BETZ vs. BNO
BETZ (Roundhill Sports Betting & iGaming ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - BETZ is a Consumer Discretionary Equities fund tracking the Roundhill Sports Betting & iGaming Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 5 years, BETZ returned -8.45%/yr vs 23.77%/yr for BNO. At a 0.11 correlation, their price movements are largely independent. BETZ charges 0.75%/yr vs 0.90%/yr for BNO.
Performance
BETZ vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, BETZ achieves a -9.29% return, which is significantly lower than BNO's 86.76% return.
BETZ
- 1D
- -0.47%
- 1M
- -1.76%
- YTD
- -9.29%
- 6M
- -6.63%
- 1Y
- -5.17%
- 3Y*
- 5.35%
- 5Y*
- -8.45%
- 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%
BETZ vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BETZ Roundhill Sports Betting & iGaming ETF | -9.29% | 15.75% | 10.22% | 21.17% | -42.02% | -3.91% | 60.54% |
BNO United States Brent Oil Fund LP | 86.76% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | 23.97% |
Correlation
The correlation between BETZ and BNO is -0.21, 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 | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2020 | 0.11 |
The correlation between BETZ and BNO shifts across timeframes, from -0.21 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BETZ vs. BNO — Risk / Return Rank
BETZ
BNO
BETZ vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Roundhill Sports Betting & iGaming ETF (BETZ) 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.
| BETZ | BNO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.25 | 2.17 | -2.43 |
Sortino ratioReturn per unit of downside risk | -0.22 | 2.68 | -2.90 |
Omega ratioGain probability vs. loss probability | 0.97 | 1.37 | -0.39 |
Calmar ratioReturn relative to maximum drawdown | -0.22 | 5.39 | -5.61 |
Martin ratioReturn relative to average drawdown | -0.38 | 10.23 | -10.61 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BETZ | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.25 | 2.17 | -2.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.32 | 0.68 | -0.99 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.37 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | 0.14 | 0.00 |
Drawdowns
BETZ vs. BNO - Drawdown Comparison
The maximum BETZ drawdown since its inception was -60.82%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for BETZ and BNO.
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Drawdown Indicators
| BETZ | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.82% | -87.06% | +26.24% |
Max Drawdown (1Y)Largest decline over 1 year | -29.20% | -17.87% | -11.33% |
Max Drawdown (3Y)Largest decline over 3 years | -29.20% | -23.75% | -5.45% |
Max Drawdown (5Y)Largest decline over 5 years | -60.35% | -33.70% | -26.65% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -38.64% | -12.04% | -26.60% |
Average DrawdownAverage peak-to-trough decline | -33.81% | -40.18% | +6.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.93% | 9.43% | +7.50% |
Volatility
BETZ vs. BNO - Volatility Comparison
The current volatility for Roundhill Sports Betting & iGaming ETF (BETZ) is 5.46%, while United States Brent Oil Fund LP (BNO) has a volatility of 15.03%. This indicates that BETZ 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.
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Volatility by Period
| BETZ | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.46% | 15.03% | -9.57% |
Volatility (6M)Calculated over the trailing 6-month period | 15.77% | 36.08% | -20.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.49% | 41.56% | -21.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.95% | 35.37% | -8.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.95% | 36.68% | -8.73% |
BETZ vs. BNO - Expense Ratio Comparison
BETZ has a 0.75% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
BETZ vs. BNO - Dividend Comparison
BETZ's dividend yield for the trailing twelve months is around 5.04%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
BETZ Roundhill Sports Betting & iGaming ETF | 5.04% | 4.57% | 0.86% | 0.00% | 0.66% | 0.00% | 0.28% |
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BETZ and BNO have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (15.03%) compared to BETZ (5.46%). In terms of maximum drawdown, BETZ dropped -60.82% vs BNO's -87.06%.
On 5-year performance, BNO leads with 23.77% vs -8.45% for BETZ. On fees, BETZ is cheaper at 0.75% per year. On volatility, BETZ has been the lower-risk option at 5.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BNO has performed better with a 23.77% return vs -8.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BETZ is cheaper with a 0.75% expense ratio, compared with 0.90% for BNO.
BETZ has the higher dividend yield at 5.04%, compared with 0.00% for BNO.
BETZ is categorized as Consumer Discretionary Equities, while BNO is Oil & Gas. BETZ tracks Roundhill Sports Betting & iGaming Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Roundhill Investments and Concierge Technologies. Their fees differ too: 0.75% for BETZ and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.17 vs -0.25), 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.
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