FLSW vs. BNO
FLSW (Franklin FTSE Switzerland ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - FLSW is a Europe Equities fund tracking the FTSE Switzerland RIC Capped Index, 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, FLSW returned 7.24%/yr vs 20.89%/yr for BNO. Their 0.05 correlation means their historical movements had little consistent relationship. FLSW charges 0.09%/yr vs 1.00%/yr for BNO.
Performance
FLSW vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, FLSW achieves a 8.08% return, which is significantly lower than BNO's 77.90% return.
FLSW
- 1D
- -0.67%
- 1M
- -0.67%
- 6M
- 5.20%
- YTD
- 8.08%
- 1Y
- 23.21%
- 3Y*
- 13.06%
- 5Y*
- 7.24%
- 10Y*
- —
- ALL TIME*
- 9.98%
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 | |
| $259.74K | $232.62K | $274.84K |
FLSW vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FLSW Franklin FTSE Switzerland ETF | 8.08% | 32.92% | -1.77% | 16.79% | -18.14% | 20.82% | 13.25% | 31.66% | -7.85% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -14.36% |
Correlation
The correlation between FLSW and BNO is -0.39, 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. | -0.39 |
Correlation (3Y) Balances recent behavior with more history. | -0.21 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.06 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2018 | 0.05 |
The correlation between FLSW and BNO shifts across timeframes, from -0.39 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FLSW vs. BNO — Risk / Return Rank
FLSW
BNO
FLSW vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Switzerland ETF (FLSW) 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.
| FLSW | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.24 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | 1.70 | -0.01 |
| Martin ratioReturn relative to average drawdown | 5.48 | 5.15 | +0.33 |
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Drawdowns
FLSW vs. BNO - Drawdown Comparison
The maximum FLSW drawdown since its inception was -28.16%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for FLSW and BNO.
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Drawdown Indicators
| FLSW | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.16% | -87.06% | +58.90% |
Max Drawdown (1Y)Largest decline over 1 year | -13.38% | -34.46% | +21.08% |
Max Drawdown (3Y)Largest decline over 3 years | -13.38% | -34.46% | +21.08% |
Max Drawdown (5Y)Largest decline over 5 years | -28.16% | -34.46% | +6.30% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -0.67% | -16.21% | +15.54% |
Average DrawdownAverage peak-to-trough decline | -5.90% | -39.99% | +34.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.11% | 11.86% | -7.75% |
Volatility
FLSW vs. BNO - Volatility Comparison
The current volatility for Franklin FTSE Switzerland ETF (FLSW) is 4.48%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that FLSW 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
| FLSW | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.48% | 17.47% | -12.99% |
Volatility (6M)Calculated over the trailing 6-month period | 12.65% | 40.96% | -28.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.66% | 44.54% | -28.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.85% | 36.41% | -20.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.86% | 36.98% | -20.12% |
FLSW vs. BNO - Expense Ratio Comparison
FLSW has a 0.09% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
FLSW vs. BNO - Dividend Comparison
FLSW's dividend yield for the trailing twelve months is around 2.26%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
FLSW Franklin FTSE Switzerland ETF | 2.26% | 2.12% | 2.04% | 2.36% | 2.02% | 1.86% | 2.28% | 1.15% | 2.86% |
Frequently Asked Questions
FLSW and BNO have a correlation of -0.39, 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 FLSW (4.48%). In terms of maximum drawdown, FLSW dropped -28.16% vs BNO's -87.06%.
On 5-year performance, BNO leads with 20.89% vs 7.24% for FLSW. On fees, FLSW is cheaper at 0.09% per year. On volatility, FLSW has been the lower-risk option at 4.48%. 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 7.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLSW is cheaper with a 0.09% expense ratio, compared with 1.00% for BNO.
FLSW has the higher dividend yield at 2.26%, compared with 0.00% for BNO.
FLSW is categorized as Europe Equities, while BNO is Oil & Gas. FLSW tracks FTSE Switzerland RIC Capped Index, 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 FLSW and 1.00% for BNO.
FLSW currently has the higher Sharpe Ratio (1.45 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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