ADVE vs. BNO

Last updated Jun 3, 2026

ADVE (Matthews Asia Dividend Active ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - ADVE is a Asia Pacific Equities fund actively managed by Matthews, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. ADVE is actively managed, while BNO is passively managed. Over the past year, ADVE returned 42.25% vs 89.50% for BNO. At a correlation of -0.03, they often move in opposite directions. ADVE charges 0.79%/yr vs 0.90%/yr for BNO.

Performance

ADVE vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Asia Dividend Active ETF (ADVE) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ADVE achieves a 22.27% return, which is significantly lower than BNO's 86.76% return.

ADVE

• 1D: 1.38%
• 1M: 5.22%
• YTD: 22.27%
• 6M: 24.39%
• 1Y: 42.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNO

• 1D: 0.76%
• 1M: -7.65%
• YTD: 86.76%
• 6M: 83.45%
• 1Y: 89.50%
• 3Y*: 27.10%
• 5Y*: 23.77%
• 10Y*: 13.38%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ADVE vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ADVE Matthews Asia Dividend Active ETF	22.27%	26.12%	7.02%	5.13%
BNO United States Brent Oil Fund LP	86.76%	-5.44%	9.67%	-14.79%

Correlation

The correlation between ADVE and BNO is -0.27, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.27
Correlation (All Time) Calculated using the full available price history since Sep 25, 2023	-0.03

Over the past year, the inverse relationship between ADVE and BNO has strengthened: their correlation has moved from -0.03 to -0.27, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

ADVE vs. BNO — Risk / Return Rank

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

ADVE

ADVE Risk / Return Rank: 76
ADVE Sharpe Ratio Rank: 76
ADVE Sortino Ratio Rank: 77
ADVE Omega Ratio Rank: 78
ADVE Calmar Ratio Rank: 73
ADVE Martin Ratio Rank: 75

BNO

BNO Risk / Return Rank: 65
BNO Sharpe Ratio Rank: 64
BNO Sortino Ratio Rank: 56
BNO Omega Ratio Rank: 60
BNO Calmar Ratio Rank: 89
BNO Martin Ratio Rank: 57

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.

ADVE vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Asia Dividend Active ETF (ADVE) and United States Brent Oil Fund LP (BNO). 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.

	ADVE	BNO	Difference
Sharpe ratio Return per unit of total volatility	2.52	2.17	+0.34
Sortino ratio Return per unit of downside risk	3.50	2.68	+0.82
Omega ratio Gain probability vs. loss probability	1.47	1.37	+0.11
Calmar ratio Return relative to maximum drawdown	3.71	5.39	-1.69
Martin ratio Return relative to average drawdown	14.74	10.23	+4.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ADVE vs. BNO - Sharpe Ratio Comparison

The current ADVE Sharpe Ratio is 2.52, which is comparable to the BNO Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of ADVE and BNO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ADVE	BNO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	2.17	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.68	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.46	0.14	+1.32

Drawdowns

ADVE vs. BNO - Drawdown Comparison

The maximum ADVE drawdown since its inception was -18.41%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for ADVE and BNO.

Drawdown Indicators

	ADVE	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-18.41%	-87.06%	+68.65%
Max Drawdown (1Y) Largest decline over 1 year	-11.73%	-17.87%	+6.14%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.75%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.70%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.18%	—
Current Drawdown Current decline from peak	0.00%	-12.04%	+12.04%
Average Drawdown Average peak-to-trough decline	-3.15%	-40.18%	+37.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	9.43%	-6.48%

Volatility

ADVE vs. BNO - Volatility Comparison

The current volatility for Matthews Asia Dividend Active ETF (ADVE) is 5.98%, while United States Brent Oil Fund LP (BNO) has a volatility of 15.03%. This indicates that ADVE experiences smaller price fluctuations and is considered to be less risky than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ADVE	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.98%	15.03%	-9.05%
Volatility (6M) Calculated over the trailing 6-month period	14.40%	36.08%	-21.68%
Volatility (1Y) Calculated over the trailing 1-year period	16.88%	41.56%	-24.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.69%	35.37%	-19.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.69%	36.68%	-20.99%

ADVE vs. BNO - Expense Ratio Comparison

ADVE has a 0.79% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

ADVE vs. BNO - Dividend Comparison

ADVE's dividend yield for the trailing twelve months is around 2.44%, while BNO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
ADVE Matthews Asia Dividend Active ETF	2.44%	2.97%	6.00%	0.37%
BNO United States Brent Oil Fund LP	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ADVE and BNO in my portfolio?

ADVE and BNO have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ADVE or BNO?

BNO has higher volatility (15.03%) compared to ADVE (5.98%). In terms of maximum drawdown, ADVE dropped -18.41% vs BNO's -87.06%.

Which ETF is better, ADVE or BNO?

On 1-year performance, BNO leads with 89.50% vs 42.25% for ADVE. On fees, ADVE is cheaper at 0.79% per year. On volatility, ADVE has been the lower-risk option at 5.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ADVE or BNO?

Over the 1-year period, BNO has performed better with a 89.50% return vs 42.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ADVE or BNO?

ADVE is cheaper with a 0.79% expense ratio, compared with 0.90% for BNO.

Which ETF pays a higher dividend yield, ADVE or BNO?

ADVE has the higher dividend yield at 2.44%, compared with 0.00% for BNO.

What is the main difference between ADVE and BNO?

ADVE is categorized as Asia Pacific Equities, while BNO is Oil & Gas. They also come from different issuers: Matthews and Concierge Technologies. Their fees differ too: 0.79% for ADVE and 0.90% for BNO.

Which has better risk-adjusted returns?

ADVE currently has the higher Sharpe Ratio (2.52 vs 2.17), 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.