ETCG vs. BNO
ETCG (Grayscale Ethereum Classic Trust (ETC)) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - ETCG is a Cryptocurrency fund tracking the Ethereum Classic (ETC), while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 5 years, ETCG returned -35.81%/yr vs 24.16%/yr for BNO. At a 0.06 correlation, their price movements are largely independent. ETCG charges 2.50%/yr vs 0.90%/yr for BNO.
Performance
ETCG vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, ETCG achieves a -35.40% return, which is significantly lower than BNO's 90.47% return.
ETCG
- 1D
- 1.15%
- 1M
- -6.17%
- YTD
- -35.40%
- 6M
- -44.65%
- 1Y
- -51.42%
- 3Y*
- -10.63%
- 5Y*
- -35.81%
- 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%
ETCG vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ETCG Grayscale Ethereum Classic Trust (ETC) | -35.40% | -39.78% | -9.57% | 289.22% | -80.45% | 145.11% | -10.70% | 7.52% | -75.82% |
BNO United States Brent Oil Fund LP | 90.47% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -28.83% |
Correlation
The correlation between ETCG and BNO is -0.14, 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 | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since May 11, 2018 | 0.06 |
The correlation between ETCG and BNO shifts across timeframes, from -0.14 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ETCG vs. BNO — Risk / Return Rank
ETCG
BNO
ETCG vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Classic Trust (ETC) (ETCG) 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.
| ETCG | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.06 | ||
| Sortino ratioReturn per unit of downside risk | -4.05 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.38 | -0.52 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 5.17 | -5.94 |
| Martin ratioReturn relative to average drawdown | -1.19 | 9.76 | -10.95 |
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
| ETCG | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.83 | 2.23 | -3.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.38 | 0.69 | -1.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.37 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.18 | 0.14 | -0.32 |
Drawdowns
ETCG vs. BNO - Drawdown Comparison
The maximum ETCG drawdown since its inception was -96.59%, which is greater than BNO's maximum drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for ETCG and BNO.
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Drawdown Indicators
| ETCG | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.59% | -87.06% | -9.53% |
Max Drawdown (1Y)Largest decline over 1 year | -66.46% | -17.87% | -48.59% |
Max Drawdown (3Y)Largest decline over 3 years | -78.12% | -23.75% | -54.37% |
Max Drawdown (5Y)Largest decline over 5 years | -92.70% | -33.70% | -59.00% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -95.33% | -10.29% | -85.04% |
Average DrawdownAverage peak-to-trough decline | -82.67% | -40.17% | -42.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.41% | 9.45% | +33.96% |
Volatility
ETCG vs. BNO - Volatility Comparison
The current volatility for Grayscale Ethereum Classic Trust (ETC) (ETCG) is 11.37%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that ETCG 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
| ETCG | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.37% | 14.22% | -2.85% |
Volatility (6M)Calculated over the trailing 6-month period | 36.81% | 36.10% | +0.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 62.03% | 41.46% | +20.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.03% | 35.38% | +58.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 115.33% | 36.68% | +78.65% |
ETCG vs. BNO - Expense Ratio Comparison
ETCG has a 2.50% expense ratio, which is higher than BNO's 0.90% expense ratio.
Dividends
ETCG vs. BNO - Dividend Comparison
Neither ETCG nor BNO has paid dividends to shareholders.
Frequently Asked Questions
ETCG and BNO have a correlation of -0.14, 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 ETCG (11.37%). In terms of maximum drawdown, ETCG dropped -96.59% vs BNO's -87.06%.
On 5-year performance, BNO leads with 24.16% vs -35.81% for ETCG. On fees, BNO is cheaper at 0.90% per year. On volatility, ETCG has been the lower-risk option at 11.37%. 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 -35.81%. 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 2.50% for ETCG.
ETCG and BNO have nearly identical dividend yields, around 0.00%.
ETCG is categorized as Cryptocurrency, while BNO is Oil & Gas. ETCG tracks Ethereum Classic (ETC), while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Grayscale and Concierge Technologies. Their fees differ too: 2.50% for ETCG and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.23 vs -0.83), 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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