CAS vs. BNO

Last updated Jun 24, 2026

CAS (Simplify China A Shares PLUS Income ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - CAS is a China Equities fund actively managed by Simplify, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. CAS is actively managed, while BNO is passively managed. At a correlation of -0.44, they often move in opposite directions. CAS charges 0.88%/yr vs 1.00%/yr for BNO.

Performance

CAS vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify China A Shares PLUS Income ETF (CAS) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CAS

• 1D: -2.90%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNO

• 1D: -1.35%
• 1M: -22.65%
• YTD: 50.21%
• 6M: 47.81%
• 1Y: 38.79%
• 3Y*: 19.32%
• 5Y*: 17.15%
• 10Y*: 11.25%

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

CAS vs. BNO - Yearly Performance Comparison

	2026 (YTD)
CAS Simplify China A Shares PLUS Income ETF	0.48%
BNO United States Brent Oil Fund LP	-16.82%

Correlation

The correlation between CAS and BNO is -0.44, 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 (All Time) Calculated using the full available price history since May 28, 2026	-0.44

Return for Risk

CAS vs. BNO — Risk / Return Rank

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

CAS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

BNO

BNO Risk / Return Rank: 29
BNO Sharpe Ratio Rank: 27
BNO Sortino Ratio Rank: 28
BNO Omega Ratio Rank: 29
BNO Calmar Ratio Rank: 28
BNO Martin Ratio Rank: 31

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.

CAS vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify China A Shares PLUS Income ETF (CAS) 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.

	CAS	BNO	Difference
Sharpe ratio: Return per unit of total volatility	—	0.95	—
Sortino ratio: Return per unit of downside risk	—	1.49	—
Omega ratio: Gain probability vs. loss probability	—	1.19	—
Calmar ratio: Return relative to maximum drawdown	—	1.33	—
Martin ratio: Return relative to average drawdown	—	4.21	—

Drawdowns

CAS vs. BNO - Drawdown Comparison

The maximum CAS drawdown since its inception was -6.84%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for CAS and BNO.

Drawdown Indicators

	CAS	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-6.84%	-87.06%	+80.22%
Max Drawdown (1Y) Largest decline over 1 year	—	-29.25%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-29.25%	—
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	-2.90%	-29.25%	+26.35%
Average Drawdown Average peak-to-trough decline	-2.67%	-40.10%	+37.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	9.28%	—

Volatility

Volatility by Period

	CAS	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.92%	—
Volatility (6M) Calculated over the trailing 6-month period	—	37.29%	—
Volatility (1Y) Calculated over the trailing 1-year period	28.91%	41.67%	-12.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.91%	35.65%	-6.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.91%	36.68%	-7.77%

CAS vs. BNO - Expense Ratio Comparison

CAS has a 0.88% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

CAS vs. BNO - Dividend Comparison

Neither CAS nor BNO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CAS and BNO in my portfolio?

CAS and BNO have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CAS or BNO?

On fees, CAS is cheaper at 0.88% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CAS or BNO?

CAS is cheaper with a 0.88% expense ratio, compared with 1.00% for BNO.

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

CAS and BNO have nearly identical dividend yields, around 0.00%.

What is the main difference between CAS and BNO?

CAS is categorized as China Equities, while BNO is Oil & Gas. They also come from different issuers: Simplify and USCF Investments. Their fees differ too: 0.88% for CAS and 1.00% for BNO.