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MGV vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MGV vs. BNO

Last updated Jun 5, 2026

MGV (Vanguard Mega Cap Value ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - MGV is a Large Cap Value Equities fund tracking the CRSP US Mega Cap Value Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, MGV returned 12.84%/yr vs 13.13%/yr for BNO. At a 0.29 correlation, their price movements are largely independent. MGV charges 0.05%/yr vs 0.90%/yr for BNO.

Performance

MGV vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mega Cap Value ETF (MGV) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, MGV achieves a 14.01% return, which is significantly lower than BNO's 85.31% return. Both investments have delivered pretty close results over the past 10 years, with MGV having a 12.84% annualized return and BNO not far ahead at 13.13%.

MGV

1D
0.77%
1M
4.80%
YTD
14.01%
6M
14.90%
1Y
28.63%
3Y*
19.33%
5Y*
12.10%
10Y*
12.84%

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)

MGV vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MGV
Vanguard Mega Cap Value ETF		14.01%15.45%16.94%9.16%-1.22%25.93%2.50%25.54%-4.13%16.85%
BNO
United States Brent Oil Fund LP		85.31%-5.44%9.67%-3.43%35.25%62.34%-38.23%36.01%-15.30%15.43%

Correlation

The correlation between MGV and BNO is -0.19, 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

-0.19

Correlation (3Y)
Calculated over the trailing 3-year period

0.01

Correlation (5Y)
Calculated over the trailing 5-year period

0.15

Correlation (10Y)
Calculated over the trailing 10-year period

0.24

Correlation (All Time)
Calculated using the full available price history since Jun 3, 2010

0.29

The correlation between MGV and BNO shifts across timeframes, from -0.19 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard Mega Cap Value ETF

United States Brent Oil Fund LP

Often compared with MGV:
MGV vs. MGKMGV vs. MGCMGV vs. VYMMGV vs. VIGMGV vs. SPYVMGV vs. JNJMGV vs. FNDX
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. XOM

Return for Risk

MGV vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MGV
MGV Risk / Return Rank: 8787
Overall Rank
MGV Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
MGV Sortino Ratio Rank: 9090
Sortino Ratio Rank
MGV Omega Ratio Rank: 8787
Omega Ratio Rank
MGV Calmar Ratio Rank: 8484
Calmar Ratio Rank
MGV Martin Ratio Rank: 8484
Martin Ratio Rank
BNO
BNO Risk / Return Rank: 6565
Overall Rank
BNO Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
BNO Sortino Ratio Rank: 5757
Sortino Ratio Rank
BNO Omega Ratio Rank: 6161
Omega Ratio Rank
BNO Calmar Ratio Rank: 8888
Calmar Ratio Rank
BNO Martin Ratio Rank: 5555
Martin Ratio Rank
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.

MGV vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mega Cap Value ETF (MGV) 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.

MGVBNODifference
Sharpe ratioReturn per unit of total volatility
2.93
2.15

+0.78

Sortino ratioReturn per unit of downside risk
4.16
2.65

+1.50

Omega ratioGain probability vs. loss probability

1.53

1.36

+0.17

Calmar ratioReturn relative to maximum drawdown

4.48

4.99

-0.51

Martin ratioReturn relative to average drawdown

17.05

9.39

+7.66

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MGV vs. BNO - Sharpe Ratio Comparison

The current MGV Sharpe Ratio is 2.93, which is higher than the BNO Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of MGV 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.

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Sharpe Ratios by Period

MGVBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.93

2.15

+0.78

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.90

0.67

+0.23

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.79

0.36

+0.43

Sharpe Ratio (All Time)

Calculated using the full available price history

0.48

0.14

+0.35

Drawdowns

MGV vs. BNO - Drawdown Comparison

The maximum MGV drawdown since its inception was -55.87%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for MGV and BNO.

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Drawdown Indicators

MGVBNODifference

Max Drawdown

Largest peak-to-trough decline

-55.87%

-87.06%

+31.19%

Max Drawdown (1Y)

Largest decline over 1 year

-6.42%

-17.87%

+11.45%

Max Drawdown (3Y)

Largest decline over 3 years

-13.18%

-23.75%

+10.57%

Max Drawdown (5Y)

Largest decline over 5 years

-16.54%

-33.70%

+17.16%

Max Drawdown (10Y)

Largest decline over 10 years

-35.41%

-75.18%

+39.77%

Current Drawdown

Current decline from peak

0.00%

-12.72%

+12.72%

Average Drawdown

Average peak-to-trough decline

-7.69%

-40.16%

+32.47%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.68%

9.48%

-7.80%

Volatility

MGV vs. BNO - Volatility Comparison

The current volatility for Vanguard Mega Cap Value ETF (MGV) is 2.37%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.12%. This indicates that MGV 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

MGVBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.37%

14.12%

-11.75%

Volatility (6M)

Calculated over the trailing 6-month period

7.49%

36.21%

-28.72%

Volatility (1Y)

Calculated over the trailing 1-year period

9.85%

41.56%

-31.71%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.57%

35.40%

-21.83%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.33%

36.69%

-20.36%

MGV vs. BNO - Expense Ratio Comparison

MGV has a 0.05% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

MGV vs. BNO - Dividend Comparison

MGV's dividend yield for the trailing twelve months is around 1.87%, while BNO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
BNO
United States Brent Oil Fund LP		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
MGV
Vanguard Mega Cap Value ETF		1.87%2.04%2.31%2.48%2.45%2.17%2.47%2.69%2.65%2.34%2.53%2.59%

Frequently Asked Questions

MGV and BNO have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BNO has higher volatility (14.12%) compared to MGV (2.37%). In terms of maximum drawdown, MGV dropped -55.87% vs BNO's -87.06%.

On 10-year performance, BNO leads with 13.13% vs 12.84% for MGV. On fees, MGV is cheaper at 0.05% per year. On volatility, MGV has been the lower-risk option at 2.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, BNO has performed better with a 13.13% return vs 12.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

MGV is cheaper with a 0.05% expense ratio, compared with 0.90% for BNO.

MGV has the higher dividend yield at 1.87%, compared with 0.00% for BNO.

MGV is categorized as Large Cap Value Equities, while BNO is Oil & Gas. MGV tracks CRSP US Mega Cap Value Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Vanguard and Concierge Technologies. Their fees differ too: 0.05% for MGV and 0.90% for BNO.

MGV currently has the higher Sharpe Ratio (2.93 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.

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