CPAI vs. BNO
CPAI (Counterpoint Quantitative Equity ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - CPAI is a Mid Cap Blend Equities fund actively managed by Counterpoint Funds, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. CPAI is actively managed, while BNO is passively managed. Over the past year, CPAI returned 41.32% vs 82.92% for BNO. At a 0.02 correlation, their price movements are largely independent. CPAI charges 0.75%/yr vs 0.90%/yr for BNO.
Performance
CPAI vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, CPAI achieves a 23.24% return, which is significantly lower than BNO's 80.79% return.
CPAI
- 1D
- -4.34%
- 1M
- 3.69%
- YTD
- 23.24%
- 6M
- 24.51%
- 1Y
- 41.32%
- 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%
CPAI vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CPAI Counterpoint Quantitative Equity ETF | 23.24% | 17.79% | 28.37% | 6.69% |
BNO United States Brent Oil Fund LP | 80.79% | -5.44% | 9.67% | -6.98% |
Correlation
The correlation between CPAI 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 Nov 30, 2023 | 0.02 |
The correlation between CPAI and BNO shifts across timeframes, from -0.18 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CPAI vs. BNO — Risk / Return Rank
CPAI
BNO
CPAI vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Counterpoint Quantitative Equity ETF (CPAI) 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.
| CPAI | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.34 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.96 | 4.66 | -0.70 |
| Martin ratioReturn relative to average drawdown | 14.36 | 8.73 | +5.63 |
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
| CPAI | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.22 | 2.00 | +0.22 |
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 | 1.66 | 0.13 | +1.53 |
Drawdowns
CPAI vs. BNO - Drawdown Comparison
The maximum CPAI drawdown since its inception was -21.46%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for CPAI and BNO.
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Drawdown Indicators
| CPAI | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.46% | -87.06% | +65.60% |
Max Drawdown (1Y)Largest decline over 1 year | -10.48% | -17.87% | +7.39% |
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 DrawdownCurrent decline from peak | -5.05% | -14.85% | +9.80% |
Average DrawdownAverage peak-to-trough decline | -2.97% | -40.16% | +37.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.89% | 9.53% | -6.64% |
Volatility
CPAI vs. BNO - Volatility Comparison
The current volatility for Counterpoint Quantitative Equity ETF (CPAI) is 7.25%, while United States Brent Oil Fund LP (BNO) has a volatility of 11.71%. This indicates that CPAI 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
| CPAI | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.25% | 11.71% | -4.46% |
Volatility (6M)Calculated over the trailing 6-month period | 15.23% | 36.33% | -21.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.68% | 41.63% | -22.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.38% | 35.41% | -16.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.38% | 36.69% | -17.31% |
CPAI vs. BNO - Expense Ratio Comparison
CPAI has a 0.75% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
CPAI vs. BNO - Dividend Comparison
CPAI's dividend yield for the trailing twelve months is around 0.72%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% |
CPAI Counterpoint Quantitative Equity ETF | 0.72% | 0.89% | 0.41% | 0.06% |
Frequently Asked Questions
CPAI 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.
BNO has higher volatility (11.71%) compared to CPAI (7.25%). In terms of maximum drawdown, CPAI dropped -21.46% vs BNO's -87.06%.
On 1-year performance, BNO leads with 82.92% vs 41.32% for CPAI. On fees, CPAI is cheaper at 0.75% per year. On volatility, CPAI has been the lower-risk option at 7.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BNO has performed better with a 82.92% return vs 41.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CPAI is cheaper with a 0.75% expense ratio, compared with 0.90% for BNO.
CPAI has the higher dividend yield at 0.72%, compared with 0.00% for BNO.
CPAI is categorized as Mid Cap Blend Equities, while BNO is Oil & Gas. They also come from different issuers: Counterpoint Funds and Concierge Technologies. Their fees differ too: 0.75% for CPAI and 0.90% for BNO.
CPAI currently has the higher Sharpe Ratio (2.22 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.
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