FLYU vs. BNO
FLYU (MicroSectors Travel 3X Leveraged ETNs) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - FLYU is a Leveraged Equities fund tracking the MerQube MicroSectors U.S. Travel Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 3 years, FLYU returned 10.52%/yr vs 26.74%/yr for BNO. At a correlation of -0.00, they often move in opposite directions. FLYU charges 0.95%/yr vs 0.90%/yr for BNO.
Performance
FLYU vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, FLYU achieves a -20.70% return, which is significantly lower than BNO's 85.31% return.
FLYU
- 1D
- 2.09%
- 1M
- 12.82%
- YTD
- -20.70%
- 6M
- -12.97%
- 1Y
- -0.23%
- 3Y*
- 10.52%
- 5Y*
- —
- 10Y*
- —
BNO
- 1D
- -2.71%
- 1M
- -9.80%
- YTD
- 85.31%
- 6M
- 79.66%
- 1Y
- 88.71%
- 3Y*
- 26.74%
- 5Y*
- 23.48%
- 10Y*
- 13.13%
FLYU vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FLYU MicroSectors Travel 3X Leveraged ETNs | -20.70% | -2.29% | 33.00% | 111.16% | -17.79% |
BNO United States Brent Oil Fund LP | 85.31% | -5.44% | 9.67% | -3.43% | -12.36% |
Correlation
The correlation between FLYU and BNO is -0.36, 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 | -0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2022 | -0.00 |
Over the past year, the inverse relationship between FLYU and BNO has strengthened: their correlation has moved from -0.00 to -0.36, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
FLYU vs. BNO — Risk / Return Rank
FLYU
BNO
FLYU vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Travel 3X Leveraged ETNs (FLYU) 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.
| FLYU | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.15 | ||
| Sortino ratioReturn per unit of downside risk | -2.11 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.36 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.00 | 4.99 | -4.99 |
| Martin ratioReturn relative to average drawdown | -0.01 | 9.39 | -9.40 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FLYU | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.00 | 2.15 | -2.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.67 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.36 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.19 | 0.14 | +0.06 |
Drawdowns
FLYU vs. BNO - Drawdown Comparison
The maximum FLYU drawdown since its inception was -69.00%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for FLYU and BNO.
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Drawdown Indicators
| FLYU | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.00% | -87.06% | +18.06% |
Max Drawdown (1Y)Largest decline over 1 year | -52.33% | -17.87% | -34.46% |
Max Drawdown (3Y)Largest decline over 3 years | -69.00% | -23.75% | -45.25% |
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 | -37.10% | -12.72% | -24.38% |
Average DrawdownAverage peak-to-trough decline | -26.48% | -40.16% | +13.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.60% | 9.48% | +15.12% |
Volatility
FLYU vs. BNO - Volatility Comparison
MicroSectors Travel 3X Leveraged ETNs (FLYU) has a higher volatility of 24.39% compared to United States Brent Oil Fund LP (BNO) at 14.12%. This indicates that FLYU's price experiences larger fluctuations and is considered to be riskier 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
| FLYU | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.39% | 14.12% | +10.27% |
Volatility (6M)Calculated over the trailing 6-month period | 57.28% | 36.21% | +21.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 73.74% | 41.56% | +32.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.12% | 35.40% | +47.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 83.12% | 36.69% | +46.43% |
FLYU vs. BNO - Expense Ratio Comparison
FLYU has a 0.95% expense ratio, which is higher than BNO's 0.90% expense ratio.
Dividends
FLYU vs. BNO - Dividend Comparison
Neither FLYU nor BNO has paid dividends to shareholders.
Frequently Asked Questions
FLYU 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.
FLYU has higher volatility (24.39%) compared to BNO (14.12%). In terms of maximum drawdown, FLYU dropped -69.00% vs BNO's -87.06%.
On 3-year performance, BNO leads with 26.74% vs 10.52% for FLYU. On fees, BNO is cheaper at 0.90% per year. On volatility, BNO has been the lower-risk option at 14.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BNO has performed better with a 26.74% return vs 10.52%. 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 0.95% for FLYU.
FLYU and BNO have nearly identical dividend yields, around 0.00%.
FLYU is categorized as Leveraged Equities, while BNO is Oil & Gas. FLYU tracks MerQube MicroSectors U.S. Travel Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: REX and Concierge Technologies. Their fees differ too: 0.95% for FLYU and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.15 vs -0.00), 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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