Breakwave Tanker Shipping ETF (BWET) — Stock Correlations & Overview
Over the past year, BWET has moved most closely with FRO, TEN, ECO. Explore the stocks most correlated and inversely correlated with BWET below, along with its price, financials, and company profile.
Stocks correlated with BWET
Correlation of daily returns. Higher positive values move with BWET; negative values move opposite it. Informational only, not investment advice.
Most correlated with BWET
| Symbol | Company | Correlation |
|---|---|---|
| FRO | Frontline Plc | 0.40 |
| TEN | Tsakos Energy Navigation Ltd. | 0.37 |
| ECO | Okeanis Eco Tankers Corp. | 0.36 |
| ASC | ARDMORE SHIPPING CORPORATION | 0.35 |
| TNK | Teekay Tankers Ltd. | 0.35 |
Most inversely correlated with BWET
| Symbol | Company | Correlation |
|---|---|---|
| WGS | GeneDx Holdings Corp. Class A Common StockSERVICES-HEALTH SERVICES | -0.28 |
| WOOF | Petco Health and Wellness Company, Inc. Class A Common StockRETAIL-RETAIL STORES, NEC | -0.27 |
| WEN | The Wendy's CompanyRETAIL-EATING & DRINKING PLACES | -0.23 |
| SOYB | Teucrium Soybean FundCOMMODITY CONTRACTS BROKERS & DEALERS | -0.23 |
| WNTR | YieldMax MSTR Short Option Income Strategy ETF | -0.22 |
Frequently asked questions about BWET correlations
- Which stocks are most correlated with BWET?
- Based on one year of daily returns, the stocks most correlated with Breakwave Tanker Shipping ETF (BWET) are FRO (0.40), TEN (0.37) and ECO (0.36). A correlation near 1.00 means the two stocks' daily moves have tracked each other closely over the period.
- Which stocks are inversely correlated with BWET?
- Over the past year, the stocks most inversely correlated with Breakwave Tanker Shipping ETF (BWET) are WGS (-0.28), WOOF (-0.27) and WEN (-0.23). A negative correlation means the two stocks have tended to move in opposite directions.
- What does a correlation of 0.8 mean for a stock?
- Correlation measures how closely two stocks' daily returns move together, on a scale from -1 to 1. At 0.8, the two stocks have moved in the same direction on most days — though not by identical amounts. A value near 0 means their moves have been unrelated, and a negative value means they have tended to move in opposite directions. Correlation reflects past behavior and can change over time.
- How are these BWET correlations calculated?
- We compute the correlation of daily returns between BWET and roughly 9,000 other US-listed stocks and ETFs over the trailing one-year window, then rank the strongest positive and negative relationships. The data is refreshed monthly. It is informational and educational only — not investment advice.
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