DWUS vs. BNO
DWUS (AdvisorShares Dorsey Wright FSM US Core ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - DWUS is a Diversified Portfolio fund actively managed by AdvisorShares, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. DWUS is actively managed, while BNO is passively managed. Over the past 5 years, DWUS returned 12.00%/yr vs 24.16%/yr for BNO. At a 0.09 correlation, their price movements are largely independent. DWUS charges 1.17%/yr vs 0.90%/yr for BNO.
Performance
DWUS vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, DWUS achieves a 15.72% return, which is significantly lower than BNO's 90.47% return.
DWUS
- 1D
- 0.53%
- 1M
- 10.17%
- YTD
- 15.72%
- 6M
- 15.19%
- 1Y
- 24.82%
- 3Y*
- 21.40%
- 5Y*
- 12.00%
- 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%
DWUS vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
DWUS AdvisorShares Dorsey Wright FSM US Core ETF | 15.72% | 12.75% | 20.26% | 20.62% | -17.89% | 20.21% | 35.99% | -0.10% |
BNO United States Brent Oil Fund LP | 90.47% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | -1.56% |
Correlation
The correlation between DWUS and BNO is -0.25, 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 | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Dec 30, 2019 | 0.09 |
The correlation between DWUS and BNO shifts across timeframes, from -0.25 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DWUS vs. BNO — Risk / Return Rank
DWUS
BNO
DWUS vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Dorsey Wright FSM US Core ETF (DWUS) 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.
| DWUS | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.62 | ||
| Sortino ratioReturn per unit of downside risk | -0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.38 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.08 | 5.17 | -3.09 |
| Martin ratioReturn relative to average drawdown | 7.89 | 9.76 | -1.87 |
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
| DWUS | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.61 | 2.23 | -0.62 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.64 | 0.69 | -0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.37 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.72 | 0.14 | +0.57 |
Drawdowns
DWUS vs. BNO - Drawdown Comparison
The maximum DWUS drawdown since its inception was -30.47%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for DWUS and BNO.
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Drawdown Indicators
| DWUS | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.47% | -87.06% | +56.59% |
Max Drawdown (1Y)Largest decline over 1 year | -11.98% | -17.87% | +5.89% |
Max Drawdown (3Y)Largest decline over 3 years | -19.63% | -23.75% | +4.12% |
Max Drawdown (5Y)Largest decline over 5 years | -26.45% | -33.70% | +7.25% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | 0.00% | -10.29% | +10.29% |
Average DrawdownAverage peak-to-trough decline | -6.86% | -40.17% | +33.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.16% | 9.45% | -6.29% |
Volatility
DWUS vs. BNO - Volatility Comparison
The current volatility for AdvisorShares Dorsey Wright FSM US Core ETF (DWUS) is 4.85%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that DWUS 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
| DWUS | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.85% | 14.22% | -9.37% |
Volatility (6M)Calculated over the trailing 6-month period | 12.46% | 36.10% | -23.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.46% | 41.46% | -26.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.82% | 35.38% | -16.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.88% | 36.68% | -14.80% |
DWUS vs. BNO - Expense Ratio Comparison
DWUS has a 1.17% expense ratio, which is higher than BNO's 0.90% expense ratio.
Dividends
DWUS vs. BNO - Dividend Comparison
DWUS's dividend yield for the trailing twelve months is around 0.03%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
DWUS AdvisorShares Dorsey Wright FSM US Core ETF | 0.03% | 0.03% | 0.18% | 0.29% | 0.89% | 0.35% | 0.08% |
Frequently Asked Questions
DWUS and BNO have a correlation of -0.25, 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 DWUS (4.85%). In terms of maximum drawdown, DWUS dropped -30.47% vs BNO's -87.06%.
On 5-year performance, BNO leads with 24.16% vs 12.00% for DWUS. On fees, BNO is cheaper at 0.90% per year. On volatility, DWUS has been the lower-risk option at 4.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BNO has performed better with a 24.16% return vs 12.00%. 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 1.17% for DWUS.
DWUS has the higher dividend yield at 0.03%, compared with 0.00% for BNO.
DWUS is categorized as Diversified Portfolio, while BNO is Oil & Gas. They also come from different issuers: AdvisorShares and Concierge Technologies. Their fees differ too: 1.17% for DWUS and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.23 vs 1.61), 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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