LMBS vs. BNO
LMBS (First Trust Low Duration Mortgage Opportunities ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - LMBS is a Mortgage Backed Securities fund actively managed by First Trust, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. LMBS is actively managed, while BNO is passively managed. Over the past 10 years, LMBS returned 2.59%/yr vs 15.06%/yr for BNO. Their -0.10 correlation means they have often moved in opposite directions in the past. LMBS charges 0.68%/yr vs 1.00%/yr for BNO.
Performance
LMBS vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, LMBS achieves a 1.39% return, which is significantly lower than BNO's 77.90% return. Over the past 10 years, LMBS has underperformed BNO with an annualized return of 2.59%, while BNO has yielded a comparatively higher 15.06% annualized return.
LMBS
- 1D
- -0.08%
- 1M
- -0.15%
- 6M
- 0.68%
- YTD
- 1.39%
- 1Y
- 4.45%
- 3Y*
- 5.75%
- 5Y*
- 3.07%
- 10Y*
- 2.59%
- ALL TIME*
- 2.97%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $107.13M | $97.34M | $147.52M | |
| $21.63M | $26.61M | $25.51M |
LMBS vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LMBS First Trust Low Duration Mortgage Opportunities ETF | 1.39% | 7.05% | 5.15% | 6.10% | -3.07% | -0.91% | 1.64% | 4.10% | 1.62% | 1.68% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between LMBS and BNO is -0.32, 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. | -0.32 |
Correlation (3Y) Balances recent behavior with more history. | -0.19 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.11 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.09 |
Correlation (All Time) Calculated using the full available price history since Nov 5, 2014 | -0.10 |
Over the past year, the inverse relationship between LMBS and BNO has strengthened: their correlation has moved from -0.10 to -0.32, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
LMBS vs. BNO — Risk / Return Rank
LMBS
BNO
LMBS vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Low Duration Mortgage Opportunities ETF (LMBS) 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.
| LMBS | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.15 | ||
| Sortino ratioReturn per unit of downside risk | +1.73 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.24 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 3.41 | 1.70 | +1.71 |
| Martin ratioReturn relative to average drawdown | 13.82 | 5.15 | +8.67 |
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Drawdowns
LMBS vs. BNO - Drawdown Comparison
The maximum LMBS drawdown since its inception was -6.49%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for LMBS and BNO.
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Drawdown Indicators
| LMBS | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.49% | -87.06% | +80.57% |
Max Drawdown (1Y)Largest decline over 1 year | -1.43% | -34.46% | +33.03% |
Max Drawdown (3Y)Largest decline over 3 years | -1.72% | -34.46% | +32.74% |
Max Drawdown (5Y)Largest decline over 5 years | -5.99% | -34.46% | +28.47% |
Max Drawdown (10Y)Largest decline over 10 years | -6.49% | -75.18% | +68.69% |
Current DrawdownCurrent decline from peak | -0.36% | -16.21% | +15.85% |
Average DrawdownAverage peak-to-trough decline | -0.80% | -39.99% | +39.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.35% | 11.86% | -11.51% |
Volatility
LMBS vs. BNO - Volatility Comparison
The current volatility for First Trust Low Duration Mortgage Opportunities ETF (LMBS) is 0.73%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that LMBS 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.
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Volatility by Period
| LMBS | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.73% | 17.47% | -16.74% |
Volatility (6M)Calculated over the trailing 6-month period | 1.54% | 40.96% | -39.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.97% | 44.54% | -42.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.58% | 36.41% | -33.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.35% | 36.98% | -34.63% |
LMBS vs. BNO - Expense Ratio Comparison
LMBS has a 0.68% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
LMBS vs. BNO - Dividend Comparison
LMBS's dividend yield for the trailing twelve months is around 4.12%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
LMBS First Trust Low Duration Mortgage Opportunities ETF | 4.12% | 4.08% | 4.28% | 3.96% | 2.22% | 2.04% | 2.27% | 2.55% | 2.76% | 2.73% | 2.84% | 3.03% |
Frequently Asked Questions
LMBS and BNO have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (17.47%) compared to LMBS (0.73%). In terms of maximum drawdown, LMBS dropped -6.49% vs BNO's -87.06%.
On 10-year performance, BNO leads with 15.06% vs 2.59% for LMBS. On fees, LMBS is cheaper at 0.68% per year. On volatility, LMBS has been the lower-risk option at 0.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BNO has performed better with a 15.06% return vs 2.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LMBS is cheaper with a 0.68% expense ratio, compared with 1.00% for BNO.
LMBS has the higher dividend yield at 4.12%, compared with 0.00% for BNO.
LMBS is categorized as Mortgage Backed Securities, while BNO is Oil & Gas. They also come from different issuers: First Trust and USCF. Their fees differ too: 0.68% for LMBS and 1.00% for BNO.
LMBS currently has the higher Sharpe Ratio (2.47 vs 1.32), 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.
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