MUNY vs. BNO

Last updated Jun 4, 2026

MUNY (Vanguard New York Tax-Exempt Bond ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - MUNY is a Municipal Bonds fund tracking the S&P New York AMT-Free Municipal USD10 Million Par Bond Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past year, MUNY returned 7.00% vs 91.89% for BNO. At a correlation of -0.25, they often move in opposite directions. MUNY charges 0.09%/yr vs 0.90%/yr for BNO.

Performance

MUNY vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard New York Tax-Exempt Bond ETF (MUNY) 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, MUNY achieves a 1.50% return, which is significantly lower than BNO's 90.47% return.

MUNY

• 1D: -0.04%
• 1M: 0.62%
• YTD: 1.50%
• 6M: 1.95%
• 1Y: 7.00%
• 3Y*: —
• 5Y*: —
• 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%

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

MUNY vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025
MUNY Vanguard New York Tax-Exempt Bond ETF	1.50%	5.54%
BNO United States Brent Oil Fund LP	90.47%	4.00%

Correlation

The correlation between MUNY and BNO is -0.24, 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	-0.24
Correlation (All Time) Calculated using the full available price history since May 23, 2025	-0.25

Return for Risk

MUNY vs. BNO — Risk / Return Rank

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

MUNY

MUNY Risk / Return Rank: 57
MUNY Sharpe Ratio Rank: 52
MUNY Sortino Ratio Rank: 54
MUNY Omega Ratio Rank: 81
MUNY Calmar Ratio Rank: 53
MUNY Martin Ratio Rank: 45

BNO

BNO Risk / Return Rank: 65
BNO Sharpe Ratio Rank: 66
BNO Sortino Ratio Rank: 56
BNO Omega Ratio Rank: 60
BNO Calmar Ratio Rank: 88
BNO Martin Ratio Rank: 55

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.

MUNY vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard New York Tax-Exempt Bond ETF (MUNY) 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.

	MUNY	BNO	Difference
Sharpe ratio: Return per unit of total volatility	1.79	2.23	-0.44
Sortino ratio: Return per unit of downside risk	2.59	2.73	-0.14
Omega ratio: Gain probability vs. loss probability	1.48	1.38	+0.11
Calmar ratio: Return relative to maximum drawdown	2.60	5.17	-2.57
Martin ratio: Return relative to average drawdown	7.27	9.76	-2.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MUNY vs. BNO - Sharpe Ratio Comparison

The current MUNY Sharpe Ratio is 1.79, which is comparable to the BNO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of MUNY 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

	MUNY	BNO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	2.23	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.69	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.77	0.14	+1.63

Drawdowns

MUNY vs. BNO - Drawdown Comparison

The maximum MUNY drawdown since its inception was -2.70%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for MUNY and BNO.

Drawdown Indicators

	MUNY	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-2.70%	-87.06%	+84.36%
Max Drawdown (1Y) Largest decline over 1 year	-2.70%	-17.87%	+15.17%
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 Drawdown Current decline from peak	-0.49%	-10.29%	+9.80%
Average Drawdown Average peak-to-trough decline	-0.66%	-40.17%	+39.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	9.45%	-8.49%

Volatility

MUNY vs. BNO - Volatility Comparison

The current volatility for Vanguard New York Tax-Exempt Bond ETF (MUNY) is 1.05%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that MUNY 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

	MUNY	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.05%	14.22%	-13.17%
Volatility (6M) Calculated over the trailing 6-month period	2.30%	36.10%	-33.80%
Volatility (1Y) Calculated over the trailing 1-year period	3.93%	41.46%	-37.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.93%	35.38%	-31.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.93%	36.68%	-32.75%

MUNY vs. BNO - Expense Ratio Comparison

MUNY has a 0.09% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

MUNY vs. BNO - Dividend Comparison

MUNY's dividend yield for the trailing twelve months is around 3.11%, while BNO has not paid dividends to shareholders.

Position	TTM	2025
BNO United States Brent Oil Fund LP	0.00%	0.00%
MUNY Vanguard New York Tax-Exempt Bond ETF	3.11%	1.80%

Frequently Asked Questions

Can I hold both MUNY and BNO in my portfolio?

MUNY and BNO have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MUNY or BNO?

BNO has higher volatility (14.22%) compared to MUNY (1.05%). In terms of maximum drawdown, MUNY dropped -2.70% vs BNO's -87.06%.

Which ETF is better, MUNY or BNO?

On 1-year performance, BNO leads with 91.89% vs 7.00% for MUNY. On fees, MUNY is cheaper at 0.09% per year. On volatility, MUNY has been the lower-risk option at 1.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MUNY or BNO?

Over the 1-year period, BNO has performed better with a 91.89% return vs 7.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MUNY or BNO?

MUNY is cheaper with a 0.09% expense ratio, compared with 0.90% for BNO.

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

MUNY has the higher dividend yield at 3.11%, compared with 0.00% for BNO.

What is the main difference between MUNY and BNO?

MUNY is categorized as Municipal Bonds, while BNO is Oil & Gas. MUNY tracks S&P New York AMT-Free Municipal USD10 Million Par Bond Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Vanguard and Concierge Technologies. Their fees differ too: 0.09% for MUNY and 0.90% for BNO.

Which has better risk-adjusted returns?

BNO currently has the higher Sharpe Ratio (2.23 vs 1.79), 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.