MINV vs. BNO

Last updated Jun 3, 2026

MINV (Matthews Asia Innovators Active ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - MINV is a Asia Pacific Equities fund actively managed by Matthews, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. MINV is actively managed, while BNO is passively managed. Over the past 3 years, MINV returned 34.66%/yr vs 27.10%/yr for BNO. At a 0.06 correlation, their price movements are largely independent. MINV charges 0.79%/yr vs 0.90%/yr for BNO.

Performance

MINV vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Asia Innovators Active ETF (MINV) 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, MINV achieves a 60.49% return, which is significantly lower than BNO's 86.76% return.

MINV

• 1D: -0.79%
• 1M: 16.52%
• YTD: 60.49%
• 6M: 61.66%
• 1Y: 96.05%
• 3Y*: 34.66%
• 5Y*: —
• 10Y*: —

BNO

• 1D: 0.76%
• 1M: -7.65%
• YTD: 86.76%
• 6M: 83.45%
• 1Y: 89.50%
• 3Y*: 27.10%
• 5Y*: 23.77%
• 10Y*: 13.38%

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

MINV vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MINV Matthews Asia Innovators Active ETF	60.49%	30.85%	17.32%	-2.66%	-3.11%
BNO United States Brent Oil Fund LP	86.76%	-5.44%	9.67%	-3.43%	-5.23%

Correlation

The correlation between MINV and BNO is -0.28, 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	-0.28
Correlation (3Y) Calculated over the trailing 3-year period	-0.00
Correlation (All Time) Calculated using the full available price history since Jul 15, 2022	0.06

The correlation between MINV and BNO shifts across timeframes, from -0.28 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MINV vs. BNO — Risk / Return Rank

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

MINV

MINV Risk / Return Rank: 94
MINV Sharpe Ratio Rank: 95
MINV Sortino Ratio Rank: 93
MINV Omega Ratio Rank: 92
MINV Calmar Ratio Rank: 96
MINV Martin Ratio Rank: 92

BNO

BNO Risk / Return Rank: 65
BNO Sharpe Ratio Rank: 64
BNO Sortino Ratio Rank: 56
BNO Omega Ratio Rank: 60
BNO Calmar Ratio Rank: 89
BNO Martin Ratio Rank: 57

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.

MINV vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Asia Innovators Active ETF (MINV) 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.

	MINV	BNO	Difference
Sharpe ratio Return per unit of total volatility	3.85	2.17	+1.68
Sortino ratio Return per unit of downside risk	4.63	2.68	+1.95
Omega ratio Gain probability vs. loss probability	1.64	1.37	+0.27
Calmar ratio Return relative to maximum drawdown	9.07	5.39	+3.68
Martin ratio Return relative to average drawdown	24.13	10.23	+13.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MINV vs. BNO - Sharpe Ratio Comparison

The current MINV Sharpe Ratio is 3.85, which is higher than the BNO Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of MINV 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.

Sharpe Ratios by Period

	MINV	BNO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.85	2.17	+1.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.68	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.03	0.14	+0.89

Drawdowns

MINV vs. BNO - Drawdown Comparison

The maximum MINV drawdown since its inception was -23.49%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for MINV and BNO.

Drawdown Indicators

	MINV	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-23.49%	-87.06%	+63.57%
Max Drawdown (1Y) Largest decline over 1 year	-10.88%	-17.87%	+6.99%
Max Drawdown (3Y) Largest decline over 3 years	-19.82%	-23.75%	+3.93%
Max Drawdown (5Y) Largest decline over 5 years	—	-33.70%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.18%	—
Current Drawdown Current decline from peak	-0.79%	-12.04%	+11.25%
Average Drawdown Average peak-to-trough decline	-8.08%	-40.18%	+32.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.09%	9.43%	-5.34%

Volatility

MINV vs. BNO - Volatility Comparison

The current volatility for Matthews Asia Innovators Active ETF (MINV) is 10.47%, while United States Brent Oil Fund LP (BNO) has a volatility of 15.03%. This indicates that MINV 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

	MINV	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.47%	15.03%	-4.56%
Volatility (6M) Calculated over the trailing 6-month period	21.14%	36.08%	-14.94%
Volatility (1Y) Calculated over the trailing 1-year period	25.09%	41.56%	-16.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.75%	35.37%	-11.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.75%	36.68%	-12.93%

MINV vs. BNO - Expense Ratio Comparison

MINV has a 0.79% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

MINV vs. BNO - Dividend Comparison

MINV's dividend yield for the trailing twelve months is around 0.94%, while BNO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BNO United States Brent Oil Fund LP	0.00%	0.00%	0.00%	0.00%
MINV Matthews Asia Innovators Active ETF	0.94%	1.51%	0.25%	1.00%

Frequently Asked Questions

Can I hold both MINV and BNO in my portfolio?

MINV and BNO have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MINV or BNO?

BNO has higher volatility (15.03%) compared to MINV (10.47%). In terms of maximum drawdown, MINV dropped -23.49% vs BNO's -87.06%.

Which ETF is better, MINV or BNO?

On 3-year performance, MINV leads with 34.66% vs 27.10% for BNO. On fees, MINV is cheaper at 0.79% per year. On volatility, MINV has been the lower-risk option at 10.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MINV or BNO?

Over the 3-year period, MINV has performed better with a 34.66% return vs 27.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MINV or BNO?

MINV is cheaper with a 0.79% expense ratio, compared with 0.90% for BNO.

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

MINV has the higher dividend yield at 0.94%, compared with 0.00% for BNO.

What is the main difference between MINV and BNO?

MINV is categorized as Asia Pacific Equities, while BNO is Oil & Gas. They also come from different issuers: Matthews and Concierge Technologies. Their fees differ too: 0.79% for MINV and 0.90% for BNO.

Which has better risk-adjusted returns?

MINV currently has the higher Sharpe Ratio (3.85 vs 2.17), 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.