MFUL vs. BNO
MFUL (Mindful Conservative ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - MFUL is a Diversified Portfolio fund actively managed by Mohr, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. MFUL is actively managed, while BNO is passively managed. Over the past 3 years, MFUL returned 4.38%/yr vs 20.31%/yr for BNO. Their -0.03 correlation means they have often moved in opposite directions in the past. MFUL charges 1.10%/yr vs 1.00%/yr for BNO.
Performance
MFUL vs. BNO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MFUL achieves a 2.75% return, which is significantly lower than BNO's 77.90% return.
MFUL
- 1D
- -0.03%
- 1M
- -0.18%
- 6M
- 1.42%
- YTD
- 2.75%
- 1Y
- 4.79%
- 3Y*
- 4.38%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -0.08%
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 | |
| $6.81K | $15.69K | $11.16K |
MFUL vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MFUL Mindful Conservative ETF | 2.75% | 4.51% | 5.36% | 2.24% | -12.46% | -1.61% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 9.67% | -3.43% | 35.25% | -6.94% |
Correlation
The correlation between MFUL and BNO is -0.27, 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. | -0.27 |
Correlation (3Y) Balances recent behavior with more history. | -0.09 |
Correlation (All Time) Calculated using the full available price history since Nov 3, 2021 | -0.03 |
Over the past year, the inverse relationship between MFUL and BNO has strengthened: their correlation has moved from -0.03 to -0.27, meaning they now move in opposite directions more often than their long-term average.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MFUL vs. BNO — Risk / Return Rank
MFUL
BNO
MFUL vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Mindful Conservative ETF (MFUL) 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.
| MFUL | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.24 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | 1.70 | -0.32 |
| Martin ratioReturn relative to average drawdown | 4.99 | 5.15 | -0.16 |
Loading charts...
Drawdowns
MFUL vs. BNO - Drawdown Comparison
The maximum MFUL drawdown since its inception was -16.41%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for MFUL and BNO.
Loading charts...
Drawdown Indicators
| MFUL | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.41% | -87.06% | +70.65% |
Max Drawdown (1Y)Largest decline over 1 year | -3.36% | -34.46% | +31.10% |
Max Drawdown (3Y)Largest decline over 3 years | -4.74% | -34.46% | +29.72% |
Max Drawdown (5Y)Largest decline over 5 years | — | -34.46% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -0.97% | -16.21% | +15.24% |
Average DrawdownAverage peak-to-trough decline | -9.20% | -39.99% | +30.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 11.86% | -10.93% |
Volatility
MFUL vs. BNO - Volatility Comparison
The current volatility for Mindful Conservative ETF (MFUL) is 1.07%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that MFUL 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.
Loading charts...
Volatility by Period
| MFUL | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 17.47% | -16.40% |
Volatility (6M)Calculated over the trailing 6-month period | 3.58% | 40.96% | -37.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.31% | 44.54% | -40.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.27% | 36.41% | -32.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.27% | 36.98% | -32.71% |
MFUL vs. BNO - Expense Ratio Comparison
MFUL has a 1.10% expense ratio, which is higher than BNO's 1.00% expense ratio.
Dividends
MFUL vs. BNO - Dividend Comparison
MFUL's dividend yield for the trailing twelve months is around 2.41%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MFUL Mindful Conservative ETF | 2.41% | 3.31% | 2.59% | 5.00% | 0.29% |
Frequently Asked Questions
MFUL and BNO have a correlation of -0.27, 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 MFUL (1.07%). In terms of maximum drawdown, MFUL dropped -16.41% vs BNO's -87.06%.
On 3-year performance, BNO leads with 20.31% vs 4.38% for MFUL. On fees, BNO is cheaper at 1.00% per year. On volatility, MFUL has been the lower-risk option at 1.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BNO has performed better with a 20.31% return vs 4.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNO is cheaper with a 1.00% expense ratio, compared with 1.10% for MFUL.
MFUL has the higher dividend yield at 2.41%, compared with 0.00% for BNO.
MFUL is categorized as Diversified Portfolio, while BNO is Oil & Gas. They also come from different issuers: Mohr and USCF. Their fees differ too: 1.10% for MFUL and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (1.32 vs 1.07), 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.
Find the right allocation for MFUL and BNO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer