HBTC vs. BNO

Last updated Aug 1, 2026

HBTC (Fortuna Hedged Bitcoin ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - HBTC is a Blockchain fund actively managed by Fortuna Funds, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. HBTC is actively managed, while BNO is passively managed. Over the past year, HBTC returned -34.86% vs 62.83% for BNO. Their -0.05 correlation means they have often moved in opposite directions in the past. HBTC charges 1.75%/yr vs 1.00%/yr for BNO.

Performance

HBTC vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fortuna Hedged Bitcoin ETF (HBTC) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HBTC achieves a -22.91% return, which is significantly lower than BNO's 77.90% return.

HBTC

• 1D: -2.53%
• 1M: -0.25%
• 6M: -19.07%
• YTD: -22.91%
• 1Y: -34.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -16.63%

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BNO United States Brent Oil Fund LP	$107.13M	$97.34M	$147.52M
HBTC Fortuna Hedged Bitcoin ETF	$620.05	$1.99K	$5.81K

HBTC vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025
HBTC Fortuna Hedged Bitcoin ETF	-22.91%	1.18%
BNO United States Brent Oil Fund LP	77.90%	-2.95%

Correlation

The correlation between HBTC and BNO is -0.13, 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.	-0.13
Correlation (All Time) Calculated using the full available price history since Mar 19, 2025	-0.05

Return for Risk

HBTC vs. BNO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HBTC

HBTC Risk / Return Rank: 1
HBTC Sharpe Ratio Rank: 0
HBTC Sortino Ratio Rank: 1
HBTC Omega Ratio Rank: 1
HBTC Calmar Ratio Rank: 1
HBTC Martin Ratio Rank: 1

BNO

BNO Risk / Return Rank: 52
BNO Sharpe Ratio Rank: 55
BNO Sortino Ratio Rank: 55
BNO Omega Ratio Rank: 55
BNO Calmar Ratio Rank: 47
BNO Martin Ratio Rank: 45

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HBTC vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fortuna Hedged Bitcoin ETF (HBTC) 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.

	HBTC	BNO	Difference
Sharpe ratio: Return per unit of total volatility	-1.30	1.32	-2.62
Sortino ratio: Return per unit of downside risk	-2.00	1.90	-3.91
Omega ratio: Gain probability vs. loss probability	0.79	1.24	-0.46
Calmar ratio: Return relative to maximum drawdown	-0.90	1.70	-2.60
Martin ratio: Return relative to average drawdown	-1.44	5.15	-6.59

HBTC vs. BNO - Sharpe Ratio Comparison

The current HBTC Sharpe Ratio is -1.30, which is lower than the BNO Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of HBTC and BNO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HBTC vs. BNO - Drawdown Comparison

The maximum HBTC drawdown since its inception was -40.45%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for HBTC and BNO.

Drawdown Indicators

	HBTC	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-40.45%	-87.06%	+46.61%
Max Drawdown (1Y) Largest decline over 1 year	-40.45%	-34.46%	-5.99%
Max Drawdown (3Y) Largest decline over 3 years	—	-34.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.18%	—
Current Drawdown Current decline from peak	-39.12%	-16.21%	-22.91%
Average Drawdown Average peak-to-trough decline	-17.14%	-39.99%	+22.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.22%	11.86%	+13.36%

Volatility

HBTC vs. BNO - Volatility Comparison

The current volatility for Fortuna Hedged Bitcoin ETF (HBTC) is 7.39%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that HBTC 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.

Volatility by Period

	HBTC	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.39%	17.47%	-10.08%
Volatility (6M) Calculated over the trailing 6-month period	18.26%	40.96%	-22.70%
Volatility (1Y) Calculated over the trailing 1-year period	28.00%	44.54%	-16.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.62%	36.41%	-7.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.62%	36.98%	-8.36%

HBTC vs. BNO - Expense Ratio Comparison

HBTC has a 1.75% expense ratio, which is higher than BNO's 1.00% expense ratio.

Dividends

HBTC vs. BNO - Dividend Comparison

HBTC's dividend yield for the trailing twelve months is around 14.21%, while BNO has not paid dividends to shareholders.

Position	TTM	2025
BNO United States Brent Oil Fund LP	0.00%	0.00%
HBTC Fortuna Hedged Bitcoin ETF	14.21%	10.96%

Frequently Asked Questions

Can I hold both HBTC and BNO in my portfolio?

HBTC and BNO have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HBTC or BNO?

BNO has higher volatility (17.47%) compared to HBTC (7.39%). In terms of maximum drawdown, HBTC dropped -40.45% vs BNO's -87.06%.

Which ETF is better, HBTC or BNO?

On 1-year performance, BNO leads with 62.83% vs -34.86% for HBTC. On fees, BNO is cheaper at 1.00% per year. On volatility, HBTC has been the lower-risk option at 7.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HBTC or BNO?

Over the 1-year period, BNO has performed better with a 62.83% return vs -34.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HBTC or BNO?

BNO is cheaper with a 1.00% expense ratio, compared with 1.75% for HBTC.

Which ETF pays a higher dividend yield, HBTC or BNO?

HBTC has the higher dividend yield at 14.21%, compared with 0.00% for BNO.

What is the main difference between HBTC and BNO?

HBTC is categorized as Blockchain, while BNO is Oil & Gas. They also come from different issuers: Fortuna Funds and USCF. Their fees differ too: 1.75% for HBTC and 1.00% for BNO.

Which has better risk-adjusted returns?

BNO currently has the higher Sharpe Ratio (1.32 vs -1.30), 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.