HOOG vs. BNO

Last updated Jun 5, 2026

HOOG (Leverage Shares 2X Long HOOD Daily ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - HOOG is a Leveraged Equities fund actively managed by Leverage Shares, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. HOOG is actively managed, while BNO is passively managed. Over the past year, HOOG returned -21.60% vs 88.71% for BNO. At a correlation of -0.09, they often move in opposite directions. HOOG charges 0.75%/yr vs 0.90%/yr for BNO.

Performance

HOOG vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long HOOD Daily ETF (HOOG) 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, HOOG achieves a -55.34% return, which is significantly lower than BNO's 85.31% return.

HOOG

• 1D: 12.78%
• 1M: 23.20%
• YTD: -55.34%
• 6M: -70.69%
• 1Y: -21.60%
• 3Y*: —
• 5Y*: —
• 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%

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

HOOG vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025
HOOG Leverage Shares 2X Long HOOD Daily ETF	-55.34%	291.44%
BNO United States Brent Oil Fund LP	85.31%	-4.90%

Correlation

The correlation between HOOG and BNO is -0.19, 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	-0.19
Correlation (All Time) Calculated using the full available price history since Mar 24, 2025	-0.09

Return for Risk

HOOG vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HOOG

HOOG Risk / Return Rank: 11
HOOG Sharpe Ratio Rank: 7
HOOG Sortino Ratio Rank: 16
HOOG Omega Ratio Rank: 16
HOOG Calmar Ratio Rank: 7
HOOG Martin Ratio Rank: 7

BNO

BNO Risk / Return Rank: 65
BNO Sharpe Ratio Rank: 65
BNO Sortino Ratio Rank: 57
BNO Omega Ratio Rank: 61
BNO Calmar Ratio Rank: 88
BNO Martin Ratio Rank: 55

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HOOG vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long HOOD Daily ETF (HOOG) 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.

	HOOG	BNO	Difference
Sharpe ratio: Return per unit of total volatility	-0.16	2.15	-2.30
Sortino ratio: Return per unit of downside risk	0.76	2.65	-1.90
Omega ratio: Gain probability vs. loss probability	1.09	1.36	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.25	4.99	-5.24
Martin ratio: Return relative to average drawdown	-0.40	9.39	-9.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HOOG vs. BNO - Sharpe Ratio Comparison

The current HOOG Sharpe Ratio is -0.16, which is lower than the BNO Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of HOOG 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.

Sharpe Ratios by Period

	HOOG	BNO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.16	2.15	-2.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.67	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.14	+0.27

Drawdowns

HOOG vs. BNO - Drawdown Comparison

The maximum HOOG drawdown since its inception was -86.94%, roughly equal to the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for HOOG and BNO.

Drawdown Indicators

	HOOG	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-86.94%	-87.06%	+0.12%
Max Drawdown (1Y) Largest decline over 1 year	-86.94%	-17.87%	-69.07%
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 Drawdown Current decline from peak	-79.17%	-12.72%	-66.45%
Average Drawdown Average peak-to-trough decline	-37.70%	-40.16%	+2.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	53.46%	9.48%	+43.98%

Volatility

HOOG vs. BNO - Volatility Comparison

Leverage Shares 2X Long HOOD Daily ETF (HOOG) has a higher volatility of 43.09% compared to United States Brent Oil Fund LP (BNO) at 14.12%. This indicates that HOOG'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.

Volatility by Period

	HOOG	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	43.09%	14.12%	+28.97%
Volatility (6M) Calculated over the trailing 6-month period	101.33%	36.21%	+65.12%
Volatility (1Y) Calculated over the trailing 1-year period	137.25%	41.56%	+95.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	145.07%	35.40%	+109.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	145.07%	36.69%	+108.38%

HOOG vs. BNO - Expense Ratio Comparison

HOOG has a 0.75% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

HOOG vs. BNO - Dividend Comparison

HOOG's dividend yield for the trailing twelve months is around 27.55%, while BNO has not paid dividends to shareholders.

Position	TTM	2025
BNO United States Brent Oil Fund LP	0.00%	0.00%
HOOG Leverage Shares 2X Long HOOD Daily ETF	27.55%	12.30%

Frequently Asked Questions

Can I hold both HOOG and BNO in my portfolio?

HOOG and BNO have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HOOG or BNO?

HOOG has higher volatility (43.09%) compared to BNO (14.12%). In terms of maximum drawdown, HOOG dropped -86.94% vs BNO's -87.06%.

Which ETF is better, HOOG or BNO?

On 1-year performance, BNO leads with 88.71% vs -21.60% for HOOG. On fees, HOOG is cheaper at 0.75% 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.

Which ETF has performed better, HOOG or BNO?

Over the 1-year period, BNO has performed better with a 88.71% return vs -21.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HOOG or BNO?

HOOG is cheaper with a 0.75% expense ratio, compared with 0.90% for BNO.

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

HOOG has the higher dividend yield at 27.55%, compared with 0.00% for BNO.

What is the main difference between HOOG and BNO?

HOOG is categorized as Leveraged Equities, while BNO is Oil & Gas. They also come from different issuers: Leverage Shares and Concierge Technologies. Their fees differ too: 0.75% for HOOG and 0.90% for BNO.

Which has better risk-adjusted returns?

BNO currently has the higher Sharpe Ratio (2.15 vs -0.16), 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.