BNO vs. NRGU
BNO (United States Brent Oil Fund LP) and NRGU (MicroSectors U.S. Big Oil Index 3X Leveraged ETN) are both exchange-traded funds - BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil, while NRGU is a Leveraged Equities fund tracking the Solactive MicroSectors U.S. Big Oil Index (-300%). Both are passively managed. Over the past year, BNO returned 91.89% vs 156.99% for NRGU. A 0.67 correlation means they provide meaningful diversification when combined. BNO charges 0.90%/yr vs 0.95%/yr for NRGU.
Performance
BNO vs. NRGU - Performance Comparison
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Returns By Period
In the year-to-date period, BNO achieves a 90.47% return, which is significantly lower than NRGU's 129.31% return.
BNO
- 1D
- 1.99%
- 1M
- -10.29%
- YTD
- 90.47%
- 6M
- 86.00%
- 1Y
- 91.89%
- 3Y*
- 27.93%
- 5Y*
- 24.16%
- 10Y*
- 13.60%
NRGU
- 1D
- 2.53%
- 1M
- -6.67%
- YTD
- 129.31%
- 6M
- 97.01%
- 1Y
- 156.99%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BNO vs. NRGU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BNO United States Brent Oil Fund LP | 90.47% | -9.64% |
NRGU MicroSectors U.S. Big Oil Index 3X Leveraged ETN | 129.31% | -33.00% |
Correlation
The correlation between BNO and NRGU is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025 | 0.67 |
The correlation between BNO and NRGU has been stable across timeframes, ranging from 0.67 to 0.67 - a consistent structural relationship.
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Return for Risk
BNO vs. NRGU — Risk / Return Rank
BNO
NRGU
BNO vs. NRGU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Brent Oil Fund LP (BNO) and MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU). 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.
| BNO | NRGU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.30 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 5.17 | 3.95 | +1.21 |
| Martin ratioReturn relative to average drawdown | 9.76 | 9.88 | -0.12 |
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
| BNO | NRGU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.23 | 2.11 | +0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.69 | — | — |
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 | 0.45 | -0.31 |
Drawdowns
BNO vs. NRGU - Drawdown Comparison
The maximum BNO drawdown since its inception was -87.06%, which is greater than NRGU's maximum drawdown of -57.50%. Use the drawdown chart below to compare losses from any high point for BNO and NRGU.
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Drawdown Indicators
| BNO | NRGU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.06% | -57.50% | -29.56% |
Max Drawdown (1Y)Largest decline over 1 year | -17.87% | -39.95% | +22.08% |
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 DrawdownCurrent decline from peak | -10.29% | -20.91% | +10.62% |
Average DrawdownAverage peak-to-trough decline | -40.17% | -25.42% | -14.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.45% | 15.96% | -6.51% |
Volatility
BNO vs. NRGU - Volatility Comparison
The current volatility for United States Brent Oil Fund LP (BNO) is 14.22%, while MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU) has a volatility of 31.63%. This indicates that BNO experiences smaller price fluctuations and is considered to be less risky than NRGU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BNO | NRGU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.22% | 31.63% | -17.41% |
Volatility (6M)Calculated over the trailing 6-month period | 36.10% | 61.27% | -25.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.46% | 75.15% | -33.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.38% | 89.15% | -53.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.68% | 89.15% | -52.47% |
BNO vs. NRGU - Expense Ratio Comparison
BNO has a 0.90% expense ratio, which is lower than NRGU's 0.95% expense ratio.
Dividends
BNO vs. NRGU - Dividend Comparison
Neither BNO nor NRGU has paid dividends to shareholders.
Frequently Asked Questions
BNO and NRGU have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NRGU has higher volatility (31.63%) compared to BNO (14.22%). In terms of maximum drawdown, BNO dropped -87.06% vs NRGU's -57.50%.
On 1-year performance, NRGU leads with 156.99% vs 91.89% for BNO. On fees, BNO is cheaper at 0.90% per year. On volatility, BNO has been the lower-risk option at 14.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, NRGU has performed better with a 156.99% return vs 91.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNO is cheaper with a 0.90% expense ratio, compared with 0.95% for NRGU.
BNO and NRGU have nearly identical dividend yields, around 0.00%.
BNO is categorized as Oil & Gas, while NRGU is Leveraged Equities. BNO tracks Front Month Brent Crude Oil, while NRGU tracks Solactive MicroSectors U.S. Big Oil Index (-300%). They also come from different issuers: Concierge Technologies and BMO. Their fees differ too: 0.90% for BNO and 0.95% for NRGU.
BNO currently has the higher Sharpe Ratio (2.23 vs 2.11), 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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