GDMN vs. BNO
GDMN (WisdomTree Efficient Gold Plus Gold Miners Strategy Fund) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - GDMN is a Commodities fund actively managed by WisdomTree, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. GDMN is actively managed, while BNO is passively managed. Over the past 3 years, GDMN returned 60.95%/yr vs 27.93%/yr for BNO. At a 0.13 correlation, their price movements are largely independent. GDMN charges 0.45%/yr vs 0.90%/yr for BNO.
Performance
GDMN vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, GDMN achieves a -4.13% return, which is significantly lower than BNO's 90.47% return.
GDMN
- 1D
- -3.68%
- 1M
- -2.43%
- YTD
- -4.13%
- 6M
- 2.73%
- 1Y
- 76.93%
- 3Y*
- 60.95%
- 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%
GDMN vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GDMN WisdomTree Efficient Gold Plus Gold Miners Strategy Fund | -4.13% | 237.09% | 28.23% | 12.97% | -14.62% | 5.11% |
BNO United States Brent Oil Fund LP | 90.47% | -5.44% | 9.67% | -3.43% | 35.25% | 4.24% |
Correlation
The correlation between GDMN and BNO is -0.16, 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 | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Dec 17, 2021 | 0.13 |
The correlation between GDMN and BNO shifts across timeframes, from -0.16 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GDMN vs. BNO — Risk / Return Rank
GDMN
BNO
GDMN vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN) 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.
| GDMN | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.97 | ||
| Sortino ratioReturn per unit of downside risk | -1.05 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.38 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | 5.17 | -3.19 |
| Martin ratioReturn relative to average drawdown | 4.68 | 9.76 | -5.09 |
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
| GDMN | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.26 | 2.23 | -0.97 |
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 | 0.80 | 0.14 | +0.66 |
Drawdowns
GDMN vs. BNO - Drawdown Comparison
The maximum GDMN drawdown since its inception was -52.82%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for GDMN and BNO.
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Drawdown Indicators
| GDMN | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.82% | -87.06% | +34.24% |
Max Drawdown (1Y)Largest decline over 1 year | -39.03% | -17.87% | -21.16% |
Max Drawdown (3Y)Largest decline over 3 years | -39.03% | -23.75% | -15.28% |
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 | -37.06% | -10.29% | -26.77% |
Average DrawdownAverage peak-to-trough decline | -18.89% | -40.17% | +21.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.51% | 9.45% | +7.06% |
Volatility
GDMN vs. BNO - Volatility Comparison
WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN) has a higher volatility of 17.94% compared to United States Brent Oil Fund LP (BNO) at 14.22%. This indicates that GDMN'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
| GDMN | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.94% | 14.22% | +3.72% |
Volatility (6M)Calculated over the trailing 6-month period | 51.79% | 36.10% | +15.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 61.32% | 41.46% | +19.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.59% | 35.38% | +12.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.59% | 36.68% | +10.91% |
GDMN vs. BNO - Expense Ratio Comparison
GDMN has a 0.45% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
GDMN vs. BNO - Dividend Comparison
GDMN's dividend yield for the trailing twelve months is around 2.82%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GDMN WisdomTree Efficient Gold Plus Gold Miners Strategy Fund | 2.82% | 2.70% | 9.44% | 7.69% | 1.44% |
Frequently Asked Questions
GDMN and BNO have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDMN has higher volatility (17.94%) compared to BNO (14.22%). In terms of maximum drawdown, GDMN dropped -52.82% vs BNO's -87.06%.
On 3-year performance, GDMN leads with 60.95% vs 27.93% for BNO. On fees, GDMN is cheaper at 0.45% per year. On volatility, BNO has been the lower-risk option at 14.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GDMN has performed better with a 60.95% return vs 27.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDMN is cheaper with a 0.45% expense ratio, compared with 0.90% for BNO.
GDMN has the higher dividend yield at 2.82%, compared with 0.00% for BNO.
GDMN is categorized as Commodities, while BNO is Oil & Gas. They also come from different issuers: WisdomTree and Concierge Technologies. Their fees differ too: 0.45% for GDMN and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.23 vs 1.26), 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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