MRNY vs. BNO
MRNY (YieldMax MRNA Option Income Strategy ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - MRNY is a Derivative Income fund actively managed by YieldMax, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. MRNY is actively managed, while BNO is passively managed. Over the past year, MRNY returned 53.27% vs 88.71% for BNO. At a correlation of -0.05, they often move in opposite directions. MRNY charges 0.99%/yr vs 0.90%/yr for BNO.
Performance
MRNY vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, MRNY achieves a 55.67% return, which is significantly lower than BNO's 85.31% return.
MRNY
- 1D
- 2.69%
- 1M
- 7.98%
- YTD
- 55.67%
- 6M
- 64.78%
- 1Y
- 53.27%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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%
MRNY vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MRNY YieldMax MRNA Option Income Strategy ETF | 55.67% | -35.72% | -59.32% | 19.61% |
BNO United States Brent Oil Fund LP | 85.31% | -5.44% | 9.67% | -11.39% |
Correlation
The correlation between MRNY and BNO is -0.13, 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 | -0.13 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2023 | -0.05 |
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Return for Risk
MRNY vs. BNO — Risk / Return Rank
MRNY
BNO
MRNY vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for YieldMax MRNA Option Income Strategy ETF (MRNY) 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.
| MRNY | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.36 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.70 | 4.99 | -3.29 |
| Martin ratioReturn relative to average drawdown | 3.31 | 9.39 | -6.08 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MRNY | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.08 | 2.15 | -1.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.67 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.36 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.48 | 0.14 | -0.61 |
Drawdowns
MRNY vs. BNO - Drawdown Comparison
The maximum MRNY drawdown since its inception was -82.15%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for MRNY and BNO.
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Drawdown Indicators
| MRNY | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.15% | -87.06% | +4.91% |
Max Drawdown (1Y)Largest decline over 1 year | -31.53% | -17.87% | -13.66% |
Max Drawdown (3Y)Largest decline over 3 years | — | -23.75% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -67.23% | -12.72% | -54.51% |
Average DrawdownAverage peak-to-trough decline | -52.64% | -40.16% | -12.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.15% | 9.48% | +6.67% |
Volatility
MRNY vs. BNO - Volatility Comparison
YieldMax MRNA Option Income Strategy ETF (MRNY) and United States Brent Oil Fund LP (BNO) have volatilities of 13.53% and 14.12%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MRNY | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.53% | 14.12% | -0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 37.11% | 36.21% | +0.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.38% | 41.56% | +7.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.75% | 35.40% | +15.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.75% | 36.69% | +14.06% |
MRNY vs. BNO - Expense Ratio Comparison
MRNY has a 0.99% expense ratio, which is higher than BNO's 0.90% expense ratio.
Dividends
MRNY vs. BNO - Dividend Comparison
MRNY's dividend yield for the trailing twelve months is around 100.06%, 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% |
MRNY YieldMax MRNA Option Income Strategy ETF | 100.06% | 145.98% | 178.49% | 1.75% |
Frequently Asked Questions
MRNY and BNO have a correlation of -0.13, 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 MRNY (13.53%). In terms of maximum drawdown, MRNY dropped -82.15% vs BNO's -87.06%.
On 1-year performance, BNO leads with 88.71% vs 53.27% for MRNY. On fees, BNO is cheaper at 0.90% per year. On volatility, MRNY has been the lower-risk option at 13.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BNO has performed better with a 88.71% return vs 53.27%. 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 0.99% for MRNY.
MRNY has the higher dividend yield at 100.06%, compared with 0.00% for BNO.
MRNY is categorized as Derivative Income, while BNO is Oil & Gas. They also come from different issuers: YieldMax and Concierge Technologies. Their fees differ too: 0.99% for MRNY and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.15 vs 1.08), 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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