HOOY vs. BNO

Last updated Jun 5, 2026

HOOY (YieldMax HOOD Option Income Strategy ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - HOOY is a Derivative Income fund actively managed by YieldMax, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. HOOY is actively managed, while BNO is passively managed. Over the past year, HOOY returned 14.05% vs 88.71% for BNO. At a correlation of -0.17, they often move in opposite directions. HOOY charges 0.99%/yr vs 0.90%/yr for BNO.

Performance

HOOY vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax HOOD Option Income Strategy ETF (HOOY) 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, HOOY achieves a -15.53% return, which is significantly lower than BNO's 85.31% return.

HOOY

• 1D: 5.59%
• 1M: 12.66%
• YTD: -15.53%
• 6M: -27.09%
• 1Y: 14.05%
• 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)

HOOY vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025
HOOY YieldMax HOOD Option Income Strategy ETF	-15.53%	64.95%
BNO United States Brent Oil Fund LP	85.31%	6.19%

Correlation

The correlation between HOOY and BNO is -0.20, 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	-0.20
Correlation (All Time) Calculated using the full available price history since May 9, 2025	-0.17

Return for Risk

HOOY vs. BNO — Risk / Return Rank

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

HOOY

HOOY Risk / Return Rank: 14
HOOY Sharpe Ratio Rank: 13
HOOY Sortino Ratio Rank: 16
HOOY Omega Ratio Rank: 17
HOOY Calmar Ratio Rank: 12
HOOY Martin Ratio Rank: 12

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.

HOOY vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax HOOD Option Income Strategy ETF (HOOY) 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.

	HOOY	BNO	Difference
Sharpe ratio: Return per unit of total volatility	0.25	2.15	-1.89
Sortino ratio: Return per unit of downside risk	0.74	2.65	-1.91
Omega ratio: Gain probability vs. loss probability	1.09	1.36	-0.27
Calmar ratio: Return relative to maximum drawdown	0.27	4.99	-4.72
Martin ratio: Return relative to average drawdown	0.50	9.39	-8.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HOOY vs. BNO - Sharpe Ratio Comparison

The current HOOY Sharpe Ratio is 0.25, which is lower than the BNO Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of HOOY 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

	HOOY	BNO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.25	2.15	-1.89
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	0.67	0.14	+0.53

Drawdowns

HOOY vs. BNO - Drawdown Comparison

The maximum HOOY drawdown since its inception was -51.54%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for HOOY and BNO.

Drawdown Indicators

	HOOY	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-51.54%	-87.06%	+35.52%
Max Drawdown (1Y) Largest decline over 1 year	-51.54%	-17.87%	-33.67%
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	-37.05%	-12.72%	-24.33%
Average Drawdown Average peak-to-trough decline	-20.24%	-40.16%	+19.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.34%	9.48%	+18.86%

Volatility

HOOY vs. BNO - Volatility Comparison

YieldMax HOOD Option Income Strategy ETF (HOOY) has a higher volatility of 16.40% compared to United States Brent Oil Fund LP (BNO) at 14.12%. This indicates that HOOY'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

	HOOY	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.40%	14.12%	+2.28%
Volatility (6M) Calculated over the trailing 6-month period	42.22%	36.21%	+6.01%
Volatility (1Y) Calculated over the trailing 1-year period	55.50%	41.56%	+13.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.63%	35.40%	+19.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.63%	36.69%	+17.94%

HOOY vs. BNO - Expense Ratio Comparison

HOOY has a 0.99% expense ratio, which is higher than BNO's 0.90% expense ratio.

Dividends

HOOY vs. BNO - Dividend Comparison

HOOY's dividend yield for the trailing twelve months is around 156.89%, while BNO has not paid dividends to shareholders.

Position	TTM	2025
BNO United States Brent Oil Fund LP	0.00%	0.00%
HOOY YieldMax HOOD Option Income Strategy ETF	156.89%	82.87%

Frequently Asked Questions

Can I hold both HOOY and BNO in my portfolio?

HOOY and BNO have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HOOY or BNO?

HOOY has higher volatility (16.40%) compared to BNO (14.12%). In terms of maximum drawdown, HOOY dropped -51.54% vs BNO's -87.06%.

Which ETF is better, HOOY or BNO?

On 1-year performance, BNO leads with 88.71% vs 14.05% for HOOY. On fees, BNO is cheaper at 0.90% 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, HOOY or BNO?

Over the 1-year period, BNO has performed better with a 88.71% return vs 14.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HOOY or BNO?

BNO is cheaper with a 0.90% expense ratio, compared with 0.99% for HOOY.

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

HOOY has the higher dividend yield at 156.89%, compared with 0.00% for BNO.

What is the main difference between HOOY and BNO?

HOOY is categorized as Derivative Income, while BNO is Oil & Gas. They also come from different issuers: YieldMax and Concierge Technologies. Their fees differ too: 0.99% for HOOY and 0.90% for BNO.

Which has better risk-adjusted returns?

BNO currently has the higher Sharpe Ratio (2.15 vs 0.25), 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.