT vs USOSIVR vs TLTSLV vs TLTGLDM vs TLT
Where to next
BWET on its own →TLT on its own →Hold both: look the portfolio through →Rankings →TLT dividend history →TLT holdings →Standards and sources →
Sources and dates
Breakwave page for BWET ↗
TLT filings on SEC EDGAR ↗
TLT prospectus with the expense ratio (SEC) ↗
iShares page for TLT ↗

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

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

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