FMUN vs. BNO

Last updated Jun 4, 2026

FMUN (Fidelity Systematic Municipal Bond Index ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - FMUN is a Municipal Bonds fund actively managed by Fidelity, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. FMUN is actively managed, while BNO is passively managed. Over the past year, FMUN returned 7.61% vs 91.89% for BNO. At a correlation of -0.20, they often move in opposite directions. FMUN charges 0.05%/yr vs 0.90%/yr for BNO.

Performance

FMUN vs. BNO - Performance Comparison

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

Returns By Period

In the year-to-date period, FMUN achieves a 1.69% return, which is significantly lower than BNO's 90.47% return.

FMUN

• 1D: 0.03%
• 1M: 0.93%
• YTD: 1.69%
• 6M: 2.24%
• 1Y: 7.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

FMUN vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025
FMUN Fidelity Systematic Municipal Bond Index ETF	1.69%	4.25%
BNO United States Brent Oil Fund LP	90.47%	5.55%

Correlation

The correlation between FMUN and BNO is -0.25, 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	-0.25
Correlation (All Time) Calculated using the full available price history since Apr 8, 2025	-0.20

Return for Risk

FMUN vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FMUN

FMUN Risk / Return Rank: 67
FMUN Sharpe Ratio Rank: 75
FMUN Sortino Ratio Rank: 78
FMUN Omega Ratio Rank: 86
FMUN Calmar Ratio Rank: 48
FMUN Martin Ratio Rank: 48

BNO

BNO Risk / Return Rank: 65
BNO Sharpe Ratio Rank: 66
BNO Sortino Ratio Rank: 56
BNO Omega Ratio Rank: 60
BNO Calmar Ratio Rank: 88
BNO Martin Ratio Rank: 55

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.

FMUN vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Systematic Municipal Bond Index ETF (FMUN) 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.

	FMUN	BNO	Difference
Sharpe ratio: Return per unit of total volatility	2.45	2.23	+0.22
Sortino ratio: Return per unit of downside risk	3.54	2.73	+0.81
Omega ratio: Gain probability vs. loss probability	1.53	1.38	+0.16
Calmar ratio: Return relative to maximum drawdown	2.38	5.17	-2.78
Martin ratio: Return relative to average drawdown	7.88	9.76	-1.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMUN vs. BNO - Sharpe Ratio Comparison

The current FMUN Sharpe Ratio is 2.45, which is comparable to the BNO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of FMUN 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.

Sharpe Ratios by Period

	FMUN	BNO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	2.23	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.69	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.28	0.14	+1.14

Drawdowns

FMUN vs. BNO - Drawdown Comparison

The maximum FMUN drawdown since its inception was -3.21%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for FMUN and BNO.

Drawdown Indicators

	FMUN	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-3.21%	-87.06%	+83.85%
Max Drawdown (1Y) Largest decline over 1 year	-3.21%	-17.87%	+14.66%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.75%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.70%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.18%	—
Current Drawdown Current decline from peak	-0.66%	-10.29%	+9.63%
Average Drawdown Average peak-to-trough decline	-0.82%	-40.17%	+39.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	9.45%	-8.48%

Volatility

FMUN vs. BNO - Volatility Comparison

The current volatility for Fidelity Systematic Municipal Bond Index ETF (FMUN) is 1.27%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that FMUN 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.

Volatility by Period

	FMUN	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.27%	14.22%	-12.95%
Volatility (6M) Calculated over the trailing 6-month period	2.27%	36.10%	-33.83%
Volatility (1Y) Calculated over the trailing 1-year period	3.12%	41.46%	-38.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.06%	35.38%	-31.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.06%	36.68%	-32.62%

FMUN vs. BNO - Expense Ratio Comparison

FMUN has a 0.05% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

FMUN vs. BNO - Dividend Comparison

FMUN's dividend yield for the trailing twelve months is around 3.29%, while BNO has not paid dividends to shareholders.

Position	TTM	2025
BNO United States Brent Oil Fund LP	0.00%	0.00%
FMUN Fidelity Systematic Municipal Bond Index ETF	3.29%	2.41%

Frequently Asked Questions

Can I hold both FMUN and BNO in my portfolio?

FMUN and BNO have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMUN or BNO?

BNO has higher volatility (14.22%) compared to FMUN (1.27%). In terms of maximum drawdown, FMUN dropped -3.21% vs BNO's -87.06%.

Which ETF is better, FMUN or BNO?

On 1-year performance, BNO leads with 91.89% vs 7.61% for FMUN. On fees, FMUN is cheaper at 0.05% per year. On volatility, FMUN has been the lower-risk option at 1.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMUN or BNO?

Over the 1-year period, BNO has performed better with a 91.89% return vs 7.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMUN or BNO?

FMUN is cheaper with a 0.05% expense ratio, compared with 0.90% for BNO.

Which ETF pays a higher dividend yield, FMUN or BNO?

FMUN has the higher dividend yield at 3.29%, compared with 0.00% for BNO.

What is the main difference between FMUN and BNO?

FMUN is categorized as Municipal Bonds, while BNO is Oil & Gas. They also come from different issuers: Fidelity and Concierge Technologies. Their fees differ too: 0.05% for FMUN and 0.90% for BNO.

Which has better risk-adjusted returns?

FMUN currently has the higher Sharpe Ratio (2.45 vs 2.23), 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.