CNAV vs. BNO

Last updated Jun 6, 2026

CNAV (Mohr Company Nav ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - CNAV is a Large Cap Blend Equities fund actively managed by Mohr, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. CNAV is actively managed, while BNO is passively managed. Over the past year, CNAV returned 56.50% vs 82.92% for BNO. At a correlation of -0.07, they often move in opposite directions. CNAV charges 1.31%/yr vs 0.90%/yr for BNO.

Performance

CNAV vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Mohr Company Nav ETF (CNAV) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNAV achieves a 34.15% return, which is significantly lower than BNO's 80.79% return.

CNAV

• 1D: -7.71%
• 1M: 3.16%
• YTD: 34.15%
• 6M: 33.13%
• 1Y: 56.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNO

• 1D: -2.44%
• 1M: -4.35%
• YTD: 80.79%
• 6M: 73.97%
• 1Y: 82.92%
• 3Y*: 25.89%
• 5Y*: 22.87%
• 10Y*: 12.62%

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

CNAV vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CNAV Mohr Company Nav ETF	34.15%	16.80%	6.34%
BNO United States Brent Oil Fund LP	80.79%	-5.44%	2.60%

Correlation

The correlation between CNAV and BNO is -0.19, 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	-0.19
Correlation (All Time) Calculated using the full available price history since Oct 2, 2024	-0.07

The correlation between CNAV and BNO shifts across timeframes, from -0.19 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CNAV vs. BNO — Risk / Return Rank

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

CNAV

CNAV Risk / Return Rank: 75
CNAV Sharpe Ratio Rank: 71
CNAV Sortino Ratio Rank: 63
CNAV Omega Ratio Rank: 67
CNAV Calmar Ratio Rank: 85
CNAV Martin Ratio Rank: 88

BNO

BNO Risk / Return Rank: 62
BNO Sharpe Ratio Rank: 62
BNO Sortino Ratio Rank: 54
BNO Omega Ratio Rank: 57
BNO Calmar Ratio Rank: 86
BNO Martin Ratio Rank: 53

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.

CNAV vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mohr Company Nav ETF (CNAV) 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.

	CNAV	BNO	Difference
Sharpe ratio: Return per unit of total volatility	2.16	2.00	+0.15
Sortino ratio: Return per unit of downside risk	2.72	2.53	+0.18
Omega ratio: Gain probability vs. loss probability	1.38	1.34	+0.03
Calmar ratio: Return relative to maximum drawdown	4.38	4.66	-0.29
Martin ratio: Return relative to average drawdown	18.41	8.73	+9.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNAV vs. BNO - Sharpe Ratio Comparison

The current CNAV Sharpe Ratio is 2.16, which is comparable to the BNO Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of CNAV 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

	CNAV	BNO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.16	2.00	+0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.65	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.35	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.29	0.13	+1.16

Drawdowns

CNAV vs. BNO - Drawdown Comparison

The maximum CNAV drawdown since its inception was -30.06%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for CNAV and BNO.

Drawdown Indicators

	CNAV	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-30.06%	-87.06%	+57.00%
Max Drawdown (1Y) Largest decline over 1 year	-12.97%	-17.87%	+4.90%
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	-8.90%	-14.85%	+5.95%
Average Drawdown Average peak-to-trough decline	-5.42%	-40.16%	+34.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	9.53%	-6.45%

Volatility

CNAV vs. BNO - Volatility Comparison

Mohr Company Nav ETF (CNAV) has a higher volatility of 14.56% compared to United States Brent Oil Fund LP (BNO) at 11.71%. This indicates that CNAV'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.

Volatility by Period

	CNAV	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.56%	11.71%	+2.85%
Volatility (6M) Calculated over the trailing 6-month period	22.65%	36.33%	-13.68%
Volatility (1Y) Calculated over the trailing 1-year period	26.34%	41.63%	-15.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.80%	35.41%	-7.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.80%	36.69%	-8.89%

CNAV vs. BNO - Expense Ratio Comparison

CNAV has a 1.31% expense ratio, which is higher than BNO's 0.90% expense ratio.

Dividends

CNAV vs. BNO - Dividend Comparison

Neither CNAV nor BNO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CNAV and BNO in my portfolio?

CNAV and BNO have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CNAV or BNO?

CNAV has higher volatility (14.56%) compared to BNO (11.71%). In terms of maximum drawdown, CNAV dropped -30.06% vs BNO's -87.06%.

Which ETF is better, CNAV or BNO?

On 1-year performance, BNO leads with 82.92% vs 56.50% for CNAV. On fees, BNO is cheaper at 0.90% per year. On volatility, BNO has been the lower-risk option at 11.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CNAV or BNO?

Over the 1-year period, BNO has performed better with a 82.92% return vs 56.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CNAV or BNO?

BNO is cheaper with a 0.90% expense ratio, compared with 1.31% for CNAV.

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

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

What is the main difference between CNAV and BNO?

CNAV is categorized as Large Cap Blend Equities, while BNO is Oil & Gas. They also come from different issuers: Mohr and Concierge Technologies. Their fees differ too: 1.31% for CNAV and 0.90% for BNO.

Which has better risk-adjusted returns?

CNAV currently has the higher Sharpe Ratio (2.16 vs 2.00), 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.