MVPA vs. BNO
MVPA (Miller Value Partners Appreciation ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - MVPA is a Global Equities fund actively managed by Miller, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. MVPA is actively managed, while BNO is passively managed. Over the past year, MVPA returned -2.84% vs 91.89% for BNO. At a correlation of -0.01, they often move in opposite directions. MVPA charges 0.60%/yr vs 0.90%/yr for BNO.
Performance
MVPA vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, MVPA achieves a -2.87% return, which is significantly lower than BNO's 90.47% return.
MVPA
- 1D
- -1.85%
- 1M
- -4.89%
- YTD
- -2.87%
- 6M
- -4.30%
- 1Y
- -2.84%
- 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%
MVPA vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MVPA Miller Value Partners Appreciation ETF | -2.87% | -2.92% | 40.69% |
BNO United States Brent Oil Fund LP | 90.47% | -5.44% | 3.81% |
Correlation
The correlation between MVPA and BNO is -0.20, 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 | -0.20 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024 | -0.01 |
The correlation between MVPA and BNO shifts across timeframes, from -0.20 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MVPA vs. BNO — Risk / Return Rank
MVPA
BNO
MVPA vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Miller Value Partners Appreciation ETF (MVPA) 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.
| MVPA | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.38 | ||
| Sortino ratioReturn per unit of downside risk | -2.81 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.38 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.19 | 5.17 | -5.36 |
| Martin ratioReturn relative to average drawdown | -0.41 | 9.76 | -10.17 |
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
| MVPA | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.15 | 2.23 | -2.38 |
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 | 0.56 | 0.14 | +0.42 |
Drawdowns
MVPA vs. BNO - Drawdown Comparison
The maximum MVPA drawdown since its inception was -25.91%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for MVPA and BNO.
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Drawdown Indicators
| MVPA | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.91% | -87.06% | +61.15% |
Max Drawdown (1Y)Largest decline over 1 year | -15.15% | -17.87% | +2.72% |
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 | -12.59% | -10.29% | -2.30% |
Average DrawdownAverage peak-to-trough decline | -7.29% | -40.17% | +32.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.95% | 9.45% | -2.50% |
Volatility
MVPA vs. BNO - Volatility Comparison
The current volatility for Miller Value Partners Appreciation ETF (MVPA) is 4.54%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that MVPA 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
| MVPA | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.54% | 14.22% | -9.68% |
Volatility (6M)Calculated over the trailing 6-month period | 13.83% | 36.10% | -22.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.66% | 41.46% | -22.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.06% | 35.38% | -12.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.06% | 36.68% | -13.62% |
MVPA vs. BNO - Expense Ratio Comparison
MVPA has a 0.60% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
MVPA vs. BNO - Dividend Comparison
MVPA's dividend yield for the trailing twelve months is around 0.58%, 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% |
MVPA Miller Value Partners Appreciation ETF | 0.58% | 0.56% | 0.94% |
Frequently Asked Questions
MVPA and BNO have a correlation of -0.20, 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 MVPA (4.54%). In terms of maximum drawdown, MVPA dropped -25.91% vs BNO's -87.06%.
On 1-year performance, BNO leads with 91.89% vs -2.84% for MVPA. On fees, MVPA is cheaper at 0.60% per year. On volatility, MVPA has been the lower-risk option at 4.54%. 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 91.89% return vs -2.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MVPA is cheaper with a 0.60% expense ratio, compared with 0.90% for BNO.
MVPA has the higher dividend yield at 0.58%, compared with 0.00% for BNO.
MVPA is categorized as Global Equities, while BNO is Oil & Gas. They also come from different issuers: Miller and Concierge Technologies. Their fees differ too: 0.60% for MVPA and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.23 vs -0.15), 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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