FMQQ vs. BNO
FMQQ (FMQQ The Next Frontier Internet & Ecommerce ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - FMQQ is a Emerging Markets Diversified fund tracking the FMQQ The Next Frontier Internet & Ecommerce 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 3 years, FMQQ returned 2.72%/yr vs 20.77%/yr for BNO. At a 0.01 correlation, their price movements are largely independent. FMQQ charges 0.86%/yr vs 1.00%/yr for BNO.
Performance
FMQQ vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, FMQQ achieves a -12.29% return, which is significantly lower than BNO's 65.18% return.
FMQQ
- 1D
- -1.11%
- 1M
- 4.15%
- 6M
- -10.48%
- YTD
- -12.29%
- 1Y
- -17.84%
- 3Y*
- 2.72%
- 5Y*
- —
- 10Y*
- —
BNO
- 1D
- -1.70%
- 1M
- 6.58%
- 6M
- 58.17%
- YTD
- 65.18%
- 1Y
- 55.11%
- 3Y*
- 20.77%
- 5Y*
- 19.90%
- 10Y*
- 12.78%
FMQQ vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF | -12.29% | 10.77% | 12.45% | 15.15% | -54.03% | -16.57% |
BNO United States Brent Oil Fund LP | 65.18% | -5.44% | 9.67% | -3.43% | 35.25% | 0.72% |
Correlation
The correlation between FMQQ 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 | -0.10 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2021 | 0.01 |
The correlation between FMQQ and BNO shifts across timeframes, from -0.32 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FMQQ vs. BNO — Risk / Return Rank
FMQQ
BNO
FMQQ vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FMQQ The Next Frontier Internet & Ecommerce ETF (FMQQ) 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.
| FMQQ | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.23 | ||
| Sortino ratioReturn per unit of downside risk | -3.16 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.24 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.58 | 1.61 | -2.19 |
| Martin ratioReturn relative to average drawdown | -1.03 | 4.66 | -5.69 |
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Drawdowns
FMQQ vs. BNO - Drawdown Comparison
The maximum FMQQ drawdown since its inception was -64.51%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for FMQQ and BNO.
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Drawdown Indicators
| FMQQ | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.51% | -87.06% | +22.55% |
Max Drawdown (1Y)Largest decline over 1 year | -30.82% | -34.46% | +3.64% |
Max Drawdown (3Y)Largest decline over 3 years | -30.82% | -34.46% | +3.64% |
Max Drawdown (5Y)Largest decline over 5 years | — | -34.46% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -52.59% | -22.20% | -30.39% |
Average DrawdownAverage peak-to-trough decline | -49.46% | -40.06% | -9.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.34% | 11.87% | +5.47% |
Volatility
FMQQ vs. BNO - Volatility Comparison
The current volatility for FMQQ The Next Frontier Internet & Ecommerce ETF (FMQQ) is 4.24%, while United States Brent Oil Fund LP (BNO) has a volatility of 15.19%. This indicates that FMQQ 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
| FMQQ | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.24% | 15.19% | -10.95% |
Volatility (6M)Calculated over the trailing 6-month period | 16.28% | 39.16% | -22.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.24% | 42.74% | -23.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.70% | 36.11% | -11.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.70% | 36.77% | -12.07% |
FMQQ vs. BNO - Expense Ratio Comparison
FMQQ has a 0.86% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
FMQQ vs. BNO - Dividend Comparison
FMQQ's dividend yield for the trailing twelve months is around 0.70%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% |
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF | 0.70% | 0.61% | 0.45% | 0.11% |
Frequently Asked Questions
FMQQ 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 (15.19%) compared to FMQQ (4.24%). In terms of maximum drawdown, FMQQ dropped -64.51% vs BNO's -87.06%.
On 3-year performance, BNO leads with 20.77% vs 2.72% for FMQQ. On fees, FMQQ is cheaper at 0.86% per year. On volatility, FMQQ has been the lower-risk option at 4.24%. 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 20.77% return vs 2.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FMQQ is cheaper with a 0.86% expense ratio, compared with 1.00% for BNO.
FMQQ has the higher dividend yield at 0.70%, compared with 0.00% for BNO.
FMQQ is categorized as Emerging Markets Diversified, while BNO is Oil & Gas. FMQQ tracks FMQQ The Next Frontier Internet & Ecommerce Index - Benchmark TR Net, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: EMQQ and USCF Investments. Their fees differ too: 0.86% for FMQQ and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (1.30 vs -0.93), 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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