MKAM vs. BNO

Last updated Aug 2, 2026

MKAM (MKAM ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - MKAM is a Diversified Portfolio fund actively managed by MKAM, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. MKAM is actively managed, while BNO is passively managed. Over the past 3 years, MKAM returned 8.98%/yr vs 20.31%/yr for BNO. Their -0.06 correlation means they have often moved in opposite directions in the past. MKAM charges 0.96%/yr vs 1.00%/yr for BNO.

Performance

MKAM vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MKAM ETF (MKAM) 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, MKAM achieves a 5.01% return, which is significantly lower than BNO's 77.90% return.

MKAM

• 1D: 0.43%
• 1M: 0.27%
• 6M: 4.25%
• YTD: 5.01%
• 1Y: 11.33%
• 3Y*: 8.98%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.02%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BNO United States Brent Oil Fund LP	$107.13M	$97.34M	$147.52M
MKAM MKAM ETF	$12.79K	$11.64K	$13.61K

MKAM vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MKAM MKAM ETF	5.01%	8.07%	12.15%	7.69%
BNO United States Brent Oil Fund LP	77.90%	-5.44%	9.67%	-4.24%

Correlation

The correlation between MKAM and BNO is -0.25, 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.	-0.25
Correlation (3Y) Balances recent behavior with more history.	-0.09
Correlation (All Time) Calculated using the full available price history since Apr 12, 2023	-0.06

The correlation between MKAM and BNO shifts across timeframes, from -0.25 (1 year) to -0.06 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MKAM vs. BNO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MKAM

MKAM Risk / Return Rank: 72
MKAM Sharpe Ratio Rank: 69
MKAM Sortino Ratio Rank: 67
MKAM Omega Ratio Rank: 69
MKAM Calmar Ratio Rank: 78
MKAM Martin Ratio Rank: 78

BNO

BNO Risk / Return Rank: 52
BNO Sharpe Ratio Rank: 55
BNO Sortino Ratio Rank: 55
BNO Omega Ratio Rank: 55
BNO Calmar Ratio Rank: 47
BNO Martin Ratio Rank: 45

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MKAM vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MKAM ETF (MKAM) 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.

	MKAM	BNO	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.32	+0.28
Sortino ratio: Return per unit of downside risk	2.21	1.90	+0.31
Omega ratio: Gain probability vs. loss probability	1.29	1.24	+0.05
Calmar ratio: Return relative to maximum drawdown	2.81	1.70	+1.11
Martin ratio: Return relative to average drawdown	9.91	5.15	+4.76

MKAM vs. BNO - Sharpe Ratio Comparison

The current MKAM Sharpe Ratio is 1.59, which is comparable to the BNO Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of MKAM 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.

Drawdowns

MKAM vs. BNO - Drawdown Comparison

The maximum MKAM drawdown since its inception was -5.01%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for MKAM and BNO.

Drawdown Indicators

	MKAM	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-5.01%	-87.06%	+82.05%
Max Drawdown (1Y) Largest decline over 1 year	-3.72%	-34.46%	+30.74%
Max Drawdown (3Y) Largest decline over 3 years	-5.01%	-34.46%	+29.45%
Max Drawdown (5Y) Largest decline over 5 years	—	-34.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.18%	—
Current Drawdown Current decline from peak	-0.47%	-16.21%	+15.74%
Average Drawdown Average peak-to-trough decline	-1.12%	-39.99%	+38.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	11.86%	-10.81%

Volatility

MKAM vs. BNO - Volatility Comparison

The current volatility for MKAM ETF (MKAM) is 1.83%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that MKAM 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

	MKAM	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.83%	17.47%	-15.64%
Volatility (6M) Calculated over the trailing 6-month period	4.69%	40.96%	-36.27%
Volatility (1Y) Calculated over the trailing 1-year period	6.57%	44.54%	-37.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.29%	36.41%	-30.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.29%	36.98%	-30.69%

MKAM vs. BNO - Expense Ratio Comparison

MKAM has a 0.96% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

MKAM vs. BNO - Dividend Comparison

MKAM's dividend yield for the trailing twelve months is around 2.67%, 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%
MKAM MKAM ETF	2.67%	2.56%	1.88%	1.70%

Frequently Asked Questions

Can I hold both MKAM and BNO in my portfolio?

MKAM and BNO have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MKAM or BNO?

BNO has higher volatility (17.47%) compared to MKAM (1.83%). In terms of maximum drawdown, MKAM dropped -5.01% vs BNO's -87.06%.

Which ETF is better, MKAM or BNO?

On 3-year performance, BNO leads with 20.31% vs 8.98% for MKAM. On fees, MKAM is cheaper at 0.96% per year. On volatility, MKAM has been the lower-risk option at 1.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MKAM or BNO?

Over the 3-year period, BNO has performed better with a 20.31% return vs 8.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MKAM or BNO?

MKAM is cheaper with a 0.96% expense ratio, compared with 1.00% for BNO.

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

MKAM has the higher dividend yield at 2.67%, compared with 0.00% for BNO.

What is the main difference between MKAM and BNO?

MKAM is categorized as Diversified Portfolio, while BNO is Oil & Gas. They also come from different issuers: MKAM and USCF. Their fees differ too: 0.96% for MKAM and 1.00% for BNO.

Which has better risk-adjusted returns?

MKAM currently has the higher Sharpe Ratio (1.59 vs 1.32), 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.