FCTE vs. BNO
FCTE (SMI 3Fourteen Full-Cycle Trend ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - FCTE is a Large Cap Blend Equities fund actively managed by SMI 3Fourteen, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. FCTE is actively managed, while BNO is passively managed. Over the past year, FCTE returned 2.91% vs 82.92% for BNO. At a correlation of -0.12, they often move in opposite directions. FCTE charges 0.85%/yr vs 0.90%/yr for BNO.
Performance
FCTE vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, FCTE achieves a 8.91% return, which is significantly lower than BNO's 80.79% return.
FCTE
- 1D
- -0.88%
- 1M
- -0.24%
- YTD
- 8.91%
- 6M
- 7.45%
- 1Y
- 2.91%
- 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%
FCTE vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FCTE SMI 3Fourteen Full-Cycle Trend ETF | 8.91% | -3.80% | 5.47% |
BNO United States Brent Oil Fund LP | 80.79% | -5.44% | -8.52% |
Correlation
The correlation between FCTE and BNO is -0.30, 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 | -0.30 |
Correlation (All Time) Calculated using the full available price history since Jul 3, 2024 | -0.12 |
The correlation between FCTE and BNO shifts across timeframes, from -0.30 (1 year) to -0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FCTE vs. BNO — Risk / Return Rank
FCTE
BNO
FCTE vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SMI 3Fourteen Full-Cycle Trend ETF (FCTE) 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.
| FCTE | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.81 | ||
| Sortino ratioReturn per unit of downside risk | -2.15 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.34 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.23 | 4.66 | -4.44 |
| Martin ratioReturn relative to average drawdown | 0.63 | 8.73 | -8.11 |
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
| FCTE | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.20 | 2.00 | -1.81 |
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 | 0.29 | 0.13 | +0.16 |
Drawdowns
FCTE vs. BNO - Drawdown Comparison
The maximum FCTE drawdown since its inception was -19.68%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for FCTE and BNO.
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Drawdown Indicators
| FCTE | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.68% | -87.06% | +67.38% |
Max Drawdown (1Y)Largest decline over 1 year | -12.85% | -17.87% | +5.02% |
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 | -3.10% | -14.85% | +11.75% |
Average DrawdownAverage peak-to-trough decline | -6.01% | -40.16% | +34.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.66% | 9.53% | -4.87% |
Volatility
FCTE vs. BNO - Volatility Comparison
The current volatility for SMI 3Fourteen Full-Cycle Trend ETF (FCTE) is 3.77%, while United States Brent Oil Fund LP (BNO) has a volatility of 11.71%. This indicates that FCTE 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
| FCTE | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.77% | 11.71% | -7.94% |
Volatility (6M)Calculated over the trailing 6-month period | 12.35% | 36.33% | -23.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.99% | 41.63% | -26.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.68% | 35.41% | -16.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.68% | 36.69% | -18.01% |
FCTE vs. BNO - Expense Ratio Comparison
FCTE has a 0.85% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
FCTE vs. BNO - Dividend Comparison
FCTE's dividend yield for the trailing twelve months is around 0.08%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% |
FCTE SMI 3Fourteen Full-Cycle Trend ETF | 0.08% | 0.18% | 0.18% |
Frequently Asked Questions
FCTE and BNO have a correlation of -0.30, 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 FCTE (3.77%). In terms of maximum drawdown, FCTE dropped -19.68% vs BNO's -87.06%.
On 1-year performance, BNO leads with 82.92% vs 2.91% for FCTE. On fees, FCTE is cheaper at 0.85% per year. On volatility, FCTE has been the lower-risk option at 3.77%. 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 2.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FCTE is cheaper with a 0.85% expense ratio, compared with 0.90% for BNO.
FCTE has the higher dividend yield at 0.08%, compared with 0.00% for BNO.
FCTE is categorized as Large Cap Blend Equities, while BNO is Oil & Gas. They also come from different issuers: SMI 3Fourteen and Concierge Technologies. Their fees differ too: 0.85% for FCTE and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.00 vs 0.20), 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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