MSTB vs. BNO
MSTB (LHA Market State Tactical Beta ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - MSTB is a Equity Hedged fund tracking the S&P 500® Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 5 years, MSTB returned 8.55%/yr vs 24.16%/yr for BNO. At a 0.10 correlation, their price movements are largely independent. MSTB charges 1.40%/yr vs 0.90%/yr for BNO.
Performance
MSTB vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, MSTB achieves a 8.71% return, which is significantly lower than BNO's 90.47% return.
MSTB
- 1D
- -0.60%
- 1M
- 3.88%
- YTD
- 8.71%
- 6M
- 8.70%
- 1Y
- 20.33%
- 3Y*
- 18.51%
- 5Y*
- 8.55%
- 10Y*
- —
BNO
- 1D
- 1.99%
- 1M
- -10.29%
- YTD
- 90.47%
- 6M
- 86.00%
- 1Y
- 91.89%
- 3Y*
- 27.93%
- 5Y*
- 24.16%
- 10Y*
- 13.60%
MSTB vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
MSTB LHA Market State Tactical Beta ETF | 8.71% | 18.57% | 18.82% | 16.94% | -22.72% | 21.89% | 9.45% |
BNO United States Brent Oil Fund LP | 90.47% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | 20.94% |
Correlation
The correlation between MSTB and BNO is -0.29, 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 | -0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2020 | 0.10 |
The correlation between MSTB and BNO shifts across timeframes, from -0.29 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MSTB vs. BNO — Risk / Return Rank
MSTB
BNO
MSTB vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for LHA Market State Tactical Beta ETF (MSTB) 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.
| MSTB | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.38 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | 5.17 | -2.71 |
| Martin ratioReturn relative to average drawdown | 9.32 | 9.76 | -0.44 |
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
| MSTB | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.00 | 2.23 | -0.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.62 | 0.69 | -0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.37 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.83 | 0.14 | +0.69 |
Drawdowns
MSTB vs. BNO - Drawdown Comparison
The maximum MSTB drawdown since its inception was -25.64%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for MSTB and BNO.
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Drawdown Indicators
| MSTB | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.64% | -87.06% | +61.42% |
Max Drawdown (1Y)Largest decline over 1 year | -8.31% | -17.87% | +9.56% |
Max Drawdown (3Y)Largest decline over 3 years | -10.81% | -23.75% | +12.94% |
Max Drawdown (5Y)Largest decline over 5 years | -25.64% | -33.70% | +8.06% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -0.60% | -10.29% | +9.69% |
Average DrawdownAverage peak-to-trough decline | -7.18% | -40.17% | +32.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.19% | 9.45% | -7.26% |
Volatility
MSTB vs. BNO - Volatility Comparison
The current volatility for LHA Market State Tactical Beta ETF (MSTB) is 2.56%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that MSTB 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
| MSTB | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.56% | 14.22% | -11.66% |
Volatility (6M)Calculated over the trailing 6-month period | 7.43% | 36.10% | -28.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.21% | 41.46% | -31.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.97% | 35.38% | -21.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.84% | 36.68% | -22.84% |
MSTB vs. BNO - Expense Ratio Comparison
MSTB has a 1.40% expense ratio, which is higher than BNO's 0.90% expense ratio.
Dividends
MSTB vs. BNO - Dividend Comparison
MSTB's dividend yield for the trailing twelve months is around 0.38%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MSTB LHA Market State Tactical Beta ETF | 0.38% | 0.41% | 0.95% | 0.16% | 1.34% | 2.20% | 1.78% |
Frequently Asked Questions
MSTB and BNO have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (14.22%) compared to MSTB (2.56%). In terms of maximum drawdown, MSTB dropped -25.64% vs BNO's -87.06%.
On 5-year performance, BNO leads with 24.16% vs 8.55% for MSTB. On fees, BNO is cheaper at 0.90% per year. On volatility, MSTB has been the lower-risk option at 2.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BNO has performed better with a 24.16% return vs 8.55%. 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 1.40% for MSTB.
MSTB has the higher dividend yield at 0.38%, compared with 0.00% for BNO.
MSTB is categorized as Equity Hedged, while BNO is Oil & Gas. MSTB tracks S&P 500® Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Little Harbor Advisors and Concierge Technologies. Their fees differ too: 1.40% for MSTB and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.23 vs 2.00), 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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