EFFE vs. BNO

Last updated Jun 24, 2026

EFFE (Harbor Osmosis Emerging Markets Resource Efficient ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - EFFE is a Emerging Markets Diversified fund actively managed by Harbor, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. EFFE is actively managed, while BNO is passively managed. Over the past year, EFFE returned 30.19% vs 38.79% for BNO. At a correlation of -0.16, they often move in opposite directions. EFFE charges 0.69%/yr vs 1.00%/yr for BNO.

Performance

EFFE vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Osmosis Emerging Markets Resource Efficient ETF (EFFE) 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, EFFE achieves a 17.73% return, which is significantly lower than BNO's 50.21% return.

EFFE

• 1D: -5.58%
• 1M: 0.23%
• YTD: 17.73%
• 6M: 18.02%
• 1Y: 30.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNO

• 1D: -1.35%
• 1M: -22.65%
• YTD: 50.21%
• 6M: 47.81%
• 1Y: 38.79%
• 3Y*: 19.32%
• 5Y*: 17.15%
• 10Y*: 11.25%

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

EFFE vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EFFE Harbor Osmosis Emerging Markets Resource Efficient ETF	17.73%	22.42%	-0.84%
BNO United States Brent Oil Fund LP	50.21%	-5.44%	2.57%

Correlation

The correlation between EFFE 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 Dec 19, 2024	-0.16

Return for Risk

EFFE vs. BNO — Risk / Return Rank

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

EFFE

EFFE Risk / Return Rank: 45
EFFE Sharpe Ratio Rank: 42
EFFE Sortino Ratio Rank: 38
EFFE Omega Ratio Rank: 44
EFFE Calmar Ratio Rank: 49
EFFE Martin Ratio Rank: 51

BNO

BNO Risk / Return Rank: 29
BNO Sharpe Ratio Rank: 27
BNO Sortino Ratio Rank: 28
BNO Omega Ratio Rank: 29
BNO Calmar Ratio Rank: 28
BNO Martin Ratio Rank: 31

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.

EFFE vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Osmosis Emerging Markets Resource Efficient ETF (EFFE) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	EFFE	BNO	Difference
Sharpe ratio: Return per unit of total volatility	1.34	0.95	+0.39
Sortino ratio: Return per unit of downside risk	1.83	1.49	+0.34
Omega ratio: Gain probability vs. loss probability	1.26	1.19	+0.07
Calmar ratio: Return relative to maximum drawdown	2.21	1.33	+0.87
Martin ratio: Return relative to average drawdown	7.90	4.21	+3.70

EFFE vs. BNO - Sharpe Ratio Comparison

The current EFFE Sharpe Ratio is 1.34, which is higher than the BNO Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of EFFE 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.

Drawdowns

EFFE vs. BNO - Drawdown Comparison

The maximum EFFE drawdown since its inception was -13.75%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for EFFE and BNO.

Drawdown Indicators

	EFFE	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-13.75%	-87.06%	+73.31%
Max Drawdown (1Y) Largest decline over 1 year	-13.75%	-29.25%	+15.50%
Max Drawdown (3Y) Largest decline over 3 years	—	-29.25%	—
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	-9.05%	-29.25%	+20.20%
Average Drawdown Average peak-to-trough decline	-2.12%	-40.10%	+37.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.83%	9.28%	-5.45%

Volatility

EFFE vs. BNO - Volatility Comparison

Harbor Osmosis Emerging Markets Resource Efficient ETF (EFFE) has a higher volatility of 12.74% compared to United States Brent Oil Fund LP (BNO) at 10.92%. This indicates that EFFE'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

	EFFE	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.74%	10.92%	+1.82%
Volatility (6M) Calculated over the trailing 6-month period	20.67%	37.29%	-16.62%
Volatility (1Y) Calculated over the trailing 1-year period	22.67%	41.67%	-19.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.46%	35.65%	-14.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.46%	36.68%	-15.22%

EFFE vs. BNO - Expense Ratio Comparison

EFFE has a 0.69% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

EFFE vs. BNO - Dividend Comparison

EFFE's dividend yield for the trailing twelve months is around 3.99%, while BNO has not paid dividends to shareholders.

Position	TTM	2025
BNO United States Brent Oil Fund LP	0.00%	0.00%
EFFE Harbor Osmosis Emerging Markets Resource Efficient ETF	3.99%	4.69%

Frequently Asked Questions

Can I hold both EFFE and BNO in my portfolio?

EFFE 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.

Which is riskier, EFFE or BNO?

EFFE has higher volatility (12.74%) compared to BNO (10.92%). In terms of maximum drawdown, EFFE dropped -13.75% vs BNO's -87.06%.

Which ETF is better, EFFE or BNO?

On 1-year performance, BNO leads with 38.79% vs 30.19% for EFFE. On fees, EFFE is cheaper at 0.69% per year. On volatility, BNO has been the lower-risk option at 10.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFFE or BNO?

Over the 1-year period, BNO has performed better with a 38.79% return vs 30.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFFE or BNO?

EFFE is cheaper with a 0.69% expense ratio, compared with 1.00% for BNO.

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

EFFE has the higher dividend yield at 3.99%, compared with 0.00% for BNO.

What is the main difference between EFFE and BNO?

EFFE is categorized as Emerging Markets Diversified, while BNO is Oil & Gas. They also come from different issuers: Harbor and USCF Investments. Their fees differ too: 0.69% for EFFE and 1.00% for BNO.

Which has better risk-adjusted returns?

EFFE currently has the higher Sharpe Ratio (1.34 vs 0.95), 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.