FDM vs. BNO
FDM (First Trust Dow Jones Select MicroCap Index Fund) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - FDM is a Small Cap Blend Equities fund tracking the Dow Jones Select Microcap Index, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 10 years, FDM returned 12.38%/yr vs 10.77%/yr for BNO. At a 0.24 correlation, their price movements are largely independent. FDM charges 0.60%/yr vs 1.00%/yr for BNO.
Performance
FDM vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, FDM achieves a 14.74% return, which is significantly lower than BNO's 43.86% return. Over the past 10 years, FDM has outperformed BNO with an annualized return of 12.38%, while BNO has yielded a comparatively lower 10.77% annualized return.
FDM
- 1D
- 0.78%
- 1M
- 5.46%
- YTD
- 14.74%
- 6M
- 12.66%
- 1Y
- 29.74%
- 3Y*
- 20.27%
- 5Y*
- 9.56%
- 10Y*
- 12.38%
BNO
- 1D
- -4.23%
- 1M
- -25.93%
- YTD
- 43.86%
- 6M
- 41.93%
- 1Y
- 39.47%
- 3Y*
- 17.61%
- 5Y*
- 15.98%
- 10Y*
- 10.77%
FDM vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FDM First Trust Dow Jones Select MicroCap Index Fund | 14.74% | 18.64% | 13.00% | 12.76% | -11.61% | 35.08% | -4.04% | 27.45% | -13.53% | 8.72% |
BNO United States Brent Oil Fund LP | 43.86% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between FDM 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 (3Y) Calculated over the trailing 3-year period | 0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 2010 | 0.24 |
The correlation between FDM and BNO shifts across timeframes, from -0.24 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FDM vs. BNO — Risk / Return Rank
FDM
BNO
FDM vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Dow Jones Select MicroCap Index Fund (FDM) 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.
| FDM | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.62 | ||
| Sortino ratioReturn per unit of downside risk | +0.82 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.20 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.21 | 1.23 | +1.98 |
| Martin ratioReturn relative to average drawdown | 9.70 | 4.18 | +5.52 |
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Drawdowns
FDM vs. BNO - Drawdown Comparison
The maximum FDM drawdown since its inception was -63.45%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for FDM and BNO.
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Drawdown Indicators
| FDM | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.45% | -87.06% | +23.61% |
Max Drawdown (1Y)Largest decline over 1 year | -9.30% | -32.25% | +22.95% |
Max Drawdown (3Y)Largest decline over 3 years | -23.47% | -32.25% | +8.78% |
Max Drawdown (5Y)Largest decline over 5 years | -23.74% | -33.70% | +9.96% |
Max Drawdown (10Y)Largest decline over 10 years | -47.76% | -75.18% | +27.42% |
Current DrawdownCurrent decline from peak | 0.00% | -32.25% | +32.25% |
Average DrawdownAverage peak-to-trough decline | -11.32% | -40.10% | +28.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.08% | 9.47% | -6.39% |
Volatility
FDM vs. BNO - Volatility Comparison
The current volatility for First Trust Dow Jones Select MicroCap Index Fund (FDM) is 4.82%, while United States Brent Oil Fund LP (BNO) has a volatility of 11.33%. This indicates that FDM 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
| FDM | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.82% | 11.33% | -6.51% |
Volatility (6M)Calculated over the trailing 6-month period | 13.19% | 37.57% | -24.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.81% | 41.20% | -22.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.39% | 35.70% | -14.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.35% | 36.70% | -13.35% |
FDM vs. BNO - Expense Ratio Comparison
FDM has a 0.60% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
FDM vs. BNO - Dividend Comparison
FDM's dividend yield for the trailing twelve months is around 1.20%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FDM First Trust Dow Jones Select MicroCap Index Fund | 1.20% | 1.43% | 1.56% | 1.81% | 1.80% | 1.08% | 1.68% | 1.37% | 1.26% | 0.97% | 1.13% | 1.45% |
Frequently Asked Questions
FDM 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 (11.33%) compared to FDM (4.82%). In terms of maximum drawdown, FDM dropped -63.45% vs BNO's -87.06%.
On 10-year performance, FDM leads with 12.38% vs 10.77% for BNO. On fees, FDM is cheaper at 0.60% per year. On volatility, FDM has been the lower-risk option at 4.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FDM has performed better with a 12.38% return vs 10.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FDM is cheaper with a 0.60% expense ratio, compared with 1.00% for BNO.
FDM has the higher dividend yield at 1.20%, compared with 0.00% for BNO.
FDM is categorized as Small Cap Blend Equities, while BNO is Oil & Gas. FDM tracks Dow Jones Select Microcap Index, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: First Trust and USCF Investments. Their fees differ too: 0.60% for FDM and 1.00% for BNO.
FDM currently has the higher Sharpe Ratio (1.59 vs 0.97), 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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