LODI vs. BNO

Last updated Jun 5, 2026

LODI (AAM SLC Low Duration Income ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - LODI is a Short-Term Bond fund actively managed by AAM, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. LODI is actively managed, while BNO is passively managed. Over the past year, LODI returned 5.83% vs 88.71% for BNO. At a correlation of -0.22, they often move in opposite directions. LODI charges 0.15%/yr vs 0.90%/yr for BNO.

Performance

LODI vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AAM SLC Low Duration Income ETF (LODI) 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, LODI achieves a 1.87% return, which is significantly lower than BNO's 85.31% return.

LODI

• 1D: -0.00%
• 1M: 0.45%
• YTD: 1.87%
• 6M: 2.30%
• 1Y: 5.83%
• 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)

LODI vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
LODI AAM SLC Low Duration Income ETF	1.87%	6.04%	0.26%
BNO United States Brent Oil Fund LP	85.31%	-5.44%	3.06%

Correlation

The correlation between LODI and BNO is -0.24, 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	-0.24
Correlation (All Time) Calculated using the full available price history since Dec 5, 2024	-0.22

Return for Risk

LODI vs. BNO — Risk / Return Rank

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

LODI

LODI Risk / Return Rank: 88
LODI Sharpe Ratio Rank: 77
LODI Sortino Ratio Rank: 84
LODI Omega Ratio Rank: 92
LODI Calmar Ratio Rank: 95
LODI Martin Ratio Rank: 90

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.

LODI vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAM SLC Low Duration Income ETF (LODI) 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.

	LODI	BNO	Difference
Sharpe ratio: Return per unit of total volatility	2.44	2.15	+0.29
Sortino ratio: Return per unit of downside risk	3.69	2.65	+1.03
Omega ratio: Gain probability vs. loss probability	1.61	1.36	+0.25
Calmar ratio: Return relative to maximum drawdown	7.82	4.99	+2.83
Martin ratio: Return relative to average drawdown	20.31	9.39	+10.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LODI vs. BNO - Sharpe Ratio Comparison

The current LODI Sharpe Ratio is 2.44, which is comparable to the BNO Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of LODI 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

	LODI	BNO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.44	2.15	+0.29
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	2.37	0.14	+2.23

Drawdowns

LODI vs. BNO - Drawdown Comparison

The maximum LODI drawdown since its inception was -1.01%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for LODI and BNO.

Drawdown Indicators

	LODI	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-1.01%	-87.06%	+86.05%
Max Drawdown (1Y) Largest decline over 1 year	-0.75%	-17.87%	+17.12%
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	-0.04%	-12.72%	+12.68%
Average Drawdown Average peak-to-trough decline	-0.21%	-40.16%	+39.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	9.48%	-9.19%

Volatility

LODI vs. BNO - Volatility Comparison

The current volatility for AAM SLC Low Duration Income ETF (LODI) is 0.31%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.12%. This indicates that LODI 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

	LODI	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.31%	14.12%	-13.81%
Volatility (6M) Calculated over the trailing 6-month period	1.08%	36.21%	-35.13%
Volatility (1Y) Calculated over the trailing 1-year period	2.40%	41.56%	-39.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.34%	35.40%	-33.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.34%	36.69%	-34.35%

LODI vs. BNO - Expense Ratio Comparison

LODI has a 0.15% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

LODI vs. BNO - Dividend Comparison

LODI's dividend yield for the trailing twelve months is around 4.96%, while BNO has not paid dividends to shareholders.

Position	TTM	2025	2024
BNO United States Brent Oil Fund LP	0.00%	0.00%	0.00%
LODI AAM SLC Low Duration Income ETF	4.96%	5.11%	0.38%

Frequently Asked Questions

Can I hold both LODI and BNO in my portfolio?

LODI and BNO have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LODI or BNO?

BNO has higher volatility (14.12%) compared to LODI (0.31%). In terms of maximum drawdown, LODI dropped -1.01% vs BNO's -87.06%.

Which ETF is better, LODI or BNO?

On 1-year performance, BNO leads with 88.71% vs 5.83% for LODI. On fees, LODI is cheaper at 0.15% per year. On volatility, LODI has been the lower-risk option at 0.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LODI or BNO?

Over the 1-year period, BNO has performed better with a 88.71% return vs 5.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LODI or BNO?

LODI is cheaper with a 0.15% expense ratio, compared with 0.90% for BNO.

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

LODI has the higher dividend yield at 4.96%, compared with 0.00% for BNO.

What is the main difference between LODI and BNO?

LODI is categorized as Short-Term Bond, while BNO is Oil & Gas. They also come from different issuers: AAM and Concierge Technologies. Their fees differ too: 0.15% for LODI and 0.90% for BNO.

Which has better risk-adjusted returns?

LODI currently has the higher Sharpe Ratio (2.44 vs 2.15), 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.