MCDS vs. BNO

Last updated Jul 14, 2026

MCDS (JPMorgan Fundamental Data Science Mid Core ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - MCDS is a Mid Cap Blend Equities fund actively managed by JPMorgan, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. MCDS is actively managed, while BNO is passively managed. Over the past year, MCDS returned 19.72% vs 48.63% for BNO. At a correlation of -0.09, they often move in opposite directions. MCDS charges 0.35%/yr vs 1.00%/yr for BNO.

Performance

MCDS vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Fundamental Data Science Mid Core ETF (MCDS) 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, MCDS achieves a 15.40% return, which is significantly lower than BNO's 62.43% return.

MCDS

• 1D: -0.32%
• 1M: 1.50%
• 6M: 11.46%
• YTD: 15.40%
• 1Y: 19.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNO

• 1D: 9.13%
• 1M: -3.81%
• 6M: 54.67%
• YTD: 62.43%
• 1Y: 48.63%
• 3Y*: 19.45%
• 5Y*: 19.12%
• 10Y*: 12.45%

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

MCDS vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MCDS JPMorgan Fundamental Data Science Mid Core ETF	15.40%	6.51%	9.83%
BNO United States Brent Oil Fund LP	62.43%	-5.44%	-0.76%

Correlation

The correlation between MCDS and BNO is -0.22, 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	-0.22
Correlation (All Time) Calculated using the full available price history since Aug 8, 2024	-0.09

The correlation between MCDS and BNO shifts across timeframes, from -0.22 (1 year) to -0.09 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MCDS vs. BNO — Risk / Return Rank

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

MCDS

MCDS Risk / Return Rank: 60
MCDS Sharpe Ratio Rank: 54
MCDS Sortino Ratio Rank: 57
MCDS Omega Ratio Rank: 51
MCDS Calmar Ratio Rank: 67
MCDS Martin Ratio Rank: 68

BNO

BNO Risk / Return Rank: 39
BNO Sharpe Ratio Rank: 40
BNO Sortino Ratio Rank: 41
BNO Omega Ratio Rank: 42
BNO Calmar Ratio Rank: 35
BNO Martin Ratio Rank: 35

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.

MCDS vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Fundamental Data Science Mid Core ETF (MCDS) 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.

	MCDS	BNO	Difference
Sharpe ratio: Return per unit of total volatility	1.47	1.14	+0.33
Sortino ratio: Return per unit of downside risk	2.18	1.73	+0.45
Omega ratio: Gain probability vs. loss probability	1.26	1.22	+0.04
Calmar ratio: Return relative to maximum drawdown	2.65	1.42	+1.23
Martin ratio: Return relative to average drawdown	9.80	4.19	+5.61

MCDS vs. BNO - Sharpe Ratio Comparison

The current MCDS Sharpe Ratio is 1.47, which is comparable to the BNO Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of MCDS 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

MCDS vs. BNO - Drawdown Comparison

The maximum MCDS drawdown since its inception was -22.50%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for MCDS and BNO.

Drawdown Indicators

	MCDS	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-22.50%	-87.06%	+64.56%
Max Drawdown (1Y) Largest decline over 1 year	-7.47%	-34.46%	+26.99%
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	-0.91%	-23.50%	+22.59%
Average Drawdown Average peak-to-trough decline	-3.80%	-40.07%	+36.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	11.64%	-9.62%

Volatility

MCDS vs. BNO - Volatility Comparison

The current volatility for JPMorgan Fundamental Data Science Mid Core ETF (MCDS) is 3.57%, while United States Brent Oil Fund LP (BNO) has a volatility of 16.07%. This indicates that MCDS 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

	MCDS	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.57%	16.07%	-12.50%
Volatility (6M) Calculated over the trailing 6-month period	10.15%	39.09%	-28.94%
Volatility (1Y) Calculated over the trailing 1-year period	13.50%	42.76%	-29.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.77%	36.11%	-19.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.77%	36.78%	-20.01%

MCDS vs. BNO - Expense Ratio Comparison

MCDS has a 0.35% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

MCDS vs. BNO - Dividend Comparison

MCDS's dividend yield for the trailing twelve months is around 1.04%, 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%
MCDS JPMorgan Fundamental Data Science Mid Core ETF	1.04%	1.23%	0.64%

Frequently Asked Questions

Can I hold both MCDS and BNO in my portfolio?

MCDS and BNO have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MCDS or BNO?

BNO has higher volatility (16.07%) compared to MCDS (3.57%). In terms of maximum drawdown, MCDS dropped -22.50% vs BNO's -87.06%.

Which ETF is better, MCDS or BNO?

On 1-year performance, BNO leads with 48.63% vs 19.72% for MCDS. On fees, MCDS is cheaper at 0.35% per year. On volatility, MCDS has been the lower-risk option at 3.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MCDS or BNO?

Over the 1-year period, BNO has performed better with a 48.63% return vs 19.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MCDS or BNO?

MCDS is cheaper with a 0.35% expense ratio, compared with 1.00% for BNO.

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

MCDS has the higher dividend yield at 1.04%, compared with 0.00% for BNO.

What is the main difference between MCDS and BNO?

MCDS is categorized as Mid Cap Blend Equities, while BNO is Oil & Gas. They also come from different issuers: JPMorgan and USCF Investments. Their fees differ too: 0.35% for MCDS and 1.00% for BNO.

Which has better risk-adjusted returns?

MCDS currently has the higher Sharpe Ratio (1.47 vs 1.14), 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.