FDFF vs. BNO
FDFF (Fidelity Disruptive Finance ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - FDFF is a Financials Equities fund actively managed by Fidelity, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. FDFF is actively managed, while BNO is passively managed. Over the past year, FDFF returned -13.28% vs 91.89% for BNO. At a correlation of -0.06, they often move in opposite directions. FDFF charges 0.50%/yr vs 0.90%/yr for BNO.
Performance
FDFF vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, FDFF achieves a -9.77% return, which is significantly lower than BNO's 90.47% return.
FDFF
- 1D
- -2.74%
- 1M
- -4.96%
- YTD
- -9.77%
- 6M
- -7.73%
- 1Y
- -13.28%
- 3Y*
- —
- 5Y*
- —
- 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%
FDFF vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FDFF Fidelity Disruptive Finance ETF | -9.77% | -2.75% | 27.86% | 15.99% |
BNO United States Brent Oil Fund LP | 90.47% | -5.44% | 9.67% | 12.67% |
Correlation
The correlation between FDFF 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 Jun 13, 2023 | -0.06 |
The correlation between FDFF and BNO shifts across timeframes, from -0.24 (1 year) to -0.06 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FDFF vs. BNO — Risk / Return Rank
FDFF
BNO
FDFF vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Disruptive Finance ETF (FDFF) 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.
| FDFF | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.96 | ||
| Sortino ratioReturn per unit of downside risk | -3.65 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.38 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.60 | 5.17 | -5.77 |
| Martin ratioReturn relative to average drawdown | -1.23 | 9.76 | -10.99 |
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
| FDFF | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.73 | 2.23 | -2.96 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.69 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.37 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.49 | 0.14 | +0.35 |
Drawdowns
FDFF vs. BNO - Drawdown Comparison
The maximum FDFF drawdown since its inception was -23.06%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for FDFF and BNO.
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Drawdown Indicators
| FDFF | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.06% | -87.06% | +64.00% |
Max Drawdown (1Y)Largest decline over 1 year | -22.31% | -17.87% | -4.44% |
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 | -18.05% | -10.29% | -7.76% |
Average DrawdownAverage peak-to-trough decline | -6.32% | -40.17% | +33.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.82% | 9.45% | +1.37% |
Volatility
FDFF vs. BNO - Volatility Comparison
The current volatility for Fidelity Disruptive Finance ETF (FDFF) is 4.48%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that FDFF 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
| FDFF | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.48% | 14.22% | -9.74% |
Volatility (6M)Calculated over the trailing 6-month period | 14.18% | 36.10% | -21.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.21% | 41.46% | -23.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.02% | 35.38% | -16.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.02% | 36.68% | -17.66% |
FDFF vs. BNO - Expense Ratio Comparison
FDFF has a 0.50% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
FDFF vs. BNO - Dividend Comparison
FDFF's dividend yield for the trailing twelve months is around 1.01%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% |
FDFF Fidelity Disruptive Finance ETF | 1.01% | 0.86% | 0.70% | 0.27% |
Frequently Asked Questions
FDFF 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.
BNO has higher volatility (14.22%) compared to FDFF (4.48%). In terms of maximum drawdown, FDFF dropped -23.06% vs BNO's -87.06%.
On 1-year performance, BNO leads with 91.89% vs -13.28% for FDFF. On fees, FDFF is cheaper at 0.50% per year. On volatility, FDFF has been the lower-risk option at 4.48%. 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 91.89% return vs -13.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FDFF is cheaper with a 0.50% expense ratio, compared with 0.90% for BNO.
FDFF has the higher dividend yield at 1.01%, compared with 0.00% for BNO.
FDFF is categorized as Financials Equities, while BNO is Oil & Gas. They also come from different issuers: Fidelity and Concierge Technologies. Their fees differ too: 0.50% for FDFF and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.23 vs -0.73), 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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