FLEU vs. BNO
FLEU (Franklin FTSE Eurozone ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - FLEU is a Europe Equities fund tracking the FTSE Developed Eurozone Index - Benchmark TR Net, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 5 years, FLEU returned 12.16%/yr vs 20.89%/yr for BNO. Their 0.10 correlation means their historical movements had little consistent relationship. FLEU charges 0.09%/yr vs 1.00%/yr for BNO.
Performance
FLEU vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, FLEU achieves a 10.02% return, which is significantly lower than BNO's 77.90% return.
FLEU
- 1D
- 0.00%
- 1M
- 0.40%
- 6M
- 5.93%
- YTD
- 10.02%
- 1Y
- 23.92%
- 3Y*
- 17.76%
- 5Y*
- 12.16%
- 10Y*
- —
- ALL TIME*
- 10.54%
BNO
- 1D
- 1.45%
- 1M
- 27.00%
- 6M
- 52.90%
- YTD
- 77.90%
- 1Y
- 62.83%
- 3Y*
- 20.31%
- 5Y*
- 20.89%
- 10Y*
- 15.06%
- ALL TIME*
- 4.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $107.13M | $97.34M | $147.52M | |
| $166.73K | $205.09K | $250.17K |
FLEU vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FLEU Franklin FTSE Eurozone ETF | 10.02% | 41.56% | 2.26% | 16.21% | -9.14% | 23.27% | 0.95% | 26.94% | -8.54% | -1.24% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 8.32% |
Correlation
The correlation between FLEU and BNO is -0.36, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.36 |
Correlation (3Y) Balances recent behavior with more history. | -0.13 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.01 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017 | 0.10 |
The correlation between FLEU and BNO shifts across timeframes, from -0.36 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FLEU vs. BNO — Risk / Return Rank
FLEU
BNO
FLEU vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Eurozone ETF (FLEU) 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.
| FLEU | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.24 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | 1.70 | +0.04 |
| Martin ratioReturn relative to average drawdown | 6.33 | 5.15 | +1.18 |
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Drawdowns
FLEU vs. BNO - Drawdown Comparison
The maximum FLEU drawdown since its inception was -33.94%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for FLEU and BNO.
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Drawdown Indicators
| FLEU | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.94% | -87.06% | +53.12% |
Max Drawdown (1Y)Largest decline over 1 year | -13.41% | -34.46% | +21.05% |
Max Drawdown (3Y)Largest decline over 3 years | -15.67% | -34.46% | +18.79% |
Max Drawdown (5Y)Largest decline over 5 years | -18.67% | -34.46% | +15.79% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -0.32% | -16.21% | +15.89% |
Average DrawdownAverage peak-to-trough decline | -4.65% | -39.99% | +35.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.67% | 11.86% | -8.19% |
Volatility
FLEU vs. BNO - Volatility Comparison
The current volatility for Franklin FTSE Eurozone ETF (FLEU) is 4.77%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that FLEU 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
| FLEU | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.77% | 17.47% | -12.70% |
Volatility (6M)Calculated over the trailing 6-month period | 15.47% | 40.96% | -25.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.78% | 44.54% | -26.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.53% | 36.41% | -19.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.25% | 36.98% | -18.73% |
FLEU vs. BNO - Expense Ratio Comparison
FLEU has a 0.09% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
FLEU vs. BNO - Dividend Comparison
FLEU's dividend yield for the trailing twelve months is around 2.67%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
FLEU Franklin FTSE Eurozone ETF | 2.67% | 2.22% | 3.18% | 3.25% | 21.45% | 3.03% | 1.94% | 6.06% | 12.17% | 0.07% |
Frequently Asked Questions
FLEU and BNO have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (17.47%) compared to FLEU (4.77%). In terms of maximum drawdown, FLEU dropped -33.94% vs BNO's -87.06%.
On 5-year performance, BNO leads with 20.89% vs 12.16% for FLEU. On fees, FLEU is cheaper at 0.09% per year. On volatility, FLEU has been the lower-risk option at 4.77%. 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 20.89% return vs 12.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLEU is cheaper with a 0.09% expense ratio, compared with 1.00% for BNO.
FLEU has the higher dividend yield at 2.67%, compared with 0.00% for BNO.
FLEU is categorized as Europe Equities, while BNO is Oil & Gas. FLEU tracks FTSE Developed Eurozone Index - Benchmark TR Net, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: Franklin Templeton and USCF. Their fees differ too: 0.09% for FLEU and 1.00% for BNO.
FLEU currently has the higher Sharpe Ratio (1.32 vs 1.32), 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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