LULG vs. BNO

Last updated Jun 5, 2026

LULG (Leverage Shares 2X Long LULU Daily ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - LULG is a Leveraged Equities fund actively managed by Leverage Shares, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. LULG is actively managed, while BNO is passively managed. At a correlation of -0.28, they often move in opposite directions. LULG charges 0.75%/yr vs 0.90%/yr for BNO.

Performance

LULG vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long LULU Daily ETF (LULG) 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, LULG achieves a -68.58% return, which is significantly lower than BNO's 85.31% return.

LULG

• 1D: -1.59%
• 1M: -10.00%
• YTD: -68.58%
• 6M: -60.69%
• 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)

LULG vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025
LULG Leverage Shares 2X Long LULU Daily ETF	-68.58%	47.31%
BNO United States Brent Oil Fund LP	85.31%	-2.45%

Correlation

The correlation between LULG and BNO is -0.28, 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 Nov 6, 2025	-0.28

Return for Risk

LULG 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.

LULG vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long LULU Daily ETF (LULG) 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

	LULG	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	-0.87	0.14	-1.00

Drawdowns

LULG vs. BNO - Drawdown Comparison

The maximum LULG drawdown since its inception was -73.18%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for LULG and BNO.

Drawdown Indicators

	LULG	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-73.18%	-87.06%	+13.88%
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	-70.90%	-12.72%	-58.18%
Average Drawdown Average peak-to-trough decline	-33.71%	-40.16%	+6.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	9.48%	—

Volatility

Volatility by Period

	LULG	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	85.42%	41.56%	+43.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	85.42%	35.40%	+50.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	85.42%	36.69%	+48.73%

LULG vs. BNO - Expense Ratio Comparison

LULG has a 0.75% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

LULG vs. BNO - Dividend Comparison

Neither LULG nor BNO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both LULG and BNO in my portfolio?

LULG and BNO have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, LULG or BNO?

On fees, LULG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, LULG or BNO?

LULG is cheaper with a 0.75% expense ratio, compared with 0.90% for BNO.

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

LULG and BNO have nearly identical dividend yields, around 0.00%.

What is the main difference between LULG and BNO?

LULG is categorized as Leveraged Equities, while BNO is Oil & Gas. They also come from different issuers: Leverage Shares and Concierge Technologies. Their fees differ too: 0.75% for LULG and 0.90% for BNO.