BULZ vs. BNO
BULZ (MicroSectors Solactive FANG & Innovation 3X Leveraged ETN) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - BULZ is a Leveraged Equities fund tracking the Solactive FANG Innovation, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 3 years, BULZ returned 102.20%/yr vs 27.93%/yr for BNO. At a 0.04 correlation, their price movements are largely independent. BULZ charges 0.95%/yr vs 0.90%/yr for BNO.
Performance
BULZ vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, BULZ achieves a 100.89% return, which is significantly higher than BNO's 90.47% return.
BULZ
- 1D
- -3.69%
- 1M
- 48.46%
- YTD
- 100.89%
- 6M
- 88.97%
- 1Y
- 258.75%
- 3Y*
- 102.20%
- 5Y*
- —
- 10Y*
- —
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%
BULZ vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BULZ MicroSectors Solactive FANG & Innovation 3X Leveraged ETN | 100.89% | 60.09% | 54.09% | 394.22% | -92.26% | 12.62% |
BNO United States Brent Oil Fund LP | 90.47% | -5.44% | 9.67% | -3.43% | 35.25% | 18.94% |
Correlation
The correlation between BULZ and BNO is -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Aug 19, 2021 | 0.04 |
The correlation between BULZ and BNO shifts across timeframes, from -0.22 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BULZ vs. BNO — Risk / Return Rank
BULZ
BNO
BULZ vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Solactive FANG & Innovation 3X Leveraged ETN (BULZ) 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.
| BULZ | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.38 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 4.81 | 5.17 | -0.36 |
| Martin ratioReturn relative to average drawdown | 12.88 | 9.76 | +3.12 |
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
| BULZ | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.51 | 2.23 | +1.28 |
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 | 0.19 | 0.14 | +0.05 |
Drawdowns
BULZ vs. BNO - Drawdown Comparison
The maximum BULZ drawdown since its inception was -94.44%, which is greater than BNO's maximum drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for BULZ and BNO.
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Drawdown Indicators
| BULZ | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.44% | -87.06% | -7.38% |
Max Drawdown (1Y)Largest decline over 1 year | -54.22% | -17.87% | -36.35% |
Max Drawdown (3Y)Largest decline over 3 years | -67.96% | -23.75% | -44.21% |
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 | -5.35% | -10.29% | +4.94% |
Average DrawdownAverage peak-to-trough decline | -58.42% | -40.17% | -18.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.19% | 9.45% | +10.74% |
Volatility
BULZ vs. BNO - Volatility Comparison
MicroSectors Solactive FANG & Innovation 3X Leveraged ETN (BULZ) has a higher volatility of 22.49% compared to United States Brent Oil Fund LP (BNO) at 14.22%. This indicates that BULZ'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.
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Volatility by Period
| BULZ | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.49% | 14.22% | +8.27% |
Volatility (6M)Calculated over the trailing 6-month period | 56.86% | 36.10% | +20.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 74.35% | 41.46% | +32.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 91.23% | 35.38% | +55.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 91.23% | 36.68% | +54.55% |
BULZ vs. BNO - Expense Ratio Comparison
BULZ has a 0.95% expense ratio, which is higher than BNO's 0.90% expense ratio.
Dividends
BULZ vs. BNO - Dividend Comparison
Neither BULZ nor BNO has paid dividends to shareholders.
Frequently Asked Questions
BULZ and BNO have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BULZ has higher volatility (22.49%) compared to BNO (14.22%). In terms of maximum drawdown, BULZ dropped -94.44% vs BNO's -87.06%.
On 3-year performance, BULZ leads with 102.20% vs 27.93% 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 3-year period, BULZ has performed better with a 102.20% return vs 27.93%. 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 BULZ.
BULZ and BNO have nearly identical dividend yields, around 0.00%.
BULZ is categorized as Leveraged Equities, while BNO is Oil & Gas. BULZ tracks Solactive FANG Innovation, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: BMO and Concierge Technologies. Their fees differ too: 0.95% for BULZ and 0.90% for BNO.
BULZ currently has the higher Sharpe Ratio (3.51 vs 2.23), 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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