GOLY vs. BNO
GOLY (Strategy Shares Gold Enhanced Yield ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - GOLY is a Nontraditional Bonds fund actively managed by Strategy Shares, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. GOLY is actively managed, while BNO is passively managed. Over the past 5 years, GOLY returned 4.37%/yr vs 20.89%/yr for BNO. Their 0.02 correlation means their historical movements had little consistent relationship. GOLY charges 0.79%/yr vs 1.00%/yr for BNO.
Performance
GOLY vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, GOLY achieves a -26.54% return, which is significantly lower than BNO's 77.90% return.
GOLY
- 1D
- -0.68%
- 1M
- -2.80%
- 6M
- -24.07%
- YTD
- -26.54%
- 1Y
- -9.02%
- 3Y*
- 14.14%
- 5Y*
- 4.37%
- 10Y*
- —
- ALL TIME*
- 4.18%
BNO
- 1D
- 1.45%
- 1M
- 27.00%
- 6M
- 52.90%
- YTD
- 77.90%
- 1Y
- 62.83%
- 3Y*
- 20.31%
- 5Y*
- 20.89%
- 10Y*
- 15.06%
- ALL TIME*
- 4.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $107.13M | $97.34M | $147.52M | |
| $645.25K | $545.45K | $1.00M |
GOLY vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GOLY Strategy Shares Gold Enhanced Yield ETF | -26.54% | 57.98% | 19.82% | 12.74% | -19.96% | -1.40% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 9.67% | -3.43% | 35.25% | 18.20% |
Correlation
The correlation between GOLY and BNO is -0.30, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.30 |
Correlation (3Y) Balances recent behavior with more history. | -0.04 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.03 |
Correlation (All Time) Calculated using the full available price history since May 18, 2021 | 0.02 |
The correlation between GOLY and BNO shifts across timeframes, from -0.30 (1 year) to 0.03 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
GOLY vs. BNO — Risk / Return Rank
GOLY
BNO
GOLY vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Strategy Shares Gold Enhanced Yield ETF (GOLY) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GOLY | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.48 | ||
| Sortino ratioReturn per unit of downside risk | -1.90 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.24 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.15 | 1.70 | -1.85 |
| Martin ratioReturn relative to average drawdown | -0.30 | 5.15 | -5.45 |
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Drawdowns
GOLY vs. BNO - Drawdown Comparison
The maximum GOLY drawdown since its inception was -37.99%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for GOLY and BNO.
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Drawdown Indicators
| GOLY | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.99% | -87.06% | +49.07% |
Max Drawdown (1Y)Largest decline over 1 year | -37.99% | -34.46% | -3.53% |
Max Drawdown (3Y)Largest decline over 3 years | -37.99% | -34.46% | -3.53% |
Max Drawdown (5Y)Largest decline over 5 years | -37.99% | -34.46% | -3.53% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -36.62% | -16.21% | -20.41% |
Average DrawdownAverage peak-to-trough decline | -12.56% | -39.99% | +27.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.14% | 11.86% | +7.28% |
Volatility
GOLY vs. BNO - Volatility Comparison
The current volatility for Strategy Shares Gold Enhanced Yield ETF (GOLY) is 6.91%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that GOLY 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
| GOLY | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.91% | 17.47% | -10.56% |
Volatility (6M)Calculated over the trailing 6-month period | 30.03% | 40.96% | -10.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.02% | 44.54% | -10.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.76% | 36.41% | -13.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.43% | 36.98% | -14.55% |
GOLY vs. BNO - Expense Ratio Comparison
GOLY has a 0.79% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
GOLY vs. BNO - Dividend Comparison
GOLY's dividend yield for the trailing twelve months is around 9.40%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GOLY Strategy Shares Gold Enhanced Yield ETF | 9.40% | 7.22% | 3.85% | 2.94% | 2.57% | 1.11% |
Frequently Asked Questions
GOLY and BNO have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (17.47%) compared to GOLY (6.91%). In terms of maximum drawdown, GOLY dropped -37.99% vs BNO's -87.06%.
On 5-year performance, BNO leads with 20.89% vs 4.37% for GOLY. On fees, GOLY is cheaper at 0.79% per year. On volatility, GOLY has been the lower-risk option at 6.91%. 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 20.89% return vs 4.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GOLY is cheaper with a 0.79% expense ratio, compared with 1.00% for BNO.
GOLY has the higher dividend yield at 9.40%, compared with 0.00% for BNO.
GOLY is categorized as Nontraditional Bonds, while BNO is Oil & Gas. They also come from different issuers: Strategy Shares and USCF. Their fees differ too: 0.79% for GOLY and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (1.32 vs -0.17), 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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