JFLX vs. BNO

Last updated Jun 5, 2026

JFLX (JPMorgan Flexible Debt ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - JFLX is a Nontraditional Bonds fund actively managed by JPMorgan, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. JFLX is actively managed, while BNO is passively managed. At a correlation of -0.34, they often move in opposite directions. JFLX charges 0.45%/yr vs 0.90%/yr for BNO.

Performance

JFLX vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Flexible Debt ETF (JFLX) 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, JFLX achieves a 1.82% return, which is significantly lower than BNO's 85.31% return.

JFLX

• 1D: 0.00%
• 1M: 0.73%
• YTD: 1.82%
• 6M: 2.07%
• 1Y: —
• 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)

JFLX vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025
JFLX JPMorgan Flexible Debt ETF	1.82%	1.26%
BNO United States Brent Oil Fund LP	85.31%	-6.66%

Correlation

The correlation between JFLX and BNO is -0.34, 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 (All Time) Calculated using the full available price history since Sep 30, 2025	-0.34

Return for Risk

JFLX vs. BNO — Risk / Return Rank

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

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.

JFLX vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Flexible Debt ETF (JFLX) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	JFLX	BNO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.15	—
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	1.79	0.14	+1.65

Drawdowns

JFLX vs. BNO - Drawdown Comparison

The maximum JFLX drawdown since its inception was -2.36%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for JFLX and BNO.

Drawdown Indicators

	JFLX	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-2.36%	-87.06%	+84.70%
Max Drawdown (1Y) Largest decline over 1 year	—	-17.87%	—
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	-0.14%	-12.72%	+12.58%
Average Drawdown Average peak-to-trough decline	-0.40%	-40.16%	+39.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	9.48%	—

Volatility

Volatility by Period

	JFLX	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	14.12%	—
Volatility (6M) Calculated over the trailing 6-month period	—	36.21%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.59%	41.56%	-38.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.59%	35.40%	-32.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.59%	36.69%	-34.10%

JFLX vs. BNO - Expense Ratio Comparison

JFLX has a 0.45% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

JFLX vs. BNO - Dividend Comparison

JFLX's dividend yield for the trailing twelve months is around 3.28%, while BNO has not paid dividends to shareholders.

Position	TTM	2025
BNO United States Brent Oil Fund LP	0.00%	0.00%
JFLX JPMorgan Flexible Debt ETF	3.28%	1.27%

Frequently Asked Questions

Can I hold both JFLX and BNO in my portfolio?

JFLX and BNO have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JFLX or BNO?

On fees, JFLX is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, JFLX or BNO?

JFLX is cheaper with a 0.45% expense ratio, compared with 0.90% for BNO.

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

JFLX has the higher dividend yield at 3.28%, compared with 0.00% for BNO.

What is the main difference between JFLX and BNO?

JFLX is categorized as Nontraditional Bonds, while BNO is Oil & Gas. They also come from different issuers: JPMorgan and Concierge Technologies. Their fees differ too: 0.45% for JFLX and 0.90% for BNO.