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MIDU vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MIDU vs. BNO

Last updated Jun 5, 2026

MIDU (Direxion Daily Mid Cap Bull 3X Shares) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - MIDU is a Leveraged Equities fund tracking the S&P MidCap 400 Index (300%), while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, MIDU returned 11.79%/yr vs 13.13%/yr for BNO. At a 0.26 correlation, their price movements are largely independent. MIDU charges 1.06%/yr vs 0.90%/yr for BNO.

Performance

MIDU vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Mid Cap Bull 3X Shares (MIDU) 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, MIDU achieves a 39.05% return, which is significantly lower than BNO's 85.31% return. Over the past 10 years, MIDU has underperformed BNO with an annualized return of 11.79%, while BNO has yielded a comparatively higher 13.13% annualized return.

MIDU

1D
1.03%
1M
7.52%
YTD
39.05%
6M
36.50%
1Y
68.28%
3Y*
28.14%
5Y*
2.80%
10Y*
11.79%

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)

MIDU vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MIDU
Direxion Daily Mid Cap Bull 3X Shares		39.05%-2.75%20.32%27.79%-49.27%72.89%-18.31%77.38%-39.21%46.86%
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 MIDU and BNO is -0.26, 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

-0.26

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

-0.02

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

0.11

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

0.21

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

0.26

The correlation between MIDU and BNO shifts across timeframes, from -0.26 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.

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Direxion Daily Mid Cap Bull 3X Shares

United States Brent Oil Fund LP

Often compared with MIDU:
MIDU vs. TNAMIDU vs. UMDDMIDU vs. MVVMIDU vs. AMAGXMIDU vs. SPXLMIDU vs. UPROMIDU vs. mdy
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. UNL

Return for Risk

MIDU vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MIDU
MIDU Risk / Return Rank: 4646
Overall Rank
MIDU Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
MIDU Sortino Ratio Rank: 4242
Sortino Ratio Rank
MIDU Omega Ratio Rank: 4040
Omega Ratio Rank
MIDU Calmar Ratio Rank: 5454
Calmar Ratio Rank
MIDU Martin Ratio Rank: 5252
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.

MIDU vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Mid Cap Bull 3X Shares (MIDU) 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.

MIDUBNODifference
Sharpe ratioReturn per unit of total volatility
1.48
2.15

-0.66

Sortino ratioReturn per unit of downside risk
2.09
2.65

-0.56

Omega ratioGain probability vs. loss probability

1.25

1.36

-0.11

Calmar ratioReturn relative to maximum drawdown

2.66

4.99

-2.33

Martin ratioReturn relative to average drawdown

8.83

9.39

-0.56

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

MIDU vs. BNO - Sharpe Ratio Comparison

The current MIDU Sharpe Ratio is 1.48, which is lower than the BNO Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of MIDU 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

MIDUBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.48

2.15

-0.66

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.05

0.67

-0.62

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.19

0.36

-0.17

Sharpe Ratio (All Time)

Calculated using the full available price history

0.35

0.14

+0.22

Drawdowns

MIDU vs. BNO - Drawdown Comparison

The maximum MIDU drawdown since its inception was -86.26%, roughly equal to the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for MIDU and BNO.

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Drawdown Indicators

MIDUBNODifference

Max Drawdown

Largest peak-to-trough decline

-86.26%

-87.06%

+0.80%

Max Drawdown (1Y)

Largest decline over 1 year

-25.80%

-17.87%

-7.93%

Max Drawdown (3Y)

Largest decline over 3 years

-60.41%

-23.75%

-36.66%

Max Drawdown (5Y)

Largest decline over 5 years

-64.14%

-33.70%

-30.44%

Max Drawdown (10Y)

Largest decline over 10 years

-86.26%

-75.18%

-11.08%

Current Drawdown

Current decline from peak

-3.21%

-12.72%

+9.51%

Average Drawdown

Average peak-to-trough decline

-22.43%

-40.16%

+17.73%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.76%

9.48%

-1.72%

Volatility

MIDU vs. BNO - Volatility Comparison

The current volatility for Direxion Daily Mid Cap Bull 3X Shares (MIDU) is 12.47%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.12%. This indicates that MIDU 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

MIDUBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

12.47%

14.12%

-1.65%

Volatility (6M)

Calculated over the trailing 6-month period

33.69%

36.21%

-2.52%

Volatility (1Y)

Calculated over the trailing 1-year period

46.28%

41.56%

+4.72%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

59.44%

35.40%

+24.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

63.58%

36.69%

+26.89%

MIDU vs. BNO - Expense Ratio Comparison

MIDU has a 1.06% expense ratio, which is higher than BNO's 0.90% expense ratio.

Dividends

MIDU vs. BNO - Dividend Comparison

MIDU's dividend yield for the trailing twelve months is around 0.64%, while BNO has not paid dividends to shareholders.

PositionTTM2025202420232022202120202019201820172016
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%
MIDU
Direxion Daily Mid Cap Bull 3X Shares		0.64%1.04%1.10%1.43%0.11%0.00%0.06%0.71%0.70%2.67%1.89%

Frequently Asked Questions

MIDU and BNO have a correlation of -0.26, 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 MIDU (12.47%). In terms of maximum drawdown, MIDU dropped -86.26% vs BNO's -87.06%.

On 10-year performance, BNO leads with 13.13% vs 11.79% for MIDU. On fees, BNO is cheaper at 0.90% per year. On volatility, MIDU has been the lower-risk option at 12.47%. 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 11.79%. 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 1.06% for MIDU.

MIDU has the higher dividend yield at 0.64%, compared with 0.00% for BNO.

MIDU is categorized as Leveraged Equities, while BNO is Oil & Gas. MIDU tracks S&P MidCap 400 Index (300%), while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Direxion and Concierge Technologies. Their fees differ too: 1.06% for MIDU and 0.90% for BNO.

BNO currently has the higher Sharpe Ratio (2.15 vs 1.48), 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.

Portfolio Optimizer

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