CHPY vs. BNO

Last updated Jun 5, 2026

CHPY (YieldMax Semiconductor Portfolio Option Income ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - CHPY is a Derivative Income fund actively managed by YieldMax, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. CHPY is actively managed, while BNO is passively managed. Over the past year, CHPY returned 143.61% vs 88.71% for BNO. At a correlation of -0.11, they often move in opposite directions. CHPY charges 0.99%/yr vs 0.90%/yr for BNO.

Performance

CHPY vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Semiconductor Portfolio Option Income ETF (CHPY) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with CHPY having a 82.97% return and BNO slightly higher at 85.31%.

CHPY

• 1D: -1.51%
• 1M: 23.37%
• YTD: 82.97%
• 6M: 82.98%
• 1Y: 143.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNO

• 1D: -2.71%
• 1M: -9.80%
• YTD: 85.31%
• 6M: 79.66%
• 1Y: 88.71%
• 3Y*: 26.74%
• 5Y*: 23.48%
• 10Y*: 13.13%

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

CHPY vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025
CHPY YieldMax Semiconductor Portfolio Option Income ETF	82.97%	62.91%
BNO United States Brent Oil Fund LP	85.31%	-2.81%

Correlation

The correlation between CHPY and BNO is -0.18, 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	-0.18
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	-0.11

Return for Risk

CHPY vs. BNO — Risk / Return Rank

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

CHPY

CHPY Risk / Return Rank: 97
CHPY Sharpe Ratio Rank: 98
CHPY Sortino Ratio Rank: 96
CHPY Omega Ratio Rank: 96
CHPY Calmar Ratio Rank: 97
CHPY Martin Ratio Rank: 97

BNO

BNO Risk / Return Rank: 65
BNO Sharpe Ratio Rank: 65
BNO Sortino Ratio Rank: 57
BNO Omega Ratio Rank: 61
BNO Calmar Ratio Rank: 88
BNO Martin Ratio Rank: 55

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.

CHPY vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Semiconductor Portfolio Option Income ETF (CHPY) 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.

	CHPY	BNO	Difference
Sharpe ratio: Return per unit of total volatility	5.23	2.15	+3.09
Sortino ratio: Return per unit of downside risk	5.59	2.65	+2.93
Omega ratio: Gain probability vs. loss probability	1.78	1.36	+0.41
Calmar ratio: Return relative to maximum drawdown	11.88	4.99	+6.89
Martin ratio: Return relative to average drawdown	45.33	9.39	+35.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CHPY vs. BNO - Sharpe Ratio Comparison

The current CHPY Sharpe Ratio is 5.23, which is higher than the BNO Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of CHPY and BNO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CHPY	BNO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.23	2.15	+3.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.67	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	4.71	0.14	+4.57

Drawdowns

CHPY vs. BNO - Drawdown Comparison

The maximum CHPY drawdown since its inception was -12.17%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for CHPY and BNO.

Drawdown Indicators

	CHPY	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-12.17%	-87.06%	+74.89%
Max Drawdown (1Y) Largest decline over 1 year	-12.17%	-17.87%	+5.70%
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 Drawdown Current decline from peak	-1.51%	-12.72%	+11.21%
Average Drawdown Average peak-to-trough decline	-1.98%	-40.16%	+38.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	9.48%	-6.30%

Volatility

CHPY vs. BNO - Volatility Comparison

The current volatility for YieldMax Semiconductor Portfolio Option Income ETF (CHPY) is 11.32%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.12%. This indicates that CHPY 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.

Volatility by Period

	CHPY	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.32%	14.12%	-2.80%
Volatility (6M) Calculated over the trailing 6-month period	22.41%	36.21%	-13.80%
Volatility (1Y) Calculated over the trailing 1-year period	27.61%	41.56%	-13.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.16%	35.40%	-2.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.16%	36.69%	-3.53%

CHPY vs. BNO - Expense Ratio Comparison

CHPY has a 0.99% expense ratio, which is higher than BNO's 0.90% expense ratio.

Dividends

CHPY vs. BNO - Dividend Comparison

CHPY's dividend yield for the trailing twelve months is around 28.83%, while BNO has not paid dividends to shareholders.

Position	TTM	2025
BNO United States Brent Oil Fund LP	0.00%	0.00%
CHPY YieldMax Semiconductor Portfolio Option Income ETF	28.83%	28.19%

Frequently Asked Questions

Can I hold both CHPY and BNO in my portfolio?

CHPY and BNO have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CHPY or BNO?

BNO has higher volatility (14.12%) compared to CHPY (11.32%). In terms of maximum drawdown, CHPY dropped -12.17% vs BNO's -87.06%.

Which ETF is better, CHPY or BNO?

On 1-year performance, CHPY leads with 143.61% vs 88.71% for BNO. On fees, BNO is cheaper at 0.90% per year. On volatility, CHPY has been the lower-risk option at 11.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CHPY or BNO?

Over the 1-year period, CHPY has performed better with a 143.61% return vs 88.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CHPY or BNO?

BNO is cheaper with a 0.90% expense ratio, compared with 0.99% for CHPY.

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

CHPY has the higher dividend yield at 28.83%, compared with 0.00% for BNO.

What is the main difference between CHPY and BNO?

CHPY is categorized as Derivative Income, while BNO is Oil & Gas. They also come from different issuers: YieldMax and Concierge Technologies. Their fees differ too: 0.99% for CHPY and 0.90% for BNO.

Which has better risk-adjusted returns?

CHPY currently has the higher Sharpe Ratio (5.23 vs 2.15), 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.