AVGG vs. BNO

Last updated Jul 17, 2026

AVGG (Leverage Shares 2X Long AVGO Daily ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - AVGG is a Leveraged Equities fund actively managed by Leverage Shares, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. AVGG is actively managed, while BNO is passively managed. Over the past year, AVGG returned 27.75% vs 55.11% for BNO. At a correlation of -0.11, they often move in opposite directions. AVGG charges 0.76%/yr vs 1.00%/yr for BNO.

Performance

AVGG vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long AVGO Daily ETF (AVGG) 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, AVGG achieves a -2.43% return, which is significantly lower than BNO's 65.18% return.

AVGG

• 1D: -9.88%
• 1M: -3.71%
• 6M: 0.39%
• YTD: -2.43%
• 1Y: 27.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNO

• 1D: -1.70%
• 1M: 6.58%
• 6M: 58.17%
• YTD: 65.18%
• 1Y: 55.11%
• 3Y*: 20.77%
• 5Y*: 19.90%
• 10Y*: 12.78%

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

AVGG vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025
AVGG Leverage Shares 2X Long AVGO Daily ETF	-2.43%	91.10%
BNO United States Brent Oil Fund LP	65.18%	3.28%

Correlation

The correlation between AVGG and BNO is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.08
Correlation (All Time) Calculated using the full available price history since May 16, 2025	-0.11

Return for Risk

AVGG vs. BNO — Risk / Return Rank

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

AVGG

AVGG Risk / Return Rank: 19
AVGG Sharpe Ratio Rank: 14
AVGG Sortino Ratio Rank: 23
AVGG Omega Ratio Rank: 23
AVGG Calmar Ratio Rank: 17
AVGG Martin Ratio Rank: 15

BNO

BNO Risk / Return Rank: 42
BNO Sharpe Ratio Rank: 45
BNO Sortino Ratio Rank: 45
BNO Omega Ratio Rank: 45
BNO Calmar Ratio Rank: 38
BNO Martin Ratio Rank: 37

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.

AVGG vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long AVGO Daily ETF (AVGG) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AVGG	BNO	Difference
Sharpe ratio: Return per unit of total volatility	0.30	1.30	-1.00
Sortino ratio: Return per unit of downside risk	1.08	1.89	-0.80
Omega ratio: Gain probability vs. loss probability	1.14	1.24	-0.10
Calmar ratio: Return relative to maximum drawdown	0.52	1.61	-1.09
Martin ratio: Return relative to average drawdown	1.01	4.66	-3.64

AVGG vs. BNO - Sharpe Ratio Comparison

The current AVGG Sharpe Ratio is 0.30, which is lower than the BNO Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of AVGG 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.

Drawdowns

AVGG vs. BNO - Drawdown Comparison

The maximum AVGG drawdown since its inception was -53.77%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for AVGG and BNO.

Drawdown Indicators

	AVGG	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-53.77%	-87.06%	+33.29%
Max Drawdown (1Y) Largest decline over 1 year	-53.77%	-34.46%	-19.31%
Max Drawdown (3Y) Largest decline over 3 years	—	-34.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.18%	—
Current Drawdown Current decline from peak	-43.50%	-22.20%	-21.30%
Average Drawdown Average peak-to-trough decline	-19.78%	-40.06%	+20.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.47%	11.87%	+15.60%

Volatility

AVGG vs. BNO - Volatility Comparison

Leverage Shares 2X Long AVGO Daily ETF (AVGG) has a higher volatility of 29.81% compared to United States Brent Oil Fund LP (BNO) at 15.19%. This indicates that AVGG's price experiences larger fluctuations and is considered to be riskier than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVGG	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.81%	15.19%	+14.62%
Volatility (6M) Calculated over the trailing 6-month period	69.88%	39.16%	+30.72%
Volatility (1Y) Calculated over the trailing 1-year period	94.39%	42.74%	+51.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.55%	36.11%	+54.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.55%	36.77%	+53.78%

AVGG vs. BNO - Expense Ratio Comparison

AVGG has a 0.76% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

AVGG vs. BNO - Dividend Comparison

AVGG's dividend yield for the trailing twelve months is around 2.31%, while BNO has not paid dividends to shareholders.

Position	TTM	2025
AVGG Leverage Shares 2X Long AVGO Daily ETF	2.31%	2.26%
BNO United States Brent Oil Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both AVGG and BNO in my portfolio?

AVGG and BNO have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVGG or BNO?

AVGG has higher volatility (29.81%) compared to BNO (15.19%). In terms of maximum drawdown, AVGG dropped -53.77% vs BNO's -87.06%.

Which ETF is better, AVGG or BNO?

On 1-year performance, BNO leads with 55.11% vs 27.75% for AVGG. On fees, AVGG is cheaper at 0.76% per year. On volatility, BNO has been the lower-risk option at 15.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVGG or BNO?

Over the 1-year period, BNO has performed better with a 55.11% return vs 27.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVGG or BNO?

AVGG is cheaper with a 0.76% expense ratio, compared with 1.00% for BNO.

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

AVGG has the higher dividend yield at 2.31%, compared with 0.00% for BNO.

What is the main difference between AVGG and BNO?

AVGG is categorized as Leveraged Equities, while BNO is Oil & Gas. They also come from different issuers: Leverage Shares and USCF Investments. Their fees differ too: 0.76% for AVGG and 1.00% for BNO.

Which has better risk-adjusted returns?

BNO currently has the higher Sharpe Ratio (1.30 vs 0.30), 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.