MSSS vs. BNO

Last updated Jun 24, 2026

MSSS (Monarch Select Subsector ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - MSSS is a Mid Cap Blend Equities fund tracking the Monarch Select Subsector Index, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past year, MSSS returned 21.62% vs 38.79% for BNO. At a correlation of -0.12, they often move in opposite directions. MSSS charges 1.43%/yr vs 1.00%/yr for BNO.

Performance

MSSS vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Monarch Select Subsector ETF (MSSS) 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, MSSS achieves a 15.14% return, which is significantly lower than BNO's 50.21% return.

MSSS

• 1D: 0.39%
• 1M: 1.96%
• YTD: 15.14%
• 6M: 14.61%
• 1Y: 21.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNO

• 1D: -1.35%
• 1M: -22.65%
• YTD: 50.21%
• 6M: 47.81%
• 1Y: 38.79%
• 3Y*: 19.32%
• 5Y*: 17.15%
• 10Y*: 11.25%

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

MSSS vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSSS Monarch Select Subsector ETF	15.14%	10.31%	9.26%
BNO United States Brent Oil Fund LP	50.21%	-5.44%	-0.56%

Correlation

The correlation between MSSS 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 (All Time) Calculated using the full available price history since Mar 7, 2024	-0.12

The correlation between MSSS and BNO shifts across timeframes, from -0.26 (1 year) to -0.12 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MSSS vs. BNO — Risk / Return Rank

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

MSSS

MSSS Risk / Return Rank: 51
MSSS Sharpe Ratio Rank: 52
MSSS Sortino Ratio Rank: 56
MSSS Omega Ratio Rank: 48
MSSS Calmar Ratio Rank: 47
MSSS Martin Ratio Rank: 53

BNO

BNO Risk / Return Rank: 29
BNO Sharpe Ratio Rank: 27
BNO Sortino Ratio Rank: 28
BNO Omega Ratio Rank: 29
BNO Calmar Ratio Rank: 28
BNO Martin Ratio Rank: 31

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.

MSSS vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Monarch Select Subsector ETF (MSSS) 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.

	MSSS	BNO	Difference
Sharpe ratio: Return per unit of total volatility	1.64	0.95	+0.69
Sortino ratio: Return per unit of downside risk	2.43	1.49	+0.94
Omega ratio: Gain probability vs. loss probability	1.28	1.19	+0.09
Calmar ratio: Return relative to maximum drawdown	2.13	1.33	+0.80
Martin ratio: Return relative to average drawdown	8.38	4.21	+4.18

MSSS vs. BNO - Sharpe Ratio Comparison

The current MSSS Sharpe Ratio is 1.64, which is higher than the BNO Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of MSSS 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

MSSS vs. BNO - Drawdown Comparison

The maximum MSSS drawdown since its inception was -19.14%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for MSSS and BNO.

Drawdown Indicators

	MSSS	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-19.14%	-87.06%	+67.92%
Max Drawdown (1Y) Largest decline over 1 year	-10.18%	-29.25%	+19.07%
Max Drawdown (3Y) Largest decline over 3 years	—	-29.25%	—
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	-0.45%	-29.25%	+28.80%
Average Drawdown Average peak-to-trough decline	-3.02%	-40.10%	+37.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	9.28%	-6.69%

Volatility

MSSS vs. BNO - Volatility Comparison

The current volatility for Monarch Select Subsector ETF (MSSS) is 3.79%, while United States Brent Oil Fund LP (BNO) has a volatility of 10.92%. This indicates that MSSS 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

	MSSS	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.79%	10.92%	-7.13%
Volatility (6M) Calculated over the trailing 6-month period	10.08%	37.29%	-27.21%
Volatility (1Y) Calculated over the trailing 1-year period	13.26%	41.67%	-28.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.00%	35.65%	-19.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.00%	36.68%	-20.68%

MSSS vs. BNO - Expense Ratio Comparison

MSSS has a 1.43% expense ratio, which is higher than BNO's 1.00% expense ratio.

Dividends

MSSS vs. BNO - Dividend Comparison

MSSS's dividend yield for the trailing twelve months is around 0.33%, while BNO has not paid dividends to shareholders.

Position	TTM	2025	2024
BNO United States Brent Oil Fund LP	0.00%	0.00%	0.00%
MSSS Monarch Select Subsector ETF	0.33%	0.21%	0.42%

Frequently Asked Questions

Can I hold both MSSS and BNO in my portfolio?

MSSS 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.

Which is riskier, MSSS or BNO?

BNO has higher volatility (10.92%) compared to MSSS (3.79%). In terms of maximum drawdown, MSSS dropped -19.14% vs BNO's -87.06%.

Which ETF is better, MSSS or BNO?

On 1-year performance, BNO leads with 38.79% vs 21.62% for MSSS. On fees, BNO is cheaper at 1.00% per year. On volatility, MSSS has been the lower-risk option at 3.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSSS or BNO?

Over the 1-year period, BNO has performed better with a 38.79% return vs 21.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSSS or BNO?

BNO is cheaper with a 1.00% expense ratio, compared with 1.43% for MSSS.

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

MSSS has the higher dividend yield at 0.33%, compared with 0.00% for BNO.

What is the main difference between MSSS and BNO?

MSSS is categorized as Mid Cap Blend Equities, while BNO is Oil & Gas. MSSS tracks Monarch Select Subsector Index, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: Monarch and USCF Investments. Their fees differ too: 1.43% for MSSS and 1.00% for BNO.

Which has better risk-adjusted returns?

MSSS currently has the higher Sharpe Ratio (1.64 vs 0.95), 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.