LLYX vs. BNO

Last updated Aug 2, 2026

LLYX (Defiance Daily Target 2X Long LLY ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - LLYX is a Leveraged Equities fund actively managed by Defiance, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. LLYX is actively managed, while BNO is passively managed. Over the past year, LLYX returned 73.62% vs 62.83% for BNO. Their -0.14 correlation means they have often moved in opposite directions in the past. LLYX charges 1.32%/yr vs 1.00%/yr for BNO.

Performance

LLYX vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long LLY ETF (LLYX) 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, LLYX achieves a -2.08% return, which is significantly lower than BNO's 77.90% return.

LLYX

• 1D: -1.03%
• 1M: -11.52%
• 6M: 7.08%
• YTD: -2.08%
• 1Y: 73.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.20%

BNO

• 1D: 1.45%
• 1M: 27.00%
• 6M: 52.90%
• YTD: 77.90%
• 1Y: 62.83%
• 3Y*: 20.31%
• 5Y*: 20.89%
• 10Y*: 15.06%
• ALL TIME*: 4.31%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BNO United States Brent Oil Fund LP	$107.13M	$97.34M	$147.52M
LLYX Defiance Daily Target 2X Long LLY ETF	$6.33M	$8.67M	$11.22M

LLYX vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
LLYX Defiance Daily Target 2X Long LLY ETF	-2.08%	44.29%	-23.22%
BNO United States Brent Oil Fund LP	77.90%	-5.44%	-0.76%

Correlation

The correlation between LLYX and BNO is -0.23, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.23
Correlation (All Time) Calculated using the full available price history since Aug 8, 2024	-0.14

Return for Risk

LLYX vs. BNO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

LLYX

LLYX Risk / Return Rank: 47
LLYX Sharpe Ratio Rank: 44
LLYX Sortino Ratio Rank: 50
LLYX Omega Ratio Rank: 52
LLYX Calmar Ratio Rank: 49
LLYX Martin Ratio Rank: 40

BNO

BNO Risk / Return Rank: 52
BNO Sharpe Ratio Rank: 55
BNO Sortino Ratio Rank: 55
BNO Omega Ratio Rank: 55
BNO Calmar Ratio Rank: 47
BNO Martin Ratio Rank: 45

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

LLYX vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long LLY ETF (LLYX) 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.

	LLYX	BNO	Difference
Sharpe ratio: Return per unit of total volatility	1.11	1.32	-0.21
Sortino ratio: Return per unit of downside risk	1.81	1.90	-0.10
Omega ratio: Gain probability vs. loss probability	1.24	1.24	0.00
Calmar ratio: Return relative to maximum drawdown	1.77	1.70	+0.07
Martin ratio: Return relative to average drawdown	4.21	5.15	-0.94

LLYX vs. BNO - Sharpe Ratio Comparison

The current LLYX Sharpe Ratio is 1.11, which is comparable to the BNO Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of LLYX 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

LLYX vs. BNO - Drawdown Comparison

The maximum LLYX drawdown since its inception was -67.98%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for LLYX and BNO.

Drawdown Indicators

	LLYX	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-67.98%	-87.06%	+19.08%
Max Drawdown (1Y) Largest decline over 1 year	-47.36%	-34.46%	-12.90%
Max Drawdown (3Y) Largest decline over 3 years	—	-34.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.18%	—
Current Drawdown Current decline from peak	-15.27%	-16.21%	+0.94%
Average Drawdown Average peak-to-trough decline	-31.72%	-39.99%	+8.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.86%	11.86%	+8.00%

Volatility

LLYX vs. BNO - Volatility Comparison

Defiance Daily Target 2X Long LLY ETF (LLYX) and United States Brent Oil Fund LP (BNO) have volatilities of 17.70% and 17.47%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LLYX	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.70%	17.47%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	54.27%	40.96%	+13.31%
Volatility (1Y) Calculated over the trailing 1-year period	75.89%	44.54%	+31.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	75.27%	36.41%	+38.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	75.27%	36.98%	+38.29%

LLYX vs. BNO - Expense Ratio Comparison

LLYX has a 1.32% expense ratio, which is higher than BNO's 1.00% expense ratio.

Dividends

LLYX vs. BNO - Dividend Comparison

LLYX's dividend yield for the trailing twelve months is around 2.82%, while BNO has not paid dividends to shareholders.

Position	TTM	2025
BNO United States Brent Oil Fund LP	0.00%	0.00%
LLYX Defiance Daily Target 2X Long LLY ETF	2.82%	2.76%

Frequently Asked Questions

Can I hold both LLYX and BNO in my portfolio?

LLYX and BNO have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LLYX or BNO?

LLYX has higher volatility (17.70%) compared to BNO (17.47%). In terms of maximum drawdown, LLYX dropped -67.98% vs BNO's -87.06%.

Which ETF is better, LLYX or BNO?

On 1-year performance, LLYX leads with 73.62% vs 62.83% for BNO. On fees, BNO is cheaper at 1.00% per year. On volatility, BNO has been the lower-risk option at 17.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LLYX or BNO?

Over the 1-year period, LLYX has performed better with a 73.62% return vs 62.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LLYX or BNO?

BNO is cheaper with a 1.00% expense ratio, compared with 1.32% for LLYX.

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

LLYX has the higher dividend yield at 2.82%, compared with 0.00% for BNO.

What is the main difference between LLYX and BNO?

LLYX is categorized as Leveraged Equities, while BNO is Oil & Gas. They also come from different issuers: Defiance and USCF. Their fees differ too: 1.32% for LLYX and 1.00% for BNO.

Which has better risk-adjusted returns?

BNO currently has the higher Sharpe Ratio (1.32 vs 1.11), 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.