GLCR vs. BNO
GLCR (GlacierShares Nasdaq Iceland ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - GLCR is a Europe Equities fund tracking the MarketVector Iceland Global Total Return Net Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past year, GLCR returned -7.32% vs 91.89% for BNO. At a correlation of -0.12, they often move in opposite directions. GLCR charges 0.95%/yr vs 0.90%/yr for BNO.
Performance
GLCR vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, GLCR achieves a -10.49% return, which is significantly lower than BNO's 90.47% return.
GLCR
- 1D
- -0.67%
- 1M
- -9.07%
- YTD
- -10.49%
- 6M
- -3.88%
- 1Y
- -7.32%
- 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%
GLCR vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GLCR GlacierShares Nasdaq Iceland ETF | -10.49% | 8.04% |
BNO United States Brent Oil Fund LP | 90.47% | -7.03% |
Correlation
The correlation between GLCR and BNO is -0.24, 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 | -0.24 |
Correlation (All Time) Calculated using the full available price history since Mar 28, 2025 | -0.12 |
The correlation between GLCR and BNO shifts across timeframes, from -0.24 (1 year) to -0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GLCR vs. BNO — Risk / Return Rank
GLCR
BNO
GLCR vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GlacierShares Nasdaq Iceland ETF (GLCR) 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.
| GLCR | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.68 | ||
| Sortino ratioReturn per unit of downside risk | -3.23 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.38 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.44 | 5.17 | -5.61 |
| Martin ratioReturn relative to average drawdown | -1.22 | 9.76 | -10.98 |
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
| GLCR | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.45 | 2.23 | -2.68 |
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 | -0.15 | 0.14 | -0.29 |
Drawdowns
GLCR vs. BNO - Drawdown Comparison
The maximum GLCR drawdown since its inception was -16.79%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for GLCR and BNO.
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Drawdown Indicators
| GLCR | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.79% | -87.06% | +70.27% |
Max Drawdown (1Y)Largest decline over 1 year | -16.79% | -17.87% | +1.08% |
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 DrawdownCurrent decline from peak | -16.79% | -10.29% | -6.50% |
Average DrawdownAverage peak-to-trough decline | -4.54% | -40.17% | +35.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.02% | 9.45% | -3.43% |
Volatility
GLCR vs. BNO - Volatility Comparison
The current volatility for GlacierShares Nasdaq Iceland ETF (GLCR) is 7.93%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that GLCR 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
| GLCR | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.93% | 14.22% | -6.29% |
Volatility (6M)Calculated over the trailing 6-month period | 13.27% | 36.10% | -22.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.40% | 41.46% | -25.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.62% | 35.38% | -16.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.62% | 36.68% | -18.06% |
GLCR vs. BNO - Expense Ratio Comparison
GLCR has a 0.95% expense ratio, which is higher than BNO's 0.90% expense ratio.
Dividends
GLCR vs. BNO - Dividend Comparison
GLCR's dividend yield for the trailing twelve months is around 1.08%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% |
GLCR GlacierShares Nasdaq Iceland ETF | 1.08% | 0.97% |
Frequently Asked Questions
GLCR and BNO have a correlation of -0.24, 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 GLCR (7.93%). In terms of maximum drawdown, GLCR dropped -16.79% vs BNO's -87.06%.
On 1-year performance, BNO leads with 91.89% vs -7.32% for GLCR. On fees, BNO is cheaper at 0.90% per year. On volatility, GLCR has been the lower-risk option at 7.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BNO has performed better with a 91.89% return vs -7.32%. 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 GLCR.
GLCR has the higher dividend yield at 1.08%, compared with 0.00% for BNO.
GLCR is categorized as Europe Equities, while BNO is Oil & Gas. GLCR tracks MarketVector Iceland Global Total Return Net Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Teucrium and Concierge Technologies. Their fees differ too: 0.95% for GLCR and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.23 vs -0.45), 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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