HTAX vs. BNO

Last updated Jun 26, 2026

HTAX (Nomura National High-Yield Municipal Bond ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - HTAX is a High Yield Muni fund actively managed by Nomura, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. HTAX is actively managed, while BNO is passively managed. Over the past year, HTAX returned 9.02% vs 43.47% for BNO. At a correlation of -0.20, they often move in opposite directions. HTAX charges 0.49%/yr vs 1.00%/yr for BNO.

Performance

HTAX vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nomura National High-Yield Municipal Bond ETF (HTAX) 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, HTAX achieves a 4.52% return, which is significantly lower than BNO's 47.88% return.

HTAX

• 1D: 0.00%
• 1M: 2.05%
• YTD: 4.52%
• 6M: 4.89%
• 1Y: 9.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNO

• 1D: 2.80%
• 1M: -21.13%
• YTD: 47.88%
• 6M: 45.90%
• 1Y: 43.47%
• 3Y*: 18.48%
• 5Y*: 16.63%
• 10Y*: 11.27%

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

HTAX vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025
HTAX Nomura National High-Yield Municipal Bond ETF	4.52%	0.92%
BNO United States Brent Oil Fund LP	47.88%	-1.15%

Correlation

The correlation between HTAX and BNO is -0.26, 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	-0.26
Correlation (All Time) Calculated using the full available price history since Mar 6, 2025	-0.20

Return for Risk

HTAX vs. BNO — Risk / Return Rank

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

HTAX

HTAX Risk / Return Rank: 67
HTAX Sharpe Ratio Rank: 67
HTAX Sortino Ratio Rank: 72
HTAX Omega Ratio Rank: 73
HTAX Calmar Ratio Rank: 66
HTAX Martin Ratio Rank: 56

BNO

BNO Risk / Return Rank: 33
BNO Sharpe Ratio Rank: 33
BNO Sortino Ratio Rank: 33
BNO Omega Ratio Rank: 34
BNO Calmar Ratio Rank: 30
BNO Martin Ratio Rank: 33

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.

HTAX vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nomura National High-Yield Municipal Bond ETF (HTAX) 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.

	HTAX	BNO	Difference
Sharpe ratio: Return per unit of total volatility	1.93	1.07	+0.86
Sortino ratio: Return per unit of downside risk	2.85	1.62	+1.24
Omega ratio: Gain probability vs. loss probability	1.38	1.21	+0.17
Calmar ratio: Return relative to maximum drawdown	2.89	1.35	+1.53
Martin ratio: Return relative to average drawdown	8.80	4.51	+4.29

HTAX vs. BNO - Sharpe Ratio Comparison

The current HTAX Sharpe Ratio is 1.93, which is higher than the BNO Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of HTAX 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

HTAX vs. BNO - Drawdown Comparison

The maximum HTAX drawdown since its inception was -6.10%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for HTAX and BNO.

Drawdown Indicators

	HTAX	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-6.10%	-87.06%	+80.96%
Max Drawdown (1Y) Largest decline over 1 year	-3.14%	-32.25%	+29.11%
Max Drawdown (3Y) Largest decline over 3 years	—	-32.25%	—
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	0.00%	-30.35%	+30.35%
Average Drawdown Average peak-to-trough decline	-1.70%	-40.09%	+38.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.03%	9.66%	-8.63%

Volatility

HTAX vs. BNO - Volatility Comparison

The current volatility for Nomura National High-Yield Municipal Bond ETF (HTAX) is 1.22%, while United States Brent Oil Fund LP (BNO) has a volatility of 11.84%. This indicates that HTAX 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

	HTAX	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.22%	11.84%	-10.62%
Volatility (6M) Calculated over the trailing 6-month period	3.46%	37.59%	-34.13%
Volatility (1Y) Calculated over the trailing 1-year period	4.70%	41.00%	-36.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.41%	35.72%	-29.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.41%	36.70%	-30.29%

HTAX vs. BNO - Expense Ratio Comparison

HTAX has a 0.49% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

HTAX vs. BNO - Dividend Comparison

HTAX's dividend yield for the trailing twelve months is around 4.43%, while BNO has not paid dividends to shareholders.

Position	TTM	2025
BNO United States Brent Oil Fund LP	0.00%	0.00%
HTAX Nomura National High-Yield Municipal Bond ETF	4.43%	3.67%

Frequently Asked Questions

Can I hold both HTAX and BNO in my portfolio?

HTAX and BNO have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HTAX or BNO?

BNO has higher volatility (11.84%) compared to HTAX (1.22%). In terms of maximum drawdown, HTAX dropped -6.10% vs BNO's -87.06%.

Which ETF is better, HTAX or BNO?

On 1-year performance, BNO leads with 43.47% vs 9.02% for HTAX. On fees, HTAX is cheaper at 0.49% per year. On volatility, HTAX has been the lower-risk option at 1.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HTAX or BNO?

Over the 1-year period, BNO has performed better with a 43.47% return vs 9.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HTAX or BNO?

HTAX is cheaper with a 0.49% expense ratio, compared with 1.00% for BNO.

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

HTAX has the higher dividend yield at 4.43%, compared with 0.00% for BNO.

What is the main difference between HTAX and BNO?

HTAX is categorized as High Yield Muni, while BNO is Oil & Gas. They also come from different issuers: Nomura and USCF Investments. Their fees differ too: 0.49% for HTAX and 1.00% for BNO.

Which has better risk-adjusted returns?

HTAX currently has the higher Sharpe Ratio (1.93 vs 1.07), 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.