HBTC vs. BNO
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 -32.24% vs 38.79% for BNO. At a correlation of -0.03, they often move in opposite directions. HBTC charges 1.75%/yr vs 1.00%/yr for BNO.
Performance
HBTC vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, HBTC achieves a -24.27% return, which is significantly lower than BNO's 50.21% return.
HBTC
- 1D
- -0.42%
- 1M
- -13.17%
- YTD
- -24.27%
- 6M
- -24.71%
- 1Y
- -32.24%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BNO
- 1D
- -1.35%
- 1M
- -22.65%
- YTD
- 50.21%
- 6M
- 47.81%
- 1Y
- 38.79%
- 3Y*
- 19.32%
- 5Y*
- 17.15%
- 10Y*
- 11.25%
HBTC vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HBTC Fortuna Hedged Bitcoin ETF | -24.27% | 1.18% |
BNO United States Brent Oil Fund LP | 50.21% | -2.95% |
Correlation
The correlation between HBTC and BNO is -0.11, 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 | -0.11 |
Correlation (All Time) Calculated using the full available price history since Mar 19, 2025 | -0.03 |
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Return for Risk
HBTC vs. BNO — Risk / Return Rank
HBTC
BNO
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 ratioReturn per unit of total volatility | -2.09 | ||
| Sortino ratioReturn per unit of downside risk | -3.20 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.19 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | 1.33 | -2.14 |
| Martin ratioReturn relative to average drawdown | -1.47 | 4.21 | -5.68 |
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Drawdowns
HBTC vs. BNO - Drawdown Comparison
The maximum HBTC drawdown since its inception was -40.19%, 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.
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Drawdown Indicators
| HBTC | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.19% | -87.06% | +46.87% |
Max Drawdown (1Y)Largest decline over 1 year | -40.19% | -29.25% | -10.94% |
Max Drawdown (3Y)Largest decline over 3 years | — | -29.25% | — |
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 | -40.19% | -29.25% | -10.94% |
Average DrawdownAverage peak-to-trough decline | -15.35% | -40.10% | +24.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.93% | 9.28% | +12.65% |
Volatility
HBTC vs. BNO - Volatility Comparison
The current volatility for Fortuna Hedged Bitcoin ETF (HBTC) is 5.26%, while United States Brent Oil Fund LP (BNO) has a volatility of 10.92%. 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.
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Volatility by Period
| HBTC | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.26% | 10.92% | -5.66% |
Volatility (6M)Calculated over the trailing 6-month period | 19.47% | 37.29% | -17.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.29% | 41.67% | -13.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.10% | 35.65% | -6.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.10% | 36.68% | -7.58% |
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 14.47%, 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 | 14.47% | 10.96% |
Frequently Asked Questions
HBTC and BNO have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (10.92%) compared to HBTC (5.26%). In terms of maximum drawdown, HBTC dropped -40.19% vs BNO's -87.06%.
On 1-year performance, BNO leads with 38.79% vs -32.24% for HBTC. On fees, BNO is cheaper at 1.00% per year. On volatility, HBTC has been the lower-risk option at 5.26%. 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 38.79% return vs -32.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNO is cheaper with a 1.00% expense ratio, compared with 1.75% for HBTC.
HBTC has the higher dividend yield at 14.47%, compared with 0.00% for BNO.
HBTC is categorized as Blockchain, while BNO is Oil & Gas. They also come from different issuers: Fortuna Funds and USCF Investments. Their fees differ too: 1.75% for HBTC and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (0.95 vs -1.14), 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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