MILN vs. BNO
MILN (Global X Millennial Consumer ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - MILN is a Large Cap Growth Equities fund tracking the Indxx Millennials Thematic Index, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 10 years, MILN returned 11.39%/yr vs 15.06%/yr for BNO. Their 0.12 correlation means their historical movements had little consistent relationship. MILN charges 0.50%/yr vs 1.00%/yr for BNO.
Performance
MILN vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, MILN achieves a -4.03% return, which is significantly lower than BNO's 77.90% return. Over the past 10 years, MILN has underperformed BNO with an annualized return of 11.39%, while BNO has yielded a comparatively higher 15.06% annualized return.
MILN
- 1D
- -0.14%
- 1M
- 0.23%
- 6M
- -1.60%
- YTD
- -4.03%
- 1Y
- -4.94%
- 3Y*
- 10.46%
- 5Y*
- 0.80%
- 10Y*
- 11.39%
- ALL TIME*
- 11.84%
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 | |
| $318.17K | $312.98K | $344.80K |
MILN vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MILN Global X Millennial Consumer ETF | -4.03% | 4.63% | 27.11% | 36.27% | -38.55% | 13.99% | 44.77% | 32.24% | 2.57% | 24.48% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between MILN and BNO is -0.31, 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. | -0.31 |
Correlation (3Y) Balances recent behavior with more history. | -0.11 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.02 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.12 |
Correlation (All Time) Calculated using the full available price history since May 6, 2016 | 0.12 |
The correlation between MILN and BNO shifts across timeframes, from -0.31 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MILN vs. BNO — Risk / Return Rank
MILN
BNO
MILN vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Millennial Consumer ETF (MILN) 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.
| MILN | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.68 | ||
| Sortino ratioReturn per unit of downside risk | -2.29 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.24 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.30 | 1.70 | -2.00 |
| Martin ratioReturn relative to average drawdown | -0.59 | 5.15 | -5.74 |
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Drawdowns
MILN vs. BNO - Drawdown Comparison
The maximum MILN drawdown since its inception was -44.40%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for MILN and BNO.
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Drawdown Indicators
| MILN | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.40% | -87.06% | +42.66% |
Max Drawdown (1Y)Largest decline over 1 year | -22.32% | -34.46% | +12.14% |
Max Drawdown (3Y)Largest decline over 3 years | -23.48% | -34.46% | +10.98% |
Max Drawdown (5Y)Largest decline over 5 years | -44.40% | -34.46% | -9.94% |
Max Drawdown (10Y)Largest decline over 10 years | -44.40% | -75.18% | +30.78% |
Current DrawdownCurrent decline from peak | -11.01% | -16.21% | +5.20% |
Average DrawdownAverage peak-to-trough decline | -10.71% | -39.99% | +29.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.23% | 11.86% | -0.63% |
Volatility
MILN vs. BNO - Volatility Comparison
The current volatility for Global X Millennial Consumer ETF (MILN) is 5.73%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that MILN 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
| MILN | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.73% | 17.47% | -11.74% |
Volatility (6M)Calculated over the trailing 6-month period | 14.68% | 40.96% | -26.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.28% | 44.54% | -26.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.78% | 36.41% | -13.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.08% | 36.98% | -14.90% |
MILN vs. BNO - Expense Ratio Comparison
MILN has a 0.50% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
MILN vs. BNO - Dividend Comparison
MILN's dividend yield for the trailing twelve months is around 0.31%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
MILN Global X Millennial Consumer ETF | 0.31% | 0.25% | 0.22% | 0.33% | 0.24% | 0.15% | 0.21% | 0.43% | 0.43% | 0.89% | 0.32% |
Frequently Asked Questions
MILN and BNO have a correlation of -0.31, 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 MILN (5.73%). In terms of maximum drawdown, MILN dropped -44.40% vs BNO's -87.06%.
On 10-year performance, BNO leads with 15.06% vs 11.39% for MILN. On fees, MILN is cheaper at 0.50% per year. On volatility, MILN has been the lower-risk option at 5.73%. 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 15.06% return vs 11.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MILN is cheaper with a 0.50% expense ratio, compared with 1.00% for BNO.
MILN has the higher dividend yield at 0.31%, compared with 0.00% for BNO.
MILN is categorized as Large Cap Growth Equities, while BNO is Oil & Gas. MILN tracks Indxx Millennials Thematic Index, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: Global X and USCF. Their fees differ too: 0.50% for MILN and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (1.32 vs -0.36), 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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