MUSQ vs. BNO
MUSQ (MUSQ Global Music Industry Index ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - MUSQ is a Communications Equities fund tracking the MUSQ Global Music Industry Index, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 3 years, MUSQ returned -0.43%/yr vs 20.31%/yr for BNO. Their -0.05 correlation means they have often moved in opposite directions in the past. MUSQ charges 0.76%/yr vs 1.00%/yr for BNO.
Performance
MUSQ vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, MUSQ achieves a -12.75% return, which is significantly lower than BNO's 77.90% return.
MUSQ
- 1D
- -4.84%
- 1M
- -4.32%
- 6M
- -11.21%
- YTD
- -12.75%
- 1Y
- -8.84%
- 3Y*
- -0.43%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 0.00%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $107.13M | $97.34M | $147.52M | |
| $161.63K | $82.87K | $43.23K |
MUSQ vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MUSQ MUSQ Global Music Industry Index ETF | -12.75% | 19.60% | -4.94% | 0.81% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 9.67% | 5.44% |
Correlation
The correlation between MUSQ and BNO is -0.18, 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. | -0.18 |
Correlation (3Y) Balances recent behavior with more history. | -0.05 |
Correlation (All Time) Calculated using the full available price history since Jul 7, 2023 | -0.05 |
The correlation between MUSQ and BNO shifts across timeframes, from -0.18 (1 year) to -0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MUSQ vs. BNO — Risk / Return Rank
MUSQ
BNO
MUSQ vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MUSQ Global Music Industry Index ETF (MUSQ) 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.
| MUSQ | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.91 | ||
| Sortino ratioReturn per unit of downside risk | -2.63 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.24 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.46 | 1.70 | -2.16 |
| Martin ratioReturn relative to average drawdown | -0.94 | 5.15 | -6.09 |
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Drawdowns
MUSQ vs. BNO - Drawdown Comparison
The maximum MUSQ drawdown since its inception was -23.11%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for MUSQ and BNO.
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Drawdown Indicators
| MUSQ | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.11% | -87.06% | +63.95% |
Max Drawdown (1Y)Largest decline over 1 year | -23.11% | -34.46% | +11.35% |
Max Drawdown (3Y)Largest decline over 3 years | -23.11% | -34.46% | +11.35% |
Max Drawdown (5Y)Largest decline over 5 years | — | -34.46% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -18.60% | -16.21% | -2.39% |
Average DrawdownAverage peak-to-trough decline | -7.07% | -39.99% | +32.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.39% | 11.86% | -0.47% |
Volatility
MUSQ vs. BNO - Volatility Comparison
The current volatility for MUSQ Global Music Industry Index ETF (MUSQ) is 6.64%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that MUSQ 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
| MUSQ | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.64% | 17.47% | -10.83% |
Volatility (6M)Calculated over the trailing 6-month period | 15.14% | 40.96% | -25.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.14% | 44.54% | -26.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.08% | 36.41% | -18.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.08% | 36.98% | -18.90% |
MUSQ vs. BNO - Expense Ratio Comparison
MUSQ has a 0.76% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
MUSQ vs. BNO - Dividend Comparison
MUSQ's dividend yield for the trailing twelve months is around 0.72%, 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% |
MUSQ MUSQ Global Music Industry Index ETF | 0.72% | 0.63% | 1.08% | 0.74% |
Frequently Asked Questions
MUSQ and BNO have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (17.47%) compared to MUSQ (6.64%). In terms of maximum drawdown, MUSQ dropped -23.11% vs BNO's -87.06%.
On 3-year performance, BNO leads with 20.31% vs -0.43% for MUSQ. On fees, MUSQ is cheaper at 0.76% per year. On volatility, MUSQ has been the lower-risk option at 6.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BNO has performed better with a 20.31% return vs -0.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MUSQ is cheaper with a 0.76% expense ratio, compared with 1.00% for BNO.
MUSQ has the higher dividend yield at 0.72%, compared with 0.00% for BNO.
MUSQ is categorized as Communications Equities, while BNO is Oil & Gas. MUSQ tracks MUSQ Global Music Industry Index, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: Exchange Traded Concepts and USCF. Their fees differ too: 0.76% for MUSQ and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (1.32 vs -0.59), 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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