FELV vs. BNO

Last updated Jun 4, 2026

FELV (Fidelity Enhanced Large Cap Value ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - FELV is a Large Cap Value Equities fund actively managed by Fidelity, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. FELV is actively managed, while BNO is passively managed. Over the past year, FELV returned 29.77% vs 91.89% for BNO. At a correlation of -0.05, they often move in opposite directions. FELV charges 0.18%/yr vs 0.90%/yr for BNO.

Performance

FELV vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Large Cap Value ETF (FELV) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FELV achieves a 14.72% return, which is significantly lower than BNO's 90.47% return.

FELV

• 1D: 0.10%
• 1M: 4.99%
• YTD: 14.72%
• 6M: 15.52%
• 1Y: 29.77%
• 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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FELV vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FELV Fidelity Enhanced Large Cap Value ETF	14.72%	15.80%	15.89%	7.19%
BNO United States Brent Oil Fund LP	90.47%	-5.44%	9.67%	-6.28%

Correlation

The correlation between FELV 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 (All Time) Calculated using the full available price history since Nov 21, 2023	-0.05

The correlation between FELV and BNO shifts across timeframes, from -0.25 (1 year) to -0.05 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FELV vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FELV

FELV Risk / Return Rank: 84
FELV Sharpe Ratio Rank: 84
FELV Sortino Ratio Rank: 86
FELV Omega Ratio Rank: 83
FELV Calmar Ratio Rank: 82
FELV Martin Ratio Rank: 87

BNO

BNO Risk / Return Rank: 65
BNO Sharpe Ratio Rank: 66
BNO Sortino Ratio Rank: 56
BNO Omega Ratio Rank: 60
BNO Calmar Ratio Rank: 88
BNO Martin Ratio Rank: 55

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FELV vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Large Cap Value ETF (FELV) 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.

	FELV	BNO	Difference
Sharpe ratio Return per unit of total volatility	2.79	2.23	+0.56
Sortino ratio Return per unit of downside risk	3.93	2.73	+1.20
Omega ratio Gain probability vs. loss probability	1.51	1.38	+0.14
Calmar ratio Return relative to maximum drawdown	4.36	5.17	-0.80
Martin ratio Return relative to average drawdown	18.85	9.76	+9.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FELV vs. BNO - Sharpe Ratio Comparison

The current FELV Sharpe Ratio is 2.79, which is comparable to the BNO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of FELV and BNO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FELV	BNO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.79	2.23	+0.56
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	1.65	0.14	+1.51

Drawdowns

FELV vs. BNO - Drawdown Comparison

The maximum FELV drawdown since its inception was -16.08%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for FELV and BNO.

Drawdown Indicators

	FELV	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-16.08%	-87.06%	+70.98%
Max Drawdown (1Y) Largest decline over 1 year	-6.85%	-17.87%	+11.02%
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 Drawdown Current decline from peak	0.00%	-10.29%	+10.29%
Average Drawdown Average peak-to-trough decline	-2.07%	-40.17%	+38.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.58%	9.45%	-7.87%

Volatility

FELV vs. BNO - Volatility Comparison

The current volatility for Fidelity Enhanced Large Cap Value ETF (FELV) is 2.79%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that FELV 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.

Volatility by Period

	FELV	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.79%	14.22%	-11.43%
Volatility (6M) Calculated over the trailing 6-month period	7.88%	36.10%	-28.22%
Volatility (1Y) Calculated over the trailing 1-year period	10.72%	41.46%	-30.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.40%	35.38%	-21.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.40%	36.68%	-23.28%

FELV vs. BNO - Expense Ratio Comparison

FELV has a 0.18% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

FELV vs. BNO - Dividend Comparison

FELV's dividend yield for the trailing twelve months is around 1.51%, 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%
FELV Fidelity Enhanced Large Cap Value ETF	1.51%	1.67%	2.02%	0.04%

Frequently Asked Questions

Can I hold both FELV and BNO in my portfolio?

FELV 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.

Which is riskier, FELV or BNO?

BNO has higher volatility (14.22%) compared to FELV (2.79%). In terms of maximum drawdown, FELV dropped -16.08% vs BNO's -87.06%.

Which ETF is better, FELV or BNO?

On 1-year performance, BNO leads with 91.89% vs 29.77% for FELV. On fees, FELV is cheaper at 0.18% per year. On volatility, FELV has been the lower-risk option at 2.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FELV or BNO?

Over the 1-year period, BNO has performed better with a 91.89% return vs 29.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FELV or BNO?

FELV is cheaper with a 0.18% expense ratio, compared with 0.90% for BNO.

Which ETF pays a higher dividend yield, FELV or BNO?

FELV has the higher dividend yield at 1.51%, compared with 0.00% for BNO.

What is the main difference between FELV and BNO?

FELV is categorized as Large Cap Value Equities, while BNO is Oil & Gas. They also come from different issuers: Fidelity and Concierge Technologies. Their fees differ too: 0.18% for FELV and 0.90% for BNO.

Which has better risk-adjusted returns?

FELV currently has the higher Sharpe Ratio (2.79 vs 2.23), 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.