FWD vs. BNO
FWD (AB Disruptors ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - FWD is a Global Equities fund actively managed by AllianceBernstein, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. FWD is actively managed, while BNO is passively managed. Over the past 3 years, FWD returned 39.48%/yr vs 27.93%/yr for BNO. At a correlation of -0.02, they often move in opposite directions. FWD charges 0.65%/yr vs 0.90%/yr for BNO.
Performance
FWD vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, FWD achieves a 40.11% return, which is significantly lower than BNO's 90.47% return.
FWD
- 1D
- -0.27%
- 1M
- 14.15%
- YTD
- 40.11%
- 6M
- 39.78%
- 1Y
- 75.95%
- 3Y*
- 39.48%
- 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%
FWD vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FWD AB Disruptors ETF | 40.11% | 32.00% | 29.23% | 25.66% |
BNO United States Brent Oil Fund LP | 90.47% | -5.44% | 9.67% | 8.50% |
Correlation
The correlation between FWD 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 (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Mar 23, 2023 | -0.02 |
Over the past year, the inverse relationship between FWD and BNO has strengthened: their correlation has moved from -0.02 to -0.25, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
FWD vs. BNO — Risk / Return Rank
FWD
BNO
FWD vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AB Disruptors ETF (FWD) 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.
| FWD | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.93 | ||
| Sortino ratioReturn per unit of downside risk | +1.05 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.38 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 5.86 | 5.17 | +0.69 |
| Martin ratioReturn relative to average drawdown | 20.83 | 9.76 | +11.07 |
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
| FWD | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.16 | 2.23 | +0.93 |
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 | 1.67 | 0.14 | +1.53 |
Drawdowns
FWD vs. BNO - Drawdown Comparison
The maximum FWD drawdown since its inception was -29.02%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for FWD and BNO.
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Drawdown Indicators
| FWD | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.02% | -87.06% | +58.04% |
Max Drawdown (1Y)Largest decline over 1 year | -13.03% | -17.87% | +4.84% |
Max Drawdown (3Y)Largest decline over 3 years | -29.02% | -23.75% | -5.27% |
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 | -0.27% | -10.29% | +10.02% |
Average DrawdownAverage peak-to-trough decline | -4.06% | -40.17% | +36.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.66% | 9.45% | -5.79% |
Volatility
FWD vs. BNO - Volatility Comparison
The current volatility for AB Disruptors ETF (FWD) is 7.77%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that FWD 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
| FWD | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.77% | 14.22% | -6.45% |
Volatility (6M)Calculated over the trailing 6-month period | 18.96% | 36.10% | -17.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.15% | 41.46% | -17.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.72% | 35.38% | -10.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.72% | 36.68% | -11.96% |
FWD vs. BNO - Expense Ratio Comparison
FWD has a 0.65% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
FWD vs. BNO - Dividend Comparison
FWD's dividend yield for the trailing twelve months is around 0.08%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% |
FWD AB Disruptors ETF | 0.08% | 0.11% | 1.89% |
Frequently Asked Questions
FWD 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.
BNO has higher volatility (14.22%) compared to FWD (7.77%). In terms of maximum drawdown, FWD dropped -29.02% vs BNO's -87.06%.
On 3-year performance, FWD leads with 39.48% vs 27.93% for BNO. On fees, FWD is cheaper at 0.65% per year. On volatility, FWD has been the lower-risk option at 7.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FWD has performed better with a 39.48% return vs 27.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FWD is cheaper with a 0.65% expense ratio, compared with 0.90% for BNO.
FWD has the higher dividend yield at 0.08%, compared with 0.00% for BNO.
FWD is categorized as Global Equities, while BNO is Oil & Gas. They also come from different issuers: AllianceBernstein and Concierge Technologies. Their fees differ too: 0.65% for FWD and 0.90% for BNO.
FWD currently has the higher Sharpe Ratio (3.16 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.
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