LTCN vs. BNO
LTCN (Grayscale Litecoin Trust) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - LTCN is a Cryptocurrency fund tracking the CoinDesk Litecoin Price Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 5 years, LTCN returned -59.05%/yr vs 24.16%/yr for BNO. At a 0.06 correlation, their price movements are largely independent. LTCN charges 2.50%/yr vs 0.90%/yr for BNO.
Performance
LTCN vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, LTCN achieves a -42.39% return, which is significantly lower than BNO's 90.47% return.
LTCN
- 1D
- -1.54%
- 1M
- -18.21%
- YTD
- -42.39%
- 6M
- -51.98%
- 1Y
- -51.98%
- 3Y*
- -8.44%
- 5Y*
- -59.05%
- 10Y*
- —
BNO
- 1D
- 1.99%
- 1M
- -10.29%
- YTD
- 90.47%
- 6M
- 86.00%
- 1Y
- 91.89%
- 3Y*
- 27.93%
- 5Y*
- 24.16%
- 10Y*
- 13.60%
LTCN vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
LTCN Grayscale Litecoin Trust | -42.39% | -54.37% | -18.79% | 650.00% | -77.17% | -96.84% | 1,165.22% |
BNO United States Brent Oil Fund LP | 90.47% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | 9.99% |
Correlation
The correlation between LTCN and BNO is -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Aug 19, 2020 | 0.06 |
The correlation between LTCN and BNO shifts across timeframes, from -0.12 (1 year) to 0.07 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
LTCN vs. BNO — Risk / Return Rank
LTCN
BNO
LTCN vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Litecoin Trust (LTCN) 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.
| LTCN | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.98 | ||
| Sortino ratioReturn per unit of downside risk | -3.74 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.38 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 5.17 | -5.92 |
| Martin ratioReturn relative to average drawdown | -1.21 | 9.76 | -10.97 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| LTCN | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.75 | 2.23 | -2.98 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.56 | 0.69 | -1.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.37 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.20 | 0.14 | -0.34 |
Drawdowns
LTCN vs. BNO - Drawdown Comparison
The maximum LTCN drawdown since its inception was -99.58%, which is greater than BNO's maximum drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for LTCN and BNO.
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Drawdown Indicators
| LTCN | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.58% | -87.06% | -12.52% |
Max Drawdown (1Y)Largest decline over 1 year | -69.43% | -17.87% | -51.56% |
Max Drawdown (3Y)Largest decline over 3 years | -92.85% | -23.75% | -69.10% |
Max Drawdown (5Y)Largest decline over 5 years | -99.28% | -33.70% | -65.58% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -99.33% | -10.29% | -89.04% |
Average DrawdownAverage peak-to-trough decline | -89.61% | -40.17% | -49.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.95% | 9.45% | +33.50% |
Volatility
LTCN vs. BNO - Volatility Comparison
The current volatility for Grayscale Litecoin Trust (LTCN) is 12.48%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that LTCN 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
| LTCN | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.48% | 14.22% | -1.74% |
Volatility (6M)Calculated over the trailing 6-month period | 41.84% | 36.10% | +5.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 69.70% | 41.46% | +28.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 106.73% | 35.38% | +71.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 141.42% | 36.68% | +104.74% |
LTCN vs. BNO - Expense Ratio Comparison
LTCN has a 2.50% expense ratio, which is higher than BNO's 0.90% expense ratio.
Dividends
LTCN vs. BNO - Dividend Comparison
Neither LTCN nor BNO has paid dividends to shareholders.
Frequently Asked Questions
LTCN and BNO have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (14.22%) compared to LTCN (12.48%). In terms of maximum drawdown, LTCN dropped -99.58% vs BNO's -87.06%.
On 5-year performance, BNO leads with 24.16% vs -59.05% for LTCN. On fees, BNO is cheaper at 0.90% per year. On volatility, LTCN has been the lower-risk option at 12.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BNO has performed better with a 24.16% return vs -59.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNO is cheaper with a 0.90% expense ratio, compared with 2.50% for LTCN.
LTCN and BNO have nearly identical dividend yields, around 0.00%.
LTCN is categorized as Cryptocurrency, while BNO is Oil & Gas. LTCN tracks CoinDesk Litecoin Price Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Grayscale and Concierge Technologies. Their fees differ too: 2.50% for LTCN and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.23 vs -0.75), 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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