FDNI vs. BNO
FDNI (First Trust Dow Jones International Internet ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - FDNI is a Large Cap Growth Equities fund tracking the Dow Jones International Internet Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 5 years, FDNI returned -8.73%/yr vs 24.16%/yr for BNO. At a 0.12 correlation, their price movements are largely independent. FDNI charges 0.65%/yr vs 0.90%/yr for BNO.
Performance
FDNI vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, FDNI achieves a -18.16% return, which is significantly lower than BNO's 90.47% return.
FDNI
- 1D
- -3.40%
- 1M
- -1.01%
- YTD
- -18.16%
- 6M
- -18.40%
- 1Y
- -12.94%
- 3Y*
- 8.13%
- 5Y*
- -8.73%
- 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%
FDNI vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FDNI First Trust Dow Jones International Internet ETF | -18.16% | 25.64% | 22.46% | 1.78% | -38.38% | -20.59% | 85.27% | 38.38% | -8.95% |
BNO United States Brent Oil Fund LP | 90.47% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -24.85% |
Correlation
The correlation between FDNI and BNO is -0.25, 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 | -0.25 |
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 Nov 8, 2018 | 0.12 |
The correlation between FDNI and BNO shifts across timeframes, from -0.25 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FDNI vs. BNO — Risk / Return Rank
FDNI
BNO
FDNI vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Dow Jones International Internet ETF (FDNI) 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.
| FDNI | BNO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.54 | 2.23 | -2.77 |
Sortino ratioReturn per unit of downside risk | -0.63 | 2.73 | -3.36 |
Omega ratioGain probability vs. loss probability | 0.93 | 1.38 | -0.45 |
Calmar ratioReturn relative to maximum drawdown | -0.39 | 5.17 | -5.56 |
Martin ratioReturn relative to average drawdown | -0.75 | 9.76 | -10.51 |
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
| FDNI | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.54 | 2.23 | -2.77 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.24 | 0.69 | -0.93 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.37 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.15 | 0.14 | +0.01 |
Drawdowns
FDNI vs. BNO - Drawdown Comparison
The maximum FDNI drawdown since its inception was -71.08%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for FDNI and BNO.
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Drawdown Indicators
| FDNI | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.08% | -87.06% | +15.98% |
Max Drawdown (1Y)Largest decline over 1 year | -33.22% | -17.87% | -15.35% |
Max Drawdown (3Y)Largest decline over 3 years | -33.22% | -23.75% | -9.47% |
Max Drawdown (5Y)Largest decline over 5 years | -65.86% | -33.70% | -32.16% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -49.38% | -10.29% | -39.09% |
Average DrawdownAverage peak-to-trough decline | -34.55% | -40.17% | +5.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.27% | 9.45% | +7.82% |
Volatility
FDNI vs. BNO - Volatility Comparison
The current volatility for First Trust Dow Jones International Internet ETF (FDNI) is 7.96%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that FDNI 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
| FDNI | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.96% | 14.22% | -6.26% |
Volatility (6M)Calculated over the trailing 6-month period | 18.80% | 36.10% | -17.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.95% | 41.46% | -17.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.63% | 35.38% | +1.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.57% | 36.68% | -2.11% |
FDNI vs. BNO - Expense Ratio Comparison
FDNI has a 0.65% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
FDNI vs. BNO - Dividend Comparison
FDNI's dividend yield for the trailing twelve months is around 1.36%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FDNI First Trust Dow Jones International Internet ETF | 1.36% | 1.12% | 1.07% | 0.40% | 0.00% | 0.00% | 0.16% | 3.12% |
Frequently Asked Questions
FDNI and BNO have a correlation of -0.25, 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 FDNI (7.96%). In terms of maximum drawdown, FDNI dropped -71.08% vs BNO's -87.06%.
On 5-year performance, BNO leads with 24.16% vs -8.73% for FDNI. On fees, FDNI is cheaper at 0.65% per year. On volatility, FDNI has been the lower-risk option at 7.96%. 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 -8.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FDNI is cheaper with a 0.65% expense ratio, compared with 0.90% for BNO.
FDNI has the higher dividend yield at 1.36%, compared with 0.00% for BNO.
FDNI is categorized as Large Cap Growth Equities, while BNO is Oil & Gas. FDNI tracks Dow Jones International Internet Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: First Trust and Concierge Technologies. Their fees differ too: 0.65% for FDNI and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.23 vs -0.54), 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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