FFLS vs. BNO
FFLS (The Future Fund Long/Short ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - FFLS is a Long-Short fund actively managed by The Future Fund, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. FFLS is actively managed, while BNO is passively managed. Over the past year, FFLS returned -0.45% vs 91.89% for BNO. At a correlation of -0.03, they often move in opposite directions. FFLS charges 1.75%/yr vs 0.90%/yr for BNO.
Performance
FFLS vs. BNO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FFLS achieves a -0.26% return, which is significantly lower than BNO's 90.47% return.
FFLS
- 1D
- -0.63%
- 1M
- 2.89%
- YTD
- -0.26%
- 6M
- -0.66%
- 1Y
- -0.45%
- 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%
FFLS vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FFLS The Future Fund Long/Short ETF | -0.26% | 7.49% | 17.71% | 2.03% |
BNO United States Brent Oil Fund LP | 90.47% | -5.44% | 9.67% | 4.68% |
Correlation
The correlation between FFLS and BNO is -0.27, 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 | -0.27 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023 | -0.03 |
Over the past year, the inverse relationship between FFLS and BNO has strengthened: their correlation has moved from -0.03 to -0.27, meaning they now move in opposite directions more often than their long-term average.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FFLS vs. BNO — Risk / Return Rank
FFLS
BNO
FFLS vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Future Fund Long/Short ETF (FFLS) 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.
| FFLS | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.28 | ||
| Sortino ratioReturn per unit of downside risk | -2.73 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.38 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | 5.17 | -5.21 |
| Martin ratioReturn relative to average drawdown | -0.09 | 9.76 | -9.85 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| FFLS | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.05 | 2.23 | -2.28 |
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 | 0.80 | 0.14 | +0.66 |
Drawdowns
FFLS vs. BNO - Drawdown Comparison
The maximum FFLS drawdown since its inception was -11.05%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for FFLS and BNO.
Loading charts...
Drawdown Indicators
| FFLS | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.05% | -87.06% | +76.01% |
Max Drawdown (1Y)Largest decline over 1 year | -11.05% | -17.87% | +6.82% |
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 | -4.96% | -10.29% | +5.33% |
Average DrawdownAverage peak-to-trough decline | -3.09% | -40.17% | +37.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.07% | 9.45% | -4.38% |
Volatility
FFLS vs. BNO - Volatility Comparison
The current volatility for The Future Fund Long/Short ETF (FFLS) is 3.54%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that FFLS 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.
Loading charts...
Volatility by Period
| FFLS | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.54% | 14.22% | -10.68% |
Volatility (6M)Calculated over the trailing 6-month period | 6.92% | 36.10% | -29.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.94% | 41.46% | -32.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.23% | 35.38% | -24.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.23% | 36.68% | -25.45% |
FFLS vs. BNO - Expense Ratio Comparison
FFLS has a 1.75% expense ratio, which is higher than BNO's 0.90% expense ratio.
Dividends
FFLS vs. BNO - Dividend Comparison
FFLS's dividend yield for the trailing twelve months is around 6.59%, 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% |
FFLS The Future Fund Long/Short ETF | 6.59% | 6.58% | 3.34% |
Frequently Asked Questions
FFLS and BNO have a correlation of -0.27, 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 FFLS (3.54%). In terms of maximum drawdown, FFLS dropped -11.05% vs BNO's -87.06%.
On 1-year performance, BNO leads with 91.89% vs -0.45% for FFLS. On fees, BNO is cheaper at 0.90% per year. On volatility, FFLS has been the lower-risk option at 3.54%. 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 -0.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNO is cheaper with a 0.90% expense ratio, compared with 1.75% for FFLS.
FFLS has the higher dividend yield at 6.59%, compared with 0.00% for BNO.
FFLS is categorized as Long-Short, while BNO is Oil & Gas. They also come from different issuers: The Future Fund and Concierge Technologies. Their fees differ too: 1.75% for FFLS and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.23 vs -0.05), 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.
Find the right allocation for FFLS and BNO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer