CVNY vs. BNO
CVNY (YieldMax CVNA Option Income Strategy ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - CVNY is a Derivative Income fund actively managed by YieldMax, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. CVNY is actively managed, while BNO is passively managed. Over the past year, CVNY returned -2.56% vs 88.71% for BNO. At a correlation of -0.12, they often move in opposite directions. CVNY charges 0.99%/yr vs 0.90%/yr for BNO.
Performance
CVNY vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, CVNY achieves a -18.76% return, which is significantly lower than BNO's 85.31% return.
CVNY
- 1D
- 3.85%
- 1M
- -11.51%
- YTD
- -18.76%
- 6M
- -14.07%
- 1Y
- -2.56%
- 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%
CVNY vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CVNY YieldMax CVNA Option Income Strategy ETF | -18.76% | 54.11% |
BNO United States Brent Oil Fund LP | 85.31% | -8.88% |
Correlation
The correlation between CVNY and BNO is -0.24, 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 | -0.24 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 2025 | -0.12 |
The correlation between CVNY and BNO shifts across timeframes, from -0.24 (1 year) to -0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CVNY vs. BNO — Risk / Return Rank
CVNY
BNO
CVNY vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for YieldMax CVNA Option Income Strategy ETF (CVNY) 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.
| CVNY | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.20 | ||
| Sortino ratioReturn per unit of downside risk | -2.38 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.36 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 4.99 | -5.06 |
| Martin ratioReturn relative to average drawdown | -0.16 | 9.39 | -9.55 |
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
| CVNY | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.05 | 2.15 | -2.20 |
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 | 0.31 | 0.14 | +0.18 |
Drawdowns
CVNY vs. BNO - Drawdown Comparison
The maximum CVNY drawdown since its inception was -43.27%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for CVNY and BNO.
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Drawdown Indicators
| CVNY | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.27% | -87.06% | +43.79% |
Max Drawdown (1Y)Largest decline over 1 year | -36.27% | -17.87% | -18.40% |
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 | -26.89% | -12.72% | -14.17% |
Average DrawdownAverage peak-to-trough decline | -13.47% | -40.16% | +26.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.02% | 9.48% | +6.54% |
Volatility
CVNY vs. BNO - Volatility Comparison
YieldMax CVNA Option Income Strategy ETF (CVNY) and United States Brent Oil Fund LP (BNO) have volatilities of 14.45% and 14.12%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CVNY | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.45% | 14.12% | +0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 36.98% | 36.21% | +0.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.51% | 41.56% | +7.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.27% | 35.40% | +22.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.27% | 36.69% | +21.58% |
CVNY vs. BNO - Expense Ratio Comparison
CVNY has a 0.99% expense ratio, which is higher than BNO's 0.90% expense ratio.
Dividends
CVNY vs. BNO - Dividend Comparison
CVNY's dividend yield for the trailing twelve months is around 108.47%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% |
CVNY YieldMax CVNA Option Income Strategy ETF | 108.47% | 80.86% |
Frequently Asked Questions
CVNY and BNO have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CVNY has higher volatility (14.45%) compared to BNO (14.12%). In terms of maximum drawdown, CVNY dropped -43.27% vs BNO's -87.06%.
On 1-year performance, BNO leads with 88.71% vs -2.56% for CVNY. On fees, BNO is cheaper at 0.90% per year. On volatility, BNO has been the lower-risk option at 14.12%. 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 88.71% return vs -2.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNO is cheaper with a 0.90% expense ratio, compared with 0.99% for CVNY.
CVNY has the higher dividend yield at 108.47%, compared with 0.00% for BNO.
CVNY 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 CVNY and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.15 vs -0.05), 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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