GDXU vs. BNO
GDXU (MicroSectors Gold Miners 3X Leveraged ETN) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - GDXU is a Leveraged Equities fund tracking the S-Network MicroSectors Gold Miners Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 5 years, GDXU returned -10.23%/yr vs 23.48%/yr for BNO. At a 0.12 correlation, their price movements are largely independent. GDXU charges 0.95%/yr vs 0.90%/yr for BNO.
Performance
GDXU vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, GDXU achieves a -41.62% return, which is significantly lower than BNO's 85.31% return.
GDXU
- 1D
- 3.90%
- 1M
- -8.04%
- YTD
- -41.62%
- 6M
- -31.92%
- 1Y
- 76.85%
- 3Y*
- 47.72%
- 5Y*
- -10.23%
- 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%
GDXU vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GDXU MicroSectors Gold Miners 3X Leveraged ETN | -41.62% | 796.47% | -18.60% | -21.36% | -62.82% | -54.93% | 4.66% |
BNO United States Brent Oil Fund LP | 85.31% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | 5.92% |
Correlation
The correlation between GDXU and BNO is -0.20, 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 | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020 | 0.12 |
The correlation between GDXU and BNO shifts across timeframes, from -0.20 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GDXU vs. BNO — Risk / Return Rank
GDXU
BNO
GDXU vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold Miners 3X Leveraged ETN (GDXU) 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.
| GDXU | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.59 | ||
| Sortino ratioReturn per unit of downside risk | -1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.36 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.04 | 4.99 | -3.95 |
| Martin ratioReturn relative to average drawdown | 2.11 | 9.39 | -7.28 |
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
| GDXU | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.56 | 2.15 | -1.59 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.09 | 0.67 | -0.76 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.36 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.08 | 0.14 | -0.22 |
Drawdowns
GDXU vs. BNO - Drawdown Comparison
The maximum GDXU drawdown since its inception was -94.39%, which is greater than BNO's maximum drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for GDXU and BNO.
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Drawdown Indicators
| GDXU | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.39% | -87.06% | -7.33% |
Max Drawdown (1Y)Largest decline over 1 year | -73.99% | -17.87% | -56.12% |
Max Drawdown (3Y)Largest decline over 3 years | -73.99% | -23.75% | -50.24% |
Max Drawdown (5Y)Largest decline over 5 years | -92.93% | -33.70% | -59.23% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -72.90% | -12.72% | -60.18% |
Average DrawdownAverage peak-to-trough decline | -69.77% | -40.16% | -29.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.52% | 9.48% | +27.04% |
Volatility
GDXU vs. BNO - Volatility Comparison
MicroSectors Gold Miners 3X Leveraged ETN (GDXU) has a higher volatility of 46.65% compared to United States Brent Oil Fund LP (BNO) at 14.12%. This indicates that GDXU'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
| GDXU | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 46.65% | 14.12% | +32.53% |
Volatility (6M)Calculated over the trailing 6-month period | 118.08% | 36.21% | +81.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 137.54% | 41.56% | +95.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 110.85% | 35.40% | +75.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 110.00% | 36.69% | +73.31% |
GDXU vs. BNO - Expense Ratio Comparison
GDXU has a 0.95% expense ratio, which is higher than BNO's 0.90% expense ratio.
Dividends
GDXU vs. BNO - Dividend Comparison
Neither GDXU nor BNO has paid dividends to shareholders.
Frequently Asked Questions
GDXU and BNO have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDXU has higher volatility (46.65%) compared to BNO (14.12%). In terms of maximum drawdown, GDXU dropped -94.39% vs BNO's -87.06%.
On 5-year performance, BNO leads with 23.48% vs -10.23% for GDXU. 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 5-year period, BNO has performed better with a 23.48% return vs -10.23%. 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 GDXU.
GDXU and BNO have nearly identical dividend yields, around 0.00%.
GDXU is categorized as Leveraged Equities, while BNO is Oil & Gas. GDXU tracks S-Network MicroSectors Gold Miners Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: BMO and Concierge Technologies. Their fees differ too: 0.95% for GDXU and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.15 vs 0.56), 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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