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FHLC vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FHLC vs. BNO

Last updated Jun 4, 2026

FHLC (Fidelity MSCI Health Care Index ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - FHLC is a Health & Biotech Equities fund tracking the MSCI USA IMI Health Care Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, FHLC returned 9.14%/yr vs 13.60%/yr for BNO. At a 0.09 correlation, their price movements are largely independent. FHLC charges 0.08%/yr vs 0.90%/yr for BNO.

Performance

FHLC vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Health Care Index ETF (FHLC) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FHLC achieves a -3.90% return, which is significantly lower than BNO's 90.47% return. Over the past 10 years, FHLC has underperformed BNO with an annualized return of 9.14%, while BNO has yielded a comparatively higher 13.60% annualized return.

FHLC

1D
0.82%
1M
1.50%
YTD
-3.90%
6M
-4.11%
1Y
14.43%
3Y*
6.14%
5Y*
4.50%
10Y*
9.14%

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)

FHLC vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FHLC
Fidelity MSCI Health Care Index ETF		-3.90%15.42%2.48%2.58%-5.55%20.39%18.13%21.94%4.71%23.34%
BNO
United States Brent Oil Fund LP		90.47%-5.44%9.67%-3.43%35.25%62.34%-38.23%36.01%-15.30%15.43%

Correlation

The correlation between FHLC and BNO is -0.32, 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

-0.32

Correlation (3Y)
Calculated over the trailing 3-year period

-0.17

Correlation (5Y)
Calculated over the trailing 5-year period

-0.05

Correlation (10Y)
Calculated over the trailing 10-year period

0.08

Correlation (All Time)
Calculated using the full available price history since Oct 25, 2013

0.09

The correlation between FHLC and BNO shifts across timeframes, from -0.32 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Fidelity MSCI Health Care Index ETF

United States Brent Oil Fund LP

Often compared with FHLC:
FHLC vs. VHTFHLC vs. XLVFHLC vs. FSPHXFHLC vs. IHIFHLC vs. FSHCXFHLC vs. IXJFHLC vs. VOO
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. XOM

Return for Risk

FHLC vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FHLC
FHLC Risk / Return Rank: 2727
Overall Rank
FHLC Sharpe Ratio Rank: 2727
Sharpe Ratio Rank
FHLC Sortino Ratio Rank: 2929
Sortino Ratio Rank
FHLC Omega Ratio Rank: 2626
Omega Ratio Rank
FHLC Calmar Ratio Rank: 2828
Calmar Ratio Rank
FHLC Martin Ratio Rank: 2626
Martin Ratio Rank
BNO
BNO Risk / Return Rank: 6565
Overall Rank
BNO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
BNO Sortino Ratio Rank: 5656
Sortino Ratio Rank
BNO Omega Ratio Rank: 6060
Omega Ratio Rank
BNO Calmar Ratio Rank: 8888
Calmar Ratio Rank
BNO Martin Ratio Rank: 5555
Martin Ratio Rank
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.

FHLC vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Health Care Index ETF (FHLC) 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.

FHLCBNODifference
Sharpe ratioReturn per unit of total volatility
1.01
2.23

-1.22

Sortino ratioReturn per unit of downside risk
1.58
2.73

-1.15

Omega ratioGain probability vs. loss probability

1.18

1.38

-0.20

Calmar ratioReturn relative to maximum drawdown

1.40

5.17

-3.77

Martin ratioReturn relative to average drawdown

3.52

9.76

-6.24

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FHLC vs. BNO - Sharpe Ratio Comparison

The current FHLC Sharpe Ratio is 1.01, which is lower than the BNO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of FHLC 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.

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Sharpe Ratios by Period

FHLCBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.01

2.23

-1.22

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.30

0.69

-0.38

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.55

0.37

+0.17

Sharpe Ratio (All Time)

Calculated using the full available price history

0.61

0.14

+0.47

Drawdowns

FHLC vs. BNO - Drawdown Comparison

The maximum FHLC drawdown since its inception was -28.76%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for FHLC and BNO.

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Drawdown Indicators

FHLCBNODifference

Max Drawdown

Largest peak-to-trough decline

-28.76%

-87.06%

+58.30%

Max Drawdown (1Y)

Largest decline over 1 year

-10.38%

-17.87%

+7.49%

Max Drawdown (3Y)

Largest decline over 3 years

-16.87%

-23.75%

+6.88%

Max Drawdown (5Y)

Largest decline over 5 years

-17.73%

-33.70%

+15.97%

Max Drawdown (10Y)

Largest decline over 10 years

-28.76%

-75.18%

+46.42%

Current Drawdown

Current decline from peak

-6.96%

-10.29%

+3.33%

Average Drawdown

Average peak-to-trough decline

-5.19%

-40.17%

+34.98%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.11%

9.45%

-5.34%

Volatility

FHLC vs. BNO - Volatility Comparison

The current volatility for Fidelity MSCI Health Care Index ETF (FHLC) is 4.05%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that FHLC 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

FHLCBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.05%

14.22%

-10.17%

Volatility (6M)

Calculated over the trailing 6-month period

10.11%

36.10%

-25.99%

Volatility (1Y)

Calculated over the trailing 1-year period

14.33%

41.46%

-27.13%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.97%

35.38%

-20.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.81%

36.68%

-19.87%

FHLC vs. BNO - Expense Ratio Comparison

FHLC has a 0.08% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

FHLC vs. BNO - Dividend Comparison

FHLC's dividend yield for the trailing twelve months is around 1.43%, while BNO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
FHLC
Fidelity MSCI Health Care Index ETF		1.43%1.40%1.51%1.40%1.30%1.16%1.45%1.18%1.38%1.38%1.40%2.07%

Frequently Asked Questions

FHLC and BNO have a correlation of -0.32, 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 FHLC (4.05%). In terms of maximum drawdown, FHLC dropped -28.76% vs BNO's -87.06%.

On 10-year performance, BNO leads with 13.60% vs 9.14% for FHLC. On fees, FHLC is cheaper at 0.08% per year. On volatility, FHLC has been the lower-risk option at 4.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, BNO has performed better with a 13.60% return vs 9.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FHLC is cheaper with a 0.08% expense ratio, compared with 0.90% for BNO.

FHLC has the higher dividend yield at 1.43%, compared with 0.00% for BNO.

FHLC is categorized as Health & Biotech Equities, while BNO is Oil & Gas. FHLC tracks MSCI USA IMI Health Care Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Fidelity and Concierge Technologies. Their fees differ too: 0.08% for FHLC and 0.90% for BNO.

BNO currently has the higher Sharpe Ratio (2.23 vs 1.01), 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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