CHAT vs. BNO
CHAT (Roundhill Generative AI & Technology ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - CHAT is a Technology Equities fund actively managed by Roundhill, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. CHAT is actively managed, while BNO is passively managed. Over the past 3 years, CHAT returned 55.51%/yr vs 27.93%/yr for BNO. At a correlation of -0.02, they often move in opposite directions. CHAT charges 0.75%/yr vs 0.90%/yr for BNO.
Performance
CHAT vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, CHAT achieves a 74.30% return, which is significantly lower than BNO's 90.47% return.
CHAT
- 1D
- -0.66%
- 1M
- 27.78%
- YTD
- 74.30%
- 6M
- 73.13%
- 1Y
- 144.01%
- 3Y*
- 55.51%
- 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%
CHAT vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CHAT Roundhill Generative AI & Technology ETF | 74.30% | 49.85% | 30.98% | 19.23% |
BNO United States Brent Oil Fund LP | 90.47% | -5.44% | 9.67% | 6.85% |
Correlation
The correlation between CHAT and BNO is -0.23, 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 | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since May 19, 2023 | -0.02 |
Over the past year, the inverse relationship between CHAT and BNO has strengthened: their correlation has moved from -0.02 to -0.23, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
CHAT vs. BNO — Risk / Return Rank
CHAT
BNO
CHAT vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Roundhill Generative AI & Technology ETF (CHAT) 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.
| CHAT | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.49 | ||
| Sortino ratioReturn per unit of downside risk | +2.13 | ||
| Omega ratioGain probability vs. loss probability | 1.65 | 1.38 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 8.90 | 5.17 | +3.73 |
| Martin ratioReturn relative to average drawdown | 26.26 | 9.76 | +16.50 |
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
| CHAT | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.72 | 2.23 | +2.49 |
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 | 1.98 | 0.14 | +1.84 |
Drawdowns
CHAT vs. BNO - Drawdown Comparison
The maximum CHAT drawdown since its inception was -31.34%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for CHAT and BNO.
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Drawdown Indicators
| CHAT | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.34% | -87.06% | +55.72% |
Max Drawdown (1Y)Largest decline over 1 year | -16.28% | -17.87% | +1.59% |
Max Drawdown (3Y)Largest decline over 3 years | -31.34% | -23.75% | -7.59% |
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 | -0.66% | -10.29% | +9.63% |
Average DrawdownAverage peak-to-trough decline | -5.35% | -40.17% | +34.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.51% | 9.45% | -3.94% |
Volatility
CHAT vs. BNO - Volatility Comparison
The current volatility for Roundhill Generative AI & Technology ETF (CHAT) is 11.70%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that CHAT 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
| CHAT | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.70% | 14.22% | -2.52% |
Volatility (6M)Calculated over the trailing 6-month period | 24.62% | 36.10% | -11.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.74% | 41.46% | -10.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.90% | 35.38% | -5.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.90% | 36.68% | -6.78% |
CHAT vs. BNO - Expense Ratio Comparison
CHAT has a 0.75% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
CHAT vs. BNO - Dividend Comparison
CHAT's dividend yield for the trailing twelve months is around 1.64%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% |
CHAT Roundhill Generative AI & Technology ETF | 1.64% | 2.85% |
Frequently Asked Questions
CHAT and BNO have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (14.22%) compared to CHAT (11.70%). In terms of maximum drawdown, CHAT dropped -31.34% vs BNO's -87.06%.
On 3-year performance, CHAT leads with 55.51% vs 27.93% for BNO. On fees, CHAT is cheaper at 0.75% per year. On volatility, CHAT has been the lower-risk option at 11.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CHAT has performed better with a 55.51% return vs 27.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CHAT is cheaper with a 0.75% expense ratio, compared with 0.90% for BNO.
CHAT has the higher dividend yield at 1.64%, compared with 0.00% for BNO.
CHAT is categorized as Technology Equities, while BNO is Oil & Gas. They also come from different issuers: Roundhill and Concierge Technologies. Their fees differ too: 0.75% for CHAT and 0.90% for BNO.
CHAT currently has the higher Sharpe Ratio (4.72 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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